Economic Growth Marches on in Boulder County, but Headwinds Building

Boulder’s economic horizon will keep its rosy glow, though economists anticipate the pace will slow in the face of growing local and national challenges.

Nationally recognized experts presented a mixed economic message to a record-setting crowd of civic, political and business leaders gathered for the 12th annual Boulder Economic Forecast. Organized by the Boulder Chamber and Boulder Economic Council, the event was held January 17 at the Embassy Suites Hotel. RE/MAX of Boulder is among the event’s sponsors.

The goal is to arm community leaders with up-to-date statistics and trends that inform decisions and support local economic vitality, according to John Tayer, CEO and President of the Boulder Chamber.

And community leaders will want to take heed.

Keynote speaker Dr. Richard Wobbekind, Executive Director CU-Boulder Leeds Business Research Division, shared a vision of continued economic growth but more moderate than previous years.

“Overall the picture is pretty positive in the sense that consumption is growing, investment is growing, government spending has been growing, so you have those pieces pushing the economy forward. That continues to fuel growth and employment,” says Wobbekind.

But uphill pressures are mounting.

With national GDP growth slowing to a projected 2.4-2.5 percent for 2019, the national economy is moving to a moderate trend. Wobbekind says the thing on everyone’s mind – “the elephant in the room”—is whether recent stock market volatility and other factors will lead to a significant downturn in the economy.

“Will the Recovery Ever End?” is his presentation title. But Wobbekind says it’s hard to say whether or not the economy will turn towards recession.

National outlook a mixed bag

Nationally, Wobbekind’s data showed a story of good news, bad news.

On the good news side, Wobbekind says nationally incomes are rising due to strong employment accompanied by strong wages. With rising incomes, consumption rates are growing and debt burden as a percentage of income is relatively low. National FHFA home price growth is showing strong price appreciation.

Then there are the tempered aspects of the national economy. He says consumer confidence is still quite high, historically speaking, but it has come down slightly. Businesses are in good shape, but there is uncertainty about interest rates, trade agreements, sales and profit growth and hiring. Nationally, business confidence is falling, but still above neutral.

Wobbekind also presents some straight-up challenges. Corporate and private tax cuts are effectively ending, with the tax cut stimulus leaving a national deficit of over $1 trillion, accumulated during a prolonged period of economic expansion. Workers are in short supply with low unemployment rates and 6.7 million jobs unfilled nationwide. Student loan debt is high and interest rates may see modest increases.

Colorado’s economy sustaining strength, but pressure is rising

Colorado’s economic record has been strong, outperforming the nation in recent years. For example, the state ranked third in the country for pace of GDP growth in 2017. Wobbekind suggests the trend may keep going, though more slowly.

For one, strong employment growth is expected to continue – Colorado has been in the top five states for job creation since 2008. But in 2018, the employment growth was down slightly to two percent. Even so, Colorado has the third highest labor participation in the country.

But worker’s wage growth is not as strong as would be expected given the tight labor market. Wobbekind notes lackluster increase in wages is troubling in the face of the high cost of housing and inflation.

While Colorado’s population keeps growing, the rate is slowing. Net migration will continue to decline as it did last year.

Home price appreciation—notably among the fastest growing in the U.S for the past 10 years—fell from the top three slots but remains in the top 10. Residential building permit activity is still strong.

While businesses are still confident in state and local economies, confidence is dropping when it comes to the national economy.

Boulder County carries on

Boulder County is expected to mostly hold steady. Though the area’s strong rate of growth is expected to decrease next year, the decline will be slight. Key statistics Wobbekind listed are:

Boulder’s GDP growth is 4 percent
Much needed multifamily housing stock is increasing
City of Boulder’s median single family home prices have stabilized somewhat
City of Boulder has a significant jump in office vacancies and more office space is coming online
Boulder County wage growth is 4.7 percent
Broomfield and Denver have higher wages than Boulder
City of Boulder’s sales and use tax dipped last year but is climbing back up

Headwinds ahead

Wobbekind points to headwinds facing Colorado, saying the state should watch out for:

Commodity prices
Drought and weather
Housing affordability
Talent shortage
Real wage increases
PERA funded only at 46 percent

Labor shortage one of state’s biggest challenges

Skillful Colorado’s Executive Director, Shannon Block, dove into to strategies for overcoming the shortage of skilled workers. Employers are struggling to find workers and the cause of the talent shortage is a skills gap. Fueling the problem, says Block, are traditional employment practices narrowly focused on candidates with 4-year college degrees. That focus is making job-landing difficult for the 70 percent of Americans who don’t have a 4-year degree.

