2016 End of Year Economic Update - Broomfield...2016 End of Year Economic Report | 3 Economic...

BROOMFIELDEconomic Development

Provided by: BroomfieldEconomicDevelopment OneDescombesDrive Broomfield,CO80020 303-464-5579 www.investbroomfield.com

Preparedby: DevelopmentResearchPartners,Inc. 10184WestBelleviewAve,Ste100 Littleton,Colorado80127 303-991-0070 www.developmentresearch.net

2016 End of YearEconomic Update

RELEASED: MARCH 2017

2 | 2016 End of Year Economic Report

Economic Dashboard

2,652Up3.8%from2Q2015

37,190Up3.5%from2Q2015

36,032Up3.8%from4Q2015

Down0.1percentagepointsfrom4Q20152.7%

Up7.8%from4Q2015112.5

Down3.5%from4Q2014$720.0MM

EMPLOYMENT

BUSINESSES

LABOR FORCE

RETAIL SALES

CONSUMER CONFIDENCE

UNEMPLOYMENT

Up1.2percentagepointsfrom4Q20158.9%



OFFICE VACANCY

RETAIL VACANCY

INDUSTRIAL VACANCY

RESIDENTIAL BUILDING PERMITS

Down69.3%from4Q2015116 Units

2016 End of Year Economic Report | 3

EconomicindicatorsfortheCityandCountyofBroomfieldshowtheeconomyrecordedstrongtrendsin2016.Broomfieldrecorded6percentemploymentgrowthduringthefirstquarterof2016over-the-year,thehighestratesincethethirdquarterof2013,followedby3.5percentgrowthinthesecondquarterof2016.TheaverageweeklywageforBroomfieldworkersincreasedby2.6percentbetweenthesecondquarterof2015and2016,representinganadditional$1,929ofwagesperyearfortheaverageworker.TheunemploymentrateinBroomfieldaveraged3.0percentin2016,recordingadecreaseof0.4percentagepointsfrom2015.Broomfield’slaborforceincreasedby2.8percent,adding971peopleemployedorlookingforwork.

Consumeractivitywasmixed,withconsumerconfidenceintheMountainRegiondeclining5.5percentin2016.SalestaxcollectionsinBroomfieldrevealedthatretailactivityincreased6.7percentin2016asthecitycollected$3.4millionmorein2016thanin2015.

Homesalesactivity inBroomfieldreportedashift inhousingdemandbetween2015and2016.Salesofsingle-familydetachedhomesfell4.5percentandsingle-familyattachedhomesalesdecreased11.4percentover-the-year,reflectinglimited inventory inbothproduct types.Theaverage salesprice forbothmarkets improved, adding $30,150 to theaveragesalespriceofsingle-familydetachedhomesand$29,020totheaveragesalespriceforsingle-familyattachedhomes.Theapartmentvacancyratefell0.8percentagepointsbetweenthefourthquartersof2015and2016to5.4percentandtheaveragerentalratefell6.4percentover-the-yearto$1,431permonth.

Thecommercialrealestatemarketreportedmixedtrendsbetweenthefourthquartersof2015and2016.Totalexistingsquare footage for all categories increased 2.5 percent, and vacancy rates for Class C office, industrial, and retaildeclined.Theaverageleaseratefortheindustrialandretailmarketsroseby16percentand43.7percent,respectively,whiletheaverageleaserateforthethreeofficespacetypesreportedmixedtrends.

ECONOMIC HEADLINES

• EnhanceBroomfield,aprogramdevelopedin2015toprovidefundingassistancetobusinessandcommercialbuildingowners,iscontinuingin2017.Approximately$165,000hasbeenallocatedtotheprogramthisyear,allowingapplicantstoreceive$25,000toimproveexistingcommercial/industrialbuildingsorcenters.SinceJune2015,14projectshavebeenfundedtotaling$236,000inawards,leveragingmorethan$463,000ofprivatesectorfunding.

• ForbesrankedDenverthebestplaceforbusinessandcareersforthesecondyearinarow.Thecompanyrankedthe200largestmetropolitanstatisticalareas(MSAs)basedon14criteriaincludingjobgrowth,costs,incomegrowth,qualityoflife,andeducationofthelaborforce.ThecompanystatedthatDenver’srelativelycentrallocationmakesitanaturallocationasadistributionhubfortheAmericanWest,whilealsosupportinganumberofgrowingindustriesin technologyandcommunications.Thecompanyalso stated that thecity’snationally recognizedmuseums, thesecondlargestperformingartscomplexinthenation,andbustlingneighborhoodsarestrongattributesofthecity.

• Forbesreleasedthe11thannual“BestStatesforBusiness”listmeasuringstateswiththebestbusinessclimatesthatarepoisedtosucceedgoingforward.ColoradoclaimedthefifthplacerankingwhileUtahheldthetopspot.Forbesutilized40metrics from17 sourcesacross sixbroadcategories includingbusinesscosts, labor supply, regulatoryenvironment,economicclimate,growthprospects,andqualityoflife.

• TheMilkenInstitute’s2016Best-PerformingCitiesIndexnamedtwoColoradometropolitanareasamongthetop-25.TheFortCollinsMSArankedeighth,upsixspotsfromlastyear,andtheDenver-Aurora-LakewoodMSAranked13th,upthreespotsfromlastyear.Theindexranked381U.S.metroareasbasedonnineseparatecomponentsincludingjobgrowthandearnings.TheFortCollinsMSAranked16thforjobgrowthfrom2014to2015andfifthforwagegrowthfrom2013to2014.TheDenver-Aurora-LakewoodMSAranked10thforwagegrowthfrom2013to2014,and16thinbothjobgrowthandthenumberofhigh-techindustries.

• TheMilkenInstitutereleasedtheirannual“StateTechnologyandScienceIndex”andreportedthatColoradowasthesecond-besttechstate.Thesurveyisconductedeverytwoyearstotrackandevaluateeverystate’stechandsciencecapabilitiesandtheirsuccessatconvertingtheseassetsintocompaniesandhigh-payingjobs.Coloradorosefromfourthplaceintheprevioussurvey,withajumpfromsixthtofirstinhumancapitalinvestment.Thecompanystatedthatwith14publicand17privateuniversities,Coloradoistrainingahigh-skillworkforceattractivetotechcompanies.

