Colorado’s economy might have finally reached full employment again, but workers shouldn’t count on big pay raises next year.
The Mountain States Employers Council surveyed 400 employers and found that they expect to pass — on average — pay increases of 2.8 percent next year, the same increases they .
Metro Denver’s consumer price index rose 2.8 percent in 2014, so pay increases that year kept pace with inflation. But in 2015, inflation ran closer to 1.2 percent, meaning a 2.8 percent bump represented a real pay increase, at least on paper.
Employers surveyed in metro Denver, the northern Front Range and Colorado Springs are all projecting average pay increases of 2.8 percent for 2017, while Grand Junction employers said 2.5 percent and Pueblo employers 2.7 percent.
Resort employers are looking at 3.3 percent pay increases. The finance and real estate industry is looking at 3.5 percent pay hikes on average, the biggest in the state. Oil and gas firms are looking at 1.8 percent increases, the smallest among industries.
The Mountain States Employers Council counts 3,750 employers and conducts an annual survey to help its members understand compensation trends.
