2017 Economic Profile - JeffcoEDCjeffcoedc.org/wp-content/uploads/2017/10/2017-jeffco...Jeffco...
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2017 Economic Profile
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Workforce & Population Jefferson County EDC Economic Profile 32 Jefferson County EDC Economic Profile At A Glance
Jefferson CountySQUARE MILES 773.2
POPULATION 565,230
MEDIAN AGE 41.3
HOUSEHOLDS 237,147
LABOR FORCE 317,527
NUMBER OF JOBS 234,662
AVERAGE WAGE $54,392.00
UNEMPLOYMENT RATE 2.5%
Lakewood
Golden
Arvada
Morrison
Conifer
Genesee
Edgewater
Evergreen
WheatRidge
6
58
470
470
285
6
93
72
391
874
88
88
285
Westminster
At a Glance Workforce & Population
PopulationTotal
PopulationJeffco Only Population
JEFFERSON COUNTY 565,230 565,230
ARVADA* 115,174 111,948
BOW MAR* 944 295
EDGEWATER 5,315 5,315
GOLDEN 20,370 20,370
LAKESIDE 8 8
LAKEWOOD 153,024 153,024
LITTLETON* 44,611 2,542
MORRISON 437 437
MOUNTAIN VIEW 533 533
SUPERIOR* 12,989 0
WESTMINSTER* 112,737 43,885
WHEAT RIDGE 31,210 31,210
UNINCORPORATED 195,663 195,633
DENVER MSA 3,075,701 N/A
COLORADO 5,456,584 N/A
*Municipality is located in multiple counties. Source: Colorado State Demography Office, 2016
White78.3%
Hispanic or Latino
14.3%
5-14 yrs12.3%
15-24 yrs12%
25-34 yrs12.5%35-44
yrs12.7%
45-54 yrs
14.8%
55-64 yrs
15.1%
65-74 yrs9.4%
75-84 yrs4.3%
85+ yrs1.9%
<5 yrs 5%
Black or African American
1.1%
Age Distribution
Cultural DiversityAsian & Pacific
Islander2.9%
Other1.7%
American Indian, Alaska Native
1.7%
Source: U.S. Census Bureau, 2015
Source: U.S. Census Bureau, 2015
Labor ForceJefferson County Denver MSA Colorado
TOTAL LABOR FORCE 317,527 1,649,882 2,933,300
UNEMPLOYMENT RATE 2.5% 3.6% 2.6%
Source: Colorado Department of Labor & Employment, 2015, and Development Research Partners
Jefferson County, Colorado forms the western boundary of metropolitan Denver and offers a diversified geographical setting, from urban and rural lifestyles, to thriving mountain communities in the beautiful Rocky Mountains.
The county is home to some of the world’s most successful and diverse companies that are creating world-class technologies and products. These companies are benefiting from the many qualities that make Jefferson County a premier business location.
HIGHLY EDUCATED WORKFORCE – Jefferson County has a nationally acclaimed K-12 school district and a highly educated workforce. More than 42% of the residents in the county have a bachelor’s degree or higher, helping position Colorado as the nation’s second-most educated workforce. Businesses in the county have access to a labor market that boasts the third-highest concentration of high-tech workers in the nation.
BUSINESS-FRIENDLY TAX ENVIRONMENT – Companies in Jefferson County enjoy a pro-business tax climate that rewards investment, growth and innovation. With a low tax environment at state and local levels, the county continues to provide a business-friendly environment.
STRATEGIC LOCATION – WIth its close proximity to Denver International Airport and major transportation corridors, Jefferson County’s integrated, cutting-edge infrastructure helps businesses efficiently reach markets locally and internationally.
CENTER OF EXCELLENCE – Jefferson County is at the epicenter of innovation and entrepreneurial activity. The county’s prominent role as a high-tech leader is greatly enhanced by the presence of the National Renewable Energy Laboratory and the Colorado School of Mines.
UNMATCHED QUALITY OF LIFE - With over 300 days of sunshine and diverse recreational opportunities, Jefferson County is one of the most active and healthiest regions in the country.
