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 2020 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.
The Education cluster is projected contribute an additional 1,181 jobs and $49.3 million in wages annually to local spending in Greeley by 2030; the 5th highest for direct impact. The average wage in Education is $11,897 (22%) below the average annual wage per worker in Greeley at $41,786 to $42,569 compared to $53,683.