According to the Colorado Business Economic Outlook for 2017, Colorado’s economy is projected to continue to grow at a steady rate. Regionally, the primary sectors driving growth are technology, agriculture, energy development and bioscience.
This region continues to rank in the top 10 nationally for innovation and technology patents and startups. Did you know that the Smithsonian is adding a display on Innovation Hot Spots and Fort Collins will be represented as a hub?
Northern Colorado is home to Colorado State University which has been a hub for clean energy, engineering, bioscience, software and agricultural technology, and local businesses have benefitted from the discoveries of new patents and innovations. Experts believe that the next 10 years could lead to major economic benefits for the region because of this focus. Areas like Loveland and Fort Collins will most likely see a sizeable rise in home prices and values.
It helps that Colorado boasts a healthy and vigorous job market. Even during the recent economic downturn, Colorado’s unemployment rate stayed below the national average and currently remains there.
Not only that, but housing is booming as well. Vacancy rates for multifamily apartments are low, and the housing market continues its inexorable climb up. Northern Colorado is a hot region in a hot state. Nationally, Colorado has the fourth fastest-growing population. Our state has become a magnet for those who want a state with a pleasant climate and a healthy balance between work and play.
More and more, people aren’t solely making decisions on where to live based on their jobs. Quality of life has become as important a factor as economic opportunity. In both cases, Colorado hits the sweet spot.