By 2022, nearly 100k people will move to Colorado in the next year. So what is so appealing about the state of Colorado?
While some come for recreational purposes, most are there due to economic reasons. With an unemployment rate of only 6%, Colorado has ranked the 3rd best state in job markets.
The job trends
With many major cities with thriving economies, one can find an abundance of open jobs waiting to be filled. Many believe that due to this trend, 2022 will see out-of-state residents moving to Colorado for work and locals switching professions or leaving their current jobs to work in a different field.
The job market in Colorado
While Colorado’s job market is thriving, the same cannot be said for many other states across the nation. Many citizens are finding themselves unemployed or underemployed because of the lack of available jobs in their state.
Even though this situation is not ideal, it has created an opportunity for those moving to Colorado. Economists are predicting that the job market in Colorado will not only remain strong well into the future but will continue to outpace many other states across America.
American citizens can also take comfort in knowing that if they can’t find an open position in their field of expertise, there are plenty of other opportunities waiting for them in Colorado.
Big corporations are opening doors in Colorado
Many new businesses and corporations are opening up a business in the state, creating thousands of diverse job opportunities.
For example, Amazon opened a warehouse in Colorado earlier this year, creating approximately 500-1000 jobs.
This is just one example of many new businesses and corporations looking to open a business within the state and create more jobs for its citizens.
What is Colorado doing about the unemployment rate?
Unlike other states across America, Colorado has taken the initiative to help unemployed residents find work faster than their peers in other states.
The state’s department of labor has made job matching a top priority for unemployment services provided by the state.
Unemployed residents have been able to find employment within weeks rather than months due to this initiative. This type of service is much faster and more efficient than offered in many other states across America.
Job opportunities in Colorado
If you are unemployed or underemployed, Colorado may offer the solution for you to work in any field. With many job opportunities available in most cities, there is no reason you should not be able to find employment within your area of expertise.
While this article highlighted some of the reasons people are moving to Colorado by the thousands, it is essential to note that the state has seen an increase in many other job opportunities.
How good are the job opportunities?
Major corporations are flocking to Denver due to its low taxes, access to transportation, and workforce. This is why there are over 40 Fortune 500 companies located in Colorado, including Safeway Inc., DISH Network Corp., and Frontier Airlines.
These positions often require advanced degrees, but they also pay excellent wages, with some offering as much as six-figure salaries. In fact, the average income for a person working within Colorado is approximately $64,000 per year, making it higher than the national average.
The legalization of recreational marijuana in Colorado
A prime example of this is Colorado’s flourishing marijuana industry. With recreational legalization only weeks away, many established businesses are looking to expand their operations within the state.
Currently, thousands of open jobs are waiting to be filled within the state’s marijuana industry alone. Many of these jobs pay well and can offer employees flexible hours to fit their lifestyle.
The legalization of recreational marijuana is not only changing the landscape of Colorado. Still, it has also created thousands of new opportunities for its residents and those looking to move within the state.
The moving industry in Colorado
The Covid-19 pandemic has forced people to move more often than ever before. This may be the reason for available positions in the moving industry in Colorado.
Moving companies in Denver are struggling to keep up with the demand for their services in Colorado. In fact, there is a shortage of movers across the state.
In many cases moving companies have been forced to bring in help from other states or countries to meet this growing need for local residential and commercial moves.
Of course, a job at a moving company often entails strenuous labor, which is not suitable for all individuals. It is an excellent opportunity to earn some quick money on top of their regular job.
This influx in the moving industry has created thousands of new jobs that Colorado citizens can take advantage of even if they don’t want to work at a moving company.
Who else is hiring in Denver, CO?
Some of the leading corporations based out of Colorado that is always looking for more employees include:
United Airlines – The United Airlines headquarters is located outside of Denver and currently employs over 14,000 people across the globe. Although headquartered in Chicago, United Airlines is always looking for qualified candidates to fill positions within the company.
ATB Financial – One of many financial organizations based out of Alberta, Canada, recently opened a US-based division to help citizens find employment. Although they are not hiring now, it is an excellent opportunity for Denver residents to work in the finance industry.
Walmart – As one of the largest companies in the world, Walmart is always looking for qualified candidates to fill job openings within its many locations throughout Colorado.
What’s it like living in Denver, CO?
Residents of Colorado agree that Denver is a city with a lot to offer. Whether you want a relaxing night out on the town or an exciting night of partying, there’s something for everyone!
In addition to being one of the major cities in America, Denver offers its residents the ability to live within proximity to outdoor wilderness and ski resorts. This is a draw for many individuals who enjoy taking advantage of the great outdoors.
Finally, it’s an excellent place to raise a family that offers kids and adults alike plenty of opportunities to further their education. Denver has four comprehensive universities within its limits, including:
- The University of Colorado at Denver
- Johnson & Wales University
- Le Cordon Bleu College of Culinary Arts
- Art Institute of Colorado
These are just a few examples of the many educational opportunities that can be found in Denver. It is also an excellent city for adults to further their education with the numerous community colleges located within the city limits.
What about housing in Denver, CO?
Many individuals moving to Denver face tough competition in both the rental and sales market. During the summer months, a popular time for people to move from out of state, vacancy rates decrease significantly to only 1%.
In addition, because Denver is located in one of the most beautiful parts of Colorado, it also means that housing prices are higher than anywhere else in the state. In other words, if you want a home, expect to pay a premium price for it in Denver.
What is the median rental rate?
Denver has one of the highest median rental rates in the U.S., with prices averaging approximately $1,950 per month. In fact, this is so high that only about 46 percent of people can afford to live within the city limits.
What about the cost of food and utilities?
The costs for these two items can vary from neighborhood to neighborhood, but most people find that living in Denver is comparable to other major cities throughout America. In general, expect to pay a little bit more for your groceries and utilities if you choose to live near downtown Denver versus a residential suburb.
Is there any other advice you have?
If you’re considering moving to Denver, the most salient piece of advice we can offer is to do your research. Denver is a beautiful city with an excellent job market, but it’s also one of the most expensive places in America to live.
Because the housing prices are high, you are less likely to find an apartment for cheap, which means you need to work more hours and spend more money on things like groceries and utilities.
For this reason, try to anticipate the additional financial responsibilities that moving into Denver will incur. In other words, do your homework and be prepared financially before you even think about making a move to this area.
Denver is an excellent place to work in finance because it offers plenty of jobs within proximity. In addition, if you’re from out of state and don’t mind spending more on housing, then, by all means, go ahead and move to Denver.
On the other hand, if you are looking to save money or can’t afford higher housing costs, you may want to consider other major cities that offer a lower cost of living.
Although moving to Denver does have its benefits, such as outdoor recreation and universities, if you plan on moving here, first and foremost, see if you can find a roommate.
It will help lessen the financial burden and provide extra security for those late-night outings. Do your research and use this guide as a general rule of thumb before making any significant moves to Denver, CO!
Please feel free to share this article with anyone who is considering moving to Denver so they can be prepared! Also, if you have any questions or need a free estimate moving to Colorado, don’t hesitate to give us a call!