Colorado ranked as the No. 5 most innovative state in the U.S. and the achievement comes with perks.
For example, innovation is a principal driver of U.S. economic growth, reports WalletHub, which points toward good news for Colorado’s economic outlook.
“In 2019, the U.S. will spend an estimated $581 billion on research and development — more than any other country in the world and about 25 percent of the world’s total — helping the nation rank No. 6 on the Global Innovation Index,” writes WalletHub in its recently released study of Least & Most Innovative States.
The study compared 50 states and the District of Columbia across 24 indicators of innovation-friendliness, ranging from share of STEM professionals to tech-company density.
The top five states and their corresponding scores out of 100 are:
No. 1 Massachusetts, 72.31
No. 2 Washington, 68.03
No. 3 District of Columbia, 67.47
No. 4 Maryland, 64.06
No. 5 Colorado, 63.35
“Certain states deserve more credit than others for America’s dominance in the tech era. These states continue to grow innovation through investments in education, research and business creation, especially in highly specialized industries,” notes WalletHub.
Colorado also ranked in the top 10 for six metrics, including tied for No. 1 in eighth-grade math and science performance, No. 5 for share of STEM professionals and share of technology companies, No. 6 for projected STEM-job demand, and No. 7 for venture capital funding per capita.
What makes Colorado so innovative?
WalletHub compared two dimensions across 24 metrics, “Human Capital” and “Innovation Environment.”
Human Capital includes:
- Share of STEM Professionals
- Share of Science & Engineering Graduates
- Projected STEM-Job Demand by 2020
- Scientific-Knowledge Output
- Eighth-Grade Math & Science Performance
- AP Exam Participation
Innovation Environment includes:
- Share of Technology Companies
- R&D Spending per Capita
- R&D Intensity
- Invention Patents per Capita
- IP Services Exports as a Share of All Services Exports
- Business Churn
- Jobs in New Companies
- Net Migration
- Entrepreneurial Activity
- Number of Startups “Accelerated” per Total Number of Start-ups
- Venture-Capital Funding per Capita
- Average Annual Federal Small-Business Funding per GDP
- Industry-Cluster Strength
- Open Roads & Skies Friendly Laws
- Average Internet Speed
- Share of Households with Internet Access
- Adoption of K–12 Computer Science Standards, Note that this metric was chosen because WalletHub considers most future innovation will be tech enabled.
For more information visit https://wallethub.com/edu/most-innovative-states/31890
Originally Posted by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, April 16th, 2019
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/
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
Boulder County excels at attracting talented and skilled workers. But change is in the air, says futurist Josh Davies, CEO at The Center for Work Ethic Development and keynote speaker at the recent Boulder Economic Summit 2018: The Workforce of the Future.
Statistics presented by futurist Davies suggest that if the last decade rocked with rapid change on the job-front, hang on to your Smartphone – the future promises to be a rocket-ride.
And, the future starts now.
Today, Boulder County employers are going head-to-head with the rest of the world. Local businesses compete globally for highly skilled workers integral to business success, yet these workers are too few in number to fill the demand. If corrective steps aren’t taken, the worker shortage will continue and potentially worsen, predict speakers at the Summit. Success is critical, since Boulder County’s thriving economy, vitality and quality of life depends on local businesses continuing to engage world-class, highly skilled people.
Hosted by the Boulder Economic Council (BEC) and the Boulder Chamber at CU-Boulder, the Boulder Economic Summit brought experts and hundreds of community leaders together to evaluate Boulder’s competitiveness in the global demand for talent. In breakout sessions and roundtable discussions, the group explored how education and workforce development must evolve to keep up with the impacts of automation, immigration, globalization and other forces affecting future jobs.
There Will Be Robots. Lots of Robots.
People, get ready. Futurist Davies says the robots are coming and in more ways than ever expected.
The growth will be explosive: 1.7 new industrial robots will be in use by 2020, with robots performing tasks in homes and offices – not just in manufacturing, says Davies.
In his talk, 2030: The Workplace Revolution, Davies highlighted how technology will change our jobs in the coming decade and the pressing need for skill development and preparation.
With advances in technology and creative disruption in industries, employment has shifted, explains Davies, adding that 85 percent of jobs in 2030 haven’t been created yet. By then, computers will function at the speed of the human brain. He warns that increased automation and artificial intelligence will significantly alter employment needs and businesses should be prepared.
Low-skilled and entry-level and other jobs that perform repetitive tasks will no longer be available to human workers – computers and robots will fill that need. While companies do not like to replace people with robots, if robots cost 15-20 percent less, humans will lose out.
Davies predicts retail jobs will be replaced by robots at a very high rate, even though it is the leading profession in most states. Sixteen million retail workers will need to be retrained for new jobs.
