Denver Job Market Update: Growth and Challenges in November 2024
In November 2024, Denver’s labor market is marked by steady job growth, high labor force participation, and competitive wages, positioning it as a strong yet evolving employment landscape. However, challenges persist, with a slight rise in unemployment and inflation impacting both employers and workers.
While sectors like energy, technology, and real estate continue to attract talent, construction faces a slowdown amid shifting economic conditions. Denver remains a dynamic market, offering a mix of stability and emerging trends as new businesses enter and established ones adapt to local demands.
Unemployment Rate in Denver
Over the past three months, Denver’s unemployment rate has shown a gradual increase:
- August 2024: 4.4%
- September 2024: 4.5%
- October 2024: 4.6%
This upward trend indicates a slight rise in joblessness within the Denver-Aurora-Lakewood metropolitan area.
Job Growth and Employment Trends
Over the past three months, Denver’s labor market has experienced the following job growth:
- August 2024: +1,400 jobs
- September 2024: -4,200 jobs
- October 2024: -2,500 jobs
This data indicates a net loss of 5,300 jobs over the period, reflecting a downward trend in employment.
Wage and Salary Trends
Denver’s wages rose by 0.6% in Q3 2024 compared to the previous quarter, marking a 4.3% increase year-over-year.
Minimum Wage Adjustments
Denver’s minimum wage increased to $18.29 per hour in January 2024, up from $17.29 in 2023, addressing cost-of-living increases.
Sector-Specific Wage Trends
The business and financial operations sector reported an average hourly wage of $46.04, above the national average of $43.55.
Industry-Specific Data
Construction
The construction sector has seen declines over the past three months, largely due to a slowdown in apartment construction and regulatory changes affecting development.
Technology
Technology remains a strong contributor to Denver’s job market, although hiring has slowed. Roles for software developers and cybersecurity professionals remain in demand.
Healthcare
Healthcare employment grew by 2.9% year-over-year, driven by high demand for medical professionals, including nurses and medical assistants.
Professional Services
Finance and accounting roles in professional services continue to grow steadily, while legal and consulting positions are showing stabilization.
Engineering
The engineering sector has seen stable demand, especially for civil and electrical engineers. Infrastructure projects and renewable energy developments are driving steady hiring in this field.
Forecast and Economic Outlook:
The Colorado Futures Center’s ColoradoCast predicts continued economic expansion for the state, with growth expected through April 2025. This projection is supported by steady job creation and a resilient economy.
Labor Force Participation Rate
As of September 2024, Colorado’s labor force participation rate stands at 69.2%, reflecting a slight decline from previous months. This indicates a modest reduction in the proportion of working-age individuals actively employed or seeking employment.
Business and Employer Sentiment
Recent surveys reveal a decline in business optimism, attributed to concerns over interest rates and political uncertainty. The Leeds Business Confidence Index reflects this cautious outlook among Colorado business leaders.
Contact Us
Ready to navigate the Denver labor market with confidence? Reach out to Tier2Tek Staffing today! Whether you’re looking for top talent or need assistance with your hiring needs, our team is here to help. Contact us to get started. We look forward to partnering with you!