Economic Development
Recognizing that the retention and attraction of primary employers is key to community economic prosperity, the Chamber has been a champion for a strong business climate and an effective economic development marketing program.
Fort Collins Economy
Fort Collins stands as the bustling business center of Northern Colorado, encompassing various sectors that fuel its economic success. With a thriving retail trade, robust government presence, vibrant arts scene, leading healthcare facilities, and renowned educational institutions, Fort Collins boasts a diversified economy that attracts businesses and individuals alike.
At the heart of Fort Collins’ economy lies a large and highly educated workforce, establishing the city as an employment hub in the region. This well-educated labor pool contributes to the resilience of the economy and drives innovation across key sectors.
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Thriving Manufacturing and High-Tech Industries
Major contributors to the Fort Collins economy include a range of manufacturers such as Advanced Energy, Aleph Objects, Anheuser-Busch, In-Situ, Noosa, Otter Products, Tolmar, Vestas, Walker Manufacturing, Water Pik, and Woodward. These companies inject disposable income into the economy, amplifying the city’s economic growth.
Fort Collins also boasts a significant presence of high-tech firms, particularly in the semiconductor industry. The city hosts facilities for industry giants like Advanced Energy Industries, Broadcom, HP-E, and Intel, making it a hub for technological advancement.
In addition to manufacturing and high tech, Fort Collins has emerged as a hub for key sectors such as geospatial, water innovation, clean energy, and bioscience. These industries contribute to the economic stability of the city, while fostering innovation and creating opportunities for the future.
CSU: A Driving Force for Innovation
At the heart of Fort Collins’ innovative culture and economic growth is Colorado State University (CSU), a leading research university with a focus on critical fields like vector-borne infectious disease, veterinary medicine, atmospheric science, clean energy technologies, and environmental science. CSU attracts over $300 million in research funding annually, driving a range of cutting-edge research, innovation, and technological development within the community. CSU’s efforts to commercialize its research are supported by the Colorado State University Research Foundation.
Strong Federal Government Presence
Fort Collins is a thriving center for private sector, federal government, and university research. The city boasts an impressive array of research facilities and business incubators that provide a supportive environment for innovation and entrepreneurship. The federal government has a notable presence in fields like wildlife research, natural resources research, and agriculture, among others.
Notable federal government presence includes the National Seed Storage Laboratory, US Forest Service Visitor Center for the Arapaho and Roosevelt National Forest, Natural Resources Research Center, Agricultural Research Service, National Wildlife Research Center, National Institute of Standards and Technology, and the State Division of Wildlife.
The fusion of innovative manufacturing, high-tech firms, an educated population, extensive research facilities, and a leading research university focused on commercialization positions Fort Collins as one of the nation’s most entrepreneurial and innovative communities. The economy thrives on intellect, with an impressive 11.45 patents issued per 10,000 people, which is four times higher than the average community. Furthermore, 48% of Fort Collins residents hold a college degree, and 14% have attained a doctoral degree, demonstrating the city’s commitment to education and intellectual growth.
Community vs. Economic Development
In communities across America, a “great quality of life” is often emphasized. While some believe that focusing solely on community development will naturally lead to economic growth, the reality is more nuanced.
For a community to be economically viable, both community development and economic development are essential and mutually reinforcing. Community development improves the overall quality of life, while economic development focuses on creating wealth that benefits the community.
It’s important to recognize that community development alone is not enough to attract and sustain businesses. Communities must also make a strong business case to prospective employers. To achieve a vibrant local economy, a balance between community development and economic development is crucial. Community development enhances the community’s appeal, while economic development generates wealth and opportunities. Both are necessary for a thriving local economy.
The Benefits of Economic Development
Economic development plays a crucial role in establishing a flourishing local economy for several reasons.
From a personal standpoint, a vibrant local economy allows individuals to realize their full potential and pursue their dreams. It provides the financial means to support family members, invest in a better quality of life, and contribute to charitable causes. It offers the freedom to explore new career opportunities, start businesses, and leave a lasting legacy. Economic development empowers individuals to improve their standard of living and create a brighter future for themselves and their loved ones.
At the community level, economic development helps offset job losses that naturally occur over time due to “creative destruction.” Communities typically experience a yearly loss of around 10-15% of jobs, and during challenging times like the great recession, job displacement becomes even more critical. Economic development efforts are crucial to replace these lost jobs and ensure the stability and growth of the local economy.
The benefits of economic development extend further, as outlined in “An Economic Agenda for Fort Collins, Colorado.” These benefits include attracting and creating new employment opportunities, retaining existing jobs, expanding the tax base, fostering economic diversity and stability, promoting self-sufficiency, optimizing land usage, enhancing overall quality of life, and fostering community pride and a positive reputation.