From booming wages and record-breaking investments to critical labor shortages and a transformative tech shift, Colorado's construction industry is building a future as dynamic as its Rocky Mountain backdrop.
Key Takeaways
- In 2023, Colorado's construction industry employed 172,500 workers, representing a 2.1% increase from 2022
- The average hourly wage for construction workers in Colorado was $32.45 in May 2023, 15% above the national average
- Women comprised 10.2% of Colorado's construction workforce in 2022, up from 9.1% in 2018
- Colorado's construction industry contributed $28.4 billion to GDP in 2022, or 6.8% of state total
- Construction sector generated $15.7 billion in value added in Colorado 2023 Q1
- Total wages paid by construction firms in Colorado: $9.2 billion in 2022
- Total construction spending in Colorado reached $32.1 billion in 2023
- Residential construction permits issued: 28,400 units in Colorado 2023, valued at $12.8 billion
- Nonresidential construction starts: $8.7 billion in Colorado FY2023
- Fatality rate in Colorado construction: 12.4 per 100,000 workers in 2022
- OSHA citations issued to Colorado construction firms: 1,450 in FY2023, totaling $2.1 million fines
- Fall protection violations: 28% of all construction citations in Colorado 2023
- Construction employment projected to grow 8.2% by 2032 in Colorado
- Modular construction market to reach $1.2 billion in Colorado by 2028
- Sustainable building certifications: 25% increase to 1,800 LEED projects in CO 2023
Colorado's construction industry shows strong growth, fair wages, and rising diversity.
Construction Spending
- Total construction spending in Colorado reached $32.1 billion in 2023
- Residential construction permits issued: 28,400 units in Colorado 2023, valued at $12.8 billion
- Nonresidential construction starts: $8.7 billion in Colorado FY2023
- Highway and street construction spending: $2.4 billion in Colorado 2023
- Multifamily housing investment: $4.1 billion in Colorado 2022
- Public school construction spending: $950 million in Colorado 2023 bonds
- Commercial office building permits: $1.2 billion value in Denver metro 2023
- Water and sewer line construction: $1.8 billion awarded in Colorado 2023
- Single-family home construction value: $9.6 billion in Colorado 2023
- Industrial warehouse spending: $3.2 billion in Colorado Front Range 2023
- Hospital and healthcare facilities: $1.1 billion under construction in CO 2023
- Renewable energy projects spending: $2.9 billion in Colorado 2023
- Airport expansion investments: $750 million at DIA in 2023
- Retail center developments: $850 million in Colorado 2023
- Data center construction: $1.4 billion committed in metro Denver 2023
- University campus expansions: $620 million in Colorado 2023
- Affordable housing funding: $1.05 billion allocated in CO 2023
- Bridge replacement projects: $900 million in Colorado 2023
- Manufacturing plant builds: $2.1 billion in Colorado 2023
- Hotel construction pipeline: $1.3 billion in Denver area 2024 planned
- Stadium and arena upgrades: $450 million in Colorado sports facilities 2023
- Utility infrastructure: $2.6 billion gas/electric lines in CO 2023
- Total private construction put-in-place: $24.3 billion in Colorado 2023
- Public construction contracts awarded: $7.8 billion in CO 2023
- Historic preservation spending: $120 million tax credits redeemed in CO 2023
Construction Spending Interpretation
Colorado's construction scene is laying down a whopping $32 billion blueprint, where the rush to build everything from homes and hospitals to highways and data centers reveals a state expanding at a breakneck pace while desperately trying to keep its own roof from getting too expensive.
