Denver Job Report

Denver is another great example of a city whose unemployment rate is lower than the nation average.  In August 2009, Denver was reporting a 7.7% unemployment rate.  In one short moth, it was down to 7.1%.  This is nearly twice as high as the figures for Denver unemployment only a year and a half earlier.  But Denver has been able to beat back many of the overwhelmingly negative effects of the recession in recent months.    This is good news for those who live in the Denver area, but it’s quite a shift away from the norm that has been experienced throughout most of the rest of the US.  The reasons for the large gap between the nation average and the Denver Metro area’s unemployment rate are complex and manifold.

The state of Colorado is considered by many in the business industry to be one of the most favorable states to do business in based on the low taxes that businesses are required to pay and because of the availability of numerous tax advantages for small and large businesses alike.  Denver is also on the leading edge of much of the medical technology field.  There are myriad startups and corporations in this sector that have provided the Denver metro area with a steady stream of jobs in this industry.  It’s an excellent place to go live if you’re in the biotech and medical industry, as Denver consistently ranks in the top ten of US states in terms of size and influence of the medical technology field.

Denver has been able to rely upon its relatively diverse economic makeup for the past couple of years to keep it out of harm’s way economically.  For job seekers, this city is as good as any when it comes to job opportunities.  It’s near the same level of unemployment as the rest of the nation, and those in the government, education, and high tech sectors are most likely to find a job in Denver.  Those in manufacturing and production, construction, and mining are really having a hard time finding work in Colorado.

On a year to year basis, only Denver’s government sector has added jobs.  Unlike nearby Colorado Springs, Denver is not relying almost solely on government jobs to stay afloat, although there’s no shortage of government workers in Colorado’s capital city.  All other sectors have either stayed consistent or have been hurt by the recession.  Some industries in the Denver area that have taken the hardest hits are the construction, logging, and manufacturing industries.  A combination of recession-related issues and outsourcing has been at fault for this.

There have been six counties surrounding Denver that have actually posted net job gains in the past 12 months.  These areas have been fueled by the continued demand for hospitality and service industry sectors, as well as the fact that much of the rural population has been involved in sectors that are traditionally not effected as much by recessions- education, government, and service-related.  Most other counties in Colorado, excluding those surrounding Colorado Springs, have posted net job losses.  Denver continues to be a hotspot of economic and employment opportunities and will likely exist as a very hot spot once an economic recovery is underway.