2016 End of Year Overview


• ThreeColoradocitieswere rankedamong thebestplaces to livebyMoneyMagazine.HighlandsRanch ranked thehighestatsixth,followedbyCentennial(#13)andBroomfield(#25).Themagazinerankedcitiesbasedon60criteriaincludingeconomicopportunity,taxes,affordablehousing,education,andcrime.HighlandsRanchwasrecognizedforitslowcrimeandtop-notchschools,Centennialwasrecognizedforitsstrongjobmarket,andBroomfieldwasnotedforitslocationintheMetroDenverregion.

• ApartmentList,aSanFrancisco-basedrentallistingcompany,analyzed510U.S.citiestorankthemforfamily-friendliness.Thecompanyusedfourmetricstorankthecities,whichweresafety,housingaffordability,educationquality,andchildfriendliness.Centennialreceivedthehighestratinginthestateforthesecondyearinarow,ranking49th,followedbyBroomfield(73),Thornton(110),Arvada(227),Boulder(289),Lakewood(346),Denver(351),Westminster(354),andAurora(355).

• AproposedAdams12bondpassedallocating$350milliontofutureschoolrenovationsandconstructionforthedistrict.AlargeportionofthebondwillgotowardstheconstructionofanewPreK-8schoolintheAnthemareaofBroomfieldtocombatcurrentdistrictovercrowding.Ifthebondhadnotpassed,therewouldhavebeennearly100jobslostinthedistrictduetofundingissues.Thenewschoolisprojectedtoopenin2018.

• Colorado’sskiareavisitationinNovemberandDecemberstartedoutslowcomparedto2015,butwas3percentabovethefive-yearaveragefortheearlyseason.AsconditionsimprovedlateintoDecember,manyskiresortssawrecordvisitation.Broomfield-basedVailResortsrecordeda13percentdeclineintheearlyseason,buttrafficpickedupduringtheholidays.Season-to-dateliftticketrevenueatVailResorts’skiareaswasup4.3percentthroughthefirstweekofJanuarycomparedwiththesameperiodlastseason.

EMPLOYMENT ACTIVITY

• PartnersGroupHoldingAG,aSwitzerland-basedcompany,isbuildingtheirNorthAmericanheadquartersinBroomfield.Theglobalprivatemarketsinvestmentmanagerthatinvestsinprivateequity,realestate,infrastructure,anddebtmarketsmadethedecisionbasedongrowingbusinessintheU.S.Thecompanywillbebuildingthreeseparatestructuresamountingto80,000squarefeet.TheBroomfieldcampuswillemployroughly200employeestostart,withaprojected800employeesafterfurtherexpansions.Thefacilitywillbecompletedby2018.

• Simpro Software, anAustralian-based company, plans to open anAmerican headquarters in Broomfield that couldemployupto100peoplewithintwotothreeyears.Thecompanymakesanoperationalsoftwaresuiteforcontractorssuchaselectriciansandplumbersthathelpthemmanageavarietyoftasks.Thecompanyraised$30.54milliontosetupitsoperations.

• SpotXchange Inc.,a techfirmthatprovidesanonlinevideoadvertisingplatform,willmove itsheadquarters fromWestminstertoBroomfieldinMay2017.Thecompanyleased38,730squarefeetofClassAofficespaceat8181AristaPlacetoaccommodateitsgrowingworkforceandproductofferings.

• JPMorganChaseisplanninga150,000-square-footoperationscenterinBroomfield,withconstructionanticipatedtobegininthesecondquarterof2017,andbecompletedbyJanuary2019.Theoperationcenterwilladdanestimated30newfull-timejobsandthecompanyannouncedtheywillinvest$200millioninpersonalpropertyinvestment.

• Code42openedanewofficeinBroomfieldtohirethebesttalentandcontinuethecompany’squesttodeliverongoinginnovationtoitsclients.TheendpointdatasecurityandrecoverycompanyplanstoutilizeMetroDenver’sreputationasatechnologyhubandcenterforahighlyskilledworkforce.

• Broomfield-basedRenewableEnergySystemsAmericasiscollaboratingwithSouthernPowertodevelop10windpowerprojectsacrosstheU.S.The10projectswillproduceanestimate3,000megawattsofenergyandshouldbeinoperationbetween2018and2020.SouthernPowerhassignedagreementswithbothSiemensandVestastoprovidethewind-turbineequipmentforthe10projects.

• BroadcomLtd.agreedtobuyBrocadeCommunicationsthatemploysabout600peopleinBroomfield.Brocadeemploysabout 5,950people globally.The$5.9billiondeal is expected to close inmid-2017.Broadcom is the third-largestsemiconductormanufacturerinthenationbyrevenue.


• Broomfield-basedForgeNano,acompany thatmakesnano-coating technology for lithium-ionbatterycomponents,announceditwillrelocatefromBroomfieldtoanew12,000-square-footfacilityinLouisvillefollowing$20millionofSeriesAfundingaimedtohelpthecompanyrampupproduction.Themoveandfinancingwillincreaseproductionfrom30tonsperyearto300tonsperyear.ForgeNanowillalsostartona3,000-tonperyearheavycommercialplantin2017

• Swedish-basedIKEAhasclosedona123-acreparceloflandonthenorthwestcornerofStateHighway7andInterstate25.Thecompanyplansonbuildingitssecondregionalstore,althoughnosetdatehasbeenannouncedonwhenthestorewillopen.AccordingtoIKEA,thecompanyreported771millionstorevisitsin2015,meaningonaverageeachstorehadroughly2.3millionvisits.

• ThresholdSchool,anewproject-basedprivateschool,isexpectedtoopeninAugustdependingonstudentrecruitment.Theschoolplanstoenrollstudentsfromthirdtoeighthgrade,cappingenrollmentat35studentsforthefirstyear.Insteadofteachers,onetothreefacilitatorswillbehiredfortheupcomingschoolyear,withhopesofbuildingaschoolaroundtheproblemsthatstudentsthinkareinteresting,andhowtosolvethem.

NEW & EXPANDING COMPANIES



Business, Employment, and WagesBUSINESS

Businesscounts inBroomfield increasedby3.8percentbetween the secondquartersof2015and2016,as shown inTable1.1,adding98businessesfor2,652totalbusinesses.Tenofthe13sectorsrecordedincreasesinbusinessduringtheperiod.Theminingandlogging(-33.3percent),retailtrade(-0.8percent),andthetransportation,warehousing,andutilitiessectors(-6.1percent)allreportedlossofbusinessesbetweenthesecondquartersof2015and2016.Theinformationsectorrecordedthelargestpercentageincreaseover-the-year,rising20.4percentto65totalbusinesses,whiletheprofessionalandbusinessservicessectorrecordedthesmallestincreaseof2.2percent.Thewholesalesectorrecordednochangeduringtheperiod,stayingsteadyat222businesses.

