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Business Research Division | Leeds School of Business | University of Colorado Boulder
Richard Wobbekind
Executive Director
Business Research Division
Leeds School of Business
2016 Outlook: Headwinds or Tailwinds?Boulder Economic Forecast
January 13, 2016
Business Research Division | Leeds School of Business | University of Colorado Boulder
Real GDP GrowthQuarterly Real GDP
Source: Bureau of Economic Analysis and Consensus Forecasts.
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Percent Change, SAAR
Business Research Division | Leeds School of Business | University of Colorado Boulder
Long Term Real GDP Growth Trend
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Q2 1967 Q2 1973 Q2 1979 Q2 1985 Q2 1991 Q2 1997 Q2 2003 Q2 2009 Q2 2015
Percent Change 20-Year Quarterly Moving Average
Source: Bureau of Economic Analysis, Real GDP.
Business Research Division | Leeds School of Business | University of Colorado Boulder
National Employment
Sources: Bureau of Labor Statistics (Seasonally Adjusted), National Bureau of Economic Research, and the Business Research Division.
-900
-700
-500
-300
-100
100
300
500
2000 2002 2004 2006 2008 2010 2012 2014 2016
Thousands, Month-over-Month
Rec
essi
on 1
8 M
onth
s
Rec
essi
on 8
Mon
ths
Business Research Division | Leeds School of Business | University of Colorado Boulder
State Employment GrowthPre-Recession Peak to November 2015
Source: Bureau of Labor Statistics (Seasonally Adjusted).
Business Research Division | Leeds School of Business | University of Colorado Boulder
Labor Underutilization
Source: Bureau of Labor Statistics (Seasonally Adjusted).
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
1994 1997 2000 2003 2006 2009 2012 2015
U-6
U-5U-4U-3
U-2
U-1
Percentage of Labor Force
Business Research Division | Leeds School of Business | University of Colorado Boulder
9.6%
5.5%
3.9%3.3%
3.6%
0%
2%
4%
6%
8%
10%
12%
20-24 25-34 35-44 45-54 55-64
Unemployment Rate
Labor Force and Unemployment RateNational, by Age Cohort, November 2015
70.5%
80.7% 82.2%79.7%
64.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
20-24 25-34 35-44 45-54 55-64
Labor Force Participation Rate
Source: Bureau of Labor Statistics, all data seasonally adjusted except for ages 55-64.
Business Research Division | Leeds School of Business | University of Colorado Boulder
U.S. Income and Consumption
Source: Consensus Forecasts.
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2006 2008 2010 2012 2014 2016
Percent Change
Real Personal Consumption
2.9%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2006 2008 2010 2012 2014 2016
Percent Change
Real Disposable Income
2.9%
Business Research Division | Leeds School of Business | University of Colorado Boulder
Household WealthQ2 2000-Q2 2015
-20
0
20
40
60
80
100
Q1 2000 Q1 2003 Q1 2006 Q1 2009 Q1 2012 Q1 2015
$ Trillions
Mutual
Funds
Corporate
Equities
Real
Estate
Other
Assets
Total
Liabilities
Source: Federal Reserve Board, Balance Sheet of Households and Nonprofit Organizations (B100) (Not Seasonally Adjusted).
Business Research Division | Leeds School of Business | University of Colorado Boulder
Household Debt BurdenPercent of Disposable Income
Source: Federal Reserve, Household Debt Service and Obligations Ratios.
13.0
14.0
15.0
16.0
17.0
18.0
19.0
20.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
1980Q1 1983Q3 1987Q1 1990Q3 1994Q1 1997Q3 2001Q1 2004Q3 2008Q1 2011Q3 2015Q1
FORDSR
Financial Obligations RatioDebt Service Ratio
Business Research Division | Leeds School of Business | University of Colorado Boulder
0
20
40
60
80
100
120
140
160
1990 1992 1995 1997 2000 2002 2005 2007 2010 2012 2015
1985=100Recession
8 months
United States
Mountain Region
Index of Consumer Confidence
Recession
18 months
Source: The Conference Board and National Bureau of Economic Research.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Vehicle Sales and Retail Sales
0
5,000
10,000
15,000
20,000
25,000
2005 2007 2009 2011 2013 2015
Vehicle SalesThousands, SAAR
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
2005 2007 2009 2011 2013 2015
Retail and Food Services SalesYOY, Percentage Change
Source: Seasonally Adjusted Annual Rate, Autodata Corp., Motor Intelligence, U.S. Census Bureau.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Nominal Corporate Profits and U.S. Business Fixed Investment
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2006 2008 2010 2012 2014 2016
Percent Change
Nominal Pre-Tax Corporate Profits
Source: Bureau of Economic Analysis, Consensus Forecasts.