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Business & Industry Jefferson County EDC Economic Profile 54 Jefferson County EDC Economic Profile Business & Industry
Business & Industry
Industry Cluster BreakdownIndustry Establishments Employment
AEROSPACE 18 6,049
AVIATION 108 475
BEVERAGE PRODUCTION 20 2,167
BANKING & FINANCE 566 3,692
BROADCASTING & TELECOMMUNICATIONS 408 2,088
CLEANTECH 435 6,767
FOSSIL FUELS 281 2,401
HEALTHCARE & WELLNESS 3,346 29,010
INSURANCE 688 3,090
INVESTMENTS 1,246 2,470
IT-SOFTWARE 902 6,841
MEDICAL DEVICE & DIAGNOSTICS 62 3,346
PHARMACEUTICALS & BIOTECHNOLOGY 41 385
Total 8,121 68,781
Source: Jeffco EDC, 2017
Top Primary EmployersEmployer Product/Service Employees
LOCKHEED MARTIN Aerospace & Defense 6,274
LUTHERAN MEDICAL CENTER Medical Services 2,506
MILLERCOORS BREWING COMPANY Beverages 2,255
TERUMO BCT Medical Technology 2,220
ST. ANTHONY HOSPITAL Medical Services 1,800
NATIONAL RENEWABLE ENERGY LABORATORY Research Laboratory 1,700
BALL CORPORATION Aerospace Mfg. & Bottle Facility 1,573
FIRSTBANK HOLDING CO. OF COLORADO Financial Services 1,372
HOMEADVISOR Home Improvement & Repair 1,132
COORSTEK Ceramic Component Mfg. 1,100
KAISER PERMANENTE Healthcare 680
Professional,Business,
Education &Health
Services35.9%
Employment DistributionAgriculture& Mining
1.6%
Retail Trade24.2%
Construction5.0%
Manufacturing13.2%
WholesaleTrade2.4%
Transportation,Communication
& Utilities 2.4%
Finance, Insurance, Real Estate
5.8%
Other.6%Government
8.9%
Source: Development Research Partners, 2016Source: Colorado Department of Labor & Employment, 2017
Business & IndustryASSESSMENT RATIOS
Commercial Property 29%
Residential Property 7.96%
MILL RATES
Jefferson County 24.709 mills
School District 45.941 mills
City/Special Districts Varies by location
STATE INCOME TAX
Personal Income Tax 4.63%
Corporate Income Tax 4.63%
Mill rates (dollars of tax per $1,000 of assessed valuation) are determined by individual entities within Jefferson County. Real and business personal property
are assessed at 29%.
Source: Colorado Division of Property Taxation, 2017 & Jefferson County, 2017
State City County*RTD/CD** Total
ARVADA 2.9 3.46 0.5 1.1 7.96
EDGEWATER 2.9 3.50 0.5 1.1 8.00
GOLDEN 2.9 3.00 0.5 1.1 7.50
LAKESIDE 2.9 2.10 0.5 1.1 6.60
LAKEWOOD 2.9 3.00 0.5 1.1 7.50
MORRISON 2.9 3.75 0.5 1.1 8.25
MOUNTAIN VIEW 2.9 4.00 0.5 1.1 8.50
SUPERIOR 2.9 3.46 0.5 1.1 7.96
WESTMINSTER 2.9 3.85 0.5 1.1 8.35
WHEAT RIDGE 2.9 3.5 0.5 1.1 8.00
UNINCORPORATED 2.9 N/A 0.5 1.1 4.50
Sales Tax Rate
*Jeffco Open Space
**Regional Transportation District/Cultural Facilities District
SINGLE FACTOR TAX APPORTIONMENT - Colorado simplified its corporate income tax structure in 2008 changing from multiple factor to single factor apportionment, which assesses taxes on a company’s sales in Colorado only.
OCCUPATIONAL HEAD TAX – Jefferson County does not charge an occupational head tax to employers and employees.
