Mike’s corner: Target Industry Groups Perform Well Overall
An important element of the City economic health program is working to identify, support and grow our target industries. To know if these overall goals are being met, the City partners with the Regional Economist at Colorado State University to track key economic metrics.
The City’s target industries include: Bioscience, Clean Energy, Technology (Hardware & Software), and Uniquely Fort Collins (arts & culture, unique retail, etc.). The City Council has recently added Water Innovation as the newest industry to track and support. More information and data on the Water Innovation Cluster will be available later this year, but a quick preview is included in this e-newsletter issue.
So how is the community doing? Our most recent study shows that employment changes over the past 3 years have differed across the target industries. Some highlights include:
- The Clean Energy Cluster grew by 31.1% while nationally this industry declined by 8.7%
- The Uniquely Fort Collins Cluster grew by 18.2% while nationally this industry grew by 4.5%
- The Bioscience Cluster grew by 3.8% while nationally this industry declined by 3.5%
- The Technology Cluster declined 13.8% while nationally this industry declined by 7%
- The Software Cluster declined 2.1% while nationally this industry declined 4.7%
- The Hardware Cluster declined 18.6% while nationally this industry declined 2.1%
The data suggests that Fort Collins continues to see better economic performance in most target industry groups. Fore more information on the City’s target industries, please see www.fcgov.com/business.
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Chief Financial Officer
City of Fort Collins