Denver ranked as the hottest labor market in the US

DENVER ( KDVR ) — Job hunting has never been a fun task. Financial security depends on it; it can take months to maybe even years to find something and there are always so many outside factors affecting the market.

Job hunting in 2024 has become even more stressful. Many fields are still recovering from the effects of the COVID-19 pandemic, it can take filling out hundreds of applications to even hear back for one preliminary interview, companies are receiving thousands of digital applicants and resume tailoring and networking have become a necessity. At times, the job hunt can feel hopeless.

It doesn’t always have to be that way though. With a good plan and plenty of research, applicants can increase their odds.

One important factor to check when looking at jobs is the market they are located within. Luckily for Coloradans, Denver is the hottest job market in the country according to data collected by ADP Research.

The research gathered by ADP measured three different variables across 55 different metros with a population of at least one million. ADP measured pay growth, starting wages for new hires and of course hiring rate.

Pay growth

This was calculated by gathering total gross pay for workers which includes tips, overtime, bonuses and commissions on top of salary and hourly wages. The data was then compared to the amount accumulated by the same worker in the previous year.

Starting wages

ADP tracked the starting base hourly pay for 1.2 million new hires each month and compared them to the same months from the last year.

Hiring rate

To measure this statistic, they calculated the number of new hires as a share of the total monthly employment over the course of a year.

The metro areas of Denver, Aurora and Lakewood had a growth of 5.8% for median annual pay over the last 12 months. Median starting pay was $19 an hour for new hires and the monthly hiring rate was 4.5%.

Some of the strongest work industries in the market are construction, professional and business services, service industries and manufacturing.

Denver leads the pack in terms of the hottest labor market, but there are several other metros who are experiencing some heat as well.

The top five include:

• Denver, Aurora and Lakewood, Colorado
• Oklahoma City, Oklahoma
• Las Vegas, Henderson and Paradise, Nevada
• Seattle, Tacoma and Bellevue, Washington
• Portland, Vancouver and Hillsboro, Oregon and Washington

Denver has many attractions with a diverse arts scene, plenty of outdoor activities and a booming labor market included. It is a place where people can continue to work and thrive in the beautiful heart of Colorado.

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