Skillful Colorado’s focus is to shift that trend toward hiring practices that value skills-based talent. The goal is to help Coloradans get jobs in a rapidly changing economy, particularly the 60 percent In Colorado with no college degree.

For more information, see Boulder Economic Forecast slide presentations at:

Dr. Rich Wobbekind’s 2019 Boulder Economic Forecast: https://ecs.page.link/YoZU

Shannon Block, Skillful Colorado, Addressing the Skills Gap: https://ecs.page.link/kLGs

 

Originally posted by Tom Kalinski Founder RE/MAX of Boulder on Thursday, February 7th, 2019 at 1:40pm.

Posted on February 7, 2019 at 3:00 pm
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Top Places to Raise a Family in Boulder County

If you live in Boulder County, you know that all the ingredients needed to make a great place to raise a family are right here. So it’s no surprise that seven of Colorado’s top 25 places to raise a family in 2018 are in Boulder County, according to analysis by Niche.com.

Niche.com ranked the family friendliness of locations by assessing the quality of public schools, cost of living, crime rate, access to amenities, diversity, housing trends, employment statistics and percentage of households with children, among other characteristics. Data sources include U.S. Census Bureau data, the American Community Survey, FBI crime reports, and local surveys.

Most top 25 Colorado locations are in the Boulder area or the Denver metro area. Here are the Boulder County areas in the top 25 best places to raise a family in 2018:

#1 Pine Brook Hills

Pine Brook Hills is an unincorporated area just west of Boulder with a population of 1,091. According to Niche.com, many retirees live in Pine Brook Hills. 

Ranking on Key Attributes

Public Schools    A+

Housing               A

Good for Families  A+

 

#3 Louisville

The town of Louisville is in southeastern Boulder County. Amenities include 1,700 acres of open space, dozens of great eateries, a thriving arts scene, great schools, wonderful neighborhoods and a diverse mix of employment opportunities for its population of 19,972. 

Ranking on Key Attributes

Public Schools    A

Housing               B+

Good for Families  A+

 

#4 Superior

Located in southeastern Boulder County, the town of Superior has 594 acres of parks, greenspace, and open space and 27 miles of trails for its population of 12,928. Niche.com says many families and young professionals live in Superior.

Ranking on Key Attributes

Public Schools    A

Housing               B+

Good for Families  A+

 

#8  Gunbarrel

Gunbarrel is a mix of unincorporated county and city of Boulder lands, located just east of Boulder. Gunbarrel’s 9,559 residents enjoy craft breweries, coffee shops, trails and parks. Niche.com says many young professionals live in Gunbarrel.

Ranking on Key Attributes

Public Schools    A+

Housing               B

Good for Families  A+

 

#10 Boulder

Tucked into the foothills of the Rocky Mountains, the city of Boulder has a population of 105,420. Residents enjoy more than 45,000 acres of open space, 150 miles of trails, and 60 urban parks. The city is home to a thriving tech and natural foods industry and the University of Colorado Boulder. Niche.com says the public schools in Boulder are highly rated.

Ranking on Key Attributes

Public Schools    A+

Housing               C+

Good for Families  A+

 

#19 Niwot

Niwot is a small town in eastern Boulder County with a population of 4,588. Niwot offers craft breweries, coffee shops and a summer music program.

Ranking on Key Attributes

Public Schools    A

Housing               C+

Good for Families A

 

#24 Lafayette

The town of Lafayette is in eastern Boulder County with a population of 27,053 made up largely of families and young professionals. Lafayette has a parks system, greenbelts, bikeways, open space, and an attractive downtown featuring coffee shops and boutiques. 

Ranking on Key Attributes

Public Schools    A

Housing               B+

Good for Families A

 

For the full list of the top 25 most family-friendly communities in Colorado visit: https://www.niche.com/places-to-live/search/best-places-for-families/s/colorado/

To see average home prices in each Boulder County community, visit our website at boulderco.com and search “Communities.”

 

 

Originally posted by Tom Kalinski Founder RE/MAX of Boulder on Thursday, January 17th, 2019 at 11:13am.

Posted on January 18, 2019 at 9:09 pm
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Boulder’s Economic Confidence Highest in U.S.

