14 Ways OEDIT has Supported Coloradans
We close out 2024 with a recap about the work done to empower Coloradans to thrive in our economy. Let’s unwrap 14 ways OEDIT has worked to support an economy that works for everyone. Why 14? OEDIT has 14 divisions in 14 regions, we support 14 major industry sectors, and we have the most fourteeners in the country. You might say 14 is our lucky number.
- 26 Expanding Companies Will Create 8,803 New Jobs in Colorado
We facilitated 26 companies to choose Colorado for expansion, projected to create up to 8,803 new good paying jobs. How did we do it? We highlighted how Colorado has one of the best workforces in the nation, with the highest educational attainment. Our state is centrally located, allowing for easy access to the world, our economy is diversified, and our quality of life is unmatched.
- Incentivized the Creation of Innovative and Affordable Housing Units
From robots and 3-D printing to repurposing timber from fire prone forests to multifamily rental housing, we are supporting the innovation of the construction industry and affordable housing developments across the state to create more housing now. This year, we incentivized the creation of 9,033 housing units over the next three years, across the state.
- One Impactful Arts Program Will Build 764 Housing Units and Create 2,612 Jobs
Through the Community Revitalization Program, we’ve supported the development of 59 mixed-use development projects across the state including 58% in rural communities. This work will support the creation of 764 housing units, 266 creative sector jobs, and 2,346 construction jobs across the state.
- $38 Billion in Aerospace/Defense Federal Funding
In Colorado, we’re closer to space—Denver is one mile above sea level, and the Rockies are even higher. We’re capitalizing on that advantage with a leading aerospace ecosystem. In FY 23-24, we set a record-breaking year by bringing in a combined $38 billion in federal aerospace/defense funding. That included an incredible $23.3 billion for companies headquartered in the state. Other notable contracts brought $12.3 billion in federal funding to our five large military bases and $3.4 billion to our world-class federal research labs.
- Small Businesses are Our Economic Backbone
It’s no secret that our state is the best place to establish and grow a business, and small businesses account for 99.5% of all businesses in Colorado. Our Small Business Development Center (SBDC) Network, made up of 14 service centers and 28 satellite offices, serves small businesses in every county. This year, the SBDC worked with over 14,000 clients and supported the creation of 474 new businesses and 2,150 new jobs while helping to retain over 2,000 existing jobs.
- Colorado Leads the Way in Quantum and Climate Resilience, Building New Technologies and Creating New Jobs
Colorado secured hundreds of millions in federal funding through the Elevate Quantum Tech Hub, the Colorado-Wyoming Climate Resilience Engine and the semiconductor industry. These wins will transform our advanced industries sectors, creating the technologies of the future while generating 10,000 new good paying quantum jobs and 22,000 new good paying climate technology-related jobs.
- Colorado Shines A Little Brighter 365
Not only did we welcome 93.9 million visitors to the entire state, in rural counties travel spending supported 92,542 jobs—bolstered by a groundbreaking Colorado Destination Stewardship Strategic Planning Initiative and the Do Colorado Right Campaign. Colorado really does Shine a Little Brighter every day of the year.
- Cannabis Business Grant Reached a Milestone of Nearly 300 Jobs and 55 New Businesses
Colorado started as a leader in the cannabis industry and continues to bolster this important sector. The Cannabis Business Office has provided over 3,500 hours of technical assistance to social equity licensed cannabis entrepreneurs since its inception. Our Cannabis Business Grants have resulted in nearly 300 jobs created or retained and 55 new businesses started in the last three years.
- Outdoor Recreation Industry Supported 404,099 jobs
It’s not surprising that 96% of state residents participate in outdoor recreation each year. All that love for the great outdoors also supports Colorado’s thriving economy. The outdoor recreation industry supported an estimated 404,099 jobs—12.5% of the overall workforce—all across the state and grew 24% year over year.
- 200+ Employee-Owned Businesses in Colorado
We’re pleased to see a growing number of Colorado companies recognize the benefits of employee ownership. With an estimated 200+ employee-owned businesses in Colorado, the newly codified Employee Ownership (EO) Office is committed to growing that number by providing resources that help Colorado businesses convert to employee ownership. That has big promise for employees across the state, as 45% of companies applying for the Employee Ownership Tax Credit are from rural Colorado.
- Opportunity Now Connects Workers to Good-Paying Jobs
Opportunity Now helps Coloradans gain the skills to access in-demand, good-paying jobs through apprenticeships, on-the-job training and career pathway development. Collectively, 89 grantees representing 300 education partners, 330 employers, and 38 industries have the goal to place 10,000 Coloradans into good jobs and train 20,000 Coloradans across all corners of our state, with 55% serving rural Colorado.
- Small Business Loan Program Supports 4,693 New and Future jobs
When startup and small business owners have access to funding, they can take the right steps to grow their businesses and create jobs. By offering right-sized loans with favorable terms and interest rates, the Colorado Startup Loan Fund supported 1,796 jobs and an additional 2,897 jobs are projected to be created within 12 months. Of the businesses that received loans or grants, 54% are located in rural counties and economically disadvantaged areas, 59% are owned by low-income business owners, and 61% have annual revenues below $200,000. Additionally, 54% identified as woman-owned, 31% as minority-owned, 22% Hispanic or Latino-owned and 7% as veteran-owned. This program has funded 681 startups, accounting for over 70% of all funded businesses.
- Supported 527 Colorado Hires in the Film, Television and Media Industry
It’s always exciting to see Colorado on the big screen—and it’s good for the economy too. When films, television shows and video games are made in our state, the productions hire local cast and crew and spend their budgets in local communities. And over 60% of filming takes place in rural areas outside of the Denver metro area. This year, the Colorado Film Incentive supported 527 Colorado hires and generated over $39 million in economic activity across the state, including $17 million in rural communities.
- Rural Jump-Start Supports 212 New Hires
Many innovative new companies and technologies have grown out of Colorado’s rural communities. ProStar Geocorp developed a software now used by more than 150 utility companies—and became the first Western Slope company to be publicly traded. Colorado Sun Tofu supplies Denver staple City O’ City. And the Rural Jump-Start program supports these innovative companies and others like them as they grow in and create jobs in our rural communities. This year the program supported 29 rural businesses, facilitating 212 new hires.
That’s a wrap on 14 ways our teams have worked to make Colorado a place where everyone can thrive. We’re excited about our progress—thousands of new jobs, thousands of new housing units, and millions in federal funding for Colorado’s advanced industries—and look forward to what we can accomplish in the year to come.