Denver climbs to No. 8 in CBRE’s ranking of top North American tech markets

Denver ranks No. 8 overall in CBRE’s 2024 Scoring Tech Talent report, moving up two spots as tech talent hiring in North America slowed despite strong growth in artificial-intelligence specialties, according to a new report from CBRE.

Overall, the U.S. and Canada added 231,400 tech talent jobs in 2023 across established hubs such as the San Francisco Bay Area, New York, Seattle and Vancouver as well as smaller markets like Nashville, Cleveland and Canada’s Waterloo Region. The number of U.S. tech talent workers increased 3.6% last year, down from 7.3% in 2022 as the economy cooled. Software developers and programmers across all industries accounted for 72% of the new tech talent jobs last year, with hiring of artificial-intelligence specialists particularly robust.

Denver’s tech talent workforce of 129,040 grew by 12.6% from 2018-2023, adding 14,420 new jobs. The market, which includes Boulder, boasts the 12th largest workforce among North American tech markets measured in the report.

“Colorado’s tech talent employment is expanding across several industries,” said Ryan Link, a senior vice president at CBRE. “Tech, aerospace and financial companies are adding tech talent in Denver’s and Colorado Springs. This diversified workforce will remain secure and robust as companies continue to expand in our markets.”

 CBRE‘s annual Scoring Tech Talent report covers 75 North American markets, ranks the top 50 tech markets in the U.S. and Canada and outlines tech talent labor market trends amid economic shifts and increased remote hiring. CBRE also ranks the Next 25 emerging tech markets on a narrower set of criteria. Tech talent is a group of highly skilled workers in more than 20 tech-oriented occupations – such as software engineers and systems and data managers – across all industries.

For the second year, CBRE’s report examines tech talent wages paid by tech companies based on geography. Denver had the 15^th highest average annual wage for tech talent in the tech industry in 2022 at $96,746. This is higher than the national average annual wage for U.S. tech jobs at $94,024.

Denver stood out in the report in several other key areas:

• More than half (50.7%) of Denver’s residents aged 25 and up have earned at least a bachelor’s degree. This makes it the fifth highest educational attainment rate of the 50 markets.
• Denver ranked 11^th in population growth among those in their 20s (4.4%) and those in their 30s (9.1%) for large markets from 2017 to 2022. Denver was the fourth most concentrated market for residents in their 30s with a 16.5% concentration rate.
• The largest share of tech occupations in Denver are fall into the Computer Support, Database & Systems category (53,090) with Software Developers & Programmers coming in a close second (52,510).
• There were 21,521 tech degrees awarded in the Denver metro from 2018-2022.

Colorado Springs ranked second out of North America’s Emerging 25 Markets. The metro had a total tech employment of 20,160 in 2023, a 12.3% growth over the last five years. In the same time frame, the annual tech wage in the metro has grown 20% to $116,830 in 2023.

“Increased demand for specialized skill sets in artificial intelligence has fueled tech talent job growth across all sectors. We anticipate more tech hiring to take place this year and into 2025 as companies further develop and adopt this technology,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center.

To download the full report, click here.