- 23,608 more businesses
- 368,787 more employees
- 47.0% increase in total wages
- $10,473 in additional annual wages per employee
- 22.4% increase in wages per employee
Since 2009, the number of businesses in Colorado has grown by 13.7% (4.2% greater than the national average of 9.5%). Employment in Colorado has grown by 20.2% (5.7% greater than the national average of 14.4%). Wages have grown by 22.4% since the end of the Great Recession. This wage growth is 0.2% less than the national average of 22.5%.
The average weekly wage in Colorado of $1,102 is 3.6% above the national average of $1,064. The gap between the national average has widened from 3.7% a widening of 0.1% since the end of the recession.
The Professional services sector has the most businesses in the state of Colorado . Since the end of the recession, the number of businesses has grown from 29,062 to 36,521, a gain of 25.7%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||13,442||11,941||12.6%|
|Real estate and rental||11,493||9,813||17.1%|
|Finance and insurance||11,059||10,720||3.2%|
|Transport and warehousing||4,047||3,719||8.8%|
|Arts and entertainment||3,185||2,534||25.7%|
|Agriculture and forestry||1,650||1,388||18.9%|
|Mining and oil extraction||1,552||1,544||0.5%|
Three of the 19 sectors have had a reduction in the number of businesses in Colorado since the end of the recession. They are, Construction (-6.1%), Retail trade (-0.6%) and Utilities (-2.4%). These sectors combined for a decline of 1,355 businesses. There was robust growth in not only the Professional services sector (see above), but in the Healthcare sector (+38.1%), Other services (+24.8%), Arts and entertainment (+25.7%) and the Educational services (+33.4%) sectors
The Healthcare sector employs the most workers in the state of Colorado . The number of jobs has increased 29.9% since the end of the recession from 225,935 to 293,468. The table below illustrates the change in employment in each sector:
|Accommodation and food services||277,783||217,775||27.6%|
|Finance and insurance||111,298||100,857||10.4%|
|Transport and warehousing||72,583||59,073||22.9%|
|Arts and entertainment||55,407||44,558||24.3%|
|Real estate and rental||50,572||42,930||17.8%|
|Mining and oil extraction||25,800||24,003||7.5%|
|Agriculture and forestry||17,594||13,735||28.1%|
Employment growth was robust in many sectors with the exception of the Information and the Utilities sectors which declined by 4.1% and 3.8% respectively. The Accommodation and food services sector added over 60,000 jobs as it grew by 27.6% since 2009. Other sectors that had significant growth are, Professional services (+27.3%), Construction (+24.8%), Company management (+36.6%) and Educational services (+26.1%).
The sector with the highest wages is the Company management sector at $2,861. Prior to the recession, the sector’s average weekly wage was $2,238. This is an increase of $623 per week or 27.8%. The table below illustrates the change in average weekly wages in each sector:
|Mining and oil extraction||$2,244||$1,734||29.4%|
|Finance and insurance||$1,780||$1,322||34.6%|
|Real estate and rental||$1,101||$786||40.1%|
|Transport and warehousing||$1,075||$805||33.5%|
|Agriculture and forestry||$701||$550||27.5%|
|Arts and entertainment||$695||$586||18.6%|
|Accommodation and food services||$426||$331||28.7%|
Wage growth since 2009 has been right around the national average and has been across all sectors, with the exception of the Education services sector which grew only 9.6%. The biggest growth has been in the Real estate and rental and Finance and insurance sector which grew by 40.1% and 34.6% respectively since the end of the recession.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Services for the elderly and disabled which has grown 868.0%. The top industry that has contracted the most is Residential building construction which has contracted by 8.0% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Computer systems design and related services||9,135||6,522||40.1%|
|Management consulting services||6,372||4,115||54.8%|
|Offices of real estate agents and brokers||5,158||3,816||35.2%|
|Residential building construction||4,141||4,499||-8.0%|
|Accounting and bookkeeping services||3,991||3,335||19.7%|
|Offices of lawyers||3,677||3,433||7.1%|
|Insurance agencies and brokerages||3,442||2,928||17.6%|
|Offices of physicians||3,209||3,198||0.3%|
|Services for the elderly and disabled||3,117||322||868.0%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Services for the elderly and disabled which has grown 114.4%. The industry that has added the lowest percentage of employees is General medical and surgical hospitals which has has grown by 5.4% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|Computer systems design and related services||58,574||40,211||45.7%|
|General medical and surgical hospitals||50,877||48,279||5.4%|
|Temporary help services||43,576||26,135||66.7%|
|Hotels and motels, except casino hotels||40,978||34,658||18.2%|
|Supermarkets and other grocery stores||40,782||35,630||14.5%|
|Management of companies and enterprises||39,011||28,550||36.6%|
|Offices of physicians||36,490||33,163||10.0%|
|Services for the elderly and disabled||26,368||12,296||114.4%|
|Plumbing and hvac contractors||23,685||18,031||31.4%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Open-end investment funds which has grown 272.7%. The average weekly wage in the Other financial vehicles industry has grown by 5.7% since the recession. This is the industry with the lowest wage growth among top industries in Colorado . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Open-end investment funds||$6,180||$1,658||272.7%|
|Other financial vehicles||$4,528||$4,283||5.7%|
|Investment banking and securities dealing||$3,944||$2,275||73.4%|
|Computer and peripheral equipment mfg.||$3,482||$1,871||86.1%|
|Geophysical surveying and mapping services||$3,163||$1,739||81.9%|
|Commodity contracts brokerage||$3,032||$2,388||27.0%|
|Management of companies and enterprises||$2,861||$2,238||27.8%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 124 to 174, which is an increase of 40.3%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 25,829 to 28,870, which is an increase of 11.8%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||127,232||107,567||18.3%|
|More Than 1,000 Employees||92||80||15.0%|
The biggest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees in companies this size has grown from 84,386 to 119,182, which is an increase of 41.2%.
The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has grown from 168,599 to 189,081, which is an increase of 12.1%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||180,828||154,919||16.7%|
|More Than 1,000 Employees||160,504||137,641||16.6%|
The biggest percentage change in the average weekly wage has been in businesses with fewer than 5 employees. The average weekly wage in companies this size has grown from $851 to $1,178, which is an increase of 38.4%.
The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $1,483 to $1,716, which is an increase of 15.7%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$1,178||$851||38.4%|
|More Than 1,000 Employees||$1,677||$1,226||36.8%|
This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.