In parallel to the work of NoCo REDI (Northern Colorado Regional Economic Development Initiative) to identify targeted industry clusters for the region combining Larimer and Weld counties (Greeley Rising, July Issue), the City of Greeley’s Economic Development team has been exploring the growth potential of Greeley’s top industry sectors.
This work seeks to better understand the various ways our top industries contribute to the economy, including direct jobs as well as indirect jobs across the supply chain. Aside from employment impacts linked to the average wages paid in different industries, we can calculate total compensation, which feeds directly into local consumer spending power. Additionally, the projected impacts of business sales and output growth is a measure that feeds into business profits and tax generation. It is important to take a 360-degree view when forecasting future industry impacts to ensure that economic development is targeting industries that create strong returns for the community.
Direct Impact Forecast
Professional Services is projected to contribute an additional 1,623 direct local jobs contributing $101.9 million in direct wages annually by 2030, the 2nd highest for direct impact. The average wage in Construction of $62,778 is around 17% higher than the local average wage of $53,683.
