Economic Vitality Committee Agenda and Packet 2024 06 21

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SUBJECT: DEVELOPMENT UPDATES DATE: JUNE 21, 2024 PAGE 4 OF 9 OEDIT's Advanced Industries Accelerator has funded over 500 grants to over 80 life science companies, resulting in over 1,000 new jobs and over $1 billion in follow-on capital. At the end of 2022, it was estimated that the demand for commercial life -science space was responsible for nearly 3 million feet of construction in the Denver/Boulder metro. Life science is an industry that is making lots of headlines in Colorado and is included within bioscience. Bioscience companies partner with federal agencies, labs, the Colorado Bioscience Association, universities, K-12 school systems and health care facilities to advance life science research, education, and breakthroughs. Louisville is a competitive market for bioscience companies. Louisville is a partner within the US 36 Collaborative with the Health for Hub Impact Campaign. This campaign is promoting the US 36 Corridor nationally for bioscience and other high-tech businesses. Sub -sectors include Pharmaceuticals, Biotechnology and Medical Devices & Instruments. Commercial property owners see the proximity to talent and quality of life and are looking at ways to turn their properties into hubs/assets for bioscience. Some Louisville bioscience companies include Biodesix and Loxo Oncology. Cleantech Industry Colorado has regularly been at the forefront of clean technology and energy standards. Boulder County and Louisville are strong environmental and sustainability advocates as sustainability and clean standards have been a priority for Louisville for many years. Colorado is leading the research, development, employment and investment for cleantech. Cleantech are those companies that are working for solutions that improve environmental sustainability. These companies are looking at ways to positively impact the environment through use of materials, processes and practices. Cleantech is a targeted industry in Boulder County and the State of Colorado has a key industry of Energy and Natural Resources (natural and renewable energy). Colorado was the first state to pass clean energy standards at the ballot and is 41h in the nation in terms of cleantech employment concentration. Colorado is home to many top -tier universities, labs and research institutions, resulting in being 81h, and climbing, in terms of cleantech capital investment according to the Colorado Cleantech Industries Association. In Colorado, Energy and Natural Resources has over 10,000 companies and more than 88,000 employees with an average wage of $104,700. Colorado is a top 10 state for renewable energy and is in the top-5 for states with most LEED- certiied energy efficient buildings. Colorado is second in the nation for sustainability startups, with Boulder ranking the number one city for sustainability in the nation. The state of Colorado has energy goals to include a 50% reduction of emissions by 2030 and 90% reduction by 2050. Colorado ranked 51h in the nation in 2022 for top cleantech innovation hub. Cleantech benefits from many of the same factors as other industries such as access to a highly educated workforce, partnerships with universities, labs and federal partners and renewable energy. Colorado puts a very high importance on outdoor recreation and sustainability, these are often two components that differentiate Colorado from other states. The access to the nature and love of the outdoors helps drive the cleantech industry. Over 25% of Colorado's net energy generated comes from wind power.