Local & State Taxes
RIGHT TO WORK - Colorado is a modified right-to-work state, with the most progressive labor law in the country. The Colorado Labor Peace Act requires two elections and approval from 75 percent of a company’s workers before becoming unionized.
State Incentives & ResourcesColorado offers various targeted tax and cash incentive programs to companies creating new jobs and investment in the state.
Local Property Tax Incentives & RebatesLocal governments can provide property tax credits or incentives for qualifying businesses in its jurisdictions.
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Education Jefferson County EDC Economic Profile 76 Jefferson County EDC Economic Profile Education
EducationHigh School
Graduation StatisticsJefferson County¹
82.8%
Colorado²
78.9%
U.S. Average³
83.2%
ACT Test Scores
SAT Test Scores
Jefferson County21.6
Metro Denver20.6
Colorado US Average20.820.6
Reading Writing MathematicsCOLORADO 587 571 589
US AVERAGE 494 482 508
Sources: Colorado Department of Education¹,², 2016 U.S Department of Education³
Source: Colorado Department of Education, 2016
Jeffco Public Schools has been providing educational excellence for more than 60 years. Approximately nine percent of all the K-12 students in Colorado attend a Jeffco School. The official enrollment count for the 2015-16 school year is 86,721.
Highlights- Jeffco students continue to outperform the state in all
grade levels and content areas on CMAS and PSAT 10 tests.
- In 2016, Jeffco high school graduates received approximately $75 million in scholarships.
- U.S. News & World Report ranks eight Jeffco high schools in the top 50 schools in Colorado on their 2016 Best High Schools list: D’Evelyn (#4), Evergreen (#13), Conifer (#17), Lakewood (#20), Chatfield (#25), Ralston Valley (#27), Dakota Ridge (#42), and Bear Creek (#45).
Education
Higher EducationFall Enrollment
4-YEAR COLLEGES & UNIVERSITIES
Colorado School of Mines* 5,932
Colorado State University 27,935
Metro State University 20,155
University of Colorado - Boulder 31,663
University of Colorado - Denver 18,658
University of Northern Colorado 10,058
4-YEAR PRIVATE COLLEGES & UNIVERSITIES
Colorado Christian University* 5,787
Johnson & Wales 1,388
Regis University 9,208
University of Denver 11,797
TWO YEAR PUBLIC COLLEGES
Aims Community College 5,298
Arapahoe Community College 10,004
Community College of Aurora 6,943
Front Range Community College 18,747
Red Rocks Community College* 7,789
Rocky Mountain College of Art & Design* 760
Total Fall Enrollment 192,122
*Located in Jefferson County
Sources: Colorado Commission of Higher Education & individual universities
Educational Attainment% of Total
JEFFERSON COUNTY
High school diploma or higher 94.4
Bachelor’s degree or higher 43.2
COLORADO
High school diploma or higher 92.1
Bachelor’s degree or higher 39.2
US AVERAGE
High school diploma or higher 87.1
Bachelor’s degree or higher 30.6
Source: US Census Bureau, American Community Survey, 2016
Jefferson County Colleges & UniversitiesCOLORADO CHRISTIAN UNIVERSITY – CCU delivers world-class education to thousands of students and offers more than 50 accredited degrees and programs. The university is currently redeveloping its campus in Lakewood. This $120 million project will completely transform the campus with 11 new buildings totaling 700,000 square feet.
COLORADO SCHOOL OF MINES – Ranking as the number one engineering school in the nation, Mines is a public research university devoted to engineering and applied science. The university has one of the highest admission standards of any public institution in the nation.
RED ROCKS COMMUNITY COLLEGE – RRCC offers more than 150 programs and 650 courses leading to two-year degrees and professional certificates. The college is one of the only community colleges in the nation to offer a master’s degree in Physician Assistant studies. RRCC has two campus locations in Lakewood and Arvada. Its Arvada campus recently expanded with a new 50,000 sq. ft. Health Professions and Science building.
ROCKY MOUNTAIN COLLEGE OF ART & DESIGN – RMCAD is a private art institution offering campus and online undergraduate and graduate degrees for creative careers.
