Economic Vitality Committee Agenda and Packet 2024 05 17

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Cityof ECONOMIC VITALITY COMMITTEE Louisville COLORADO • SINCE 1878 SUBJECT: LOUISVILLE BUSINESS COMPOSITION DATE: MAY 17, 2024 PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER SUMMARY: Louisville is home to over 1,600 businesses and 20,000 employees. We benefit from businesses across industry and size, from high-tech aerospace and life sciences to quality of life businesses. Our businesses and commercial corridors provide employment opportunities, support, recreation and opportunities to residents and visitors to Louisville. Louisville aligns with Boulder County's targeted industries. A targeted industry is one that a jurisdiction has identified as having great impact on their local economy. This can be through number of firms, number of employees, capital investment, collaboration and partnerships and output. Targeted industries are often those that can help differentiate a community because they are a hub for activity for those industries, which results in growth, synergies and marketing benefits for the industries and communities. Targeted industries often start to arise from an increase in employees within that sector, giving the community a higher location quotient (concentration) and competitive advantage. Boulder County's targeted industries include Aerospace, Bioscience, Cleantech, IT/Software, Natural Products, Outdoor Recreation and Research Economy. Louisville's top industries, by employment, are Professional, Scientific and Technical Services, Manufacturing, Health Care and Social Assistance, Accommodation and Food Services and Retail. These five industries account for over 14,000 of Louisville's employees. The top industries by business count are Professional, Scientific and Technical Services, Health Care and Social Assistance, Wholesale Trade, Others and Finance and Insurance. The top industries account for roughly 1,000 of Louisville's businesses.