Where Colorado stands:
— Overall economic performance No. 5
– High-tech performance No. 4
– Innovation and entrepreneurship No. 4
– Talent pipeline No. 8
– Infrastructure No. 4
Source: U.S. Chamber of Commerce Foundation
Colorado ranked fifth in the nation for overall economic performance, fourth for both high-tech performance, and innovation and entrepreneurship, and eighth in the talent pipeline category, according to a new survey by the U.S. Chamber of Commerce Foundation.
The four states to rate above Colorado were North Dakota at the top, followed by Texas, Utah and Washington.
The foundation on Tuesday named the states best prepared to thrive in the rapidly progressing science, technology, engineering and math (STEM) focused economy.
Each state was evaluated and ranked for its overall job growth and economic performance and its performance across five policy areas, through a total of 33 measures.
For business leaders in Boulder County the results of this national survey are not surprising.
“Longmont and Boulder are leaders in established tech companies and in encouraging start-ups and entrepreneurship,” said Longmont Area Chamber of Commerce president and CEO Bruce Partain. “In addition to the STEM rankings, our state is high up nationally in entrepreneurship. Our overall business climate is top ten nationally. So the culture in Colorado – and certainly here locally – is balanced toward free enterprise, and chambers of commerce are working to keep it that way.”
While Silicon Valley in California remains a Mecca for high-tech activity, it’s being bruised by the high cost of living, the report states. Those high costs are driving the migration of skilled tech talent from places like the West Coast to more affordable, family friendly locations like Colorado.
“Colorado may never replicate the size and scale of California’s high-tech economy, but Colorado is closing the gap,” the report’s co-author and lead analyst Mark Schill said. “Colorado ranks fourth in this year’s high-tech performance rankings, just ahead of California’s sixth place finish.”
Schill also said that Boulder County has a lot to do with the ranking.
“Being home to the state’s major research university, Boulder is a critical part of Colorado’s innovation ecosystem. Boulder County is home to nearly 24,000 STEM workers. Boulder holds the second-highest concentration of STEM workers in Colorado, second only to Broomfield County.”
“Boulder County is fortunate to have a wealth of natural and institutional assets that draw innovators to our community, many with the skills to thrive in the STEM-related disciplines,” added John Tayer, president and CEO of the Boulder Chamber. “This is the foundation of our innovation-based economy and entrepreneurial culture.”
Leadership
The chamber report credits Colorado’s leadership for much of its growth and success.
“Governor John Hickenlooper’s vision to build an entrepreneurial ecosystem is being realized through programs that encourage start ups and foster innovation. Driven by diversification and growth in its high-tech sector, Colorado has achieved top-tier status,” said Carolyn Cawley, managing director for the U.S. Chamber of Commerce Foundation in a news release. “Solid lending practices and initiatives, including the new Colorado Impact Fund, which was created with $62.9 million in private investments, provide growth capital to entrepreneurs, yield financial returns and produce positive community outcomes.”
However there are some who doubt the governor and other politicians deserve much if any of the credit for Colorado’s high rankings.
“I’m pretty skeptical of these claims,” said CU Boulder economics professor Jeffrey Zax. “Does our political leadership have this kind of foresight? Do they know which technologies are in the future? It’s just not plausible.”
“What is driving this is from the bottom up,” he added. “What is driving this are the people with the skills, who have chosen to come and work here.”
The U.S. Chamber report concluded that for Colorado to continue to succeed, it needs to diversify more, and incorporate a combination of policies and actions to spark growth across a spectrum of industries that are not necessarily associated with the main tech economy.
Vince Winkel: 303-684-5291, winkelv@times-call.com or twitter.com/vincewinkel