Boulder leads the nation for the most positive economic outlook, followed by two other Colorado cities in the top 10 — No. 3 Fort Collins and No. 9 Denver. According to the recent survey by Indeed.com, a positive economic outlook is driven largely by where you live more than by a national or political view of a national economy.

Colorado is the only state with three cities in Indeed’s top 10. Smaller mountain-state metro area residents performed well when surveyed about the economy and their personal outlook. Tech hubs also fared well, such as the San Francisco Bay Area, Austin, and Raleigh.

The following 10 U.S. cities have the highest economic confidence, according to Indeed.com:

  1.      Boulder, CO
  2.      Provo-Orem, UT
  3.      Fort Collins, CO
  4.      San Jose-Sunnyvale-Santa Clara, CA
  5.      Boise, ID
  6.      Ann Arbor, MI
  7.      San Francisco-Oakland-Hayward, CA
  8.      Austin, Round Rock, TX
  9.      Denver-Aurora-Lakewood, CO
  10.      Raleigh, NC

For the 2,000 American adults nationwide surveyed on politics and attitudes about the economy, local economic conditions such as lower unemployment, faster job growth, and a more educated workforce correlate with local economic confidence.

Nine percent describe their regional economic conditions as excellent and 51 percent say their economies are good. To analyze the local influence on economic perspective, Indeed combined answers to survey questions with data on local job markets. Five factors were found to drive local economic confidence:

  1. Personal finances – 81 percent of respondents rate their personal financial situation as excellent or good and say the same about local economic conditions.
  1. National economic view – 83 percent who rate national economics as excellent or good say the same about local economic conditions. The survey found that views of the national economic situation are also strongly influenced by politics, with 73 percent of Republicans and 43 percent of Democrats rating national economic conditions excellent or good.
  1. Local unemployment rate – Respondents in areas with lower unemployment rates have a more positive economic outlook. The outlook is likely driven by the view that a lower unemployment rate results in more job opportunities and bargaining power for workers, which should translate into faster wage growth.
  1. Higher local job growth – Job growth where you live means expanding opportunities and rising home prices. The majority of homeowners like this combined dynamic.
  1. Highly educated populations – For those who live in areas where a larger percentage of adults have a college degree – such as the Denver-metro area – there is a correlation with higher earnings and more spending power. 

People are more optimistic when they live in places that are doing well economically. That holds true for those who live in Colorado where unemployment rates continue to be among the lowest in the nation and job growth remains strong.

Yahoo Finance articlehttps://finance.yahoo.com/news/10-u-s-cities-highest-economic-confidence-170140863.html

Indeed’s full report at: https://www.hiringlab.org/2018/11/27/local-economic-confidence/

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, December 18th, 2018 at 10:18am.

Posted on December 19, 2018 at 10:54 pm
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Colorado Dominates Outside Magazine’s 2018 Best Places to Work

Nearly half of the companies listed on Outside Magazine’s 2018 50 Best Places to Work call Colorado home – 23 to be exact. And 65 percent of the Colorado businesses are in the Boulder-Denver metro area – 15 in total – leading with No. 3 ranked Whipplewood CPAs in Littleton.

Outside Magazine’s editorial staff says health-oriented perks matter and adds, “It’s a commitment to fun and supportive work environments that really make these companies stand apart.”

 

Here’s a sampling of the perks offered by the 15 Boulder-Denver metro area companies listed:

 

3. Whipplewood CPAs (Littleton)

Whipplewood supports employees through the long hours of tax season with professional massages and year round stress-relief like a meditation and power naps and hikes on a private trail system.

6. BSW Wealth Partners (Boulder)

Perks at this financial advisory firm include Colorado skiing, craft beer in the fridge, and a paid three-month sabbatical at ten years of employment. The firm moved up from No. 39 on last year’s list.

8. GroundFloor Media (Denver)

The plan at this midsize advertising, public relations and marketing firm is simple: give employees a sum to put toward gym memberships, fitness classes, and outdoor recreation. Last year GroundFloor was No. 2.

9. Choozle (Denver)

The digital advertising software company offers flexible Fridays, yearly summer camping trip, and team trips to Breckenridge. Four-year employees get two months paid-time-off.

11. Avid4 Adventure (Boulder)

While creating summer camps for kids, employees receive monthly outings to local trails, free gear rentals and bike tune-ups, gym memberships, and a stipend to complete a dream adventure. The company jumped from No. 25 last year.

