Regional Reignite recovery plan set to launch
A coalition of businesses, chambers of commerce, and local governments are launching a two-county recovery plan called Reignite. Most recently, the The Northern Colorado Regional Economic Development Initiative (NoCo REDI) released a roadmap outlining the central intersections of the public and private sectors, and how the region as a whole is working together to refuel the economy. A primary focus of the plan is to support small businesses and make sure they are successful. To learn more visit nocorecovers.com.
Colorado business leaders show record-level optimism
The University of Colorado Boulder Leeds Business Research division released their quarterly Business Confidence Index and it shows state business leaders have record-high levels of optimism about all of the major sectors of the economy. The quarterly report measures Colorado business leaders’ expectations for the state and national economies, industry sales, industry profits, hiring and business spending. Approximately 250 business leaders responded to the latest survey, run between June 1 and June 21, 2021.
BizWest Breaking Ground
Check out the new edition of Breaking Ground to get an overview of recent development projects throughout Northern Colorado and Boulder Valley. Projects include banks, hotels, condos, churches and retail. Click here to browse the latest edition!
Weld County leads region in growth
Recent regional population estimates show that while all four counties that compromise the Northern Front Range experienced growth, Weld County led the pack. From the summer of 2019 to the summer of 2020, Weld County’s population grew by 9,280 people, which is more than the combined population increases in Larimer County (3,187), Boulder County (1,151,) and Broomfield County (1,619). In regard to total population, Larimer County remains the most populas with 360,428 residents. Next up is Weld County with 333,983 residents, Boulder County with 327,171 and Broomfield County with 72,236 residents.
1st Quarter Real Estate MarketWatch
Information and Real Estate Services (IRES) released their Q1 2021 MarketWatch Report and in Northern Colorado home prices are on the rise. In Larimer County, the average sales price was $542,547 for Q1-2021, an increase of 15.2% year-over-year. The number of closed sales was up by 11.2% reaching 1,115. In Weld County, the average sales price was $455,343 for Q1-2021, a 16.5% year-over-year increase. The number of closed sales was up 0.9%, coming in at 1,189. In Boulder County, the average sales price was $989,991 for Q1-2021, a 29.4% year-over-year increase. The number of closed sales was down 17.7%, coming in at 567.
Quarterly Business & Economic Indicators report
The recently released Colorado Quarterly Business & Economic Indicators report shows record filings with a need for employment growth. Colorado added a record 44,740 new corporations, nonprofits and other entities filed during Q1 2021. While this is good news, nagging unemployment remains a concern where leisure and hospitality sector accounts for 46% of job losses in the last year. The vaccine rollout and rollback of business capacity restrictions is fueling optimism. Click here to read the full report prepared by the Leeds Business Research Division (BRD) at CU Boulder in conjunction with the Colorado Secretary of State’s Office.
U.S. News Best Places to Live: Boulder #1, Denver #2, Colorado Springs #4, Fort Collins #5
U.S. News released their list of “150 Best Places to Live in the U.S. in 2020-21” and several Colorado communities were featured in the Top 10. These included Boulder at #1, Denver #2, Colorado Springs #4 and Fort Collins #5. U.S. News analyzed the 150 most populous metro areas based on desirability as a place to live, strength of the job market and quality of life.
Watch the 2021 Talent Summit
The Fort Collins Area Chamber of Commerce recently presented the fourth annual Talent Summit on April 21, 2021. Key takeaways included that the post pandemic workforce will likely be hybrid virtual (20 – 80% in office), not primarily virtual like we are today or primarily onsite like we were in the old normal. In addition, 1 in 3 professionals currently working from home would look for a new job if required to return to the office and 57% trust technology more after COVID. You can click here to watch the full recording of the Talent Summit.
NoCo hotels showing uptick in occupancy
Hotel occupancy rates for Northern Colorado showed an uptick in March. Loveland hotels were 59.5% occupied last month with an average night’s stay cost $95.46. Greeley came in at an occupancy rate of 58.5% and average prices of $80.18. Fort Collins hotels were 49.7% occupied with a night’s stay cost an average of $92.41, and Boulder hotels came in at 46.5% occupancy and an average cost of $106.01. Statewide, the March 2021 occupancy rate was 51.3%, up from 38.8% in March 2020.