Broomfieldaveraged2,663businesses inthefirsthalfof2016,a5percent increasefromthefirsthalfof2015,withanadditional126businesses.Theminingandloggingsectorrecordedtheonlylossofbusinessesbetweenthefirsthalfof2015andthefirsthalfof2016, losingfourbusinesses.Ofthe12sectorsthat recordedgrowthduringtheperiod,professionalandbusinessservicesrecordedthelargestabsoluteincrease,creating32newbusinessesduringtheperiod.Theinformationsectorrecordedthelargestpercentageincreasebetweenthefirsthalfof2015andthefirsthalfof2016,increasing16.8percentto63totalbusinesses.Businesscountsinthetransportation,warehousing,andutilities,retailtrade,andgovernmentsectorswereessentiallyunchanged.

Table 1.1 - Businesses by Supersector for the City and County of Broomfield

2Q 2015 2Q 2016 YR/YR % CHANGE

FIRST HALF 2015

FIRST HALF 2016

YR/YR % CHANGE

Total All Industries 2,554 2,652 3.8% 2,537 2,663 5.0%

Private SectorMining & Logging 12 8 -33.3% 12 9 -26.1%

Construction 158 166 5.1% 155 165 6.5%

Manufacturing 109 120 10.1% 109 119 9.7%

Wholesale Trade 222 222 0.0% 223 227 2.0%

Retail Trade 264 262 -0.8% 264 266 0.6%

Transportation and Warehousing 33 31 -6.1% 32 32 -1.6%

Information 54 65 20.4% 54 63 16.8%

Financial Activities 264 282 6.8% 263 284 8.0%

Professional & Business Services 834 852 2.2% 827 858 3.8%

Education & Health Services 224 235 4.9% 224 235 4.9%

Leisure & Hospitality 186 198 6.5% 187 197 5.4%

Other Services 176 188 6.8% 173 187 8.1%

Government 18 19 5.6% 18 19 5.6%Note: Industry data may not add to all-industry total due to rounding, suppressed data, and employment that cannot be assigned to an industry.Source: Colorado Department of Labor and Employment, Labor Marketing Information. Quarterly Census of Employment and Wages (QCEW)

AVERAGE WEEKLY WAGES

Broomfieldworkersacrossallindustriesearnedanaverageweeklywageof$1,491inthesecondquarterof2016,asshowninFigure1.2onthenextpage,a2.6percentincreasecomparedwiththesecondquarterof2015averagewageof$1,454perweek.Thisincreaserepresentedanadditional$37aweek,adding$1,930ofwagesperyearfortheaverageworker.Thethreehighestwageearnersbysectorwereminingandlogging($2,683),information($2,382),andprofessionalandbusinessservices($2,192),withminingandloggingpostingthelargestwagegrowthofthethreesectorsbetweenthesecondquarterof2015andthesecondquarterof2016of14.9percent.Thefinancialactivities sector recordedthelargestgrowthduringtheperiod,rising34.4percenttoanaverageweeklywageof$1,945,upfrom$1,447.Sevensectors


AVERAGE WEEKLY WAGES (CONTINUED)

recorded declines in the averageweeklywageduringtheperiod,rangingfrom transportation, warehousing,andutilities(-21.8percent)toleisureandhospitality(-0.1percent).

Workers across all industries inBroomfieldrecordedaslightdecreaseinwagesfromthefirsthalfof2015tothefirsthalfof2016of0.1percent,as shown in Table 1.3. Informationemployees ($2,771) recorded thehighestwageinthefirsthalfof2016,but this was 7.6 percent below theaverageinthefirsthalfof2015.Fiveothersectorsrecordedadeclineovertheperiod,withthedeclinesrangingfrom transportation, warehousing,andutilities(10.7percent)toleisureand hospitality (-0.5 percent). Thefinancial activities sector recordedthelargestgrowth(17percent)ofanysectorover-the-year,increasingweeklywagesby$261perweekor$13,550ayear.

Table 1.3 - Average Weekly Wage by Supersector for the City and County of Broomfield


FIRST HALF 2015

FIRST HALF 2016

YR/YR % CHANGE

Total All Industries $1,454 $1,491 2.6% $1,618 $1,616 -0.1%

Private SectorMining & Logging $2,335 $2,683 14.9% $2,488 $2,508 0.8%

Construction $1,305 $1,264 -3.1% $1,413 $1,329 -5.9%

Manufacturing $1,784 $1,747 -2.1% $2,140 $2,078 -2.9%

Wholesale Trade $1,729 $1,708 -1.2% $1,813 $1,850 2.0%

Retail Trade $504 $517 2.6% $496 $519 4.4%

Transportation and Warehousing $1,055 $825 -21.8% $1,071 $956 -10.7%

Information $2,466 $2,382 -3.4% $3,000 $2,771 -7.6%

Financial Activities $1,447 $1,945 34.4% $1,532 $1,793 17.0%

Professional & Business Services $2,060 $2,192 6.4% $2,258 $2,311 2.4%

Education & Health Services $692 $706 2.1% $670 $683 2.0%

Leisure & Hospitality $377 $376 -0.1% $376 $375 -0.5%

Other Services $702 $742 5.7% $665 $738 11.0%

Government $867 $760 -12.4% $869 $844 -2.9%

Note: Industry data may not add to all-industry total due to rounding, suppressed data, and employment that cannot be assigned to an industry.Source: Colorado Department of Labor and Employment, Labor Marketing Information. Quarterly Census of Employment and Wages (QCEW)

Business, Employment, and Wages

$1,288$1,415

$1,790

$1,454 $1,437 $1,483

$1,744

$1,491

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Average Weekly Wage(All Industries)

Figure 1.2

Source: Colorado Department of Labor and Employment, Labor Market Information. Quarterly Census of Employment and Wages (QCEW).