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
2006 2008 2010 2012 2014 2016
Percent Change
Business Fixed Investment
4.3%
3.3%
Business Research Division | Leeds School of Business | University of Colorado Boulder
ISM Indices
Source: Institute for Supply Management (ISM).
30
35
40
45
50
55
60
65
70
2003 2005 2007 2009 2011 2013 2015
ISM Manufacturing Index
30
35
40
45
50
55
60
65
70
2003 2005 2007 2009 2011 2013 2015
ISM Non-Manufacturing Index
Business Research Division | Leeds School of Business | University of Colorado Boulder
National FHFA Home Price GrowthYear over Year Q3 2015
Source: Federal Housing Finance Agency Home Price Index, All Transactions Index.
Business Research Division | Leeds School of Business | University of Colorado Boulder
National Housing Starts
Sources: U.S. Census Bureau and Consensus Forecasts.
1.3
0.0
0.5
1.0
1.5
2.0
2.5
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Millions
Business Research Division | Leeds School of Business | University of Colorado Boulder
Money, Interest Rates, and Prices
Business Research Division | Leeds School of Business | University of Colorado Boulder
Interest Rates
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2000 2002 2004 2006 2008 2010 2012 2014 2016
Percent Interest Rates, 2000-2017 (Forecast)
10-Year Treasury
3-Month Treasury
Source: Moody’s
Business Research Division | Leeds School of Business | University of Colorado Boulder
The FEDBalance Sheet, 2007-2015
• QE 1, QE 2, QE 3
• Fed promises near zero interest rates until mid-2013, 2014, 2015, 2016
• Operation Twist
• Swaps
• Tapering
• Tapering Complete
• Federal Funds Rate Increase?
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2007 2008 2009 2010 2011 2012 2013 2014 2015
Other Assets
Mortgage BackedSecurities
Federal Agency DebtSecurities
Treasury Securities
$ Millions
Source: Federal Reserve Balance Sheet.
Business Research Division | Leeds School of Business | University of Colorado Boulder
National Inflation
-0.03
-0.02
-0.01
0
0.01
0.02
0.03
0.04
0.05
0.06
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
All Items
All Items Less Food and Energy
Shelter
Percent
Source: Moody’s
Business Research Division | Leeds School of Business | University of Colorado Boulder
International and National Summary
Global output and trade growth
Value of the dollar strengthening
GDP growth nearing potential
Balance sheets getting stronger
Rising (but low) interest rates
Subdued inflation
Business Research Division | Leeds School of Business | University of Colorado Boulder
Colorado Economy
Business Research Division | Leeds School of Business | University of Colorado Boulder
Change in Population
4th-fastest state for percentage growth
8th-fastest state for absolute growth
22nd-most populated state in nation
Continued net migration into the state
83% of population along Front Range
Source: Colorado Demography Office.
0
20
40
60
80
100
120
2004 2009 2014 2019 2024 2029 2034 2039
Thousands
Change in Colorado Population 2004-2040
Na
tura
l Incre
ase
Net M
igra
tion
Business Research Division | Leeds School of Business | University of Colorado Boulder
Colorado Employment GrowthJobs Added, 1991-2016
-150
-100
-50
0
50
100
1991 1996 2001 2006 2011 2016
Thousands
65,100
Best years
since 2000
Source: Bureau of Economic Analysis, NIPA Table 3.18B, Consensus Forecasts.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Employment RecoveryNational, State, and Local
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95
Percent
Number of Months Since Peak
National
Colorado
Colorado
Springs
Greeley
Ft. Collins-
Loveland
Pueblo
Grand
Junction
Boulder
Denver
Source: Bureau of Labor Statistics (Seasonally Adjusted).
Business Research Division | Leeds School of Business | University of Colorado Boulder
Employment Change2015-2016
Natural Resources and Mining
Information
Other Services
Manufacturing
Financial Activities
Government
Leisure and Hospitality
Construction
Trade, Transportation, and Utilities
Education and Health Services
Professional and Business Services
-4.0 0.0 4.0 8.0 12.0 16.0Thousands of Jobs
Source: Boulder Economic Outlook Forum (BEOF).