15. Asia Transpacific Journeys (Boulder)

Employees of this travel and tour agency enjoy flexible and remote scheduling, plus discounts on airfare, hotels, guides, car rentals, and trains.

16. TDA Boulder (Boulder)

Ad agency employees can earn $1,000 for the charity of their choice. But it’s no walk in the park. To qualify, staffers climb a Colorado 14er. TDA held the No. 36 ranking on last year’s list.

17. SmartEtailing (Boulder)

As providers of websites, marketing, and integrations for independent bike shops, perks include contributions of $100 to $200 toward the purchase of a bike frame every three years.

27. Pairin (Denver)

Pairin’s software products are for professional development and hiring. They walk the talk of professional development with employees coached to grow professionally and personally.

28. Sterling-Rice Group (Boulder)

Sterling Rice provides its advertising and public relations pros with extra PTO for competing in the 200-mile Ragnar Relay. Throw in an all-company powder day, company bikes, and on-site massage, and acupuncture, and you can see why Sterling-Rice rose from No. 35 last year.

30. Bonusly (Boulder)

As creators of recognition and rewards software for enriching company culture, Bonusly supports fitness for employees as well as kombucha on tap and flexibility that empowers employees to organize outings.

34. Turner (Denver)

Employees of this public relations, social media, and digital communications firm engage in “sweatworking platforms,” such as skiing, cycling, and sailing with clients and journalists.

36. CampMinder (Boulder)

Employees build web-based platforms and solutions for summer camp operators. Perks reflect the core value to “give joy,” including events to unwind and have fun.

44. GoSpotCheck (Denver)

GoSpotCheck creates management software for improving workforce operations. Benefits include unlimited PTO, catered Friday breakfasts, dog-friendly office and an annual retreat in the Rockies.

47. Mondo Robot (Boulder)

This creative digital agency jumped from No. 83 last year. Perks include three weeks PTO, a $300 wellness benefit, annual brew tour, loaner bikes, pet-friendly office, and an annual snow day at Arapahoe Basin Ski Area.

 

Other Colorado companies on Outside’s top 50 outside across the state:

4. Adaptive Sports Center (Crested Butte)

20. Backbone Media (Carbondale)

32. JRF Ortho (Centennial)

35. Powder7 (Golden)

37. Koru (Carbondale)

41. Bluetent (Carbondale)

42. Ascent360 (Golden)

50. SummitCove Vacation Lodging (Keystone)

 

See more company details at https://www.outsideonline.com/2357581/50-best-places-work-2018

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Wednesday, November 21st, 2018 at 11:18am.

Posted on November 22, 2018 at 4:52 pm
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Proposition 110 better serves Boulder Valley

Since Boulder’s anti-growth sentiments seem not to be going anywhere anytime soon, the condition of our roadways has become increasingly important to our economy in general and to commuters in particular.  The worse the condition of our roads, the longer commutes take and the more money commuters have to spend on auto maintenance — and the less attractive Boulder Valley becomes to workers (and employers). If you have spent any time traveling around Boulder and Broomfield counties, you know our roads are in a sad state of disrepair.  As much as I cast a skeptical eye at many of the proposed tax increases we are asked to consider, something must be done to fix our roads and support the continued vitality of our region.

There are two transportation funding propositions on the ballot this fall, and one of them — Let’s Go, Colorado (Proposition 110) — deserves your vote.

If Proposition 110 passes, there would be a 0.62 percent sales tax over 20 years to provide money for both state and local transportation priorities.  Projected revenue from the tax is $767 million for the first year, and while that sounds like a lot of money, it pales in comparison to the $9 billion transportation funding shortfall that we are facing.

If you have lived in Boulder for a considerable time, you may well remember with consternation how we were taxed with the promise of light rail connections from Boulder Valley to Denver, only to see that money spent on building out the South Metro area’s light rail system, while we were left with nothing.  You would be forgiven for responding with an expletive the first time you heard about these new funding proposals.  However, since the light rail tax debacle, a new advocate — Commuting Solutions — has risen to champion transportation causes in our area and has worked in this case to ensure that money will be allocated to address our most important needs.  In fact, if Proposition 110 passes, Commuting Solutions (and its coalition partners) has ensured that our key local needs are included on the CDOT approved project list, with up to $915 million for the following projects:

• Colorado Highway 119 (Boulder – Longmont)

• Colorado Highway 7 (Boulder – Brighton)

• U.S. 287; Colorado Highway 66 (Longmont – Broomfield)

• 28th Street/Broadway (Boulder)

• Colorado Highway 95/Sheridan (Westminster)

• Colorado Highway 7/I-25 Interchange (Broomfield/Adams)

While I understand and appreciate the sentiment behind “Fix Our Dam Roads” (Proposition 109), our local needs are not guaranteed to be addressed and this $3.5 billion bond measure is not paid for; that is, the legislature would likely be forced to cut the state budget in other areas, causing trade-offs that many citizens might not want to make.