EMPLOYMENTEmploymentinBroomfieldincreased3.5percentbetweenthesecondquarterof2015andthesecondquarterof2016,asshowninTable1.4,representing1,261additionaljobs.Theconstructionsectorrecordedthelargestover-the-yearpercentageincreaseinemployment,rising15.4percentandadding203jobs,whiletheretailtradesector(+0.7percent)recordedthesmallestincrease.Theleisureandhospitalitysectorrecordedthelargestabsolutechangeinemploymentovertheperiod,adding253jobsbetweenthesecondquartersof2015and2016.Twooutofthe13sectorsrecordeddeclinesinemploymentovertheperiod,withminingandlogging(-9.4percent)losingsixjobsandfinancialactivities(-2.8 percent) losing 60 positions over-the-year. Figure 1.5 shows quarterly employment in Broomfield from secondquarter2015tosecondquarter2016.

EmploymentinBroomfieldincreased4.7percentbetweenthefirsthalfof2015andthefirsthalfof2016,representing1,652additional jobs. Financial activities (+13.5percent),wholesale trade (+11.2percent), and construction (+10.9percent)all recordeddouble-digitgrowthover theperiod,adding531 jobscombinedover-the-year.The leisureandhospitalitysectorrecordedthelargestabsolutechangeinemployment,adding270jobsover-the-year,a7.8percentincrease.Onlyoneoutofthe13supersectorsrecordeddeclinesinemploymentbetweenthefirsthalfof2015andthefirsthalfof2016,withminingandlogginglosingoneemployee.Retailtraderecordedthesmallestover-the-yearpercentageincrease,rising0.2percent,followedbytheprofessionalandbusinessservicessector,rising2.3percent.

TheMetroDenverarearecordedsteadyemploymentgrowthbetweenthefirsthalfof2015andthefirsthalfof2016,rising2.8percenttoover1.56millionjobs.MetroDenvergeneratedanadditional42,417jobsover-the-year.Thelargestabsolute increases in employment were in the leisure and hospitality (+4.5 percent) and the education and healthservicessupersectors(+3.7percent),creating7,408jobsand7,291jobs,respectively.Theconstructionsectorrecordedthelargestpercentageincreaseinemploymentduringtheperiod,rising6.2percent.Thetransportation,warehousingandutilitiessectorrecordedthesmallestemploymentincreaseover-the-year,rising1.4percent,whiletheminingandloggingsector(-15.2percent)recordedtheonlydeclineinemploymentduringtheperiod.

Table 1.4 - Employment by Supersector

Note: Industry data may not add to all-industry total due to rounding, suppressed data, and employment that cannot be assigned to an industry.Source: Colorado Department of Labor and Employment, Labor Marketing Information. Quarterly Census of Employment and Wages (QECW)


CITY AND COUNTY OF BROOMFIELD METRO DENVER


FIRST HALF 2015

FIRST HALF 2016

YR/YR % CHANGE

FIRST HALF 2015

FIRST HALF 2016

YR/YR % CHANGE

Total All Industries 35,929 37,190 3.5% 34,995 36,647 4.7% 1,518,008 1,560,424 2.8%

Private SectorMining & Logging 64 58 -9.4% 67 66 -0.8% 14,897 12,635 -15.2

Construction 1,320 1,523 15.4% 1,322 1,466 10.9% 84,384 89,612 6.2%

Manufacturing 4,942 5,106 3.3% 4,908 5,077 3.4% 84,583 85,828 1.5%

Wholesale Trade 1,294 1,445 11.7% 1,292 1,437 11.2% 74,763 76,456 2.3%

Retail Trade 4,539 4,572 0.7% 4,534 4,543 0.2% 148,927 152,223 2.2%

Transportation and Warehousing

239 260 8.8% 229 239 4.6% 51,292 52,031 1.4%

Information 3,923 4,022 2.5% 3,717 3,982 7.1% 53,176 54,273 2.1%

Financial Activities 2,130 2,070 -2.8% 1,802 2,045 13.5% 104,023 107,796 3.6%

Professional & Business Services

9,351 9,516 1.8% 9,183 9,397 2.3% 280,733 286,867 2.2%

Education & Health Ser-vices

2,348 2,438 3.8% 2,379 2,437 2.5% 194,916 202,206 3.7%

Leisure & Hospitality 3,580 3,833 7.1% 3,445 3,714 7.8% 165,349 172,757 4.5%

Other Services 703 728 3.6% 680 708 4.1% 46,264 48,005 3.8%

Government 1,496 1,616 8.0% 1,441 1,534 6.5% 214,552 219,414 2.3%


Business, Employment, and WagesEMPLOYMENT (CONTINUED)

LABOR FORCE AND UNEMPLOYMENT

Broomfieldhadalaborforceof36,032peopleinthefourthquarterof2016,asshowninFigure1.6,a3.8percentincreasecomparedwiththepreviousyear’s level of 34,697. Broomfield’slabor force represented 2.1 percentof Metro Denver labor force duringtheperiod.Therewereanadditional1,335peopleemployedorlookingforajobbetweenthefourthquartersof2015 and 2016. The unemploymentrate of 2.7 percent in the fourthquarter of 2016was 0.1 percentagepointslowerthanthepreviousyear’sleveland1.8percentagepointslowerthan the national average. Thiswasthe lowest recorded unemploymentrate for Broomfield since 4Q 2000whentheratewas2.2percent.OfthesevenMetroDenvercounties,theCityand County of Broomfield recordedthefourthlowestunemploymentratealongwithArapahoeCounty.

ThelaborforceinBroomfieldincreased2.8percentin2016comparedwith2015,asshowninTable1.7onthenextpage,representinganadditional971peopleemployedorlookingforwork.ThelaborforceinBroomfieldmaintaineda2.1

36,032

2.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

30,000

31,000

32,000

33,000

34,000

35,000

36,000

37,000

Une

mpl

oym

ent

Rate

Labo

r Fo

rce

Quarter

Broomfield Labor Force & Unemployment Rate

Labor Force Unemployment Rate

Figure 1.6

Source: Colorado Department of Labor and Employment, Labor Market Information; U.S. Bureau of Labor Statistics.

34,927 34,936

34,061

35,92936,362 36,564

36,103

37,190

32,00032,50033,00033,50034,00034,50035,00035,50036,00036,50037,00037,500

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Broomfield Employment(All Industries)

Source: Colorado Department of Labor and Employment, Labor Market Information. Quarterly Census of Employment and Wages (QCEW).

