Denver’s job market remains one of the nation’s hottest, ranking among the top five, according to a recent study from HR and payroll solutions provider ADP.

The study analyzed national data tracked by ADP’s Pay Insights report and National Employment Report.

Using radar charts, the study plotted percentile rankings on new-hire wages, annual pay growth, and the hiring rate. Denver ranked alongside Oklahoma City; Las Vegas, Nevada; Seattle-Tacoma; and Portland, Oregon, as one of the top-performing labor markets.

Colorado Gov. Jared Polis celebrated the findings in a press release from his office, saying: “It’s no secret that Colorado is the best place to live, work, and start a business, and this study is yet more proof that we are a model for the nation. Our administration has taken important steps to strengthen our already robust workforce by expanding job and training opportunities, fighting to lower housing costs, cutting taxes, and creating a strong business and entrepreneurial climate, and I’m excited that the Denver metro area is now the hottest job market in the country.”

From July 2023 to June 2024, ADP tracked data from 55 U.S. metro areas with populations of over 1 million, analyzing trends for both job-stayers and job-changers.

The report revealed that while national figures may show a steady slowdown in pay gains since 2022, local labor markets have told a different story. ADP characterized strong labor markets by higher pay growth, higher starting wages for new hires, and elevated hiring rates.

The study found that median annual pay in Denver grew by 5.8% in the last 12 months. Median pay for new hires was $19 an hour, and the monthly hiring rate was 4.5%. According to ADP Research’s pay insights, the median annual salary in Colorado stands at $65,300.

The study claimed that the Denver labor market is especially strong in construction, professional and business services, and other services industries. In manufacturing, it ranks high in pay growth and hiring.

Denver’s job market showed particularly strong performances in the information and natural resources and mining sectors.

In information, Denver saw 4.9% annual pay growth, $20/hour for new hires, and a 1.7% hiring rate, ranking moderately across pay and hiring metrics. In natural resources and mining, Denver excelled with 7.6% pay growth, $34/hour for new hires, and a 2% hiring rate, ranking in the top percentiles nationally.

ADP (Automatic Data Processing) is a worldwide leader in offering human resource management solutions. It provides services that cover payroll, talent management, benefits administration, time tracking, and regulatory compliance. Through the ADP Research Institute, the company produces reports on labor market trends, wage changes, and employment data, aiding businesses and policymakers in making informed decisions.

Editorial Note: Clarity Media Group, the holding company which publishes the Colorado Springs Gazette, the Denver Gazette, Colorado Politics, Out there Colorado, and the Washington Examiner utilizes ADP for its workforce solutions.