While no city was exempt from the disastrous economic impact of the COVID-19 pandemic and subsequent shutdown, mid-size cities like Denver, Colorado tended to fare the best economically in most cases. This is likely due to the concentration of industries and job opportunities that mid-size cities offer without being overloaded with an excessively high population. Keep reading…
New Denver Jobs
Denver Job Categories
About Denver Jobs
Denver’s unemployment rate has increased but still remains well below the national average. In April 2020, it peaked at just over 12% but has since dropped rapidly to just under 7%, demonstrating favorable job growth and an optimistic recovery trajectory. For comparison, Denver’s unemployment had been on a steady downward slope since 2008, getting as low as 2% in 2019. This is a testament to the longevity of the city’s economy and its potential to bounce back.
The median income in Denver has also seen a slight increase over the past couple of years, currently sitting at just over $68,000 annually across the board. When that number is adjusted to account exclusively for full-time jobs, that number goes up almost $20,000 to well over $80,000 annually.
Diverse Industry Growth
Denver has a robust diversity of industries in the city and adjacent areas. Currently, the fastest-growing sector is healthcare, as is the case in most places around the United States. Other major industries in Denver include finance, data science, broadcast – both television and radio, as well as telecommunications, technology, and energy.
The energy sector in Denver is particularly interesting, producing high volumes of oil and gas, but also rapidly adapting to the new playing field of clean energy and focusing on research and development.
A New Innovation Hub
The city’s robust economy and varied workforce have made it an attractive place for startups to lay their roots and for established companies to set up new headquarters. Some notable new companies in Denver, established within the past few years and growing rapidly, are Pie Insurance, Sondermind, and Outrider.
They are concentrated in the insurance, behavioral health, and transportation industries and all have funding bases in the multimillion-dollar range. This variety of emerging Denver companies is a testament to the diversity of the city’s economy and Denver’s growing reputation as a hub for innovation.