Figure 1.5


LABOR FORCE AND UNEMPLOYMENT (CONTINUED)

percentrepresentationofMetroDenver’stotalworkforce.Theunemploymentrateduring2016averaged3percent,adeclineof0.4percentagepointsfromthe2015average.TheBroomfieldunemploymentratewas0.1percentagepointsbelowtheMetroDenverleveland1.9percentagepointslowerthantheU.S.averagein2016.

ThelaborforceinMetroDenverincreasedby58,150peopleinthefourthquarterof2016,a3.5percentincreasefromtheyearprior.Thenearly1.71millionpeopleemployedorlookingforworkintheMetroDenverarearepresentedabout59%ofColorado’stotallaborforceinthesameperiod.MetroDenver’sunemploymentratedecreasedby0.3percentagepointsbetweenthe fourthquartersof2015and2016 to2.7percent,1.8percentagepoints lower than thenationalaverage,and0.2pointslowerthanColorado.

TheColorado labor force increased2.8percentbetweenthe fourthquarterof2015and2016 tonearly2.91millionworkers.TheunemploymentrateinColoradodeclined0.4percentagepoint’sover-the-yearto2.9percent.Thenationallaborforceincreased1.3percentinthefourthquarterof2016toover159millionworkers.TheunemploymentrateintheU.S.declined0.3percentagepointsbetweenthefourthquartersof2015and2016to4.5percent,thelowestsecondquarterratesincethesecondquarterof2007whentheratewas4.4percent.

Table 1.7 - Labor Force and Unemployment by Area

Source: Colorado Department of Labor and Employment, Labor Marketing Information; U.S. Bureau of Labor Statistics


2.7%2.7%2.9%

4.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Une

mpl

oym

ent

Rate

Quarter

Unemployment RateBroomfield Metro Denver Colorado U.S.

Source: Colorado Department of Labor and Employment, Labor Market Information; U.S. Bureau of Labor Statistics.

Figure 1.8

LABOR FORCE UNEMPLOYMENT RATE


ANNUAL 2015

ANNUAL 2016

YR/YR % CHANGE

4Q 2015 4Q 2016 ANNUAL 2015

ANNUAL 2016

Broomfield 34,697 36,032 3.8% 34,673 35,643 2.8% 2.8% 2.7% 3.4% 3.0%

Metro Denver 1,649,826 1,707,976 3.5% 1,649,882 1,691,360 2.5% 3.0% 2.7% 3.6% 3.1%

Colorado 2,829,329 2,909,255 2.8% 2,828,529 2,892,831 2.3% 3.3% 2.9% 3.9% 3.3%

U.S. (000’s) 157,299 159,401 1.3% 157,130 159,187 1.3% 4.8% 4.5% 5.3% 4.9%


CONSUMER CONFIDENCE

The Conference Board’s National ConsumerConfidence Index showed increasingconfidence between the fourth quarters of2015 and 2016, as shown in Figure 2.1.TheU.S. index rose 12.3 percent over-the-yearto 107.8 and was up 7.1 percent from thepreviousquarter.Theindexaveraged99.8in2016, a 1.9 percent increase over the 2015average.

The Mountain Region index, which includesColorado,alsoreportedincreasesinconsumerconfidence between the fourth quarters of2015 and 2016. The mountain region indexwas112.5inthefourthquarterof2016,up7.8percentfromtheprioryear’s levelof104.3.The fourth quarter level was 8.7 percentabovethepreviousquarter’s level.However,the index fell 5.5 percent to an average of103.4in2016comparedwith109.4in2015.

RETAIL SALES

TotalretailsalesforBroomfieldreached$720millioninthefourthquarterof2015,asshowninTable2.2,adecreaseof3.5percentfromthepreviousyear’slevelof$745.8million.Thisdecreaserepresented$25.8millionlessinretailsales.Thefourthquarter2015declineinretailsalesmarkedthefirstover-the-yeardeclineinfourthquarterretailsalessincethefourthquarterof2011whensalesfell7.1percent.OfthesevenMetroDenvercounties,Broomfieldrecordedthethirdsmallestdeclineinretailsalesbetweenthefourthquartersof2014and2015.

Table 2.2 - Total Retail Sales in Metro Denver by County

METRO DENVER TOTAL RETAIL SALES ($000S)


ANNUAL 2014 ANNUAL 2015 YR/YR % CHANGE

Adams $6,010,676 $5,682,668 -5.5% $23,168,485 $21,438,261 -7.5%

Arapahoe 6,063,664 $5,777,055 -4.7% $21,192,360 $21,515,064 1.5%

Boulder 3,137,873 $3,036,560 -3.2% $10,370,313 $10,405,312 0.3%

Broomfield $745,793 $720,001 -3.5% $2,410,900 2,456,242 1.9%

Denver $8,003,170 $7,750,745 -3.2% $27,479,112 $28,190,833 2.6%

Douglas 2,343,368 2,661,773 13.6% $8,409,964 $9,825,587 16.8%

Jefferson $4,580,990 $4,592,678 0.3% $16,630,191 $17,097,575 2.8%

Metro Denver $30,885,534 $30,221,480 -2.2% $109,661,325 $110,928,874 1.2%Source: Colorado Department of Revenue

TotalretailsalesforBroomfieldreachednearly$2.5billionin2015,anincreaseof1.9percentfromthepreviousyear’slevelof$2.4billion.Thisincreaserepresentedanadditional$45millioninretailsales.In2015,BroomfieldrecordedthefourthlargestincreaseinretailsalesofthesevenMetroDenvercounties.RetailsalesintheCityandCountyofBroomfieldrepresentedabout2.2percentoftotalretailsalesinMetroDenverin2015.

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Figure 2.1


RETAIL SALES (CONTINUED)

RetailsalesinMetroDenverwere$30.2billioninthefourthquarterof2015,a2.2percentdeclineinsalescomparedwiththepreviousyear’slevelof$30.9million.Thisdecreaserepresented$664millionlessinretailsales.Thefourthquarterof2015declineinretailsalesmarkedthefirstover-the-yeardeclineinfourthquarterretailsalesforMetroDenversincethefourthquarterof2009whensalesfell5.2percent.DouglasandJeffersoncountiesrecordedtheonlyover-the-yearincreasesinretailsales,rising13.6percentand0.3percent,respectively.

