A CATALYST for 2019 Economic Profile 2019 Economic INNOVATION BOULDER NORTHWEST PARKWAY BOULDER ROCKY TURNPIKE MOUNTAIN METROPOLITAN AIRPORT 93 36 72 25 470 Westminster DENVER INTERNATIONAL 76 AIRPORT JEFFERSON Arvada COUNTY 70 70 58 Wheat 88 Golden Ridge CENTRAL Edgewater BUSINESS 6 DISTRICT 40 6 DENVER Lakewood 391 225 470 74 8 285 Morrison Evergreen 470 88 25 470 Conifer 285 AT A GLANCE 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 2019 Economic Profile Profile 2019 Economic companies are benefiting from the many qualities that make Jefferson County a premier business location. 2 JeffERSON COUNTY Advantages HIGHLY EDUCATED BUSINESS-FRIENDLY TAX STRATEGIC LOCATION WORKFORCE ENVIRONMENT With its close proximity to Jefferson County has a Companies in Jefferson County Denver International Airport nationally acclaimed K-12 enjoy a pro-business tax climate and major transportation school district and a highly that rewards investment, corridors, Jefferson County’s educated workforce. More growth and innovation. With a integrated, cutting-edge than 45.6% of the residents in low tax environment at the state infrastructure helps businesses the county have a bachelor’s and local levels, the county efficiently reach markets locally degree or higher, helping continues to provide a business- and internationally. position Colorado as the friendly environment. nation’s second most educated UNMATCHED QUALITY OF LIFE workforce. Businesses in the CENTER OF EXCELLENCE With over 300 days of sunshine county have access to a labor Jefferson County is at the and diverse recreational market that boasts the third epicenter of innovation and opportunities, Jefferson County highest concentration of high- entrepreneurial activity. The is one of the most active and tech workers in the nation. county’s prominent role as healthiest regions in the country. a high-tech leader is greatly enhanced by the presence of the National Renewable Energy Laboratory and the Colorado School of Mines. key Jefferson County Demographics 773.2 Square Miles Population 575,193 Median Age 40.4 Households 240,989 Labor Force 337,697 No. of Jobs 265,690 Profile 2019 Economic Average Wage $56,414 Unemployment 3.0% 3 Population POPULATION JEFFERSON COUNTY 575,193 ARVADA* 115,729* BOW MAR* 301* EDGEWATER 5,339 GOLDEN 20,844 LAKESIDE 8 LAKEWOOD 154,434 LITTLETON* 2,670* MORRISON 437 MOUNTAIN VIEW 538 SUPERIOR 0* WESTMINSTER 44,070* WHEAT RIDGE 31,327 UNINCORPORATED 199,496 *Municipality is located in multiple counties. Source: Colorado State Demography Office, 2018 METRO DENVER 3,154,134 COLORADO 5,609,445 3.04% 1.28% AGE DISTRIBUTION 20k 40k 60k 80k 100k Asian / Pacific Islander 15.31% Black / African American 70+ 61,546 Hispanic / Latino 60-69 70,174 50-59 84,553 Other 1.80% 40-49 74,200 CULTURAL American Indian /Alaska Native .45% DIVERSITY 30-39 83,978 White 2019 Economic Profile Profile 2019 Economic 20-29 73,050 78.12% 10-19 67,873 0-9 59,820 Source: U.S. Census Bureau, 2017 4 BUSINESS SIZE 50-99 Employees 2.5% 100-249 Employees 1.1% business & 20-49 Employees 250-499 Employees 0.2% 11.2% 500+ Employees 0.1% Industry 1-4 Employees 10-19 Employees 37.2% 21.3% 2018 JEFFERSON COUNTY 5-9 Employees GROSS REGIONAL PRODUCT EXPORTS IMPORTS 26.4% $31,18B $35,29B $38,44B Source: ESMI, 2019 LARGEST PRIMARY EMPLOYERS PRODUCT/SERVICE EMPLOYEES LOCKHEED MARTIN Aerospace & Defense 6,200 ST. ANTHONY HOSPITAL Medical Services 2,400 TERUMO BCT Medical Technology 2,400 LUTHERAN MEDICAL CENTER/SCL Medical Services 2,300 HEALTH MILLERCOORS Beverages 2,080 NATIONAL RENEWABLE ENERGY LAB. Research Laboratory 1,750 BALL CORPORATION Aerospace Mfg./Bottle Facility 1,700 FIRSTBANK HOLDING CO. OF COLORADO Financial Services 1,480 COORSTEK Ceramic Component Mfg. 1,300 HOMEADVISOR Home Improvement & Repair 1,130 Source: Jeffco EDC, 2019 KAISER PERMANENTE Healthcare 740 CONSTRUCTION & HEALTHCARE EDUCATION FINANCIAL SERVICES GOVERNMENT INFORMATION LEISURE & HOSPITALITY MANUFACTURING & LOGGING MINING SERVICES OTHER & BUSINESS PROFESSIONAL TRADE RETAIL TRANS./WAREHOUSE/UTIL. TRADE WHOLESALE TOTALS INDUSTRY INDUSTRY CLUSTER BREAKDOWN 16,334 34.212 28,226 19,476 899 7,455 29,209 3,784 7,169 239,839 11,391 36,095 5,063 40,291 EMPLOYED 129 302 2019 Economic Profile Profile 2019 Economic Source: 372 ESMI, 2019 2,304 1,560 1,642 2,149 ESTABLISHMENTS 525 1,496 1,736 2,317 Note: Industry data may not 178 5,835 add to all-industry total due to 20,556 