![]() ![]() Annual tech wages in the city averaged $102,215, a 9% growth over five years, with the average software developer wage at $123,023, the highest of the next 25. The city, with a five-year rate of tech employment growth at 20% landed the second-biggest smaller market. ➔ Colorado Springs also made the CBRE cut, but as part of Tech Talent’s “Next 25” list. ![]() “Recent tech company layoffs have created opportunities for other industries to hire much-needed tech talent,” according to the Tech Talent report. But non-tech employers, which employ 59% of the nation’s tech talent, did not announce layoffs. CBRE points to a Challenger, Gray & Christmas report that the tech companies account for 30% of the 700,000 layoffs globally by U.S. tech companies, those workers aren’t staying unemployed for long apparently. While 2022 was a year for big layoffs at major U.S. “Strictly among the top 10, Denver has the sixth-highest tech wage, the fourth-strongest rate of wage growth and the sixth-strongest rate of tech workforce growth,” Weld said. That means there’s a little more fun money for employees who choose to live in Denver than places like Orlando, where rent costs 22.2% of pay, Nashville (20.6%) and Phoenix (20.2%). In New York, rent eats up 34.2% of that worker’s pay. So wages have grown faster than rent, at least for tech workers who rent. That’s a 20.8% increase in costs over five years, when rent averaged $1,489 in Denver, according to the 2019 report. Apartment rents in Denver are averaging $1,799 a month, or 19.6% of a tech worker’s annual salary. ![]() While lower than the top-ranked Bay Area, which averaged $157,457, wages were higher than four others on the Top 10 list: Toronto, Austin, Vancouver and the Dallas-Fort Worth area.īut there’s lower rent in Denver than many other top metro tech areas. The city was 12th in 2012.ĭenver’s average annual wages for tech workers have grown 24.7% in five years to $110,140. CBRE said the annual rank is based on local employment and wage growth, plus graduation rates so as those fluctuate, so does the rank. In 2020, the Tech Talent report ranked Denver at No. The area, however, used to rank a wee bit higher. “While Denver’s average wage for tech talent is the 10th highest, the market is tied for third among the top 10 for its rent-to-wage ratio meaning salary often goes further in Denver compared to other leading markets.” “Denver’s numbers compared to the other markets in the top 10 is an interesting analysis,” Nicholas Weld, with CBRE’s Tech & Media Practice in Denver, said in an email. That’s been one of Denver’s strengths for years, thanks to the number of graduates with engineering or advanced degrees from local universities and the lower cost of living compared to tech hubs on the coasts. The report looks at tech workers - not necessarily tech companies - and highlights cities that appeal to young and educated workers seeking jobs in technology. It had already cut 11,000 jobs last November, according to news reports. Facebook, which opened its Denver office at 2018, has laid off more than 10,000 workers worldwide since the start of 2023. The company has ranked the top 50 tech cities since 2012 to better understand local office markets. ![]() In a new analysis, the Denver region ranked as the 10th best metro area in the Scoring Tech Talent 2023 report by commercial real estate service CBRE. The technology sector appeared particularly troubled as the big tech companies shed jobs by the thousands.īut Denver may be more resilient than one might have expected, or at least it held its own in the tech world. What’s Working: Denver still a top 10 city for tech, thanks to tech wages outpacing rent growth - The Colorado Sun CloseĪt the end of last year when it seemed like a recession was nigh, Colorado’s economy showed signs of growth even as local business leaders were pessimistic. ![]()
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