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Economy

 

Boulder has a diverse and sustainable economy fueled by a concentration of brainpower that spurs achievement and innovation in all sectors. Industries with a significant presence in the area include aerospace, bioscience, data storage, light manufacturing, nanotechnology, natural and organic products, outdoor recreation, photonics, professional and scientific services, renewable energy and energy research, software, and tourism.

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 103,650 Boulder is Colorado’s 8th largest city. CU-Boulder students represent approx. 20% of the city’s population. Between 1990 and 2000, Boulder’s population increased an average of 1.6% a year. From 2000 to 2009, the city’s annual population growth averaged .5%, and is expected to grow to 118,500 by 2030. (City of Boulder, Denver Regional Council of Governments, US Census)
  • Demographics: Boulder residents are generally young (median age – 30.0 vs. national median – 36.7) and highly educated (68% have bachelor’s degree+ vs. 28% of US adults). More than half (55% vs. 35% of US adults) are in managerial, professional or related occupations. The median household income for city of Boulder residents is $52,759; the median family income is $90,984. Owner-occupied housing (53.5%) has a median value of $416,000. Renter-occupied housing (46.5%) has a median gross rent of $888/month. (2007 American Community Survey, US Census)
  • Employment & Job Growth: The area’s unemployment rate has remained lower than state and national rates (2008 average – Boulder County: 4.2%, Colorado: 4.9%, US: 5.8%). There are an estimated 97,750 workers in the city of Boulder, including self-employed and contract labor. Employment is expected to increase to 117,400 by 2030. The city has approximately 6,640 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, and Retail trade. (City of Boulder, Colorado Department of Labor, US Census)
  • Commercial Real Estate: First quarter 2009 Vacancy Rates in the city of Boulder averaged 12.1% for Office, 11.8% for Warehouse, 9.1% for R&D/Flex, and 8.0% for Retail space. Yearend 2008 average Vacancy Rates were 10.7% for Office, 12.0% for Warehouse, 9.3% for R&D/Flex, and 6.5% for Retail space in Boulder. (Frederick Ross Research Services, Boulder Market Reports)
  • Residential Real Estate: The Boulder area had the nation’s 17th highest rate of appreciation in the value of single family homes in 2008. Between 2007 and 2008, Boulder MSA home values increased an average of 2.99% while average home values across the US declined by 3.41%. (Federal Housing Finance Agency House Price Index)
  • Retail Sales: Between 2007 and 2008, retail sales tax revenue in the city of Boulder decreased by 3.9%. Most of the decline occurred during the last months of 2008, reflecting the nationwide economic downturn. (City of Boulder)
  • Venture Capital Investment: A high concentration of advanced technology industries has helped fuel venture capital in firms located in Boulder. In 2008, $204 million was invested in Boulder companies, representing 25% of VC investment in the state. (PricewaterhouseCooper/Venture Economics/NVCA MoneyTree™ Report)
    

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(Photos courtesy of National Oceanic and Atmospheric Administration, University of Colorado, Macerich)