Add this to the growing list of ways that inflation is impacting businesses in the core of the metro area: As of Jan. 1, the minimum wage for any employer operating within Denver city limits will be $17.29 an hour.
Denver officials announced the hike for public- and private-sector workers Tuesday, saying that city law requires the current minimum wage of $15.87 an hour to rise at the same rate as the consumer price index, which is going up 8.94% this year in the Denver-Aurora-Lakewood area. The boost will make Denver one of just a few dozen cities in America with a minimum wage above $17 an hour, according to a news release from city leaders.
Denver Mayor Michael Hancock, who in 2019 became the first local government leader to take advantage of a new state law and raise his city’s minimum wage above the state level, acknowledged that the hike this year could be particularly difficult for businesses. But even as employers struggle with a spike in the cost of goods, a labor shortage that’s boosting wages and supply-chain kinks, the increase will help to put more money in the pockets of workers, who then will likely pump it back into the economy via additional spending, he said.
“At a time when inflation and rising costs are impacting working families everywhere, this increase in our minimum wage, which is based on the consumer price index, will help those who need it most,” Hancock said. “We know this will put additional burdens on our local businesses, but this is an...
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