Mike Masciola, NCEDC (The Coloradoan)
Although the speed of the economic recovery is much slower than preferred, there is reason for optimism in Northern Colorado’s future.
Our economy certainly has not been immune from the national recession. However, it has fared better than most and is in a strong position to create additional jobs for local residents in the long run.
Successful economies are those that meet their economic development tenets and are competitive as a place where businesses and skilled workers want to be. Northern Colorado certainly has many of these tenets and strategic advantages. It also continues to improve its competitive position for a sustained and growing economy.
A strategic advantage of note is Northern Colorado, particularly the Fort Collins/ Loveland Metropolitan Stat-istical Area, or MSA, has one of the strongest and most diverse economies in the entire state.
The MSA’s unemployment rate (December 2010) is 7.1 percent, significantly better than Colorado and the US with rates of 8.6 percent and 9.7 percent, respectively.
Twenty different industries, from manufacturing to health care to retail, support the MSA’s economy. No one industry makes up more than 13.5 percent of the entire economic base.
Just like the benefits to your personal finances, a well-balanced, diverse portfolio has helped our economy ride out the tough times better than others.
This stable economy coupled with other strategic advantages has helped Northern Colorado remain an attractive place for companies evaluating a move to another market. Consider this, between 2008 and 2010, the annual volume national office and industrial company relocations decreased by a staggering 57 percent from 4,442 to 2,473. During the same time period, the Northern Colorado Economic Development Corp. experienced a 5 percent increase in annual qualified company relocation leads from 63 to 66.
The takeaway here is while there is a much smaller pool of companies relocating nationally, Northern Colorado is increasingly getting the opportunity to compete for them.
Regional partnerships also abound to help retain and create jobs. NCEDC and Upstate Economic Development Corporation continue to collaborate to support local and new companies; conduct joint marketing of the broader region; and identify new business opportunities based on work force strengths and industry supply chain gaps.
Prior to the governor’s recent request to do so, NCEDC, Larimer County communities and regional strategic partners already started to evaluate a long-term economic development strategy or “road map” for our area’s future.
The Fort Collins, Loveland and Greeley Chambers continue to develop regional leaders who are committed to shaping the future of Northern Colorado.
The aforementioned are a few of the many partnerships and initiatives being carried out by the public and private sectors to best position Northern Colorado for job growth and long-term economic vitality.