Growth on the Horizon for Tech Jobs in Denver and the Rest of the Rocky Mountain State
As an expert in the tech staffing industry, Prosum recruiters and account executives continually monitor market data to guide organizations with the best hiring advice while at the same time cultivating top tech talent to fill in-demand roles.
In analyzing data released over the course of 2023 for the state of Colorado and the major metros within as well, the resulting information delivers a positive message for clients and candidates alike: the state is ripe for growth as tech employment is poised to expand and the need for tech talent remains high. Our experts dive deeper below:
2022-2023 Timeline For Tech Employment in Colorado
At the end of Q1 2023, CompTIA, the nonprofit association for the information technology industry and workforce, released data on projected outlooks for technology employment across U.S. states in its annual State of the Tech Workforce Report. As a leading tech staffing partner in Colorado, concentrated in the Denver market, Prosum was encouraged by promising tech employment news for Colorado: the 2022 workforce data showed Colorado tech employment surpassed the 3.2% national growth rate at a 4.3% rate, increasing tech jobs by over 10,000. This validated the market experience over the previous five to ten years and during the Pandemic era; Colorado had demonstrated a tech growth surge, with organizations and tech professionals alike flocking to the state as a burgeoning tech hub location.
As 2022 came to a close and 2023 ushered in, however, the national labor market saw a shift in the tech hiring revolution with massive layoffs and downsizing. Colorado experienced its own level of right-sizing in the tech industry but continued to plow ahead with slower, yet steady growth in the tech labor sector.
Despite economic uncertainty that reverberated across the nation, Colorado is on track for a 3.6% growth rate in tech employment in 2023, maintaining this sector’s impact on the state’s economic growth.
Prosum staffing expert for the Denver market, David Kornacki, Senior Account Executive, shares:
“It’s truly remarkable to witness the thriving tech employment sector in Colorado, particularly with a projected 3.6% increase for this year. This growth underscores Colorado’s well-deserved reputation as a thriving tech hub. Not only is this contributing significantly to the local economy, but it’s also opening up exciting opportunities for tech professionals in the area.”
Contributing Factors to Colorado as a Growing Tech Market: Wages and Job Posts
Numerous reports, including the aforementioned Tech Workforce report, also note that tech workers in Colorado fare better in terms of salary, which is an important differentiator towards harnessing the talent level and availability that Colorado business owners seek. For example, real estate commercial firm CBRE cited data in late summer that the significance of higher tech wages ranks Denver in the top ten nationally when measured against rental costs in the area as an affordable place to live. As David Kornacki continues,
“The substantial median wage for tech workers in the state serves as an encouraging indicator for individuals considering careers in Colorado’s tech industry.”
Wages vs. cost of rent plus growing job openings will prove to be a winning combination to attract the top tech talent that Denver and the rest of Colorado seek. The data shows that while there were slight fluctuations in postings for tech jobs in Denver and the Colorado region over the summer months, as we enter the fall season, the region is trending on an upswing in terms of tech job postings.
According to the latest August tech jobs report, the state of Colorado ranked in the top 10 for tech job postings, with Denver and Colorado Springs recording positive change for available tech positions—making those locations great markets for tech professionals seeking new opportunities.
Our team will continue to monitor and evaluate the tech employment data to help our clients and consultants make informed hiring and career decisions. We look forward to charting the same course with the September job report, especially as the September Surge — or as Prosum likes to call it “The Race for the Turkey” — takes hold! To discuss tech staffing strategies for 2024, contact our team today.