Colorado is ranked #3 in the ability to support a knowledge- and technology-based economy, based on education, science and engineering workforce, research and development, high-tech employment concentration, and entrepreneurial environment. (Milken Institute, 2008)
It’s easy to see why Boulder attracts top intellectual talent from around the world. The city is home to major federal labs, a world-class research university, visionary entrepreneurs, and the nation’s most highly educated population – in a setting that’s beautiful and offers an unmatched quality of life. This intellectual energy helps to stabilize and fuel the area’s economy.
Highlights of the area’s economy are summarized below.
- Population & Growth: With an estimated population of 102,420 Boulder is Colorado’s 11th largest city. CU-Boulder students represent approx. 21% of the city’s population. Between 1990 and 2000, Boulder’s population increased an average of 1.6% a year. Since 2000, the city’s population has remained relatively stable. By 2035, the city is projected to grow to 114,025. (City of Boulder, Denver Regional Council of Governments, US Census)
- Demographics: Boulder residents are generally young (median age – 27.7 vs. national median – 37.4) and highly educated (72% have bachelor’s degree vs. 29% of US adults). More than half (58% vs. 36% of US adults) are in managerial, professional or related occupations. The median household income for city of Boulder residents is $56,274; the median family income is $102,907. Owner-occupied housing (46.8%) has a median value of $477,200. Renter-occupied housing (53.2%) has a median gross rent of $1,189/month. (2012 American Community Survey, US Census)
- Employment & Job Growth: The area’s unemployment rate has remained lower than state and national rates (April 2014 – Boulder County: 4.2%, Colorado: 6.0%, US: 6.3%). There are an estimated 93,154 workers in the city of Boulder, excluding self-employed and contract labor. The city has approximately 6,877 employers; 96% have fewer than 50 employees. Industries with the highest number of employees: Government (including the University of Colorado and federal labs), Professional, Scientific and Technical services, Manufacturing, Accommodations and Food Services, Health Care, and Retail. (Colorado Department of Labor, US Census)
- Commercial Real Estate: First quarter 2014 vacancy rates in the city of Boulder averaged 7.0% for Office, 3.7% for Warehouse, 5.9% for R&D/Flex, and 5.1% for Retail space. (Newmark Grubb Knight Frank Boulder Market Reports)
- Residential Real Estate: Housing values have remained relatively stable in the Boulder area and the homes held their value better than the national average through the recession. From yearend 2012 to year end 2013, Boulder MSA home values increased an average of 9.4%. (Federal Housing Finance Agency House Price Index)
- Retail Sales: Retail sales continue to be strong in the city. Year to date retail sales in April 2014 are an estimated 5.5% higher than the previous year. (City of Boulder)
- Venture Capital Investment: A high concentration of advanced technology industries has helped fuel venture capital in firms located in Boulder. Through first quarter 2014, $19.2 million was invested in Boulder companies, representing 17% of VC investment in the state. (PricewaterhouseCooper/Venture Economics/NVCA MoneyTree™ Report)
Download the following report for more detail. 2014 Market Profile
(Photos courtesy of National Oceanic and Atmospheric Administration, University of Colorado, Macerich)