Business Research Division | Leeds School of Business | University of Colorado Boulder
0 2 4 6
Grand Junction
Colorado Springs
Pueblo
Boulder
Denver-Aurora-Lakewood
Greeley
Fort Collins
Percentage
Unemployment RateNovember 2015
Colorado 3.5% NSA,
3.6% SA
0 1 2 3 4 5
Grand Junction
Colorado Springs
Pueblo
Boulder
Denver-Aurora-Lakewood
Greeley
Fort Collins
Percentage
Employment Growth Rate, November YoY
Colorado 1.8%
Regional Employment Growth and Unemployment
Sources: CES (Seasonally Adjusted) and LAUS (Not Seasonally Adjusted).
Business Research Division | Leeds School of Business | University of Colorado Boulder
Construction
Value of Construction
Nonresidential
30%
Nonbuilding
14%
Residential
55%
Photo Courtesy www.rtd-fastracks.com
Business Research Division | Leeds School of Business | University of Colorado Boulder
Housing Units vs. HouseholdsAnnual Change
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Housing Units
Households
Sources: Colorado State Demography Office.
Business Research Division | Leeds School of Business | University of Colorado Boulder
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2003 2005 2007 2009 2011 2013 2015 YTD
Total State Foreclosures Over Time
Filings
Sales
Colorado Foreclosures2004-2015
Source: Colorado Division of Housing. 2015 data available through September.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Federal Housing Finance Agency (FHFA)House Price Index by MSA
Source: Federal Housing Finance Agency, All Transactions Indexes.
0.0 3.0 6.0 9.0 12.0 15.0
Grand Junction
Colorado Springs
Pueblo
Greeley
Fort Collins
Boulder
Denver-Aurora-Lakewood
Percent
Q3 2014 – Q3 2015
0.0 1.0 2.0 3.0 4.0
Grand Junction
Colorado Springs
Pueblo
Greeley
Fort Collins
Boulder
Denver-Aurora-Lakewood
Percent
CAGR Q3 2005 – Q3 2015
Colorado 12.7% Colorado 2.5%
Business Research Division | Leeds School of Business | University of Colorado Boulder
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
36,750
Residential Building Permits2006-2016
Sources: U.S. Census Bureau and Colorado Business Economic Outlook Committee.
Multifamily
Single
Family
Residential Housing:
• Home appreciation among the fastest nationally
• Mostly single family permits in 2016
• Lowest foreclosure rate in two decades
Business Research Division | Leeds School of Business | University of Colorado Boulder
Value of Construction2006-2016
Sources: McGraw-Hill Construction Dodge Research and Analytics and Colorado Business Economic Outlook Committee.
$16.8 B
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$ Millions
Nonbuilding
Residential
Nonresidential
Business Research Division | Leeds School of Business | University of Colorado Boulder
Colorado Manufacturing Real GDP
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
5,000
10,000
15,000
20,000
25,000
2000 2002 2004 2006 2008 2010 2012 2014
Annual Percentage Change
Current US Dollars (Billions)
$19.8
Source: Bureau of Economic Analysis.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Electricity and Natural Gas Consumption
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2006 2008 2010 2012 2014 2016
Million kWhElectricity Consumption
2006-2016
54,262
0
100
200
300
400
500
600
2006 2008 2010 2012 2014 2016
Billion Cubic Feet
Natural Gas Consumption 2006-2016
481.8
Sources: Edison Electrical Institute Statistical Yearbook, Xcel Energy, and Colorado Business Economic Outlook Committee.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Retail Trade Sales
Sources: Colorado Department of Revenue and Colorado Business Economic Outlook Committee.
5.6
-15.0
-10.0
-5.0
0.0
5.0
10.0
2006 2008 2010 2012 2014 2016
Percent Change
Nominal Growth
Real Growth
Colorado Retail Trade Sales
2006-2016
50
55
60
65
70
75
80
85
90
95
2001 2003 2005 2007 2009 2011 2013 2015
Colorado Taxable Retail Sales12-Month Rolling Sum
12-Month Rolling Sum,
$ Millions
70 Months
Business Research Division | Leeds School of Business | University of Colorado Boulder
Colorado General FundGross Revenue (excluding reserves, diversions, and transfers)
Source: Colorado Office of State Planning and Budgeting, excluding reserves, diversions, and transfers, December 2014.