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Real Estate Jefferson County EDC Economic Profile 98 Jefferson County EDC Economic Profile Transportation
Real Estate
IndustrialExisting Sq. Ft.
% Vacant
Avg. Lease Rate
(Per Sq. Ft.)
DENVER METRO
Industrial Warehouse
132,357,419 3.9 $7.37
Flex/R&D 10,091,325 11.2 $11.96
JEFFCO
Industrial Warehouse
7,945,473 3.5 $8.31
Flex/R&D 1,402,784 4.3 $10.24
RETAIL
Jeffco 34,558,121 5.2 $13.88
Metro Denver 164,909,230 4.5 $16.55
Business Park Acres
CANDELAS 1,451
ROONEY VALLEY 1,276
KELLER FARMS 1,200
DENVER FEDERAL CENTER 637
VERVE INNOVATION PARK AT RMMA 573
FEHRINGER RANCH 493
DENVER WEST BUSINESS PARK 450
WESTMOOR TECHNOLOGY PARK 425
UNION BOULEVARD CORRIDOR 418
COORS TECHNOLOGY CENTER 375
KEN CARYL BUSINESS CENTER 300
LAKEWOOD TECHNOLOGY PARK 300
ACADEMY PARK 250
CHURCH RANCH CORPORATE CENTER 145
MOUNTAIN PLAINS INDUSTRIAL CENTER 138
GENESSEE BUSINESS PARK 110
BELMAR 104
CANYON VIEW BUSINESS PARK 100
JEFFERSON CORPORATE CENTER 93
CIRCLE POINT CORPORATE CENTER 82
CORPORATE CENTER 79
JEFFERSON I RESEARCH CENTER 70
JEFFERSON II RESEARCH CENTER 54
44TH INDUSTRIAL PARK 51
Major Business Parks
Materials Installation Composite
SAN FRANCISCO 104.1 146.0 122.5
BOSTON 100.6 139.1 117.5
ATLANTA 98.1 75.6 88.6
CHICAGO 99.9 140.4 117.8
LOS ANGELES 100.2 117.2 107.1
KANSAS CITY 100.2 104.8 102.2
DENVER 101.6 80.4 92.3
PHOENIX 100.5 73.0 88.4
DALLAS 99.2 67.9 85.4
Construction Cost Index
OfficeExisting Sq. Ft.
% Vacant
Avg. Lease Rate
(Per Sq. Ft.)
DENVER METRO
Class A 63,960,404 10.1 $30.41
Class B 94,836,072 10.0 $22.56
Class C 21,570,561 4.2 $18.59
JEFFCO
Class A 5,416,175 7.3 $25.60
Class B 13,927,860 13.8 $19.09
Class C 3,453,958 5.7 $15.68
Real Estate Market Overview
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TransportationDENVER INTERNATIONAL AIRPORT (DEN) – Built in 1995, DEN is the 15th busiest airport in the world, and the 5th busiest in the U.S. With more than 53 million passengers each year, DEN is one of the of the most efficient airline hubs in the world. Home to 15 commercial carriers, the airport has more than 170 nonstop destinations, including 19 international locations. The airport’s new transit center opened in 2016, connecting passengers to downtown Denver’s Union Station.
ROCKY MOUNTAIN METROPOLITAN AIRPORT (RMMA) – Located in the north region of Jefferson County, RMMA is the closest airport to both downtown Denver and Boulder. RMMA serves as a reliever airport to Denver International Airport, and is the fourth busiest airport in Colorado. International travelers at RMMA have convenient access to an on-site U.S. customs office operating 24 hours per day. The absence of landing fees at RMMA make clearing U.S. customs easy and cost effective.
Verve Innovation Park is adjacent to RMMA on the southwest side, and consists of 573 acres of land available for development. The park is zoned for mixed-use, to include commercial, office, light manufacturing, and aviation.
THE REGIONAL TRANSPORTATION DISTRICT (RTD) – FASTRACKS PROJECT is the nation’s largest voter-approved transit expansion program. When complete in 2019, the $7.4 billion project will provide 122 miles of commuter/light rail with 57 stations and 18 miles of bus rapid transit for easy convenient connections across metro Denver.
