About the Report

The CO Tech Industry Report quantifies the economic and community impact of Colorado’s technology sector and includes more than 80 data points on the sector. The Report provides a repository of facts, statistics, trends, narratives, and insights into Colorado’s tech industry to be shared with CTA members and the Colorado tech community. The report will serve as a guide for companies considering headquarter relocation or operations establishments, a source of data and trends for policymakers, and a resource for economic development and community partners, as well as the media. By better understanding our Colorado tech industry and shining a light on our unique community to those inside and outside the state, the report is an exciting new tool.

The report is used as a:

• Guide for companies considering headquarter relocation or operations establishment
• Source of data and trends for policy makers
• Resource for AI and innovation sector organizations and the economic development community
• Resource for CTA to identify where we’re doing well as a tech industry and state and to uncover areas of opportunities to increase success.

By better understanding our Colorado tech industry’s economic impact, workforce and innovation infrastructure, the report shines a light on our unique community to those inside and outside the state.

The research was completed by Economic Leadership, LLC.

To define Colorado’s technology industry, Economic Leadership identified 88 separate 6-digit NAICS code industries to characterize the “Total Technology Industry” for the state and for comparison with other US states. A full list of each 6-digit industry is available in the appendix of this report. These categories are based on several definitions of the technology industry. The primary source for defining the technology industry was based on TechAmerica Foundation’s Technology Industry Classification. Other state and city tech industry reports were evaluated, and this report maintains a definition that is comparable to those reports. To measure tech occupations that exist across all industries, Economic Leadership reviewed 85 separate 5-digit SOC codes to determine how many tech workers exist in the state across all industries.

In addition to the data analysis, Economic Leadership surveyed CTA’s members and received 53 responses as well as conducting detailed interviews with eight tech leaders in the state. Quotes from these interviews and survey findings will be presented alongside statistical data throughout the report.

To calculate trends of the tech sector in terms of employment, wages, and establishments, Economic Leadership utilized data developed by Lightcast (formerly EMSI Burning Glass), which is largely based on the Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages dataset. Lightcast data fills in gaps from the BLS non-disclosure policy by amalgamating several economic data sources to allow for granular review of economic data.

The data presented in this report are calculations based off of Lightcast data for the year 2021. Most trend data presented is for the 5-year period from 2016-2021. This approach is retrospective but allows for the most accurate assessment of the tech industry because it incorporates the finalized numbers from public sources. Some data such as unemployment and job postings offer more real- time analysis and are presented in the tech occupations section of the report.

The research scope of the CO Tech Industry Report was directed by Colorado Technology Association and was completed by Economic Leadership, LLC. The underwriters of this report did not in any way impact the direction of the report or the findings.

For the full report and list of sources, download the full report here.

Read the Full Report

Economic Leadership, based in Shallotte, NC is a small group of data, strategy, and policy experts working with private and public clients to analyze competitiveness, develop strategy, support leadership, evaluate and compare locations, and reimagine the future. The firm focuses on using data analytics to inform strategic choices. Over the past ten years the team has worked on 155 projects in more than twenty states and internationally. Economic Leadership has authored reports on future trends, economic and workforce development, technology, and leadership. Ted Abernathy, managing partner, currently serves as economic advisor to the Council of State Chambers and previously held a similar position to the Southern Governor’s Association. He speaks on the economy to companies and groups almost every week.

Find more information at econleadership.com.

Colorado Technology Association (CTA) is the state’s premier nonprofit tech organization, representing more than 300 member companies. CTA creates meaningful connections throughout our community and advances our technology ecosystem by establishing a diverse talent pipeline, advocating for modernized policy, and fostering economic growth. CTA ensures our tech-centric economy continues to grow. For more information on Colorado Technology Association please visit ColoradoTechnology.org.

Learn more about CTA

Interested in learning more about opportunities to support this report and other CTA initiatives and events? Contact Peter Schwartz at Peter@coloradotechnology.org.

This report was underwritten by the Colorado Office of Economic Development & International Trade, EPAM, Moss Adams and Slalom. Thank you to these partners.

The research scope of the CO Tech Industry Report was directed by Colorado Technology Association and was completed by Economic Leadership, LLC. The underwriters of this report did not in any way impact the direction of the report or the findings.

You can download the full report here!