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2016 Existing Business Reports Released by Longmont EDP

The Longmont Economic Development Partnership (Longmont EDP), in partnership with the City of Longmont has for the past 26 years managed a volunteer “Existing Business Committee” that conducts business outreach visits for the community on an annual basis. Part of the Longmont EDP’s efforts to promote a strong local economy includes contacting all of the city’s existing primary employers on an annual basis to identify trends, gather strategic intelligence, address concerns, identify new opportunities, and offer support. This year the committee expanded their efforts to include a pilot project sampling of companies in the local business sector.

Monty Meduna with First National Bank and Chair of the Existing Business Committee commented that “Longmont is fortunate to have a dedicated group of volunteers who work with businesses to gather the survey information”. He added “This information in turn helps the Longmont EDP and City of Longmont retain and attract businesses that are critical to Longmont’s economic health.”

117 primary businesses representing over 7,100 jobs completed the 2016 survey. Highlights of the primary industry survey results include:

• 88% of our companies anticipate new products being introduced in the next two years.
• Over half of Longmont’s responding companies have expansion plans in the next three years with an estimated 710 new jobs and $111,900,000 in capital investment.
• 71% of companies stated there are no barriers to growth in Longmont.
• 70% noted that company sales are increasing.

31 local businesses representing 609 jobs completed the 2016 survey. This was the first time ever that local businesses were included. Highlights of the local businesses surveyed include:

• Surveyed businesses primarily represented the retail, service, and restaurant/hospitality industries.
• 65% of responding businesses reported gross annual sales between $500K and $5M, and 84% reported that the business is profitable.
• The top issues of concern for surveyed businesses were issues with the current city sign code, insufficient parking, and vandalism.

The Longmont EDP and City of Longmont have committed to follow up on these contacts when an issue has been identified or if more information needs to be provided. To this end, the City provided additional information and follow up to 26 primary and local businesses. Issues resolved included addressing vandalism, NextLight services and costs, traffic control, parking issues, and City regulations/code enforcement. The Longmont EDP followed up with sixty-one businesses regarding expansion, incentives, Enterprise Zone information, training, and other items.

Anne Hansen with St. Vrain Manufacturing adds, “St. Vrain Manufacturing recently completed a survey on doing business in Longmont, and really appreciates the work of the Longmont Economic Development Partnership in providing the survey and using it to connect us to city entities. I was contacted soon after by a city employee in streets and transportation. He talked with me at length about traffic situations in the area of our business. I felt this was a great means of establishing good communication between businesses and city government—a great partnership, as their name suggests!”

Existing Industry Annual Update Report
Local Business Annual Update Report

Rural Jump-Start Program Announcement

The Colorado Economic Development Commission (EDC) yesterday voted unanimously to approve General Synfuels International, Inc (GSI) for participation in the Rural Jump-Start program. With this approval, there are now seven companies participating in the Rural Jump-Start program, all of which are located in the Mesa County Rural Jump-Start zone.

Approved Companies:
• General Synfuels International, Inc (GSI), which is working on technology to enhance the production of oil shale.
• Colorado Clear, which has designed a plastic water container that is both compostable and biodegradable.
• TSW Analytical, providers of high quality chemical analysis and scientific consultancy services.
• ProStar GeoCorp, which is focused on providing Geospatial Intelligence Software as a service to the pipeline and utility industry.
• Rebco, designer of the Hydropot, the world’s only fully self-contained soilless growing system that re-oxygenates water for reuse all without the use of conventional power.
• KAART Group, which collects geophysical data in the form of street-view imagery via on-the-ground surveys of local areas in South America.
• Qmast, which has developed a patented technology to enhance the production of oil shale.
There are currently four counties participating in the Rural Jump-Start program: Las Animas, Logan, Mesa and Montrose. Las Animas, Mesa and Montrose counties are currently offering program benefits, while Logan County is offering benefits starting on January 1, 2017.

If you have any questions about the program, please contact Ken Jensen at 303-892-3743, or visit www.advancecolorado.com/jumpstart.

Lt. Governor Donna Lynne Announces Colorado Blueprint 2.0 Initiative Recipients

Lt. Gov. Donna Lynne visited the town of Delta to announce recipients of the first round of the Colorado Blueprint 2.0 initiatives. The Colorado Office of Economic Development and International Trade (OEDIT) launched Blueprint 2.0 last year as a way to examine how best to serve rural communities around the state and identify opportunities to leverage the state’s resources.

“Blueprint 2.0 is a great example of how Colorado is going above and beyond existing resources to support the needs of our rural regions,” said Lt Gov. Donna Lynne. “We congratulate today’s recipients and look forward to seeing how these regions leverage the new services and resources to help strengthen their economies and communities.”