Economic Contributions
- Colorado's construction industry contributed $28.4 billion to GDP in 2022, or 6.8% of state total
- Construction sector generated $15.7 billion in value added in Colorado 2023 Q1
- Total wages paid by construction firms in Colorado: $9.2 billion in 2022
- Construction multiplier effect: every $1 million invested creates $2.8 million in economic activity in Colorado
- Property taxes from construction: $1.1 billion to Colorado local governments in 2022
- Sales tax revenue from construction materials: $450 million in Colorado FY2023
- Construction firms paid $2.3 billion in state income taxes in Colorado 2022
- 12,500 construction businesses operated in Colorado in 2022, employing 172k
- Construction exports (services) from Colorado: $320 million in 2022
- Induced economic impact from construction wages: $7.9 billion in Colorado 2022
- Construction investment supported 45,000 indirect jobs in Colorado 2023
- Revenue for heavy civil engineering construction in Colorado: $4.2 billion in 2022
- Residential construction contributed $12.1 billion to Colorado GDP 2022
- Corporate profits in construction: $3.8 billion in Colorado 2022
- Construction R&D spending in Colorado: $210 million in 2022
- Charitable contributions by construction firms: $45 million in Colorado 2023
- Construction severance taxes to state: $180 million from oil/gas related in 2022
- Supplier purchases by construction: $18.5 billion annually in Colorado
- Nonresidential construction GDP share: 3.2% in Colorado 2022
- Total output from construction: $42.7 billion in Colorado 2023
- Labor income impact: $14.2 billion from construction in Colorado
- Construction royalties and rents: $650 million in Colorado 2022
- Economic growth attribution: Construction drove 1.2% of Colorado's 2.8% GDP growth 2022
- Visitor spending from construction tourism sites: $120 million
- Construction payroll taxes contributed $720 million to Social Security in CO 2022
- Infrastructure construction economic impact: $6.9 billion in CO 2023
Economic Contributions Interpretation
Colorado’s construction industry isn’t just building our state; it’s single-handedly propping up the economy by pouring billions into everything from GDP and taxes to jobs and local businesses, proving that a hard hat is one of the most financially responsible hats you can wear.
Employment Statistics
- In 2023, Colorado's construction industry employed 172,500 workers, representing a 2.1% increase from 2022
- The average hourly wage for construction workers in Colorado was $32.45 in May 2023, 15% above the national average
- Women comprised 10.2% of Colorado's construction workforce in 2022, up from 9.1% in 2018
- Hispanic or Latino workers made up 42.3% of Colorado construction employees in 2023
- There were 8,450 construction manager positions in Colorado as of 2023, with a median salary of $118,270
- Apprenticeships in construction grew by 18% in Colorado from 2021 to 2023, totaling 4,200 active apprentices
- Unemployment rate in Colorado construction was 3.8% in Q4 2023, below the state average of 4.1%
- 25,300 self-employed construction workers operated in Colorado in 2022
- Construction laborers numbered 38,200 in Colorado in 2023, with 12% job growth projected by 2032
- Union membership in Colorado construction stood at 14.7% in 2023, higher than the state average of 9.2%
- 6,800 veterans were employed in Colorado construction in 2022
- Entry-level carpenter wages in Colorado averaged $22.50/hour in 2023
- 15% of Colorado construction firms reported labor shortages as their top challenge in 2023 survey
- Electricians in construction: 12,400 employed in Colorado 2023, median wage $58,920
- Construction employment in Denver metro area: 92,000 in 2023
- Turnover rate in Colorado construction averaged 28% annually in 2022
- 3,200 new construction jobs added in Colorado Q1 2023
- Plumbers and pipefitters: 7,500 in Colorado 2023
- Age distribution: 35% of Colorado construction workers under 35 in 2022
- Overtime hours in construction averaged 4.2 hours/week per worker in Colorado 2023
- Construction supervisors: 14,200 employed in Colorado 2023
- 22% of Colorado construction workforce has college degrees in 2022
- Job openings in construction: 15,700 unfilled in Colorado Dec 2023
- Drywall installers and finishers: 4,100 in Colorado 2023
- Training programs graduated 2,800 workers into Colorado construction in 2022
- Operating engineers: 9,200 in Colorado construction 2023
- 11% growth in construction employment in Colorado's Front Range 2018-2023
- Median age of construction workers in Colorado: 42.3 years in 2023
- Roofing workers: 3,500 employed in Colorado 2023
- Benefits coverage: 78% of Colorado construction workers had health insurance in 2022
Employment Statistics Interpretation
Even as Colorado's construction industry thrives with robust employment, rising wages, and promising apprenticeship growth, its heavy reliance on Hispanic labor, stubbornly low female participation, chronic labor shortages, and high turnover reveal a sector skillfully building everything except a stable, diverse, and sustainable workforce for the future.