MetroDenverretailsalesreachednearly$111billionin2015,anincreaseof1.2percentfromthepreviousyear’slevelof$109.7billion.Thisincreaserepresentedanadditional$1.3billioninretailsales.SixofthesevenMetroDenvercountiesrecorded increases in salesbetween2014and2015, ranging from0.3percent inBoulderCounty to 16.8percent inDouglasCounty.AdamsCountyrecordedtheonlyover-the-yeardecline,falling7.5percentto$21.4million.

SALES TAX COLLECTIONS

SalestaxcollectionsinBroomfieldwere8.6percenthigherduringthefourthquarterof2016thanthefourthquarterof2015.Thefourthquarterof2016collectionlevelwasalso18.6percenthigherthanthepreviousquarter’s level. Sales tax collections inBroomfield reached nearly $15.8 millionin the fourth quarter of 2016, as shownin Figure 2.3, representing an additional$1.3 million in sales tax compared withthepreviousyear,andthehighestreportedamount sincedatagoingback to thefirstquarterof2012.

Sales tax collections were nearly $54.7million in 2016, up 6.7 percent from theprevious year’s level of $51.3 million.Broomfield collected an additional $3.4million in sales tax between 2015 and2016. (Note: The two data points, TotalRetail Sales and SalesTaxCollections, donotnecessarilyreflectthesametaxbase,sotrendsmaydiffer.)

HOTEL AND LODGING

According to the RockyMountain LodgingReport,theHighway36corridorrecordedanaverageoccupancyrateof74.4percentin2016,asshowninFigure2.4.Thisratewas0.4percentagepointshigherthantheprior year’s occupancy rate. The averageroom rate for the Highway 36 corridormarket was $128.81 per night in 2016, a5.6 percent increase from the previousyear ($121.98 per night). The averageoccupancyrateinMetroDenverdecreasedto 75 percent in 2016, down from 75.9percentin2015,andtheaverageroomraterose5.1percentover-the-yearto$140.46.

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Figure 2.4

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Real EstateEXISTING HOME SALES

ExistinghomesalesintheBroomfieldsingle-familydetachedmarketfellbetweenthefourthquartersof2015and2016,asshowninTable3.1,reflectingthelimitedinventoryofhomesavailableforpurchase.Broomfieldreporteda2.1percentdeclineinsingle-familydetachedhomesalesover-the-year,fallingfrom237salesinthefourthquarterof2015to232salesinthefourthquarterof2016.Theaveragesalespriceforasingle-familydetachedhomewas$412,162inthefourthquarterof2016,anincreaseof5.3percentcomparedwiththeprioryear.TheaveragesalespriceforBroomfieldwas$15,603belowtheMetroDenveraverageduringthefourthquarterof2016.Broomfieldrecorded1,024single-familydetachedhomesalesduring2016,adecreaseof4.5percentcomparedwith2015.Thisrepresented48fewerhomessoldover-the-year.Theaveragesalespriceforasingle-familydetachedhomewas$423,731in2016,anincreaseof7.7percentcomparedwiththepreviousyear.TheBroomfieldaveragesalespricewas$8,320belowtheMetroDenveraverage.

TheMetroDenversingle-familydetachedmarketrecordedsimilartrendsinhomesalesasBroomfieldbetweenthefourthquartersof2015and2016.MetroDenverrecorded10,934single-familydetachedhomesalesinthefourthquarterof2016,a3.8percentdecreaseinsalescomparedwiththefourthquarterof2015levelof10,535sales.Theaveragesalespriceforasingle-familydetachedhomewas$427,765inthefourthquarterof2016,anincreaseof8.2percentcomparedwiththefourthquarterof2015price.MetroDenverreported44,711salesinthesingle-familydetachedmarketin2016,adecreaseof0.5percentcomparedwiththeprioryear.Thisrepresented226fewerhomessoldbetween2015and2016.Theaveragesalespriceforasingle-familydetachedhomeinMetroDenverwas$432,051in2016,anincreaseof9percentcomparedwiththepreviousyear.

Table 3.1 - Existing Single-Family Detached Home Sales

4Q 2015 4Q 2016 % CHANGE ANNUAL 2015

ANNUAL 2016

% CHANGE

Home SalesBroomfield 237 232 -2.1% 1,072 1,024 -4.5%

Metro Denver 10,535 10,934 3.8% 44,937 44,711 -0.5%

Average Sold PriceBroomfield $391,399 $412,162 5.3% $393,582 $423,731 7.7%

Metro Denver $395,295 $427,765 8.2% $396,508 $432,051 9.0%Source: Colorado Comps, LLC

Sales of single-family attached homes recorded a different trend than the single-family detached home market,reflectingashiftindemandformoreaffordablehousingthatsingle-familyattachedhomesoffer.ExistinghomesalesintheBroomfieldsingle-familyattachedmarket increasedby16.7percentbetweenthefourthquartersof2015and2016,increasingfrom24salesto28sales,respectively.Theaveragesalespriceforasingle-familyattachedhomewas$295,100inthefourthquarterof2016,anincreaseof12.6percentcomparedwiththeprioryear.TheaveragesalespriceforBroomfieldwas$30,371abovetheMetroDenveraverageduringthefourthquarterof2016.Broomfieldrecorded132single-familyattachedhomesalesduring2016,adecreaseof11.4percent,reflectingthelimitedinventoryofhomesforpurchase.Theaveragesalespriceforasingle-familyattachedhomewas$276,948in2016,anincreaseof11.7percentcomparedwith thepreviousyear.TheBroomfieldaverage salespricewas$23,247above theMetroDenveraverage.

TheMetro Denver single-family attachedmarket recorded significantly different trends in home sales as Broomfieldbetween the fourth quarters of 2015 and 2016. Metro Denver recorded 3,821 single-family attached home salesin the fourth quarter of 2016, a 0.4 percent decrease in sales compared with the fourth quarter of 2015 level of3,838 sales. The average sales price for a single-family attached home was $264,729 in the fourth quarter of2016, an increase of 13.4 percent compared with the fourth quarter of 2015 price. Metro Denver reported 15,578sales in the single-family attached market in 2016, a decrease of 5.3 percent compared with the prior year. Thisrepresented 875 fewer homes sold between 2015 and 2016. The average sales price for a single-family attachedhome in Metro Denver was $253,700 in 2016, an increase of 11.1 percent compared with the previous year.