Colorado Blueprint 2.0 Recipients:
* Industry Attraction Initiative: Rio Blanco, Trinidad
* Competitive Advantage: Fort Morgan, Limon, Dillon
* Grow Your Outdoor Recreation Industry: Ouray, Montrose
* Strengthen Local Business Brand: San Luis Valley, Buena Vista, Delta
* Tiny Homes Community Master Plan: Morgan, Steamboat, Pagosa Springs`
* Adaptive Reuse Workshop: Brush, Delta County, Summit County
* Call Yourself Creative: Buena Vista, Rio Blanco County, Kremmling
* Incubator/Accelerator Best Practices: Morgan County, Steamboat, NWCOG
* Tourism Promotion: La Junta, Delta County, Rio Blanco County
* Community-Led Initiative: Custer County

Over the past year, OEDIT hosted 13 strategy sessions throughout the rural regions of Colorado to develop the ten different initiatives that communities would find most beneficial to apply for through Blueprint 2.0. Each initiative includes services not previously provided by the State, and leverages state resources and partnerships with organizations outside of the State of Colorado to provide technical assistance to regions who expressed an interest in pursuing the initiatives.

Many communities applied for Colorado Blueprint 2.0 initiatives, and during the application process, communities and regions were asked to demonstrate collaboration, strong local leadership and solid support for the initiative they chose to pursue.

Initiatives will be deployed between now and December 2016. A new round of Blueprint 2.0 initiatives will be unveiled in 2017.

Colorado Priorities Suspends Ballot Campaign

Work will continue on finding a solution to invest in classrooms, roads, mental health and senior services

The executive committee of the Colorado Priorities campaign decided to suspend its ballot initiative campaign. The measure would have invested in the state’s schools, roads, mental health and senior services without raising taxes.

Dan Ritchie and Al Yates, Colorado Priorities’ co-chairs, said it is the right thing to do given the current political climate and the resulting challenges facing the campaign:

“In November, Colorado voters are going to be asked to decide on up to 10 statewide ballot initiatives, dozens of candidates as well as local ballot initiatives. The crowded ballot has made it difficult to secure the resources necessary for us to win in November.

While we are confident this is a winning issue – our polling shows 61 percent of Colorado voters support us – it is far too important of an issue to risk the possibility of failure due to an uncertain political climate and the lack of resources necessary to communicate on such a complex issue.

“Though we are suspending this campaign, the challenges facing our state and the need to invest in these priorities continue to grow. We are committed to continue working with the thousands of Coloradans, businesses and organizations from every corner of the state to ensure we find a solution for investing in Colorado’s priorities.”

Colorado well positioned for future increased growth in high-skilled jobs, study shows

The Colorado Office of Economic Development and International Trade (OEDIT), in partnership with Mercer Consulting, today announced the results of an economic analysis on Colorado’s future economy. The study was conducted to determine how occupations in Colorado are suited for current and future state, national and global trends, as well as determine the type of occupations that should be retained or recruited to meet current and future demands. The findings of the study will help OEDIT strategize its future recruitment, expansion and retention activities.

Key Findings:

Jobs:

  • Colorado currently has a high concentration of high-skilled, high-paying jobs and is producing goods and services that are in demand in today’s knowledge and information-based economy, which makes the state well positioned for success in the global economy.
  • As a result of this economic positioning Colorado has a higher median wage ($37,946) than the national median ($36,200).
  • Colorado’s workforce needs are projected to grow faster than the nation, especially in the knowledge economy jobs such as engineering, computer and business.
  • Growth in engineering, computer and healthcare jobs are projected to be higher than 2.5% over the next ten years in Colorado, which is higher than the overall workforce growth.

Workforce:

  • Colorado’s existing workforce is more highly educated and skilled than other competitive states and the nation as a whole. This has been a huge draw for knowledge based industries to the state.
  • Colorado ranks third nationally in net inflow (in-migrants minus out-migrants), and is an attractive destination across education and income levels.
  • Even with a strong existing workforce and net inflow we will have more knowledge based higher paying jobs available than people to fulfill them, so it is critical to develop a comprehensive in-state talent pipeline for the benefit of Coloradans and to continue to fuel the state’s economy.

“This analysis helps us better understand the existing fundamentals of our overall state economy and where we need to focus to ensure that we are as well positioned as possible so that all Coloradans have access to economic opportunity in the future,” said Fiona Arnold, executive director of OEDIT. “Overall, the results show that Colorado is one of the strongest knowledge-based economies in the nation, which positions us extremely well for future economic success. We will use these findings to help us refine our efforts to maintain and strengthen this position while at the same time we continue to deploy significant time and effort in areas of the state that are experiencing lagging economic conditions and opportunities.”

