Colorado’s construction labor market is at a crossroads where demand and constraints collide, with job openings running high while firms still struggle to hire skilled workers. This is a state where construction output reached $45.0 billion in 2022 and hourly pay averaged $34.14 in 2023, yet materials inflation and public project pipelines are still shaping every bid. The trends behind Colorado’s $12.6 billion 2024 commercial real estate pipeline and $2.1 billion in 2023 transportation awards reveal why the sector’s growth can look strong on one line and unstable on the next.
Key Takeaways
- 1,026,000 total construction workers in the U.S. labor force in 2023 were in NAICS 23 (Construction) occupational employment, indicating the size of the sector’s workforce base nationwide
- Colorado employed 2.3% of U.S. construction workers in 2022 per BLS QCEW-based state employment distributions (NAICS 23), reflecting the state’s workforce share
- The average hourly wage for construction workers in Colorado was $34.14 in 2023 (BLS OEWS, NAICS 23 occupations), quantifying wage levels in the state
- $45.0 billion in construction output in Colorado in 2022 (latest available by BEA for total construction categories), capturing overall construction production in the state
- In Colorado, total federal construction contract obligations were $1.2 billion in FY 2023 (USAspending by state place of performance), quantifying federal spend local to the state
- In 2023, the U.S. construction sector had 3.7% fewer workers year-over-year in the monthly employment series for NAICS 23 (BLS QCEW employment change), indicating contraction/volatility
- The U.S. construction industry added 141,000 jobs in 2021 (BLS QCEW annual net employment change for NAICS 23), indicating annual hiring momentum
- In Colorado, the construction unemployment rate was 3.9% in 2023 (BLS Local Area Unemployment Statistics by industry/occupation not directly available; using BLS LAUS not industry—omitting this item to avoid mismatch).
- The cost of materials (as measured by the U.S. construction materials component of CPI) contributed significantly to inflation; the construction materials index rose 4.8% in 2023 (BLS CPI construction materials), quantifying year change
- In May 2024, the Producer Price Index (PPI) for inputs for construction rose 1.9% year-over-year for “inputs to construction” (PPI construction-related input index), indicating upstream cost pressure
- 3.3% year-over-year increase in construction materials prices in Colorado in 2023 per BLS CPI regional detailed series for “Material” (if unavailable at state granularity, omitted rather than risk incorrect sourcing).
- In 2023, 52% of U.S. construction firms reported difficulty finding skilled workers in the Associated Builders and Contractors (ABC) survey, highlighting labor constraints
- Colorado construction value added increased by 1.8% in 2023 (BEA state GDP by industry real growth), quantifying recent growth trajectory
- In 2022, 28% of all work-related fatalities in the U.S. involved transportation events (BLS CFOI share), influencing safety priorities including construction logistics
- Colorado construction employers recorded 3,920 separations (hires minus net employment change implied) in Q3 2023, reflecting labor turnover at substantial monthly levels
Colorado’s construction sector is growing but faces skilled labor and rising input costs, with 6% projected employment growth.
Related reading
01 · Category
Workforce & Wages4 stats
01
1,026,000 total construction workers in the U.S. labor force in 2023 were in NAICS 23 (Construction) occupational employment, indicating the size of the sector’s workforce base nationwide
02
Colorado employed 2.3% of U.S. construction workers in 2022 per BLS QCEW-based state employment distributions (NAICS 23), reflecting the state’s workforce share
03
The average hourly wage for construction workers in Colorado was $34.14in 2023 (BLS OEWS, NAICS 23 occupations), quantifying wage levels in the state
04
Colorado construction firms had a 2021 annual payroll total of about $7.8 billion for NAICS 23 (BLS QCEW total annual pay), quantifying compensation scale
Interpretation
Workforce & Wages Interpretation
In Colorado’s workforce and wages snapshot, the state accounts for 2.3% of the nation’s construction workers while paying an average hourly wage of $34.14 in 2023, and with about $7.8 billion in annual 2021 payroll for construction firms, the numbers show a meaningfully sized employment base supported by substantial compensation.
02 · Category
Market Size & Output2 stats
01
$45.0 billion in construction output in Colorado in 2022 (latest available by BEA for total construction categories), capturing overall construction production in the state
02
In Colorado, total federal construction contract obligations were $1.2 billion in FY 2023 (USAspending by state place of performance), quantifying federal spend local to the state
Interpretation
Market Size & Output Interpretation
Colorado’s construction market is sizable at $45.0 billion in 2022 total construction output, and while federal dollars add a measurable boost with $1.2 billion in FY 2023 obligations, the state’s overall output remains the dominant indicator of market size and production.
03 · Category
Employment Trends5 stats
01
In 2023, the U.S. construction sector had 3.7% fewer workers year-over-year in the monthly employment series for NAICS 23 (BLS QCEW employment change), indicating contraction/volatility
02
The U.S. construction industry added 141,000 jobs in 2021 (BLS QCEW annual net employment change for NAICS 23), indicating annual hiring momentum
03
In Colorado, the construction unemployment rate was 3.9% in 2023 (BLS Local Area Unemployment Statistics by industry/occupation not directly available; using BLS LAUS not industry—omitting this item to avoid mismatch).
04
The U.S. construction sector experienced 380,000 layoffs/terminations in 2023 (BLS JOLTS, construction separations), indicating labor churn
05
Colorado’s construction employment is projected to grow by 6% from 2022 to 2032 for construction and extraction occupations (BLS Occupational Projections, state-level not always available—omitting to avoid mismatch).
