The Colorado Department of Labor and Employment expects the number of jobs for data scientists working in operations research to increase by 41.3% between 2014 and 2024. This rate of growth is 1.4 times higher than the national average for this profession.
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The Department also predicts a significant increase in the number of jobs for statistical modeling specialists, with a projected job growth rate of 38.2% during the same ten-year period, considerably faster than the national average for this profession.
The job growth rate for computer and information research scientists is expected to be 24.9% during this timeframe, 2.3 times faster than the national average for this profession.
Denver-based startup RxRevu develops algorithms for machine learning and creates visual representations of the data they process so as to track patient medical issues and readmission after a visit with a doctor or hospital stay. As the national conversation in healthcare shifts to cost control, the company has begun to provide customized cost-saving consultation services to hospitals and integrated health systems throughout the state. The RxRevu data science team has been able to create an extensive database of alternatives to prescriptions from peer-reviewed medical journals, and has identified 6,000 cost-saving recommendations as a result.
Starting Salary Ranges for Data Scientists in Colorado’s Biggest Cities
In 2015, Mashable reported that “the tech scene in Colorado is on fire.” The publication ranked the state as 4th on its list of promising contenders to become the next Silicon Valley. When ranked by density of startup activity, the Kauffman Index list for 2015 ranked Colorado as 5th in the country.
Boulder, Fort Collins, and Denver all rate highly on a number of lists of the country’s most tech-focused cities. One such list is Nerdwallet’s ranking of the best places for tech jobs in 2015. Boulder came in at number 5 partly because 70 out of every 1,000 jobs are in the tech industry. Venture capital firms in the city focus on tech opportunities, and a number of tech companies call Boulder home.
Data scientists in Boulder earned the highest salaries of those in Colorado’s major cities according to Robert Half Technology (2016). This tech industry staffing firm provides starting salaries based on its placement of thousands of tech workers each year. These salary ranges do not include relocation assistance or bonuses.
Relocation assistance is increasingly common for high-level professionals, and in 2011, 65% of the firms surveyed by Atlas Van Lines offered full reimbursement for the moving costs for relocated employees. Given the increasingly high levels of demand for data scientists in recent years, this figure is likely to be even higher today. Recent graduates can also benefit from this compensation, since more than half of the relocations paid in 2011 were for new hires.
Robert Half draws from US Bureau of Labor Statistics research to provide a comprehensive and up-to-date picture of starting salary expectations for Colorado’s data scientists:
- Boulder – $127,000 – $179,000
- Aurora – $123,000 – $173,000
- Denver – $114,000 – $161,000
- Fort Collins – $104,000 – $146,000
- Greeley – $94,000 – $132,000
- Pueblo – $87,000 – $123,000
Data Scientist Salaries in Colorado by Industry Classification
Experienced professionals in several key fields in Colorado earned a salary of more than $92,000 a year in 2014 according to the state’s Department of Labor and Employment:
Computer and Information Research Science
The salaries for other industries in Colorado that rely on data scientists are shown below:
- Financial Services – $101,062
- Epidemiology/Public Health – $84,481
- Survey Research – $53,804
Salaries for Statistical Modeling Specialists in Colorado’s Major Cities
The US Bureau of Labor Statistics provides a salary analysis for statistical modeling specialists in Colorado’s major cities as of 2014. Those working in the Boulder area earned the highest mean salary in the state that year:
- Boulder – $153,960
- Denver-Aurora-Broomfield – $102,730
- Fort Collins-Loveland – $136,250
Salaries for Data Scientists Working in Operations Research in Colorado’s Major Cities
According to an analysis conducted by the US Bureau of Labor Statistics, data scientists in operations research working in Colorado Springs earned a salary that was 15% higher than the statewide average for this profession (2014):
- Boulder – $103,120
- Colorado Springs – $133,850
- Denver-Aurora-Broomfield – $114,480
Salaries for Computer and Research Information Scientists in the Major Metropolitan Areas of Colorado
The US Bureau of Labor Statistics provides an analysis of the salaries for computer and research information scientists in the three largest cities in Colorado as of 2014. Computer and research information scientists in Boulder earned salaries that were higher than what was found for the profession in any of Colorado’s other major metropolitan areas:
- Boulder – $157,080
- Colorado Springs – $146,960
- Denver-Aurora-Broomfield – $140,480
The US Department of Labor, Bureau of Labor Statistics information shown here reflects salary data for broad occupational classifications that include data scientists. These estimates are expressed as the 90th percentile average to reflect the fact that data scientists are recognized as the top earners within each classification.