Our roads are in a dire state, which will negatively affect our economy, housing values, and quality of life, if not addressed. I support Let’s Go, Colorado (Proposition 110) because the time has come to repair our roads and Commuting Solutions and its partners have succeeded in ensuring that money will be allocated to projects critical to Boulder Valley if it passes.

Jay Kalinski is broker/owner of Re/Max of Boulder.

Originally posted by BizWest on Wednesday, June 1st, 2018. Original found here.

Posted on October 18, 2018 at 3:29 pm
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What Makes a Smart City Smart?

Boulder is known for its highly educated, technology-oriented citizenry. The city is even ranked No. 1 nationally in the “Bloomberg Brain Concentration Index,” which tracks business formation as well as employment and education in the sciences, technology, engineering, and mathematics.

But does that make Boulder a smart city? Not according to Colorado Smart Cities Alliance (CSCA). CSCA might summarize a smart city as an environment that works well for the people who live in it.

Specifically, CSCA defines a smart city “as an environment that enables all of us to effectively and efficiently live, work, and play. It leverages advancements in science and technology to create an area that is intelligent about strategic and tactical needs and wants of all the constituents.”

Boulder, Longmont, and Fort Collins are among a dozen cities along the Front Range that are founding members of the CSCA. Founded in 2017 by the Denver South Economic Development, CSCA is an open, collaborative, and active platform where stakeholders work to collaborate on continually improving the region’s economic foundations for future generations. The initiative aims to make Colorado a leader in the development of intelligent infrastructure. The goal is to accelerate the development of statewide Smart City initiatives that will improve our play, family, and work lives, from transportation and housing to public safety and the environment.

In ColoradoBiz Magazine, DesignThinkingDenver’s CEO Joe Hark Harold says, smart cities could design systems that save water and energy, reduce traffic and traffic congestion, lessen crime, better prepare for disasters, provide better connections between business and customers, and even manage the lights remotely.

There is urgency behind this movement, driven by an increase of those who live in urban environments. More than three million additional people are expected to move to Colorado by 2050 — an increase of more than 50 percent from 2015, according to the Colorado State Demography Office. Coupled with the growth the state has already experienced, the projected increase has spurred community leaders to collaborate on finding innovative, cost-effective ways to better monitor, manage, and improve infrastructure and public services.

“The Colorado Smart Cities Alliance is advancing policies and technologies that will better equip Colorado residents to live, work, and play in a future that is increasingly being shaped by the complex challenges of urban growth,” says Jake Rishavy, vice president of innovation at the Denver South Economic Development Partnership. “We’re working to create a 21st-century technology infrastructure right here in Colorado that will help to enhance everyone’s quality of life, particularly as our communities continue to grow.”

Among its activities, CSCA hosts regular “Civic Labs” events around the state to share challenges, expertise and solutions. At the Denver Smart City Forum in June, speakers described “smart” technology as having to be about the people who use it and benefit from it, that is, human-centered design and thinking.

“People, not technology, will create smart cities,” said Colorado’s Chief Innovation Officer Erik Mitisek.

To find out more and get involved in the Colorado Smart Cities Alliance, visit http://coloradosmart.city/

For more about the recent forum and DesignThinkingDenver, read http://www.cobizmag.com/Trends/Smart-Cities-Arent/ and http://www.cobizmag.com/Trends/Denver-Digs-Deep-on-Smart-City-Development-and-Implementation/

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Wednesday, September 26th, 2018 at 11:31am.

Posted on October 6, 2018 at 8:09 am
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Boulder County Home Sales Soar into Late Summer

Home sales in Boulder-area single-family and attached housing markets rose in August along with the late summer heat index.

Single-family home sales increased 10 percent in August 2018 compared to July with 460 homes sold in Boulder-area markets vs. 418. Sales for condominiums and townhomes climbed 15 percent with 146 units sold vs. 127.

