Economic Vitality Committee Agenda and Packet 2024 06 21

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SUBJECT: DEVELOPMENT UPDATES DATE: JUNE 21, 2024 PAGE 3 OF 9 States provides one -bounce satellite communications to Europe and Asia in the same day. The aerospace industry also benefits from the success of Denver International Airport and other regional airports across the state. Aerospace has deep roots in Louisville, Boulder County and Colorado. Boulder is home to the National Oceanic and Atmospheric Administration (NOAA), the University Corporation for Atmospheric Research (UCAR), the National Center for Atmospheric Research (NCAR), and the National Institute of Standards and Technology (NIST). The University of Colorado Boulder's (CU Boulder) aerospace program is ranked eighth in the nation by U.S News and World Report. CU Boulder, as of 2023, received more NASA funding than any other public university. CU Boulder is also home to the Laboratory for Atmospheric & Space Physics (LASP), the Cooperative Institute for Research in Environmental Sciences (CIRES), and the National Solar Observatory (NSO). Colorado has the largest portfolio of research supported by the national Science Foundation's Geosciences Division. Colorado's aerospace cluster is made up of over 350 businesses that employ over 37,000 and have a yearly economic output of $12.7M. The average wage for an aerospace employee is $135,550. The state is home to nine of the nation's top aerospace contractors, major U.S. Department of Defense (DoD) facilities, National Aeronautics and Space Administration (NASA) research and development activities, and the Colorado Air and Space Port. 80% of the state's aerospace employment is in the nine -county Denver metro region. Over 60% of Colorado's aerospace companies have 10 or fewer employees, while nearly 10% have over 250 employees. The state of Colorado passed legislation creating a Sales and Use Tax exemption for qualified property used in space flight. There are also multiple state incentives that aerospace companies in Louisville can take advantage of such as a job growth incentive tax credit, a Procurement Technical Assistance Center, accelerator programs and advanced industry accelerator programs. Louisville is already home to a multitude of successful aerospace companies and is poised to be a frontrunner in the attraction of new businesses and talent. Some current aerospace companies include Sierra Space, Capella Space, Orion Space Solutions, and Tendeg. Bioscience Industry Bioscience is a target industry for both Boulder County and the State of Colorado. The Denver/Boulder metro was ranked 111" among the top metros in 2022 for bioscience support and growth. We have also been ranked second highest for density of bioengineers and biomedical engineers. Similarly to other industries, the bioscience industry benefits from access to highly educated workers, science and research institutions and quality of life components to support their business missions. The nine -county metro is home to over 950 companies and more than 20,220 bioscience employees. The average wage for a bioscience employee, in 2022, was $117,220. From 2019- 2023, the bioscience cluster grew over 20%, adding nearly 3,500 jobs. A majority of bioscience businesses, 75%, have 10 or fewer employees. Colorado raised $1.6 billion in capital across the life science ecosystem in 2022.