Northern Colorado Economic Development Explained 

Northern Colorado Economic Development Explained

Here, we explore how Northern Colorado is trying to boost its economy and what it can do for the area. Learn more here.

Northern Colorado’s Economy Heads North

Situated against the Rocky Mountains to the west and Wyoming to the north, Northern Colorado is known for a culture of innovation and entrepreneurial spirit among diverse industries. As a result, this region is a booming hub of commerce and culture. It is consistently named nationally as one of the most incredible places to live, work, and seek lifelong learning. In addition, northern Colorado’s broad employment base makes it an ideal location for business and industrial expansion. Agriculture, bio/life sciences, business services, energy, and manufacturing are among the leading industry clusters in Northern Colorado. However, the area is still striving to boost its economic growth, and here’s how.

Because of the interrelated structure of the regional economy, the Northern Colorado Regional Economic Development Initiative (“REDI”) acknowledges that economic benefits in one community benefit all. ‘Working together allows us to have a more substantial effect in the region because we are one economy.’ This collaboration aims to boost Northern Colorado’s economic growth, resilience, and business ecosystem. This, in turn, will increase things like employment opportunities and bring more money into the area. You only have to check the forex markets to see how a strong economy correlates with wealth. For example, all major currency pairs are based on a stable economy. But what other benefits does a strong economy bring with it?

Benefits of a Strong Economy

Economic growth is an increase in real GDP, or output value, income, and expenditure. Economic growth essentially results in greater living standards – higher wages and the opportunity to dedicate more resources to sectors such as health care and education. Let’s delve deeper into some of these benefits to get a better understanding. 

Higher Income – Government initiatives to improve economic progress result in increased income levels. Only when people earn a good living can they afford to buy various goods and services.

Provides Better Healthcare – Health improvements have historically been linked to economic growth via three primary mechanisms: improved nutrition, improvements in public health infrastructure (such as sanitation and water supply cleanliness), and more effective medical technologies (such as antibiotics and vaccines). Many studies show this well-known wealth-health connection between nations and within them.

Helps Local Businesses – Investment in new businesses and technologies comes with economic prosperity. These investments may eventually result in increased cost per acquisition (CPA) of new clients for local firms.

Ways to Drive Economic Growth Further

We have already seen that Northern Colorado is striving towards improving its economy. However, rather than stand still and admire their handy work, they must continue building upon the excellent work they have achieved. And how do they do that exactly?

Tax Cuts – Tax cuts and rebates are intended to put more money back into consumers’ pockets. Ideally, these customers spend some of their money at local businesses, increasing their revenues, cash flows, and profits. Companies with more cash have more resources to raise financing, upgrade technology, grow, and expand. All of these behaviors boost productivity, which helps the economy develop.

Lower Unemployment Benefits – We foster unemployment by compensating those out of work. According to all research, the longer the unemployment benefits are paid, the longer the unemployed remain unemployed. Both sides can benefit from limiting the length of unemployment insurance and forcing individuals receiving checks to volunteer at a non-profit. By contributing to society, they can obtain skills, contacts, and references that will help them succeed in their future job, resulting in fewer people filing for unemployment.

Lower Interest Rates – Lower interest rates make purchasing assets such as real estate more appealing. This will result in an increase in property values and, as a result, in wealth. Increased wealth will also boost consumer spending since confidence will rise.

Bottom Line

The International Economic Development Council has awarded the Northern Colorado Regional Economic Development Initiative (NoCo REDI) a bronze Excellence in Economic Development Award. The award celebrates NoCo REDI’s partners in Weld and Larimer counties for their exceptional collaboration, communication, data dissemination, partnerships, and regional marketing initiatives. In addition, NoCo REDI received the Regionalism and Cross-Border Collaboration category award for establishing strong relationships among its members in Weld and Larimer counties through various ongoing projects. However, it’s clear that the award is just the start of things to come and that Northern Colorado is striving to continue to boost its economy.