EXISTING HOME SALES (CONTINUED)

Table 3.2 - Exising Single-Family Attached Home Sales

4Q 2015 4Q 2016 % CHANGE ANNUAL 2015

ANNUAL 2016

% CHANGE

Home SalesBroomfield 24 28 16.7% 149 132 -11.4%

Metro Denver 3,838 3,821 -0.4% 16,453 15,578 -5.3%

Average Sold PriceBroomfield $261,121 $295,100 12.6% $247,931 $276,948 11.7%

Metro Denver $233,465 $264,729 13.4% $228,422 $253,700 11.1%Source: Colorado Comps, LLC

APARTMENTS

Broomfield reported an apartment vacancy rateof5.4percentduringthefourthquarterof2016,asshowninFigure3.3,whichwas0.8percentagepoints below the fourth quarter of 2015 level(6.2percent).However,thevacancyratewas0.3percentage points above the previous quarter’slevel. The Metro Denver vacancy rate fell 0.6percentagepointsbetweenthefourthquartersof2015and2016to6.2percent.Ofthesixmarketareas in Metro Denver, the Boulder/Broomfieldsubmarket recorded the second lowest vacancyrateduringthefourthquarterof2016.

Broomfield reported an average lease rate of$1,431 per month during the fourth quarterof 2016,whichwas 6.4 percent lower than thefourthquarterof2015level($1,529permonth).TheaverageleaserateinMetroDenverwas$1,347permonthinthefourthquarterof2016,rising4.3percentfromthefourthquarterof2015rateof$1,292permonth.TheBroomfieldaverageleaseratewas6.3percentabovetheMetroDenverlevelinthefourthquarterof2016.OfthesixmarketareasinMetroDenver,theBoulder/Broomfieldsubmarketrecordedthehighestaverageleaserateduringthefourthquarterof2016.

Table 3.4 - Average Apartment Rents and Vacancy

VACANCY RATE AVERAGE APARTMENT RENT4Q 2015 4Q 2016 4Q 2015 4Q 2016 % CHANGE

Broomfield 6.2% 5.4% $1,529 $1,431 -6.4%

Metro Denver 6.8% 6.2% $1,292 $1,347 4.3%Source: Denver Metro Apartment Vacancy and Rent Survey

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Figure 3.3

Source: Denver Metro Apartment Vacancy and Rent Survey


BUILDING PERMITSBroomfieldissuedpermitsfor102newsingle-familydetachedunitsduringthefourthquarterof2016,asshowninTable3.5,representinga27.5percentincreasefromthefourthquarterof2015(80).Theaveragevaluationforsingle-familydetachedhomeswas$345,978inthefourthquarterof2016,whichwas3.1percentbelowthepreviousyear’slevelof$357,218.Thisrepresentedadropof$11,240inaveragevaluationover-the-year.Broomfieldissuedbuildingpermitsfor14newsingle-familyattachedunitsduringthefourthquarterof2016,representinga133percent increasefromthefourthquarterof2016level(6units).Theaveragevaluationforsingle-familyattachedhomeswas$204,007,4.4percentbelowthepreviousyear’slevelof$213,403.Theaveragevaluationforunitsinthemarketwas$9,396lowerover-the-year.

Permitsfor479single-familydetachedhomeswereissuedduring2016,anincreaseof24.4percentcomparedwiththepreviousyear’s levelof385.Theaveragevaluationofsingle-familydetachedhomes in2016declined1.7percentto$346,062comparedto2015.Therewere67permitsissuedforsingle-familyattachedunitsin2016,whichwasessentiallythesameasthe68unitspermitted in2015.Theaveragevaluationofsingle-familyattachedunits increasedby21.8percentto$193,776,upfromthepreviousyear’slevelof$159,140.Therewere216apartmentandcondominiumsunitspermittedin2016,adeclineof26percentfromlastyear’slevelof292units.

MetroDenverissued7,626permitsinthefourthquarterof2016,representinga45.3percentincreaseoverthesamequartertheprioryear.MetroDenverissuedpermitsfor2,686single-familydetachedunits,55single-familyattachedunits,and4,885multi-familyunits.Thesingle-familydetachedmarketrecordeda17percentincreaseinpermitsandthesingle-familyattachedmarketrose25percentover-the-year,whilethemulti-familymarketrecordeda68percentincreaseinpermitsduringtheperiod.

Therewere23,027unitspermittedinMetroDenverduring2016,anincreaseof21.9percentcomparedwiththepreviousyear’slevel(18,885units).Single-familyattachedunitsincreased5percentover-the-year,risingto422unitsin2016.Single-familydetachedunits inMetroDenver rose from9,832units in2015 to10,772units2016,an increaseof9.6percent.Themulti-familymarketrecordedthelargestincreaseintotalunits,rising36.8percentover-the-yearto11,833unitsin2016.

Table 3.5 - Broomfield Residential Building Permits

Real Estate

SINGLE-FAMILY DETACHED SINGE-FAMILY ATTACHED APARTMENTS AND CONDOMINIUMS TOTAL UNITSUNITS AVERAGE

VALUATION PER UNIT

UNITS AVERAGE VALUATION PER UNIT

PERMITS UNITS AVERAGE VALUATION PER UNIT

4Q 2015 80 $357,218 6 $213,403 14 292 $92,611 378

4Q 2016 102 $345,978 14 $204,007 - - - 116

Yr/Yr % Change 27.5% -3.1% 133.3% -4.4% - - - -69.3%

Annual 2015 385 $352,219 68 $159,140 14 292 $92,611 745

Annual 2016 479 $346,062 67 $193,776 8 216 $105,052 762

Yr/Yr % Change 24.4% -1.7% -1.5% 21.8% -42.9% -26.0% 13.4% 2.3%Source: The City and County of Broomfield, Building Division


Real EstateOFFICE MARKET

TheBroomfieldofficemarkethadover6.5millionsquarefeetofspaceduringthefourthquarterof2016.Thethreeofficetypesreportedmixedtrendsduringthefourthquarterof2016comparedwiththeprioryear.ThevacancyrateforClassAofficespaceincreased2percentagepointsbetweenthefourthquartersof2015and2016to10.5percentvacancy,asshowninTable3.5onthenextpage.TheaverageleaserateofClassAspacewas$28.39persquarefoot,adecreaseof1.6percentover-the-year.ClassBofficespacerecordeda0.5percentagepointincreaseinvacancy,anda6.2percentincreaseintheaverageleaserateto$24.79persquarefootduringtheperiod.ThevacancyrateforClassCspacefell2.4percentagepointsover-the-yearto2.6percentandtheaverageleaseratefell13.5percentto$15.32persquarefootduringthesameperiod.