6,000
6,600
7,200
7,800
8,400
9,000
9,600
10,200
10,800
11,400
12,000
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
$ Millions
Business Research Division | Leeds School of Business | University of Colorado Boulder
Employment and New Entity Filings
60,000
65,000
70,000
75,000
80,000
85,000
90,000
95,000
100,000
105,000
110,000
2,100
2,150
2,200
2,250
2,300
2,350
2,400
2,450
2,500
2,550
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Employment, thousands 12-month total new entity filings
New Entity Filings
Employment
Note: Solid line displays actual seasonally adjusted employment numbers; dotted line reflects calculated forecasts.Source: Seasonally adjusted. Colorado total nonfarm employees from the Bureau of Labor Statistics, Current Employment Statistics (CES), calculations by BRD research team.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Colorado Economic Indicators
Colorado Economic Indicators
Year
Consumer
Price
Inflation
Percent
Change
Retail Sales
Percent Change
Personal Income
Unemployment
Rate
Percent
Change
Employment
2013a 2.77 4.76 2.88 6.53 2.99
2014a 2.78 6.62 6.04 4.94 3.32
2015 0.22 5.38 5.07 4.08 2.94
2016 1.20 5.44 5.81 3.35 2.17
2017 2.29 7.00 6.92 3.71 2.55
2018 2.48 6.38 6.68 3.88 2.48
2019 2.55 4.50 5.08 3.95 1.85
2020 2.42 3.46 3.98 4.15 1.12
2021 2.38 3.42 3.86 4.37 1.16aHistorical data. Note: Represents annual averages of the month-to-month growth rate.
Business Research Division | Leeds School of Business | University of Colorado Boulder
U.S. and Colorado Economies
25
30
35
40
45
50
55
60
65
70
75
Q12004
Q12005
Q12006
Q12007
Q12008
Q12009
Q12010
Q12011
Q12012
Q12013
Q12014
Q12015
Q12016
National and State Expectations
Colorado
United States
Index (50=Neutral)
Q1 2004 – Q1 2016
Business Research Division | Leeds School of Business | University of Colorado Boulder
State Summary
Colorado outperforms nation in
employment growth
Energy Impact
Falling unemployment
Labor force pressures
Full employment
Growing population
Strong in-migration
Business Research Division | Leeds School of Business | University of Colorado Boulder
Concerns
Fed funds target rate
Cost of housing
Availability of labor
Price of oil
El Niño
Median family income
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder County
Courtesy of the Regents of the University of Colorado.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Real Gross Domestic ProductBoulder MSA
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
$0
$5,000
$10,000
$15,000
$20,000
$25,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Percentage ChangeMillions of Chained 2009 Dollars
Source: Bureau of Economic Analysis.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder County
Educational Attainment
Adults over age 25 with a bachelor’s degree or higher
U.S. 30.1%
Colorado 38.3%
Boulder 58.0%
Adults over age 25 with a high school diploma or higher
U.S. 86.9%
Colorado 90.5%
Boulder 94.3%
Employment and Education, 2014
Management5% Business and
Financial7%
Computer and Mathematical
7%
Architecture and
Engineering 4%
Life Physical and Social
Science 4%
Education Training and
Library 7%
Arts Design Entertainment
Sports and Media
2%Healthcare Practitioners
and Technical 5%
Other59%
Employment by occupation
Source: Bureau of Labor Statistics, Quarterly Census of Employment and Wages; Census, 2014 American Community Survey 1-Year Estimates.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder County
Manufacturing14%
Retail trade5%
Health Care & Social
Assistance10%
Information9%
Government15%
Professional & Technical
Services25%
Other24%
Wages by Industry
Employment and Wages, 2014
Manufacturing10.3%
Retail trade9.8%
Health Care & Social
Assistance11.8%
Information4.9%
Government16.1%
Professional & Technical
Services14.9%
Other32.1%
Employment by Industry
Sources: Bureau of Labor Statistics, Quarterly Census of Employment and Wages.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Non-Ag EmploymentBoulder MSA
145.0
150.0
155.0
160.0
165.0
170.0
175.0
180.0
185.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Thousands
55 Months
+10,300 jobs, 6.1%146 Months
Source: Bureau of Labor Statistics, CES (SA).
