Denver moved up to No. 10 this year on CBRE’s Tech Talent Scorecard, the first time the city has ranked among the top 10 North American tech markets.
Tech labor concentration, or the percentage of total employment, is an influential factor in how “tech-centric” the market is and its growth potential. Denver has a tech talent labor pool of 99,760, or 6.2 percent of its total employment, placing it among the top 10 most-tech-concentrated markets and well above the national average of 3.5 percent.
Tech wage growth is another contributing factor to a city’s ability to attract and retain its tech talent. Denver’s average annual tech wage now tops $100,000, ranking 10th out of the 50 U.S. and Canadian markets studied and marking a a 15 percent increase in tech wage growth over the last five years.
“Tech continues to play an increasingly larger role in Denver’s ecosphere,” said Alex Hammerstein, senior vice president with CBRE’s Tech and Media Practice in Denver. “We see everything from startups to Fortune 500 tech companies opening and expanding their operations here, drawn to our educated workforce and supportive entrepreneurial culture. On the talent side, people choose Denver for our quality of life, relatively affordable cost of living and high-paying employment opportunities.”
The Tech Talent Scorecard is determined based on 13 metrics, including tech talent supply, growth, concentration, cost, completed tech degrees, industry outlook for job growth and market outlook for both office and apartment rent cost growth.
Denver stood out in the report in several other key areas:
- Denver’s tech labor force grew 23.8 percent (adding 19,200 workers) over the past five years, among the fastest of large North American tech markets.
- Denver produces a strong number of tech graduates but also continues to draw outside talent who are attracted to the tech job opportunities; Denver added more than 1,500 more tech jobs than tech graduates during the last five years.
- The availability of tech jobs is helping to attract millennials — Denver saw a 6.8 percent increase in its millennial population change in the past five years, nearly double the U.S. average of 3.7 percent.