DENVER (KDVR) — Colorado saw a significant bump in salary increases in 2024 compared to 2023, but that increase was still less than most other states, according to a year-end report from the Colorado Chamber of Commerce.
On Monday, the Colorado Chamber of Commerce and Aspen Technology Labs released their Quarter 4 report on jobs, salaries and market insights. The report also contained full-year statistics detailing a declining job market, salary increases and the most in-demand or growing jobs.
In 2024, Colorado salaries increased by 6%, a much larger increase than 2023's 0.4% growth. That 2024 growth, however, was still near the bottom of nationwide rankings.
Colorado ranked 39th in salary increases; the growth was also less than the 8.7% nationwide average increase.
That doesn't mean Colorado salaries themselves lag compared to the rest of the country. In fact, Colorado's median salary, $61,745 at the end of 2024, is still ranked 14th-highest among other states' medians.
“In order for Colorado to be a top state for business, our employers need to be able to attract the top talent for open positions across the state,” Loren Furman, president and CEO of the Colorado Chamber of Commerce, said in a press release. “Our Q4 jobs report indicates that Colorado businesses continue to offer some of the highest salaries in the nation to stay competitive."
In local-level salaries, Denver is among the areas with the highest median salary in the state.
The Sterling area of the northeast plains has the highest median in the state -- $67,600. The Denver and Boulder metropolitan areas follow with $63,669 and $63,502, respectively.
The highest paying job category in the state is real estate with a $119,600 median, while the highest paying job title is dentist with a $274,997 mid-point salary.