While CNBC ranked Colorado the fourth top state in the country to do business, the state had two job openings for every available worker in July, according to the annual Colorado Talent Pipeline Report released this month by the Colorado Workforce Development Council.
The report analyzes and explains labor market information, highlights talent development strategies and provides data-informed opportunities to enhance the talent pipeline in Colorado.
“We are continuing to save Coloradans money and strengthen Colorado’s vibrant workforce, and this report helps inform our ongoing efforts to support hardworking Coloradans and make sure Colorado’s employers and workers have the resources they need to thrive,” Gov. Jared Polis said in a release.
The report found that to meet the challenges of an evolving economy and the needs of Colorado businesses and Coloradans, the state must focus on connecting with historically under-tapped talent pools, ensuring all learning counts and enhancing job quality to build a Colorado economy for all.
There were nearly 10,000 new business applications submitted to the state from July 2021 through July 2022, a growth of 5.1% over the previous year.
The labor force is not keeping up with the growing economy, the report found. For example, as of August, there are more than 35,000 fewer women in Colorado’s workforce compared to just prior to the onset of the pandemic.
The report recommends employers further promote job quality and connect with excluded talent, such as opportunities for postsecondary credentials, work-based learning and subsidized employment. Populations to support include justice-involved individuals, new Americans, people of color, rural communities, individuals with disabilities and older workers.
The report found that 61% of Coloradans have achieved a postsecondary degree or credential, leaving about 850,000 people who either don’t have a high school diploma or some college and no degree. An estimated one in 10 Coloradans are immigrants.
“We have the opportunity to build on our strengths and think differently about how education and training are meeting the needs of employers in an evolving labor market,” said Lee Wheeler-Berliner, Managing Director, Colorado Workforce Development Council.
The report recommended funding sector-specific initiatives to develop regional solutions for talent shortages and updating existing talent plans for newer sectors.