Serving Jefferson County is the West Rail Line and the Gold Line.
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Living Here Jefferson County EDC Economic Profile 1110 Jefferson County EDC Economic Profile Living Here
Grocery Housing Utilities Transport Healthcare Composite
PHOENIX 94.6 98.6 95.2 102.1 95.3 98.6
SAN FRANCISCO 132.8 334.4 107.3 133.1 118.2 181.9
WASHINGTON D.C. 114.3 243.7 121.8 97.9 100.1 151.6
BOSTON 107.9 203.2 150.2 113.3 132.7 146.4
CHICAGO 103.5 140.9 87.1 133.0 103.3 117.6
DENVER 110.4 134.4 94.7 104.1 107.8 112.6
DALLAS 110.3 96.4 98.9 100.7 108.3 103.2
Source: The Council for Community and Economic Research, 2016
Cost of Living Index
Median Household Income Per Capita Personal Income
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Living Here Living Here
Climate
DAYS OF SUNSHINE PER YEAR
300+
HOTTEST MONTHJuly
(88° avg. high)
COLDEST MONTHDecember
(14° avg. low)
ANNUAL PRECIPITATION15.54 inches (avg.)
ANNUAL SNOWFALL55 inches (avg.)
AVERAGE HUMIDITY
38%
Sour
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LESS THAN $14,999 6.7%
$15,000-$24,999 6.4%
$25,000-$34,999 8.1%
$35,000-$49,999 12.4%
$50,000-$74,999 18.1%
$75,000-$99,999 14.7%
$100,000-$149,999 18.3%
$150,000-$199,000 8.1%
$200,000+ 7.1%
Household Income
Source: U.S. Census Bureau, 2015
Jefferson County Housing Costs
Median Home Price
$419,445
Average Monthly Rent$1,343
Homeowner Vacancy Rate
0.9%
Rental Vacancy Rate4.1%
Source: U.S. Census Bureau, 2015, and Colorado Comps, 2016
HealthcareLUTHERAN MEDICAL CENTER is a community-based, acute-care hospital located in Wheat Ridge. Local and national ratings organizations regularly recognize Lutheran for clinical excellence, patient safety and patient experience. Lutheran’s premier services include a five-star birthing center, Heart and Neurovascular Center, robotic surgery, Primary Stroke Center, Comprehensive Cancer Center, Orthopedics, a Level III Trauma Center, and emergency services including the first Senior Emergency Room in Colorado. Senior-focused services also include Senior Behavioral Health and a Senior Surgery Center. Lutheran operations Include West Pines, Lutheran Hospice, Bridges Health and Wellness, and Colorado Lutheran Home and Apartments.
ST. ANTHONY HOSPITAL, located in Lakewood, provides expert care with innovative technology. As a Level I Trauma Center, St. Anthony Hospital is a primary receiving center for the region’s most seriously ill and injured patients, and is the headquarters for Flight for Life Colorado. St. Anthony provides services in cardiology, stroke, neurosciences, oncology, and orthopedics. In addition, the St. Anthony Medical Campus is home to a Comprehensive Stroke Center, Neuroscience Center, Cancer Center, Breast Center and OrthoColorado Hospital, the only orthopedic specialty hospital in the region.
KAISER PERMANENTE serves its Jefferson County members from medical facilities in the cities of Arvada, Lakewood, Westminster and Wheat Ridge, as well as in the unincorporated areas of the county.
JEFFERSON COUNTY OPEN SPACE PROGRAM was created by a vote of Jefferson County citizens in 1972 to preserve open space land for present and future generations. The nationally recognized program is funded by a 0.5% sales tax on the county’s retail sales. To-date, the program has acquired 43,675 acres with 236 trail miles, and sees over 2.4 million visitors annually.
COLORADO HAS THE NATION’S LOWEST OBESITY RATE AND RANKS FIRST FOR PHYSICAL ACTIVITY
(Kaiser State Health Facts, 2016)
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