Research Underwriters:
CO Tech Industry Report:
The 2022 CO Tech Industry Report quantifies the Colorado tech industry’s economic and workforce impact, as well as that of the state’s innovation infrastructure, and includes more than 80 data points on the sector.
The Colorado tech industry has shown growth over the last five years, and the report predicts continued growth across the next five, making Colorado a leader for tech in the nation. The report shines a spotlight on the industry’s growth and provides comparison with other states, identifying strengths and areas for opportunity.
Report Summary:
- The tech industry has a large impact on the Colorado Economy. In 2021, the industry generated more than $76 billion in Gross State Product (GSP), accounting for 18 percent of the state’s total economic output and accounted for 9 percent of Colorado’s employment.
- Job growth has continued for the industry. Despite a turbulent time in the national economy, Colorado’s tech industry has added 9,680 net new jobs since 2019, and over the last 5 years, the tech sector added nearly 38,300 net new jobs – the most jobs added by any major industry in the state.
- Colorado is leading the nation. Over the last five years, the IT industry employment has continued to grow, making it the 7th fastest IT industry growth rate in the nation, and in the next five years, Colorado IT employment growth is predicted to grow by 12 percent, the 3rd highest predicted growth rate across the US.
- Access to capital is increasing. Standardized by the size of the state’s economy, Colorado ranked 6th highest state in securing access to venture capital with Saas remaining the driving force.
- There are growing pains. Key challenges for the growing tech industry and Colorado economy include aging state demographics, labor shortages, high cost of living and education, and lack diversity of the tech workforce. The areas provide areas of opportunity for CTA, the state and our partners to support our industry.
A Message from CTA President & CEO
“CTA is proud to present this year’s CO Tech Industry Report. The tech industry’s reach goes far beyond the tech workers at traditional IT companies. With the growing digitization of business and the ripples of COVID-19 pandemic encouraging companies to upgrade their technology, the tech workforce across all companies and industries are also growing. This report shines a light on our growing technology industry and workforce in Colorado and the immense impact the industry has on our state. It’s an exciting time to be a part of Colorado Tech!”
-Frannie Matthews, President & CEO, Colorado Technology Association