Safety and Regulations
- Fatality rate in Colorado construction: 12.4 per 100,000 workers in 2022
- OSHA citations issued to Colorado construction firms: 1,450 in FY2023, totaling $2.1 million fines
- Fall protection violations: 28% of all construction citations in Colorado 2023
- Lost time injury rate: 1.8 cases per 200,000 hours in CO construction 2022
- Heat-related illnesses reported: 45 incidents in Colorado construction summer 2023
- Crane accident rate: 0.9 per 10,000 operations in CO 2022-2023
- Silica exposure citations: 320 in Colorado construction FY2023
- Trenching collapse fatalities: 3 in Colorado construction 2022
- Safety training hours mandated: 10 hours for all workers under CO OSHA 2023
- Electrical shock incidents: 67 nonfatal in CO construction 2022
- Prevailing wage compliance audits: 1,200 conducted by CO Dept Labor 2023
- Respirable crystalline silica compliance rate: 92% in inspected CO sites 2023
- Struck-by incidents: 210 cases in Colorado construction 2022
- Emergency action plans required for 100% of sites over 10 workers in CO 2023
- Lead exposure violations: 85 in CO construction painting 2023
- High-visibility apparel compliance: 95% in highway work zones CO 2023
- Scaffold collapse incidents: 12 in Colorado construction 2022
- Asbestos abatement certifications: 2,400 active in CO 2023
- Fatigue-related violations: 45 cited in long-hour construction ops CO 2023
- Fire protection system failures: 23 incidents on CO sites 2022
- PPE usage rate: 97% compliance in audited CO construction 2023
- Hazard communication training: 100% required for hazmat sites in CO
- Vehicle backup incidents: 89 injuries in CO construction 2022
- Stormwater permit violations: 210 for erosion control in CO construction 2023
- Confined space entry permits: 1,800 issued in CO construction 2023
- Musculoskeletal disorder claims: 1,450 in CO construction workers comp 2022
Safety and Regulations Interpretation
Colorado's construction sites are clearly rule-bound and citation-heavy, yet the persistent toll of fatalities, falls, and trench collapses serves as a grim reminder that paperwork and compliance are poor substitutes for a genuinely ingrained culture of safety.
Trends and Projections
- Construction employment projected to grow 8.2% by 2032 in Colorado
- Modular construction market to reach $1.2 billion in Colorado by 2028
- Sustainable building certifications: 25% increase to 1,800 LEED projects in CO 2023
- Prefabrication adoption: 35% of firms using off-site methods in CO 2023 survey
- EV charging station builds: 2,500 planned in CO infrastructure bill by 2027
- 3D printing in construction: 15 pilot projects active in Colorado 2024
- Labor productivity expected to rise 12% with tech adoption by 2030 in CO
- Net-zero energy buildings: 40% of new commercial by 2030 target in CO
- Drone usage for site surveys: 62% of large CO firms in 2023
- BIM software penetration: 78% of CO contractors using by 2025 proj
- Shortage of skilled trades projected: 20,000 gap by 2027 in Colorado
- Timber high-rise construction: 5 projects underway in CO urban areas 2024
- AI for project management: 45% adoption forecast by 2028 in CO industry
- Resilient design post-wildfire: 30% cost premium expected standard by 2030
- Carbon-sequestering concrete pilots: 8 sites in CO 2023-2025
- Remote monitoring IoT: 55% of megaprojects using in CO 2024
- Affordable housing shortage drives 15% multifamily growth to 2030
- Water-efficient fixtures mandatory in 90% new builds by 2027 CO code
- VR training modules: Used by 40% workforce programs in CO by 2025
- Supply chain localization: 25% reduction in imports projected for CO by 2030
- Circular economy recycling: 65% materials target for CO projects 2030
- Climate-adaptive materials: Adoption rate to 50% in CO by 2028
- Gig economy platforms: 18% of subcontractors via apps in CO 2023
- Quantum computing for optimization: Early pilots in 3 CO firms 2025
- Housing starts forecast: 32,000 units annually average 2024-2028 in CO
- Nonbuilding infrastructure backlog: $15 billion projected spend 2024-2030 CO
Trends and Projections Interpretation
Colorado is building its future with impressive speed and smarts, but its grand ambitions in modular towers, net-zero offices, and AI-managed job sites are perpetually racing against the stubborn human realities of a skilled labor shortage and the rising costs of climate resilience.
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