TheMetroDenverofficemarketalsorecordedmixedtrendsinvacancyratesandaverageleaseratesbetweenthefourthquartersof2015and2016.ThevacancyrateforClassAofficespacerose0.4percentagepointsover-the-yearto10.1percentvacancyandtheaverageleaserateincreased1percentto$30.41persquarefoot.Thisaverageleaseratewas$2.02persquarefootmorethantheBroomfieldrate.ClassBofficespacerecordedavacancyrateof10percent,0.6percentagepointslowerthanthepreviousyear,andtheaverageleaseraterose5percentto$22.56persquarefootduringtheperiod.ClassCspaceinMetroDenverreporteda0.6percentagepointdeclineinthevacancyrateover-the-yearto4.2percentanda7.6percentincreaseintheaverageleaserate.

INDUSTRIAL MARKET

TheBroomfieldindustrialmarketconsistedofover3.6millionsquarefeetofspaceduringthefourthquarterof2016,asshowninTable3.5onthenextpage.Theindustrialmarketrecordedavacancyrateof2.5percentduringthefourthquarterof2016,a1.4percentagepointdeclinecomparedwiththefourthquarterof2015.Theaverageleaseratefortheindustrialmarketwas$6.80persquarefoot,anincreaseof16percentover-the-year.TheBroomfieldaverageleaseratewas$0.61persquarefootlowerthantheMetroDenveraverageleaserateduringtheperiod.

TheMetroDenverindustrialmarkethadnearly211millionsquarefeetofspaceduringthefourthquarterof2016.Theindustrialmarketvacancyraterose0.7percentagepointsbetweenthefourthquartersof2015and2016to3.8percent.Thiswas1.3percentagepointshigherthantheBroomfieldvacancyrateduringtheperiod.TheaverageleaserateforindustrialspaceinMetroDenverwas$7.41persquarefootduringthefourthquarterof2016,anincreaseof5.4percentcomparedwiththepreviousyear’slevel.

RETAIL MARKET

TheretailmarketinBroomfieldhadnearly4.8millionsquarefeetofspaceduringthefourthquarterof2016,asshowninTable3.5onthenextpage,representing2.9percentofretailspaceinMetroDenver.Theretailmarketvacancyratewas11.5percentduringthefourthquarterof2016,a1.4percentagepointdecreaseinvacancycomparedwiththepreviousyear’slevel.TheBroomfieldvacancyratewas7percentagepointshigherthantheMetroDenvervacancyrateduringtheperiod.TheaverageleaseratefortheretailmarketinBroomfieldrose43.7percentover-the-yearto$16.77persquarefoot.

TheretailmarketinMetroDenverconsistedofnearly165millionsquarefeetofspaceduringthefourthquarterof2016,anincreaseof0.8percentoverthepreviousyear’slevel.Theretailvacancyratefell0.5percentagepointsbetweenthefourthquartersof2015and2016to4.5percent.TheaverageleaserateforretailspaceinMetroDenverwas$16.55persquarefootduringtheperiod,anincreaseof3.4percentover-the-year.TheaverageleaserateforretailspaceinMetroDenverwas$0.22persquarefootlowerthantheBroomfieldlevelduringthefourthquarterof2016.


Table 3.6 - Broomfield Real Estate Markets 4Q-2016

TOTAL EXISTING SQUARE FOOTAGE

VACANCY RATES AVERAGE LEASE RATE (PER SQ. FOOT)

4Q 2015 4Q 2016 4Q 2015 4Q 2016 4Q 2015 4Q 2016

OfficeBroomfield

Class A 3,068,913 3,171,782 8.5% 10.5% $28.84 $28.39

Class B 3,163,749 3,174,758 7.1% 7.6% $23.34 $24.79

Class C 178,857 178,857 5.0% 2.6% $17.72 $15.32

Metro DenverClass A 63,156,108 63,960,404 9.7% 10.1% $30.11 $30.41

Class B 94,275,993 94,836,072 10.6% 10.0% $21.48 $22.56

Class C 21,570,561 21,570,561 4.8% 4.2% $17.28 $18.59

IndustrialBroomfield 3,413,728 3,624,758 3.9% 2.5% $5.86 $6.80

Metro Denver 206,176,085 210,685,070 3.1% 3.8% $7.03 $7.41

RetailBroomfield 4,730,551 4,766,566 12.9% 11.5% $11.67 $16.77

Metro Denver 163,591,434 164,909,230 5.0% 4.5% $16.00 $16.55Source: CoStar, Inc.

COMMERCIAL BUILDING PERMITS

Therewereninecommercialrealestatepermitsissuedduringthesecondhalfof2016,asshowninTable3.6,representing381,680squarefeetofspace.TheFairfieldandResidenceInnwasthemostexpensiveoftheprojectsvaluedat$16.3million.TheAtriaAristaApartmentbuildingswerethesecondhighest-valuedprojects,withavaluationof$5.3millioneach.ThesmallestprojectbysquarefootagewasStarbucksCore&Shell, spanning2,150squarefeetandvaluedat$821,000.

Table 3.7 - Commercial Real Estate Permits, Second Half 2016

PROJECT DESCRIPTION VALUATION TOTAL SQUARE FOOTAGE

Fairfield & Residence Inn $16,329,441 145,083

Atria - Building 1 $5,295,080 88,294

Atria - Building 2 $5,295,080 88,294

Vista Pointe Core and Shell $1,976,500 25,824

7-Eleven $1,127,500 2,958

Starbucks Core & Shell $821,000 2,150

Auto Zone $600,000 7,147

Broomfield Professional Campus Building $158,000 19,994Source: The City and County of Broomfield, Building Division.

Real Estate

BROOMFIELDEconomic Development

Provided by: BroomfieldEconomicDevelopment OneDescombesDrive Broomfield,CO80020 303-464-5579 www.investbroomfield.com

Preparedby: DevelopmentResearchPartners,Inc. 10184WestBelleviewAve,Ste100 Littleton,Colorado80127 303-991-0070 www.developmentresearch.netMarch2017

2016 End of Year Economic Update - Broomfield...2016 End of Year Economic Report | 3 Economic...

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