The job market is thriving in Colorado, according to recent reports that show the state logged its 30th straight month of job growth in April, adding 13,900 nonfarm payroll jobs and driving unemployment down to 6 percent, the lowest since November 2008, according to a report Friday by the Colorado Department of Labor and Employment. People moving to Colorado are driving demand for jobs in the service sectors, including leisure and hospitality, which added 4,500 jobs, education and health services, up 3,800, and professional and business services, up 2,400. In addition, financial activities added 1,900 jobs and construction added 1,500 jobs, according to reports in the Denver Post.
Moving to Denver has become increasingly popular over the last year, and as the job market grows, the inventory of available housing will run out, and available units will become increasingly competitive. Aside from residential troubles, there are some other problems that Denver and other Colorado cities might start to encounter, such as the fact that future job growth might be constrained by labor shortages in key sectors such as construction, oil and gas, technology and manufacturing. The rate of unemployment is already below 3 percent for some management and professional occupations important to the state’s high-tech sector.
Currently, there are shortages among electricians, plumbers, pipefitters, sheet metal workers, welders, roofers and all types of equipment operators. Ever since the market crashed, the labor trades related to construction and home building saw a decline not only in active employees, but also in students studying for these particular trades. Recent job fairs from two large Colorado universities saw only about 120 graduates in these sectors this last semester.