Colorado Q4, 2019 Employment Statistics- 211,714 employers, up 2.6% from 206,332
- 2,763,790 employees, up 2.3% from 2,702,177
- $1,227 average weekly wage, up 4.0% from $1,180
- The average weekly wage is 3.5% above the national average
- The cost of living is 5.6% above the national average
Employer & Employee Growth
In the last year, the number of employers in the state increased by 5,382, which is an increase of 2.6%. The number of employees in Colorado increased by 61,614, an increase of 2.3%. During this same period, the average weekly wage increased by $47, an increase of 4.0%.
The number of private employers increased since last years' Q1. The number of private businesses increased by 5,342 or 2.6%. Growth in private businesses in Colorado grew faster than the national average of 2.5%. The number of employees in these businesses increased since last years' Q1, increasing by 51,474 or 2.3%. The growth in employees of private businesses in Colorado was faster than the national average of 1.2%.
The average weekly wage of employees of private businesses increased since last years' Q1. The averge weekly wage increased by $47 or 3.9%. Growth in average weekly wage of employees of private businesses in Colorado grew faster than the national average of 3.8%.
Leading Sectors
Businesses by Sector
The sector with the greatest number of businesses in the state is Professional services with 18.9% of the businesses in the state. The number of businesses in this sector increased by 6.0%. Construction (9.7%), which increased by 3.7% and Healthcare (8.7%), which increased by 0.7%, round out the 3 largest sectors.
Table: Sectors by Year-over-Year Qtly Business Change %
| Sector | Change Biz | % Change |
|---|---|---|
| Company management | 558 | 18.4% |
| Arts and entertainment | 227 | 7.0% |
| Real estate and rental | 839 | 6.9% |
| Professional services | 2,271 | 6.0% |
| Other services | 928 | 5.7% |
| Educational services | 173 | 5.5% |
| Waste services | 530 | 4.5% |
| Transport and warehousing | 182 | 4.4% |
| Agriculture and forestry | 63 | 3.7% |
| Construction | 732 | 3.7% |
| Accommodation and food services | 392 | 2.9% |
| Information | 106 | 2.5% |
| Finance and insurance | 213 | 1.9% |
| Manufacturing | 106 | 1.8% |
| Wholesale trade | 193 | 1.4% |
| Healthcare | 120 | 0.7% |
| Retail trade | -104 | -0.6% |
| Mining and oil extraction | -16 | -1.0% |
| Utilities | -9 | -2.2% |
Employees by Sector
The sector with the greatest number of employees in the state is Healthcare with 11.1% of the employees in the state, had an increase in employees of 1.9% in the last year. Accommodation and food services (10.3%), increased by 1.3% and Retail trade (10.0%), decreased by 0.4%, round out the top 3 sectors.Table: Sectors by Year-over-Year Qtly Employee Change %
| Sector | Employee Change | % Change |
|---|---|---|
| Agriculture and forestry | 2,148 | 12.1% |
| Transport and warehousing | 6,653 | 8.1% |
| Real estate and rental | 2,871 | 5.4% |
| Professional services | 11,126 | 4.9% |
| Arts and entertainment | 2,418 | 4.5% |
| Company management | 1,507 | 3.6% |
| Other services | 2,671 | 3.2% |
| Educational services | 1,111 | 3.0% |
| Waste services | 4,625 | 2.9% |
| Construction | 5,100 | 2.9% |
| Information | 1,724 | 2.3% |
| Utilities | 160 | 2.0% |
| Healthcare | 5,889 | 1.9% |
| Wholesale trade | 1,993 | 1.8% |
| Manufacturing | 2,246 | 1.5% |
| Accommodation and food services | 3,702 | 1.3% |
| Finance and insurance | -8 | 0.0% |
| Retail trade | -1,078 | -0.4% |
| Mining and oil extraction | -1,291 | -4.5% |
Average Weekly Wage by Sector
The sector that pays their employees the highest is Company management paying $2,927per week compared with the state average of $1,237. Weekly wages in this sector rose by $460 or 18.6%. Mining and oil extraction ($2,307), rose by $74 or 3.3% and Professional services ($2,127) increased by $43 or 2.1% round out the 3 largest sectors.Table: Sectors by Year-over-Year Weekly Wage Change %
| Sector | Wage Change | Change % |
|---|---|---|
| Company management | $460 | 18.6% |
| Finance and insurance | $159 | 8.6% |
| Wholesale trade | $98 | 5.8% |
| Agriculture and forestry | $43 | 5.3% |
| Information | $96 | 5.1% |
| Accommodation and food services | $22 | 4.8% |
| Real estate and rental | $61 | 4.8% |
| Retail trade | $29 | 4.5% |
| Utilities | $86 | 4.5% |
| Mining and oil extraction | $74 | 3.3% |
| Construction | $36 | 2.7% |
| Other services | $20 | 2.4% |
| Manufacturing | $32 | 2.3% |
| Healthcare | $22 | 2.2% |
| Professional services | $43 | 2.1% |
| Educational services | $17 | 2.0% |
| Transport and warehousing | $19 | 1.8% |
| Waste services | $-8 | -0.9% |
| Arts and entertainment | $-51 | -6.2% |
Leading Industries
Businesses by Industry