Meanwhile, Denver-metro home sales went in the opposite direction, slowing significantly over the same period, according to the Denver Post.

It’s testament to the state of Boulder Valley real estate market, according to Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.

“We have our own little market here. While Denver dipped, Boulder Valley showed strong growth in sales, despite ongoing rising prices and inventory squeeze,” says Hotard.

Year-to-date sales also continue to climb steadily. Single-family home sales grew 1.7 percent through August 2018 compared to last year – 3,154 homes sold vs. 3,100. Attached homes followed a similar track, improving 1.6 percent year-to-date – 1,154 sold in 2018 compared with 1,135 in 2017.

Inventory dropped 2.0 percent for single-family homes – 993 units in August 2018 vs. July’s 1,013. But condo/townhomes available for sale grew 11.2 percent with 268 units available in August vs. 241 the previous month.

Hotard attributes the unceasing increase in real estate sales and prices to the area’s strong economy and continued job growth, along with a desirable quality of life. “Significant companies are hiring in Boulder, like Zayo, Google, Twitter – and the natural foods industry is strong,” he adds.

Interest rates are slowly pushing upward, which traditionally results in a slowdown in rising home prices and sales. But Boulder Valley’s housing market may not readily respond to interest rate increases.

“It’s unknown what the tipping point is for interest rates affecting our housing market. And with 35 percent of Boulder County homes bought with cash, rising interest rates may not have a significant effect locally,” says Hotard.

Looking ahead to the final quarter of the year, Hotard expects sales to continue to match those of last year, unless “something unusual happens.”

“We seem to be operating on an upward trend and it’s hard to see what would stop it. The real challenge for Boulder County is providing the housing and transportation infrastructure to support job growth.”

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, October 2nd, 2018 at 10:46am.

Posted on October 4, 2018 at 10:59 pm
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Boulder Performs Well Among Top Innovation Cities

Boulder stands tall when compared with much larger metropolitan areas that excel in innovation and entrepreneurship.

A report produced by the Boulder Economic Council compares Boulder with leading innovation centers including Silicon Valley, San Francisco, Austin, Boston, Seattle, Portland, Denver and Raleigh.  Though these metropolitan areas have a much larger population than Boulder, they were selected as peer communities following input from local focus groups and ranking reviews published by Inc., Forbes, and others.

To get a meaningful comparison, data was normalized for population size and other measures in analysis by CU-Boulder’s Leeds School of Business Research Division.

And the news is good, according to findings published in the Boulder Innovation Venture Report. Boulder compares favorably in key success metrics from education and jobs to quality of life. The area is challenged, however, by a lack of affordable housing to supply its workforce with a place to live.

The Boulder metro area ranks first among the peer communities for the percentage of population 25 and up who hold a bachelor’s degree or higher. Over 60 percent of residents have a bachelor’s degree, which is among the highest in the United States.

In the jobs ranking, the City of Boulder has about 100,000 jobs, a number two or three times larger than almost any other U.S. city comparable in population size. Among those jobs, Boulder has the second highest concentration of science, technology, engineering and math (STEM) occupations among all the peer regions.

Boulder has the second-highest per capita venture capital investment in comparison to the peer communities.

In fact, Boulder is ranked number one nationally in the “Bloomberg Brain Concentration Index,” which tracks business formation as well as employment and education in the sciences, technology, engineering and mathematics.

Drilling down into the creative services industry – advertising agencies and web and app developers – outdoor recreation and food manufacturing, Boulder’s concentration of local businesses was significantly higher than peer communities.

Even in coffee shops the Boulder area percolates, achieving a tie with the Seattle-Tacoma-Bellevue metro for the highest concentration of coffee shops among peer communities. Boulder outranked all the peer cities on restaurants per 1,000 residents.

While any amount of time stuck in traffic is too much, Boulder drivers spend less than all but one of the peer communities with 10 percent of total driving time in congestion. Boston drivers spend the most time driving in congestion.

The challenge for Boulder is housing affordability, according to the report. Measured by median metro area home values, Boulder has the third highest housing costs among its peer communities, behind the San Jose and San Francisco regions and just ahead of Seattle and Boston. But the city is not alone – its peer communities face the same challenge. All but one of the metro areas studied for this report ranked among the 25 most expensive housing markets in the U.S.

