Thinking of relocating to Denver, Colorado? Denver is not only a wonderful place to live, but also boasts a strong employment base that fueled by its highly educated workforce. In particular, Denver is a hotbed for companies in the aerospace, energy, bioscience, financial services and information technology sectors.
A strong Colorado employment market is absolutely critical to the eagerly anticipated recovery of the Denver real estate market. So, how is Denver’s job market faring? The overall Colorado job market remains strong, especially in comparison to other parts of the country. The Colorado Department of Labor and Employment (CDLE) current labor statistics show that Colorado’s unemployment rate is 3.8%, which is low in comparison to the national average of 4.6%. This is the 14th lowest unemployment rate in the United States, which is good news for the Denver economy. The CDLE also reports that 45,000 Colorado jobs were added from July 2007 through July 2007.
The majority of Denver’s main employment sectors saw increases in the number of jobs from July 2006 to July 2007. According to the Metro Denver Economic Development Corporation’s September Monthly Economic Summary, the professional and business services sector had a 4.3% increase in positions followed by the leisure and hospitality sector (4.2%), education and health services (3.2%), and government (1.8%). Overall, Colorado had a 2% increase in the number of jobs from last year while Denver saw a 1.8 increase, This is in comparison to the national average of 1.5%.
Since employment such a crucial economic indicator, these positive numbers mean good things are in store for Denver’s economy. For more information on the Denver job market or overall economy, please contact TeamCox Realtors.