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Majority of #Longmont’s largest employers plan new products, expansions

Posted on: Jul 23 16

by: admin

Longmont Times-Call

#Longmont’s economy continues to move forward, with more than half of its primary employers planning to expand and add new products during the next two to three years, according to a report released Friday.

“It’s really stable, but what’s exciting is how many companies say they are going to be growing,’’ said Wendi Nafziger, vice president and director of primary industry development at the Longmont Economic Development Partnership.

Among the highlights of the 2016 Existing Industry and Business report are:

•Money invested in capital projects is projected to rise to more than $111.9 million over the next three years, up from the $79.8 million reported last year.

•70 percent of employers surveyed report sales on the rise.

•88 percent plan to introduce new products in the next two years

•More than half plan to expand in the next three years.

The annual economic update was based on a survey of 117 of the 228 major employers in the area. These companies are responsible for some 7,129 of 11,560 jobs at these companies.

As with other Boulder Valley communities, Longmont’s economy

As with other Boulder Valley communities, Longmont’s economy increasingly is centered on technology, with 77 percent of local jobs occurring in advanced technology companies. Along with that advanced tech focus is an emphasis on research and development. Some 84 percent of primary employers are conducting R& D, up from 73 percent in 2015.

Along with strong growth, however, employers reported concerns with worker shortages, and building and land availability.

Boulder County has one of the lowest unemployment rates in the state and country at 2.9 percent, which makes finding skilled workers difficult for area employers. Some 48 percent of employers surveyed said they had difficulty recruiting, according to the report.

Another is the relative scarcity of high-quality #CRE office space and industrial facilities in #Longmont. “There is just not much retail, office and industrial space available,” Nafziger said. “We deal with that every single day.”

The Longmont report comes as a new state economic survey indicates steady growth across Colorado, after major surges in 2015.

Statewide, employers added 5,000 non-farm payroll jobs in the most recent report released Friday by the Colorado Department of Labor and Employment.

LCRE comment:  the above should increase demand for #Longmont #CRE.

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