For the full Boulder Innovation Venture Report, visit: http://issuu.com/boulderchamber/docs/innovation_venture_report_v26?e=33607933/61913820

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, September 11th, 2018 at 3:05pm.
Posted on September 17, 2018 at 6:58 pm
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Colorado’s Top Cities for First-Time Home Buyers

Nine Colorado cities rank in the top 50 best cities for first-time home buyers, according to recent analysis by WalletHub, a personal finance website. Four of those made the top 20 – Centennial, Thornton, Arvada and Greeley, coming in at Nos. 3, 6, 17, and 20, respectively.

With home prices rising in Colorado and across the nation, buying a first home is challenging. Potential buyers need to develop a realistic perspective on market prices, their financing options, and neighborhoods that have a good reputation and appeal to their lifestyle.

To help potential buyers target possible locations, WalletHub compared 300 cities of varying sizes across 27 key indicators of market attractiveness, affordability, and quality of life. Data includes important factors like cost of living, real-estate taxes, and property-crime rate.

Here are the rankings of the Colorado cities reported:

3. Centennial

6. Thornton

17. Arvada

20. Greeley

23. Longmont

25. Fort Collins

27. Colorado Springs

28. Westminster

39. Pueblo

51. Denver

67. Aurora

137. Boulder

 

Among those cities, Colorado Springs has the fourth-lowest real estate tax rate in the nation.

First-time home buyers are often in the millennial generation. As it turns out, Colorado is the ninth-best state for millennials, according to a separate WalletHub report.

Millennials – those born between 1981 and 1997 – make up over 35% of the workforce. While often thought of as “kids,” the oldest are 37 years old.

In addition to a total score of 9, Colorado ranks high for quality of life (7), economic health (3) and civic engagement (10).  No. 1 ranked District of Columbia also ranked first in the nation for quality of life and civic engagement.

Colorado was evaluated along with all 50 states and the District of Columbia across 30 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate.

Here’s a look at the top 10 states for millennials:

For more information, see the full reports at https://wallethub.com/edu/best-and-worst-cities-for-first-time-home-buyers/5564/#methodology and https://wallethub.com/edu/best-states-for-millennials/33371/ .

 

 

Posted by Tom Kalinski Founder RE/MAX of Boulder on Friday, August 24th, 2018 at 10:36am.

Posted on August 25, 2018 at 7:19 am
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High-Skilled Workers Move to Denver More than Any U.S. City

More highly skilled workers are moving to Denver than any other U.S. city, according to a new study by JLL Research.

The number of 25-year-olds and older with a bachelor’s degree or higher increased in Denver by 22.5 percent from 2012-2016, leading the nation’s growth rate for that demographic, reports JLL based on analysis of U.S. Census Bureau estimates.

Among cities ranked, Denver took No. 1 followed by Washington, D.C. at 19.9 percent; Philadelphia, 19.7 percent; Boston, 19.1 percent; Portland, 18.4 percent; and Fort Worth, 17.9 percent.

Here’s a look at the top 10 cities for worker growth rate in that demographic:

Cities emerged as the residential location of choice, JLL Research says but “not all cities were created equal in their ability to attract talent.”

Denver led the pack bolstered by high wages and low unemployment. Even with the influx of workers, Colorado’s unemployment rate is at a historic low, clocking in at 3 percent, according to Colorado Department of Labor and Statistics March 2018 data.

In 2017, our state boasted the lowest unemployment in the nation at 2.3 percent, which is the lowest the state has seen since data were recorded in 1976, reports the CU Leeds Business Research Division at CU-Boulder.

CU Leeds School reports cities across the state with the lowest unemployment rates:

–          Fort Collins-Loveland, 2.1 percent

–          Boulder, 2.3 percent

–          Greeley, 2.5 percent

–          Denver-Aurora-Broomfield, 2.5 percent

Unemployment in the U.S. is 4.1 percent, with unemployment for those holding a bachelor’s degree or higher is roughly 2.1 percent nationwide.

“In a full employment economy, talent becomes increasingly difficult to attract as competition for available workers increases. As a function of demand for talent outstripping supply, wages naturally rise as employers offer higher compensation to compete,” reports JLL Research.

 

See the full list of cities at http://www.jll.com/philadelphia/en-us/research/snapshots/839/philadelphia-4-9-18-war-for-talent

 

Read more on the CU Leeds Economic Report at http://www.boulderco.com/blog/colorado-outperforms-us-economy-state-outlook-strong.html

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, May 29th, 2018 at 11:07am.
Posted on May 29, 2018 at 9:48 pm
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