• "Denver's Job Landscape: Navigating Shifts and Seizing Opportunities"

  • Sep 24 2024
  • Length: 4 mins
  • Podcast

"Denver's Job Landscape: Navigating Shifts and Seizing Opportunities"

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  • Summary

  • The job market in Denver is experiencing a notable slowdown, particularly when compared to its recent robust performance. Over the past year, Denver has lost 9,600 jobs, making it the only metropolitan area in Colorado to see a decline in employment.

    The employment landscape in Denver is characterized by a mix of challenges and opportunities. The construction sector, which was previously booming, has seen a significant decline in jobs due to the end of Denver’s multiyear apartment building boom. The leisure and hospitality industry is also struggling, partly due to the ongoing construction at the 16th Street Mall, which is deterring customers from dining at nearby restaurants.

    Despite these challenges, Colorado as a whole continues to add jobs, albeit at an uneven pace. The state gained 4,800 jobs in July compared to the previous year, and the unemployment rate remains relatively low at 3.9 percent.

    Major industries in Denver include technology, finance, and energy, although these sectors are currently facing volatility. For instance, the technology sector is experiencing a slowdown, and energy jobs are subject to significant fluctuations.

    Growing sectors in the broader Colorado context include trade, transportation, and utilities, as well as professional and business services. These sectors employ the largest number of Coloradans, driven by the state's booming infrastructure and technological investments.

    Recent developments include significant job cuts by major employers such as Frontier Airlines, which is cutting 43 routes, and TIAA, which is closing its Denver office and moving jobs to Texas.

    Seasonal patterns and commuting trends are also influenced by the pandemic's aftermath. Many candidates are no longer flexible about their work arrangements, preferring fully remote, in-office, or hybrid work models, which can create challenges for recruiters.

    Government initiatives are focused on addressing the labor market paradox, where there are plentiful jobs but a mismatch in talent. The Colorado Talent Pipeline Report highlights strategies to balance the supply and demand equation for talent and identifies key areas of growing demand and opportunity.

    The market evolution in Denver reflects broader economic trends, including a cooling job market and rising costs of living, particularly high housing costs, which are affecting the area's employment dynamics.

    Key findings include the need for employers to adapt to changing workforce preferences and the importance of addressing talent shortages in key industries.

    Current job openings in Denver include:
    - **Software Engineer at High Country Search Group**: This role involves developing and maintaining software applications and collaborating with cross-functional teams.
    - **Financial Analyst at DMarie + Co.**: This position requires analyzing financial data, preparing reports, and providing insights to support business decisions.
    - **Project Manager in Construction at a Denver-based firm**: This role involves overseeing construction projects, managing timelines, and ensuring compliance with regulations.

    Overall, while Denver's job market is facing challenges, there are still opportunities and a strong foundation for future growth.
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