Major Industries and Commercial Activity
Fort Collins' economy has been described as well-balanced, with a
good mix of manufacturing and service-related businesses. Local business
leaders claim that the city's economy is insulated from some of
the ups and downs in the regional and the national economies by the
"highly sophisticated and rapidly advancing technological progress" of
the city's industries. Fort Collins has a strong manufacturing base; it is
home to such firms as Hewlett Packard, WaterPik, Woodward, In-Situ,
and Anheuser-Busch. The city has been experiencing low unemployment
rates and a steady increase in household incomes, increasing
purchasing power that can only further stimulate the local economy. A
variety of high-tech companies have relocated to Fort Collins because
of the resources of Colorado State University and its research facilities.
New housing construction has added to the city's economic growth.
Fort Collins was just selected as the #1 place to live by Forbes Magazine
and enrollment at Colorado State University is at an all time high.
Items and goods produced: pharmaceuticals, electronic components
and accessories, aircraft and parts, scientific instruments, measuring
and controlling instruments, radio and TV equipment, industrial chemicals,
engines, turbines, communications equipment
Incentive Programs—New and Existing Companies
Local programs
The city of Fort Collins has established an economic development policy
that allows the rebate of use taxes paid by qualifying firms on qualifying
equipment. On a case-by-case basis, the county will consider negotiating
financial incentives, giving up to a 50 percent credit towards a
company's personal property tax liability for up to four years. In 2004,
the community created the Fort Collins Technology Incubator, acquiring
6,500 square feet of office space and transforming the 7 year old Fort
Collins' "Virtual Incubator" into an incubator with walls. The technology
incubator is a cluster of programs designed to nurture startup businesses.
Incubator companies receive discounted business services
from top-notch community resources, advisory groups, Colorado State
University resources, and strategic planning counseling as well as idea
sharing amongst other entrepreneurs.
The Northern Colorado Economic Development Corporation supports
existing employers and recruits new employers to the region. It assists
local companies to grow and expand and, in partnership with Colorado
State University, encourages technology transfer to nurture local startup
companies. Fort Collins can negotiate with new business facilities
an incentive payment equal to not more than the amount of the increase
in property tax liability over pre-enterprise zone levels; and a refund
of local sales taxes on purchases of equipment, machinery, machine
tools, or supplies used in the taxpayer's business in the Enterprise
Zone.
State programs
Colorado's Enterprise Zone tax benefits offer incentives for private enterprise
to expand and for new businesses to locate in economically
distressed areas of the state. They include a three percent investment
tax credit for equipment investment, a $500 job tax credit for hiring new
employees in an enterprise zone, double job tax credits for agricultural
processing, a $200 job tax credit for employer health insurance, research
and development tax credits, credits for the rehabilitation of vacant
buildings, and exemptions from state sales and use tax on the
purchase of manufacturing and mining equipment.
Labor Force and Employment Outlook
Fort Collins' labor force has been described as young, well-educated,
and energetic. Studies have indicated that many of the graduates of
Colorado State University stay in the city.
Fort Collins exhibits outstanding economic stability. In a 2002 report on
the economic strength of U.S. metropolitan statistical areas (MSA),
POLICOM Corporation ranked Fort Collins-Loveland as the eighth
strongest economy in the nation. Economic strength is a combination
of both the rate and consistency of growth, and the information is obtained by examining 25 years of data in 18 different categories in the
economy.
The following is a summary of data regarding the Fort Collins-Loveland
labor force, 2004 annual averages.
Size of non-agricultural labor force: 128,500
Number of workers employed inconstruction and mining: 9,800
manufacturing: 14,700
trade, transportation and utilities: 21,800
information: 2,400
financial activities: 5,500
professional and business services: 14,200
educational and health services: 13,400
leisure and hospitality: 15,300
other services: 4,300
government: 27,000
students attending CSU: 25,000
Average hourly wage of production workers employed in manufacturing:
$16.13
Unemployment rate: 5.0% (December 2004)
Cost of Living
The following is a summary of data regarding several key cost of living
factors for the Fort Collins metropolitan area.
2004 (3rd Quarter) ACCRA Average House Price: $213,900 (Greeley
metro)
2004 (3rd Quarter) ACCRA Cost of Living Index: 91.7 (Greeley metro)
(U.S. average = 100.0)
State income tax rate: 4.63%
State sales tax rate: 2.9%
Local income tax rate: None
Local sales tax rate: 3%
Property tax rate: The residential assessment rate for 2003-2004 is
7.96% of actual value based on market values as of June 30, 2002;
reappraised every two years
| Largest Employers |
Number of Employees |
Proximity to Site |
| Colorado State University |
6,948 |
1/4 mile |
| Poudre School District |
3,732 |
1/2-8 mile radius |
| Hewlett Packard |
3,000 |
8.34 miles |
| Poudre Valley Heallth System |
2,814 |
3.11 miles |
| Agilent Technologies |
2,800 |
7 miles |
| City of Fort Collins |
1,400 |
2.21 miles |
| Larimer County |
1,394 |
.31 miles |
| Advanced Energy |
800 |
2.03 miles |
| Anheuser Busch |
700 |
6.7 miles |