The 2017 Economic Impacts of The Construction Industry on the State of Colorado is now available. We are distributing this report to all legislators as we continue meetings about the industry’s workforce shortage and development solutions. This report supports our assertions that we expect an enormous increase in new construction jobs by 2023 (47% or 60,000 jobs) – mostly in the specialty trades. Yet for every four skilled workers that leave the trade, only one is entering the field.
Some report highlights:
– Construction contributed $14.5 billion (4.6%) to Colorado’s GDP in 2015
– Colorado was home to more than 17,770 construction establishments in 2015. Of these establishments, 67% were specialty trades companies and over 25% were MEP contractors.
– Almost 92% of Colorado’s construction industry is comprised of small companies that have fewer than 20 employees. Over 91% of MEP companies have fewer than 20 employees.
– The national average annual wage for MEP contractors was $58,150, 49% higher than for those with an associate’s degree and 63% higher than the average wage for high school graduates in 2012.