Each broad sector is made up of specific industries. In Colorado. the industry with the most businesses is Restaurants and other eating places with 5.1% of the businesses in the state (with 10,733 employing 215,324 workers). The Restaurants and other eating places industry had 271 more businesses, an increase of 2.6% in the last year. Computer systems design and related services (4.6% of businesses) added 604 businesses, an increase of 6.6% and Management consulting services (3.7% of businesses) added 615 businesses, an increase of 8.6% round out the 3 industries with the most businesses.Table: Top 7 Industries by Business Change %
| Industry | Business Chg | % Change |
|---|---|---|
| Pension funds | 3 | 60.0% |
| Other performing arts companies | 3 | 60.0% |
| Other hospitals | 13 | 52.0% |
| Broadwoven fabric mills | 1 | 50.0% |
| Power boiler and heat exchanger manufacturing | 1 | 50.0% |
| Ice cream and frozen dessert manufacturing | 4 | 44.4% |
| Frozen food manufacturing | 4 | 44.4% |
Table: Top 7 Industries by Business Change #
| Industry | Business Chg | % Change |
|---|---|---|
| Management consulting services | 615 | 8.6% |
| Computer systems design and related services | 604 | 6.6% |
| Private households | 594 | 12.7% |
| Management of companies and enterprises | 558 | 18.4% |
| Offices of real estate agents and brokers | 525 | 9.2% |
| All other professional and technical services | 309 | 17.7% |
| Restaurants and other eating places | 271 | 2.6% |
Employees by Industry
Computer systems design and related services (4.6% of employees) added 604 employees, an increase of 6.6% and Management consulting services (3.7% ofemployees) added 615 employees, an increase of 8.6% round out the 3 industries with the most employees.Table: Top 7 Industries by Employee Change %
| Industry | Emp Chg | % Change |
|---|---|---|
| All other information services | 66 | 118.4% |
| All other crop farming | 1,360 | 66.5% |
| Sporting goods merchant wholesalers | 811 | 55.9% |
| Other nonmetallic mineral mining | 62 | 51.4% |
| Other farm product raw material merch. whls. | 98 | 46.8% |
| Mobile food services | 183 | 43.4% |
| Apiculture | 12 | 41.5% |
Table: Top 7 Industries by Employee Change #
| Industry | Emp Chg | % Change |
|---|---|---|
| Computer systems design and related services | 4,072 | 6.5% |
| General warehousing and storage | 2,831 | 27.2% |
| Restaurants and other eating places | 2,323 | 1.1% |
| Engineering services | 1,661 | 4.6% |
| Management of companies and enterprises | 1,507 | 3.6% |
| Data processing hosting and related services | 1,423 | 11.0% |
| Hotels and motels except casino hotels | 1,390 | 3.4% |
Average Weekly Wage by Industry
The industry that pays their employees the most is Spectator sports, paying $10,481 compared with the state average of $1,237. The Spectator sports industry paid their employees $2,856 less per week, a decline of 21.4% in the last year. Investment banking and securities dealing ($5,251) and Trusts estates and agency accounts ($4,807) round out the top 3 industries. Employees in the Investment banking and securities dealing ($5,251 per week) were paid $506 more per week, an increase of 10.7% and Trusts estates and agency accounts ($4,807 per week) were paid $2,382 more per week, an increase of 98.2% round out the 3 industries that pay their employees the most.Table: Top 7 Industries by Wage Change %
| Industry | Wkly Chg | % Change |
|---|---|---|
| Women's girls' infants' cut-sew apparel mfg | $399 | 145.1% |
| Sporting goods merchant wholesalers | $1,260 | 98.4% |
| Trusts estates and agency accounts | $2,382 | 98.2% |
| Other basic inorganic chemical manufacturing | $946 | 52.5% |
| Political organizations | $432 | 50.1% |
| Mortgage and nonmortgage loan brokers | $731 | 40.4% |
| Other credit intermediation activities | $485 | 39.5% |
Table: Top 7 Industries by Wage Change $
| Industry | Wkly Chg | % Change |
|---|---|---|
| Trusts estates and agency accounts | $2,382 | 98.2% |
| Sporting goods merchant wholesalers | $1,260 | 98.4% |
| Other basic inorganic chemical manufacturing | $946 | 52.5% |
| Business to business electronic markets | $751 | 27.8% |
| Mortgage and nonmortgage loan brokers | $731 | 40.4% |
| Other nondepository credit intermediation | $679 | 35.8% |
| Gold ore and silver ore mining | $642 | 33.3% |
Company Size
Colorado Businesses by Size
The solopreneur company, has the most businesses in Colorado by far. 64.3% of all businesses in the state have fewer than 5 employees. The 196,302 small businesses in the state represent 96.1% of all private businesses. The national average is 91.2%. (Small businesses have fewer than 50 employees, Solopreneurs employ fewer than 5.) Colorado added 4,928 businesses in the last year, an increase of 2.5% as compared to the national average of 3.0%.Small businesses are defined as companies with fewer than 50 employees. These small businesses added 4,700 businesses in the last year, which is an increase of 2.5% as compared to the national average of 3.1%.
