When thinking of major job markets, one's thoughts tend to drift to the coasts – New York, Boston, San Francisco, and Los Angeles. However, there's more than enough opportunity between them, and the Mile High City should sit atop any job seeker's wish list.
Colorado rapidly growing
Denver residents are experiencing the benefits of a hyperactive economy. According to the latest report from the Bureau of Labor Statistics, the unemployment rate in the Mile High City is sitting at 3.8 percent, and hasn't hit above 4 percent since March 2015. Regional job growth nearly matches this rate, at 3.7 percent, according to Forbes.
The news source also listed Denver as the No. 1 city in the U.S. for businesses and professional careers - further testament to its rock-solid economy. It also ranks No. 16 in job growth. The strong market gives rise to enviable economic conditions – a median income of $65,000 and a median home price of $265,000.
Denver plays host to over 30 local colleges and universities, a vast performing arts sector, multiple museums and remains a key cog in the distribution between the East and West Coasts. Due to its proximity to the Rocky Mountain range, the energy sector and mining industry both have strong roots.
Peak performance: Professional and business services
It seems that every major city in the country is experiencing growth in this market, and the same rings true for Denver. The BLS reported the city has a 4.4 percent year-over-year growth rate in this industry, and it supports nearly 265,000.
The majority of this growth is coming from the technology sector, and these gains actually beat the 3.3 percent 2015 to 2016 projection reported by News Max - a sure sign that the market is firing on all cylinders.
"We are seeing a ton of upcoming growth within local clients due to a number of mergers and acquisitions," says Will Theis, Division Manager of Beacon Hill's Technologies Division in Denver. "If there is one word to describe the city of Denver, it is 'opportunity'. The city hosts a robust and booming economy, with little signs of slowing down."
Higher learning: Education and health services
Denver treats its public sector positions well, which is why the opportunities are growing at such a rapid pace. News Max reported Colorado ranked third in the nation for this growth in 2014, and it hasn't lost the momentum.
According to the BLS, this industry is growing year-over-year by 3.4 percent and accounts for nearly 182,000 jobs. With a number of state-owned universities in the area like University of Denver and University of Colorado Denver, it's easy to see why this sector is flush with opportunity.
It's important to note that none of Denver's job markets are seeing a decline in job growth. Mining, logging and construction, which is declining in the U.S., actually provides Colorado's biggest gains (by percentage) in employment and boasts an 11.1 percent growth rate. Here are some other industries doing well:
- Leisure and hospitality provides 168,000 jobs and has a 4.1 percent growth rate.
- Financial activities hosts roughly 104,000 employees and is growing at a modest 1.1 percent.
- Nearly 71,000 find work in manufacturing, which is progressing at 3.8 percent.
Job seekers looking to change things up and move to a different city can find no better spot than Denver, which gives all access to an amazing outdoor scene and a prosperous job market.
This is brought to you by the Marketing Team at Beacon Hill Staffing Group.