High-Skilled Workers Move to Denver More than Any U.S. City

More highly skilled workers are moving to Denver than any other U.S. city, according to a new study by JLL Research.

The number of 25-year-olds and older with a bachelor’s degree or higher increased in Denver by 22.5 percent from 2012-2016, leading the nation’s growth rate for that demographic, reports JLL based on analysis of U.S. Census Bureau estimates.

Among cities ranked, Denver took No. 1 followed by Washington, D.C. at 19.9 percent; Philadelphia, 19.7 percent; Boston, 19.1 percent; Portland, 18.4 percent; and Fort Worth, 17.9 percent.

Here’s a look at the top 10 cities for worker growth rate in that demographic:

Cities emerged as the residential location of choice, JLL Research says but “not all cities were created equal in their ability to attract talent.”

Denver led the pack bolstered by high wages and low unemployment. Even with the influx of workers, Colorado’s unemployment rate is at a historic low, clocking in at 3 percent, according to Colorado Department of Labor and Statistics March 2018 data.

In 2017, our state boasted the lowest unemployment in the nation at 2.3 percent, which is the lowest the state has seen since data were recorded in 1976, reports the CU Leeds Business Research Division at CU-Boulder.

CU Leeds School reports cities across the state with the lowest unemployment rates:

–          Fort Collins-Loveland, 2.1 percent

–          Boulder, 2.3 percent

–          Greeley, 2.5 percent

–          Denver-Aurora-Broomfield, 2.5 percent

Unemployment in the U.S. is 4.1 percent, with unemployment for those holding a bachelor’s degree or higher is roughly 2.1 percent nationwide.

“In a full employment economy, talent becomes increasingly difficult to attract as competition for available workers increases. As a function of demand for talent outstripping supply, wages naturally rise as employers offer higher compensation to compete,” reports JLL Research.

 

See the full list of cities at http://www.jll.com/philadelphia/en-us/research/snapshots/839/philadelphia-4-9-18-war-for-talent

 

Read more on the CU Leeds Economic Report at http://www.boulderco.com/blog/colorado-outperforms-us-economy-state-outlook-strong.html

 

Posted by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, May 29th, 2018 at 11:07am.
Posted on May 29, 2018 at 9:48 pm
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Colorado Labor Force Grows Fastest Since 1998

Labor statistics are officially confirming what we all know – Colorado’s population is on the rise, with newcomers lured by a strong job market.

By the end of 2017, Colorado had a record year with its fastest rate of growth in almost 20 years, according to the Colorado Department of Labor and Statistics.

Coloradans participating in the labor force increased 141,700 for the year, adding 5,100 nonfarm payroll jobs from November to December for a total of 2,671,500 jobs.

The increase was noticeable compared to the previous month when employers added 1,800 jobs. In fact, November’s gain was higher than the state’s 12-month average gain of 3,817 jobs, and higher than the previous four months average gain of 4,800, according to CDLE data.

By sector, most of November’s added jobs are private sector payroll jobs, which increased 4,300 and government increased 800. Average hourly earnings also rose, going from $26.93 to $28.09.

Even so, the state’s unemployment rate increased two-tenths of a percentage point from November to December to 3.1 percent. The rise in the unemployment rate correlated with an increase in the number of people actively participating in the labor force, which grew 14,800 over the month.

Colorado’s unemployment rate is still lower than the nation’s December rate of 4.1 percent, which declined from 4.7 percent from December 2016 to December 2017.

The biggest private sector job gains in November 2017 were in construction and education and health services, while over the course of the year, the largest private sector job gains were in professional and business services, leisure and hospitality, and construction.

The jobs added resulted in a 2 percent job growth rate, with Colorado outpacing the U.S. growth rate of 1.4 percent, as it has for the past seven years.

Colorado Department of Labor measures the unemployment rate, labor force, labor force participation, total employment and the number of unemployed is based on a survey of households. The total employment estimate derived from this survey is intended to measure the number of people employed.

All Colorado estimates from the establishment and household surveys, including greater geographic detail, are available at: http://www.colmigateway.com.

Estimates for all states and the nation are available at: http://www.bls.gov

Posted by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, March 27th, 2018 at 1:19pm.

Posted on April 4, 2018 at 7:41 pm
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