His strategies for the future are to recognize that whether tasks are cognitive or non-cognitive, repetitive tasks can be automated. To succeed, workers need to develop non-cognitive skills: problem-solving, critical thinking and empathy.
Acquiring New Skills Critical to Success
Andi Rugg, executive director of Skillful Colorado, says one-third of the American workforce will need new skills to find work by 2030.
In her talk, Understanding the Skills Gap, Rugg emphasizes that training and retraining are the path to success, not only for the coming decade, but for today. There are 6.3 million unfilled jobs in the U.S. today because there’s currently not enough talent to bridge the gap between employer requirements and the workforce.
Rugg stresses that hiring needs to become skills-based, since we are in a skills-based economy. Her statistics are hard hitting:
- Jobs requiring college degrees exceed the number of workers who have them.
- Seventy percent of job ads for administrative assistants ask for a college degree, but only 20 percent of administrative assistants have a college degree.
- Only 3 in 10 adults in the U.S. have a bachelor’s degree – demand for bachelor’s degree is outstripping supply of workers who have them.
- Only 35 percent of Boulder County’s skilled workers have a degree and Colorado ranks No. 48in the nation for the number of people of color with a degree.
- Employers need to be more agile in hiring and realize that skills can bridge the gap.
- Employers need to focus on skills to address inequities in the labor market.
- Employers should also offer upskilling and lifelong learning for employees.
- Skills-matching improves employee retention and engagement as well as reduces the time to hire and ultimately reduces turnover costs for the employer.
Housing and Transportation Keys to the Solution
In a roundtable discussion led by RE/MAX of Boulder Broker/Owner Jay Kalinski, the team tackled one of Boulder County’s looming challenges in attracting workers to Boulder County – affordable housing and transportation options that enable commuting. The group developed possible solutions to ease transportation and affordable housing issues.
Photo caption for photo above: Jay Kalinski, RE/MAX of Boulder Broker/Owner (left} leads a roundtable discussion to develop transportation and affordable housing solutions.
Learn more about the discussion in Jay Kalinski’s article in BizWest, “Where will Boulder’s workforce of the future live?” at: https://bizwest.com/2018/06/01/where-will-boulders-workforce-of-the-future-live/?member=guest
In breakout sessions and the closing plenary, discussions revolved around ways the community can address workforce and economic development by bringing together private sector businesses and industry with educational institutions and organizations, government, and nonprofits in collaboration.
Through this joint effort, our community can prepare students with the workforce skills needed in the future that cannot be automated; develop business-relevant class content; roll out real-life technical projects in classrooms; re-train workers; and offer apprenticeships, internships, and work-based learning alongside education or as standalone, all of which can help workers gain skills.
Learn more by reading the Boulder Economic Council and Boulder Chamber’s recently published “Boulder Innovation Venture Report” at: https://bouldereconomiccouncil.org/whats_new_with_the_bec/boulder-innovation-venture-report/
Labor statistics are officially confirming what we all know – Colorado’s population is on the rise, with newcomers lured by a strong job market.
By the end of 2017, Colorado had a record year with its fastest rate of growth in almost 20 years, according to the Colorado Department of Labor and Statistics.
Coloradans participating in the labor force increased 141,700 for the year, adding 5,100 nonfarm payroll jobs from November to December for a total of 2,671,500 jobs.
The increase was noticeable compared to the previous month when employers added 1,800 jobs. In fact, November’s gain was higher than the state’s 12-month average gain of 3,817 jobs, and higher than the previous four months average gain of 4,800, according to CDLE data.
By sector, most of November’s added jobs are private sector payroll jobs, which increased 4,300 and government increased 800. Average hourly earnings also rose, going from $26.93 to $28.09.
Even so, the state’s unemployment rate increased two-tenths of a percentage point from November to December to 3.1 percent. The rise in the unemployment rate correlated with an increase in the number of people actively participating in the labor force, which grew 14,800 over the month.
Colorado’s unemployment rate is still lower than the nation’s December rate of 4.1 percent, which declined from 4.7 percent from December 2016 to December 2017.
The biggest private sector job gains in November 2017 were in construction and education and health services, while over the course of the year, the largest private sector job gains were in professional and business services, leisure and hospitality, and construction.
The jobs added resulted in a 2 percent job growth rate, with Colorado outpacing the U.S. growth rate of 1.4 percent, as it has for the past seven years.
Colorado Department of Labor measures the unemployment rate, labor force, labor force participation, total employment and the number of unemployed is based on a survey of households. The total employment estimate derived from this survey is intended to measure the number of people employed.
All Colorado estimates from the establishment and household surveys, including greater geographic detail, are available at: http://www.colmigateway.com.
Estimates for all states and the nation are available at: http://www.bls.gov