5 Ways Colorado Salaries Rank

Introduction to Colorado Salaries

Colorado, known for its stunning natural beauty and outdoor recreational opportunities, has become a hub for various industries, including technology, healthcare, and tourism. The state’s economy has been growing, and with it, the salaries of its residents. But how do Colorado salaries rank compared to the rest of the country? In this article, we will explore five ways Colorado salaries rank, highlighting the strengths and weaknesses of the state’s compensation landscape.

Ranking by Median Household Income

Colorado ranks 15th in the nation for median household income, according to data from the United States Census Bureau. The state’s median household income is around $72,000, which is higher than the national average of $67,000. This ranking indicates that Colorado has a strong economy with a high standard of living. The top industries contributing to this high median household income include: * Technology and software * Healthcare and biotechnology * Tourism and hospitality * Energy and natural resources * Manufacturing and construction

Ranking by Average Salary Growth

Colorado salaries have experienced significant growth in recent years, with an average salary increase of 4.5% in 2022, according to data from the Bureau of Labor Statistics. This growth rate is higher than the national average of 3.5%, indicating that Colorado’s economy is thriving. The industries with the highest average salary growth in Colorado include: * Technology and software: 6.2% * Healthcare and biotechnology: 5.5% * Energy and natural resources: 5.2% * Manufacturing and construction: 4.8% * Tourism and hospitality: 4.5%

Ranking by Cost of Living

While Colorado salaries are competitive, the state’s cost of living is higher than the national average. The cost of living index in Colorado is 126.7, compared to the national average of 100. This means that Colorado residents need to earn more to maintain a similar standard of living as residents in other states. The main factors contributing to the high cost of living in Colorado include: * Housing costs: 45% higher than the national average * Transportation costs: 15% higher than the national average * Food and utilities: 10% higher than the national average

Ranking by Industry-Specific Salaries

Colorado salaries vary by industry, with some sectors offering higher salaries than others. According to data from the Bureau of Labor Statistics, the top industries in Colorado by average salary are:

Industry	Average Salary
Technology and software	114,000</td> </tr> <tr> <td>Healthcare and biotechnology</td> <td>93,000
Energy and natural resources	83,000</td> </tr> <tr> <td>Manufacturing and construction</td> <td>73,000
Tourism and hospitality	$58,000

These industry-specific salaries indicate that Colorado has a diverse economy with opportunities for high-paying jobs in various sectors.

Ranking by City-Specific Salaries

Salaries in Colorado also vary by city, with some areas offering higher salaries than others. According to data from the Council for Community and Economic Research, the top cities in Colorado by average salary are: * Boulder: 83,000 * Denver: 73,000 * Colorado Springs: 63,000 * Fort Collins: 62,000 * Aspen: $58,000 These city-specific salaries indicate that there are opportunities for high-paying jobs in various parts of the state, depending on the industry and location.

📝 Note: These rankings are subject to change based on various economic factors, including industry trends, cost of living, and government policies.

In summary, Colorado salaries rank competitively in various aspects, including median household income, average salary growth, and industry-specific salaries. However, the state’s high cost of living and varying city-specific salaries must be considered when evaluating the overall compensation landscape. As the state’s economy continues to grow, it is essential to monitor these rankings and adjust accordingly to ensure that Colorado remains an attractive place to live and work.