Economic Vitality Committee Agenda and Packet 2024 06 21

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SUBJECT: DEVELOPMENT UPDATES DATE: JUNE 21, 2024 PAGE 5 OF 9 Louisville continues to expand on its commitment to clean technology and energy standards locally with clean energy building codes, a bag tax, all electric trash service and a decarbonization plan. Louisville has aligned with partners in Boulder County to continue to elevate cleantech and support innovation within the industry, and innovation that can be integrated into other industries. IT/Software Industry IT/Software are two industries that took a predominant hold on the coasts, and a few select areas internal to the United States, to include Colorado. Many companies view Colorado as a finalist for a location decision due to the access to talent and access to other markets from the airport and based on our time zone. Many employees within the IT/Software industry are younger than some of their industry counterparts, making Colorado a prime location for businesses wanting to reach the young, smart talent that has been flocking to Colorado for many years. IT/Software is a targeted industry in Boulder County and a key industry for the State of Colorado. Colorado is home to over 8,200 businesses and nearly 90,000 employees with an average wage of $148,310. Colorado's IT/Software industry is a leader within startups, venture capital, second - stage growth, and rapid expansion. From 2017 to 2022, the IT/Software industry grew in Colorado by over 50%, twice that of the national average. Growth has been so significant in Colorado that growth just within this industry has outpaced US employment growth for nearly a decade. Almost 90% of the employees in IT/Software in Colorado are in the nine -county metro. Louisville has a wide variety of office space available to new and expanding IT and Software companies, often at a lower rent than our regional counterparts but still allowing the businesses to receive the same benefits of location and talent. Boulder County and Louisville are home to many national and regional headquarters as well as entrepreneurs, start-ups and satellite offices. Some Louisville businesses include AMP Robotics, Swimlane, ThreatX and others. Natural Products Natural and organic product companies are a targeted industry in Boulder County and Food and Agriculture are a key industry in the State of Colorado. Boulder county is often the epicenter of clean and natural foods, leading the county in highest per capital consumption of organic foods. Businesses in the natural products realm generally research products, make and sell products, and conduct marketing and awareness campaigns. Boulder is home to the nation's largest concentration of natural and organic product companies. According to a 2020 Naturally Boulder Economic Impact Study done by CU-Boulder's Business Research Division, the natural and organic food industry in Colorado contributes $3.1 billion to the state's economy and supports over 22,000 jobs across the state. Louisville benefits from the culture within Boulder County of health and wellness, outdoor activities and sustainability. These concepts are often engrained into most of residents' daily activities. This culture translates into the local workforce, making us a prime place for natural product businesses. Fresca Foods is an example of a local natural products company that works with and supports natural products locally, across Colorado and nationally.