The report shows that Colorado’s main competitive advantage is its highly educated and skilled workforce. Compared to the nation as a whole, a greater percentage of Coloradans are employed in higher paying knowledge based occupations such as engineering, computer and business occupations. Additionally, Colorado has a greater percentage of workers employed in mining and professional services, and a smaller percentage of workers employed in manufacturing and healthcare. The state’s workforce is projected to grow faster than the nation, especially in the knowledge economy.

“The United States is transitioning to a post-industrial society increasingly comprised of knowledge-based enterprises,” said Laura Blomquist, senior manager of strategy and analytics at OEDIT. “These enterprises create higher paying jobs that typically require significant preparation through higher education and a high degree of complexity and innovation in the work itself. This knowledge-based economy is even more pronounced in Colorado, which is not surprising given Colorado’s high concentration of educated individuals and growth in the millennial cohort.”

Findings of the report will be used to help provide future projections of occupations and industry clusters, defining the optimal mix of occupations and wage levels across industries and how it relates to business retention and recruitment in the state. To access the full report, please click here.

Metro Denver EDC – Monthly Economic Indicators Released – July 2016

The Manpower Employment Outlook Survey expects third quarter 2016 hiring in the Denver-Aurora MSA to increase from the prior quarter’s level, with the percentage of companies expecting to expand their employment levels rising 2 percentage points to 25 percent.

Metro Denver retail sales for 2015 increased 1.2 percent to nearly $111 trillion compared with the 2014 level of $109.7 trillion. Six of the seven Metro Denver counties recorded increases in annual retail sales in 2015.

Residential building permits for the Metro Denver area increased in May compared with the prior year. Metro Denver reported a 42.2 percent increase in total permits issued between May 2015 and 2016, with 610 additional permits issued.

View Report

More about Metro Denver EDC monthly economic indicators

CDFA Summer School

CDFA---Summer-School

Early Bird Rates Expire this Friday, July 8
Register Today for Best Rates at CDFA Summer School

CDFA Summer School is a week long series of courses presented by the CDFA Training Institute. Held the week of August 8-12, CDFA Summer School will offer five different training courses at the Renaissance Baltimore Harborplace Hotel in downtown Baltimore, Maryland.

These courses qualifiy for the CDFA Training Institute’s Development Finance Certified Professional (DFCP) Program. Complete three courses, and you will have fulfilled half of the requirements for the DFCP Program. Join us in Baltimore, MD for CDFA Summer School, and start down the road to personal and professional advancement today.

Participants may register for one, two, or three courses during CDFA Summer School. Click on the course names below to learn more about the specific topics and agendas:

CDFA Summer School: Course Schedule:

Monday
August 8, 2016
Tuesday & Wednesday
August 9-10, 2016
Thursday & Friday
August 11-12, 2016
Fundamentals of Economic Development Finance Course Intro Bond Finance Course

Advanced Tax Increment Finance Course

Intro Tax Credit Finance Course

Advanced Bond Finance Course

When you register for three courses during CDFA Summer School, you will receive a $200 discount off the total registration fee.

Topics covered during CDFA Summer School include:

Fundamentals of Economic Development Finance: Understanding the basics of bonds, tax increment finance, tax credits, revolving loan funds, federal programs, and best practices of development finance agencies

Intro Bond Finance Course: Learn the governmental and qualified private activity bonds, small issue and 501(c)(3) bonds, internal revenue code rules, roles of key players, bond ratings, credit analysis, structuring deals and ongoing continuing disclosure

Advanced Tax Increment Finance Course: Builds upon CDFA’s Intro TIF Course by focusing more concretely on structuring the deal and developing short- and long-term policies with concentrations on performance monitoring, feasibility analysis and managing active TIF districts

Intro Tax Credit Finance Course: Discover the various tax credit programs including new markets, historic preservation, low income housing, energy, and innovative state tax credits

Advanced Bond Finance Course: Designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques, including the application of financial derivatives, advance refundings, investing bond proceeds and how to spot arbitrage issues

Register Today!

Location
CDFA Summer School will be held at The Renaissance Baltimore Harborplace Hotel. Steps away from the city’s storied waterfront, this hotel is at the center of downtown Baltimore’s most exciting district. CDFA has arranged a significantly reduced room rate of $189.00 (plus tax) per night for a standard room (single or double occupancy). A select number of hotel rooms are available from August 7-12, 2016 at the reduced rate if reservations are made before July 23, 2016. This rate is not guaranteed if reservations are made after the cut-off date or if the hotel is sold-out. Please reserve your room early. For individual reservations call 410-547-1200 and reference CDFA Summer School.

Registration is now open for the Regional Forum on August 18, 2016

EDCC’s next Regional Economic Development Forum will be held in beautiful Montrose, CO. This forum will focus on counties in Regions 9, 10 and Mesa County.

View the forum’s agenda

REGISTER TODAY!