Just Released! 2015 Economic Impacts of the Construction Industry on the State of CO

The January 2015 Economic Impacts of The Construction Industry on the State of Colorado 2015_EconomicImpactStudy_Final-012715-COVERjpgis 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 $11.820 billion (4%) to Colorado’s GDP in 2013, a 2.7% increase since 2004

– Of the $8.354 billion done by the specialty trades, $3.595 billion (43%) was by mechanical, electrical and plumbing contractors, which is 21% of total value added for the construction industry in CO.

– Almost 93% 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 $54,414, 51% higher than for those with an associate’s degree and 67% higher than the average wage for high school graduates in 2012.

Share this story