City Council Agenda and Packet 2023 09 26 SP

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housing to accommodate its workforce or enough housing that meets their needs and affordability levels. Key findings include: ■ Louisville could expect a 20% increase, or 3,963 jobs, over the next 10 years, assuming the city maintains its current share of the total jobs in the Boulder Metropolitan Statistical Areas (MSAs). ■ The manufacturing industry in Louisville increased by 8.4% between 2010-2020, while jobs in the information, administration, and finance industries (or more formal office - oriented jobs) declined, along with food service and retail. ■ Approximately 64% of Louisville workers live outside of the city but commute into Louisville for work, while 32% of workers live in Louisville but commute to another location for work. Only 4% of workers both live and work in Louisville. ■ Of comparison geographies, Louisville had the smallest share of workers who both live and work in the city. ■ The number of workers commuting into Louisville has increased by 58% over the past decade, which could indicate challenges for employees who work in Louisville to also live in Louisville. ■ Of comparison geographies, workers commuting to Louisville for work the second longest commute (Boulder had the longest commute), with just over 15 miles. ■ Affordability and/or available housing options in Louisville is likely a contributing factor to the increase in the number of workers commuting into the city, but not residing there, and in the longer commute times to Louisville compared to other geographies. Louisville workers commuting into the city may be struggling to find affordable or suitable options in the region in general, so they're forced to liver further out where housing might be more affordable. In general, long commutes can contribute to increased traffic congestion, leading to heightened fuel consumption and elevated greenhouse gas emissions. Additionally, longer commutes can also put additional financial pressure on households, as transportation is often the second highest household cost, behind housing. Employment Projections The Colorado Department of Labor and Employment collects and publishes statewide occupation and wage data and for ten substate regions: seven Metropolitan Statistical Areas (MSAs) and three Balance of State (BOS) Areas. Louisville is included in the Boulder MSA. As of 2022, there were a total of 191,840 in the Boulder MSA. Louisville's share of employment within the Boulder MSA is about 9.9% or about 18,992 jobs. The labor department's most recent employment projection is through 2031, which assumes about 231,866 total jobs within the Boulder MSA, which represents an almost 21% increase over 10 years. Assuming Louisville maintains about 9.9% of total jobs in the MSA, the city is expected to have a total of about 22,955 jobs by 2031. This represents an increase of around 3,963 jobs, or a 20% increase. ECONorthwest 26 33