Mid-sized businesses are defined as companies with between 50 and 499 employees. These mid-sized businesses added 224 businesses in the last year, which is an increase of 3.0% as compared to the national average of 1.3%.
Large businesses are defined as companies with more than 500 employees. These large businesses added 4 businesses in the last year, which is an increase of 1.5% as compared to the national average of 2.1%.
Colorado Employees by Business Size
Colorado added 148,511 employees in the last year, an increase of 7.0% as compared to the national average of 5.2%. Small businesses are defined as companies with fewer than 50 employees. These small businesses added 55,706 businesses in the last year, which is an increase of 39.6% as compared to the national average of 4.2%.Mid-sized businesses are defined as companies with between 50 and 499 employees. Mid-sized businesses added 73,540 employees in the last year, which is an increase of 9.3% as compared to the national average of 4.7%.
Large businesses are defined as companies with more than 500 employees. Large businesses added 19,265 employees in the last year, which is an increase of 7.2% as compared to the national average of 9.2%.
Colorado Avg Weekly Wages by Business Size
The smallest companies in Colorado (those with fewer than 5 employees) pay workers 18.4% more than the national average ($1,232 per week as compared to the national average of $1,005 per week). The largest companies in Colorado (those with more than 1,000 employees) pay 6.5% workers below the national average ($1,796 per week as compared to the national average of $1,913 per week).Average weekly wages in small businesses added $195 per week in the last year, which is an increase of 4.8% as compared to the national average of 3.1%. Employees of mid-sized businesses added $231 in wages per week in the last year, which is an increase of 6.0% as compared to the national average of 1.3%.
Employees of large businesses added $148 of weekly wages in the last year, which is an increase of 4.4% as compared to the national average of 2.1%.
Top Industries for Business and Employment
The table below illustrates the largest industries in the state, by number of businesses:Table: Top 10 Industries by # of Businesses
| Industry | # Businesses | % Change |
|---|---|---|
| Restaurants and other eating places | 10,733 | 2.6% |
| Computer systems design and related services | 9,803 | 6.6% |
| Management consulting services | 7,735 | 8.6% |
| Offices of real estate agents and brokers | 6,242 | 9.2% |
| Private households | 5,275 | 12.7% |
| Residential building construction | 4,482 | 3.3% |
| Accounting and bookkeeping services | 4,146 | 2.1% |
| Offices of lawyers | 3,795 | 2.2% |
| Management of companies and enterprises | 3,586 | 18.4% |
| Insurance agencies and brokerages | 3,519 | 1.1% |
The table below illustrates the largest industries in the state, by number of employees:
Table: Top 10 Industries by # of Employees
| Industry | # Employees | % Change |
|---|---|---|
| Restaurants and other eating places | 215,324 | 1.1% |
| Computer systems design and related services | 66,510 | 6.5% |
| General medical and surgical hospitals | 48,885 | -0.4% |
| Temporary help services | 46,706 | 2.7% |
| Management of companies and enterprises | 42,943 | 3.6% |
| Hotels and motels except casino hotels | 42,374 | 3.4% |
| Supermarkets and other grocery stores | 40,227 | -0.6% |
| Offices of physicians | 38,524 | 1.7% |
| Engineering services | 37,965 | 4.6% |
| General merchandise stores including warehouse clubs and supercenters | 37,434 | 2.3% |
The table below illustrates the largest industries in the state, by highest wages:
Table: Top 10 Industries by Weekly Wage
| Industry | Wkly Wages | % Change |
|---|---|---|
| Spectator sports | $10,481 | -21.4% |
| Investment banking and securities dealing | $5,251 | 10.7% |
| Trusts estates and agency accounts | $4,807 | 98.2% |
| Securities and commodity exchanges | $4,548 | -12.3% |
| Miscellaneous intermediation | $3,596 | 3.0% |
| Land subdivision | $3,583 | -1.6% |
| Business to business electronic markets | $3,457 | 27.8% |
| Commodity contracts brokerage | $3,452 | 10.8% |
| Crude petroleum extraction | $3,323 | 3.8% |
| Computer and peripheral equipment mfg. | $3,318 | -15.0% |
Data Sources
About the Writer