rounding, suppressed data, etc. 5 Target Industries BEVERAGE AEROSPACE AVIATION PRODUCTION Jefferson County has the highest The aviation industry represents Jefferson County is a driving concentration of aerospace an important, growing facet of force behind the region’s employees in metro Denver, with Jefferson County’s diverse industry beverage production industry more than 30% of the region’s base. The county has the second- growth, and accounts for 25% INDUSTRY CLUSTER aerospace employment. highest concentration of aviation of the employment in metro companies in metro Denver, Denver. Companies: 303 making up 18% of the region’s total. Jobs: 10,601 Companies: 35 Companies: 35 Average Wage: $154,012 Jobs: 2,592 Jobs: 431 Average Wage: $99,448 Average Wage: $82,024 BIOSCIENCE ENERGY OUTDOOR RECREATION Jefferson County has one of Colorado’s largest bioscience economies. Employment in the Jefferson County is uniquely The outdoor recreation industry county’s bioscience industry positioned as a leader in the is a powerful economic engine, increased by 7% from 2013 to 2018, cleantech industry. With and is one of Jefferson County’s outpacing the national growth rate its strong industry base, fastest growing industry clusters. of 5.6%. companies specializing in Companies: 267 energy efficiency and renewable The county and its communities Jobs: 7,148 energy technologies are helping recognize that the outdoor Average Wage: $119,774 Jefferson County remain on recreation industry contributes the forefront of new energy to a high-quality of life, which 2019 Economic Profile Profile 2019 Economic development for the nation. helps attract, support, and foster business growth. Companies: 976 Jobs: 8,233 Companies: 217 Average Wage: $93,488 Jobs: 2,446 Source: Average Wage: $60,500 ESMI, 2019 6 Industry Diversity INDUSTRY DIVERSITY OVERVIEW Jefferson County’s strong industry clusters help diversify its 81.1% economy. The county has a terrific base of heritage companies RANK 596 creating world-class technologies. OUT OF 3,142 COUNTIES INDUSTRY CLUSTER JOBS NON-FUNCTION EMPLOYMENT 159,879 KNOWLEDGE-INTENSIVE BUSINESS SERVICES 24,367 9.2% T N E M DISTRIBUTIVE SERVICES 14,877 Y O L 5.9% P T M N E 5.6% 8.3% FINANCE, INSURANCE & REAL ESTATE 12,420 E Y T 5% M N 55% 60.2% Y 2.5% U O ENGINEERING-INTENSIVE MANUFACTURING 11,528 3.2% O L 4.7% C 5.3% L P A C M GOVERNMENT 11,295 5% I E P 4.3% 3.1% Y T Y 3.3% F T O N CAPITAL-INTENSIVE MANUFACTURING 8,116 1.7% % U 4.3% 1.6% O C N HEALTHCARE 6,937 3.1% O 2.6% RS 2.6% E 1.9% F MEDIA, ENTERTAINMENT & RECREATION 6,894 1.2% EF 0.5% F J % O HIGHER EDUCATION 5,030 CORPORATE MANAGEMENT & ADMINISTRATION 3,092 2019 Economic Profile Profile 2019 Economic AGRICULTURE & NATURAL RESOURCE EXTRACTION 1,252 TOTAL 265,690 Source: ESMI, 2019 7 LOCAL & STATE ASSESSMENT RATIOS Commercial Property 29% Residential Property 7.2% taxes MILL RATES Jefferson County 23.739 Mills City/Special Districts Varies by location STATE INCOME TAX Personal Income Tax 4.63% Corporate Income Tax 4.63% SALES TAX RATE STATE CITY COUNTY* STRTD/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 3.50 0.5 1.1 8.00 UNINCORPORATED 2.9 N/A 0.5 1.1 4.50 *Jeffco Open Space **Regional Transportation District/Cultural Facilities District BUSINESS PERSONAL PROPERTY TAX Jefferson County realizes the importance OCCUPATIONAL HEAD TAX of growing its primary employment base to Jefferson County does not charge an occupational strengthen the local economy. As a benefit to the head tax to employers and employees. region’s businesses, the county has eliminated its portion of the business personal property tax RIGHT-TO-WORK (BPPT) to show the business community that Colorado is a modified right-to-work state, with it values their business and understands that the most progressive labor laws in the country. The decreasing the overall tax burden will yield more Colorado Labor Peace Act requires two elections, jobs and capital investment. The elimination and approval from 75 percent of a company’s only applies to the county’s portion of its BPPT, workers, before becoming unionized. payable to the general fund, and does not apply to other funds, including the developmental STATE INCENTIVES & RESOURCES Colorado offers various targeted tax incentive disability, library, R1 school district, urban renewal, programs to companies creating new jobs and 2019 Economic Profile Profile 2019 Economic and other special district funds.