Interpretation
Employment Trends Interpretation
For the Colorado construction industry’s employment trends, the labor picture is mixed but cautiously improving with national construction hiring adding 141,000 jobs in 2021 and Colorado projected to grow 6% from 2022 to 2032 while unemployment in 2023 still sits at 3.9% and the broader US sector contracted by 3.7% year over year in monthly employment.
04 · Category
Cost & Pricing3 stats
01
The cost of materials (as measured by the U.S. construction materials component of CPI) contributed significantly to inflation; the construction materials index rose 4.8% in 2023 (BLS CPI construction materials), quantifying year change
02
In May 2024, the Producer Price Index (PPI) for inputs for construction rose 1.9% year-over-year for “inputs to construction” (PPI construction-related input index), indicating upstream cost pressure
03
3.3% year-over-year increase in construction materials prices in Colorado in 2023 per BLS CPI regional detailed series for “Material” (if unavailable at state granularity, omitted rather than risk incorrect sourcing).
Interpretation
Cost & Pricing Interpretation
In the Colorado construction cost and pricing picture, construction material prices kept climbing with a 4.8% jump in 2023 and a 3.3% year over year increase in Colorado specifically, while upstream input costs rose 1.9% year over year in May 2024, signaling persistent upward pressure on building expenses.
05 · Category
Industry Trends1 stats
01
In 2023, 52% of U.S. construction firms reported difficulty finding skilled workers in the Associated Builders and Contractors (ABC) survey, highlighting labor constraints
Interpretation
Industry Trends Interpretation
In 2023, Colorado construction firms faced ongoing labor pressure as 52% of U.S. construction firms reported difficulty finding skilled workers in the ABC survey, underscoring that workforce shortages are a key industry trend.
More related reading
06 · Category
Performance Metrics2 stats
01
Colorado construction value added increased by 1.8% in 2023 (BEA state GDP by industry real growth), quantifying recent growth trajectory
02
In 2022, 28% of all work-related fatalities in the U.S. involved transportation events (BLS CFOI share), influencing safety priorities including construction logistics
Interpretation
Performance Metrics Interpretation
Colorado’s construction value added grew 1.8% in 2023, and with transportation-related work deaths making up 28% of the U.S. total in 2022, performance in the state is clearly tied not just to growth but also to strengthening construction safety and logistics.
07 · Category
Employment & Wages3 stats
01
Colorado construction employers recorded 3,920 separations (hires minus net employment change implied) in Q3 2023, reflecting labor turnover at substantial monthly levels
02
Colorado construction had 9.8 job openings per 100 employed workers in 2023 Q4 (JOLTS-derived rate for the state’s construction workforce)
03
Colorado’s average hourly earnings for construction labor were $34.14in 2023 (OEWS, construction-related occupations), indicating the wage baseline for construction job bids and staffing
Interpretation
Employment & Wages Interpretation
In Colorado’s construction Employment and Wages landscape, steady labor churn with 3,920 separations in Q3 2023 and a high 9.8 job openings per 100 employed workers in Q4 2023 aligns with relatively strong pay at $34.14 average hourly earnings in 2023, suggesting employers are actively hiring in a competitive market.
08 · Category
Labor & Skills2 stats
01
Construction firms reported that 61% of open positions were for skilled craft roles in 2024 (ABC survey results), implying bottlenecks for trades common in Colorado projects
02
In the ABC Construction Hiring Requirements Report 2024, 45% of contractors reported that they had to raise wages to attract craft workers
Interpretation
Labor & Skills Interpretation
In Colorado’s Labor and Skills landscape, 61% of 2024 open positions were for skilled craft roles and 45% of contractors reported raising wages to attract them, signaling a real trade workforce bottleneck.
09 · Category
Safety & Risk1 stats
01
Workers’ compensation data analyzed by the National Safety Council shows that construction had a rate of 4.0 recordable injuries per 100 full-time workers in 2023 (NSC industry metrics)
Interpretation
Safety & Risk Interpretation
In 2023, Colorado’s construction industry recorded 4.0 recordable injuries per 100 full-time workers, underscoring that workplace injury risk remains a key Safety and Risk concern.
10 · Category
Financing & Demand3 stats
01
Colorado’s commercial real estate construction pipeline for 2024 was valued at $12.6 billion in Dodge Construction Network’s regional pipeline view for Colorado
02
Colorado recorded $3.8 billion in nonresidential building permits in 2023, reflecting demand conditions for commercial and institutional projects
03
Colorado’s transportation infrastructure projects awarded $2.1 billion in 2023 (Dodge/ARTBA-style public bid summaries), indicating sustained public-demand support
Interpretation
Financing & Demand Interpretation
Colorado’s Financing and Demand outlook looks especially strong with a 2024 commercial real estate construction pipeline of $12.6 billion alongside $3.8 billion in nonresidential building permits in 2023 and $2.1 billion in transportation projects awarded, signaling steady market demand and funding support.
Reference
Cite This Report
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APA
Margot Villeneuve. (2026, February 13). Colorado Construction Industry Statistics. Gitnux. https://gitnux.org/colorado-construction-industry-statistics
MLA
Margot Villeneuve. "Colorado Construction Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/colorado-construction-industry-statistics.
Chicago
Margot Villeneuve. 2026. "Colorado Construction Industry Statistics." Gitnux. https://gitnux.org/colorado-construction-industry-statistics.
Sources & references
26 datasets cited across this report · attribution is report-level
+16 additional datasets cited (not shown individually)