Economic Vitality Committee Agenda and Packet 2024 06 21

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SUBJECT: DEVELOPMENT UPDATES DATE: JUNE 21, 2024 PAGE 6 OF 9 Outdoor Recreation Outdoor recreation is a targeted industry in Boulder County and a key industry for the State of Colorado. This is often the most readily known asset residents and visitors associate with Colorado. Residents, visitors and businesses all benefit from access to a wide variety of open space and outdoor recreation amenities and options. In addition to participating in the industry, Colorado often leads in cutting -edge technology as well as preservation and support for our outdoor spaces. In 2022, the outdoor recreation industry accounted for $13.9 billion in value- added GDP annually and 130,000 direct jobs. Nearly 7,500 businesses statewide conduct over $25 billion in annual sales each year. Colorado has a large focus on sustainability and outdoor recreation to include greenspace, trails, bike paths, etc. We are in the foothills and have a lot of outdoor recreation opportunities with many people visiting to participate and choosing to live here because of the recreation opportunities. Colorado is known for outdoor recreation and is a tourist destination year-round for outdoor recreation and the active lifestyle. We have one of the healthiest populations in the country because the residents of the state regularly participate in the numerous outdoor recreation opportunities. The Outdoor Industry Association is based in Boulder, serving more than 4,000 manufacturers, distributors, suppliers, sales representatives and retailers- and is the leading trade association representing the nearly $650 billion outdoor recreation industry in the United States. Trade shows, gear summits, and outdoor festivals often host their annual events in Colorado, creating an environment where business and recreation come together. Louisville has dedicated 26% of the city's land area to open space, parks and public spaces. There are 32 miles of trails within the community that connect Louisville to other parts of the region and beyond. Louisville is also proud to have a wide array of bike lanes and advisory bike lanes to connect neighborhoods, commercial centers and people. Jobs Economic Vitality works with businesses and our partners to attract, retain and expand businesses in Louisville. The census reports that as of 2022, the median income in Louisville was $135,000, 51 % higher than the state average $89,300. Louisville has a population of nearly 21,000, over 65% of which have at least a bachelor's degree. Louisville's 1,600 businesses employ over 20,000 people, providing a diverse offering of services and employment opportunities. The median income for Boulder County is $102,200, with many of the targeted industries paying an average wage above this figure. Jobs provide direct and indirect benefit to the person employed and the community at large. Local jobs provide an opportunity for people to live and work in the same community, spending time, energy and money within that community. High - paying jobs often result in additional job growth for both the company and any complimentary businesses that work together. High paying jobs often result in the employee having a greater amount of disposable income. This disposable income is often spent in the community at other businesses, resulting in greater business success and community tax base.