How Fast is the Healthcare Industry Growing in Colorado?
Do you want to pursue a career in the healthcare industry? Not only do Colorado residents reap the benefits of living in one of the most beautiful states in the US, but as a healthcare professional, you’ll have access to a wealth of job opportunities that let you pursue the career of your dreams and accomplish your goals.
How Colorado’s Healthcare Economy is Booming
A recent report released by Colorado State University’s Regional Economic Institute shows that Colorado’s ‘Healthcare and Social Assistance’ service sector has expanded more and added more jobs than any other sector in the state over the past decade. The steady addition of jobs has been driven largely by the expanding healthcare sector — a division that employees nearly 300,000 people. Over the past seven years, the health care and social assistance sector has also added more than 50,000 jobs, according to the report. That’s more than a combined total of professional and technical services and accommodation of food services — the next largest growth sectors.
What Is Contributing To This Boom?
While the aging population is a contributing factor, a significant portion of the industry’s growth is due to rising insurance premiums, medical fees, and prescription drug prices, according to a 2015 report by the Colorado Commission on Affordable Health Care. In fact, Coloradans spend more on hospital care than they do on preventative, lower-severity physician services, and prescription drugs combined.
Considering that these costs are now more than four times higher than they were two decades ago, it comes as no surprise to learn that Colorado personal healthcare expenditures have undergone a 327 percent increase over the past 20 years, according to the report. Compared to the 216% rise nationwide, this massive growth indicates why many healthcare professionals choose to practice in Colorado.
The Future of Colorado Healthcare
The Colorado Office of Economic Development and International Trade recently partnered with Mercer Consulting to conduct an economic analysis on Colorado’s future economy and their findings suggest that this healthcare boom will continue for at least another 10 years. Key results from their analysis are as follows:
- Unlike some other states, Colorado has many high-skilled, high-paying jobs and is supplying goods and services that are constantly sought after in today’s knowledge and information-based era. This bodes well for the state, as it positions Coloradans for success in the global economy.
- This economic positioning means that Colorado also has a higher average wage than the national median.
- Jobs in engineering, technology, and healthcare are projected to continue at a growth rate of 2.5 percent over the next decade, which is higher than the overall workforce.
Overall, the notable growth of Colorado’s healthcare industry isn’t expected to slow anytime soon. Thanks to the rising cost of healthcare for residents and a growing demand for personal and hospitalized care, there will continue to be a great need for healthcare professionals within the state.
If you’re interested in pursuing a medical career in Colorado, consider getting your degree with CollegeAmerica. Whether you’ve taken some college courses already or are looking to pursue higher education for the first time, CollegeAmerica has the course structure you need to succeed.