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder County Wages
$6,500
$7,000
$7,500
$8,000
$8,500
$9,000
$9,500
$10,000
$10,500
Q2 2003 Q4 2004 Q2 2006 Q4 2007 Q2 2009 Q4 2010 Q2 2012 Q4 2013 Q2 2015
$ Millions
Annual Rate (4Q Rolling)
Source: Bureau of Labor Statistics, QCEW Data Series, NSA.
+$1.7 B
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder County Average Wages
$40,000
$42,000
$44,000
$46,000
$48,000
$50,000
$52,000
$54,000
$56,000
$58,000
$60,000
Q2 2002 Q2 2004 Q2 2006 Q2 2008 Q2 2010 Q2 2012 Q2 2014
$ Millions
Annual Rate (4Q)
Source: Bureau of Labor Statistics, QCEW Data Series, NSA.
+13.1%
Business Research Division | Leeds School of Business | University of Colorado Boulder
2014 Average Annual Wages
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
Dollars
Colorado: $52,724
Front Range
$59,858
Source: Bureau of Labor Statistics, QCEW.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder MSA Employment Change1-Year Change, November 2015
Professional and Business Services
Manufacturing
Trade, Transportation, and Utilities
Information
Financial Activities
Other Services
Mining, Logging, Construction
Leisure and Hospitality
Education and Health Services
Government
-2,000 -1,500 -1,000 -500 0 500 1,000 1,500 2,000 2,500Jobs
1-Year Employment Growth
Source: Bureau of Labor Statistics, CES (NSA).
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder MSA Employment Change10-Year Change, November 2015
Manufacturing
Mining, Logging, Construction
Information
Financial Activities
Other Services
Trade, Transportation, and Utilities
Professional and Business Services
Leisure and Hospitality
Education and Health Services
Government
-2,000 0 2,000 4,000 6,000 8,000 10,000Jobs
Source: Bureau of Labor Statistics, CES (NSA).
Business Research Division | Leeds School of Business | University of Colorado Boulder
Single Family v. Multifamily PermitsBoulder MSA, Year-to-Date through November 2015
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Permits
MultifamilySingle Family
Source: U.S. Census Bureau.
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2014YTD
2015YTD
Permits
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder
300
400
500
600
700
800
900
1,000
1,100
300,000
350,000
400,000
450,000
500,000
550,000
600,000
650,000
700,000
750,000
800,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
Dollars Number of Homes Sold
Median Price of Single Family Homes Sold, Number of SF Homes Sold
Source: Boulder Area Realtor Association. *YoY through November 2014.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Commercial Vacancy Rates: City of Boulder
0
3
6
9
12
15
18
Q2
06
Q2
08
Q3
09
Q3
10
Q3
11
Q3
12
Q3
13
Q3
14
Q3
15
Office Warehouse
Flex Retail
Percent
Source: Newmark Grubb Knight Frank.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Boulder County Value of Construction
0
200
400
600
800
1,000
1,200
1,400
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$ Thousands
Value of Construction, Colorado 2003-2013
Nonbuilding
ResidentialNonresidential
0
200
400
600
800
1,000
1,200
1,400
2014 YTD 2015
November YTD2014-2015
$ Thousands
Sources: McGraw-Hill Construction Dodge Research and Analytics.
Business Research Division | Leeds School of Business | University of Colorado Boulder
Retail Sales – State Collections
3.2
3.4
3.6
3.8
4.0
4.2
4.4
4.6
4.8
5.0
5.2
2005 2007 2009 2011 2013 2015
Boulder County Retail Sales,12-Month Rolling Sum$ Billions
Boulder County v. Colorado
Source: Colorado Department of Revenue.
100
105
110
115
120
125
130
135
140
145
150
155
2005 2007 2009 2011 2013 2015
Taxable Retail Sales
Colorado
Boulder County
Indexed
Business Research Division | Leeds School of Business | University of Colorado Boulder
Venture Capital Investment
$0
$50
$100
$150
$200
$250
Q1
07Q
3 07
Q1
08Q
3 08
Q1
09Q
3 09
Q1
10Q
3 10
Q1
11Q
3 11
Q1
12Q
3 12
Q1
13Q
3 13
Q1
14Q
3 14
Q1
15Q
3 15
Boulder Quarterly VC FundingMillions
City of Boulder
Source: PwC/NVCA MoneyTree, Boulder County Business Report.
Software, 41.1%
Biotechnology, 39.3%
Consumer Products and
Services, 11.0%
Semiconductors, 8.6%
Boulder VC Industry Allocation
Business Research Division | Leeds School of Business | University of Colorado Boulder
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