What does the plan do?
An updated Economic Vitality Strategy (EVS) will provide city leaders and community partners with a better understanding of current economic and market conditions and outline a collaborative approach to supporting a healthy and resilient economy as the community emerges from the COVID-19 pandemic. The updated strategy will be aligned with the Citywide Strategic Plan (CSP), Sustainability, Equity and Resilience Framework (SER) and other city plans and strategies as well as the Boulder Valley Comprehensive Plan (BVCP) to:
- Support Local Businesses by offering resources and incentives to help local businesses thrive, especially small and independently owned businesses.
- Encourage Workforce Development by creating partnerships and programs to ensure a skilled workforce that meets the needs of Boulder’s economy.
- Advance Sustainable Growth by aligning economic growth with Boulder’s environmental and social sustainability goals.
- Promote Innovation by investing in programs that encourage innovation, particularly in tech, clean energy, and other high-impact industries.
- Enhance City Infrastructure by prioritizing improvements to infrastructure and technology that support economic growth and improve quality of life.
- Foster an Inclusive Economy by ensuring economic opportunities are accessible and beneficial to diverse communities in Boulder.
Background
One of the priorities identified in council’s semi-annual retreat in Apr. 2024, was the creation of an economic development plan and related program and tool enhancements to support a more robust city role in overall economic vitality.
This priority will focus on addressing commercial vacancies through incentives, permitting and other measures; updating the Economic Sustainability Strategy (adopted by Council in 2013) – to be renamed “Economic Vitality Strategy”; continuing and broadening small business support; and enhancing business formation, retention, expansion, and attraction activities. While an updated Economic Vitality Strategy will help align and focus specific economic development tactics, it is only one complementary aspect of broader work that contributes to an equitable, resilient, and sustainable city.
An updated strategy for supporting local economic vitality will continue to take a collaborative approach that builds on Boulder’s economic assets and strengths while preserving community character and quality of life; reflects current economic conditions and emerging trends; and aligns with the Boulder Valley Comprehensive Plan (BVCP), Sustainability, Equity and Resilience Framework, and the Citywide Strategic Plan. It is also important to note the Economic Vitality Strategy is intended to reflect, rather than duplicate, work being done by Housing and Human Services, Transportation, and other city departments on housing, transportation, and other city departments that impact the local economy.
Timeline
The next steps and estimated timeline for addressing the council priority of an Economic Development Plan and Program Enhancements are outlined below. Work on the plan will be aligned with commercial district analysis and BVCP efforts and make use of research studies and public engagement for related projects to maximize efficiency.
August - December 2024
- Understanding current economic conditions
- Strengths, weaknesses, opportunities and vulnerabilities
- Community and Council Forum
- Community engagement on foundational goals and focus areas
January – March 2025
- Explore economic development program enhancements
- Draft strategy and evaluate based on city racial equity instrument
March – June 2025
- City Council Update
- Finalize strategy
Focus areas
The following focus areas were presented during the Community and Council Forum and feedback received by forum participants will help shape action items within the strategy:
- Equity: Participants emphasized the need for greater support of microbusinesses, including sole proprietors and home-based businesses, and of BIPOC-owned businesses. This feedback will be used to shape efforts within the strategy to promote an inclusive economy that benefits all community members.
- Vibrancy: Infrastructure improvements, such as expanding broadband access, were highlighted as critical to supporting business growth and enhancing the city’s vibrancy. Participants also raised concerns about commercial vacancies and the impact on the local economy. Broader issues like transportation, housing, and city budgeting, while not specifically addressed within the strategy, were also raised as community issues that impact the economy. These issues are important and will continue to be addressed in other ways by the city.
- Resilience: There was strong support for initiatives that promote environmental sustainability in business practices, reinforcing the need to prioritize sustainability and resilience in the strategy.
- Innovation: Participants recognized the economic potential of emerging technologies like artificial intelligence and stressed the importance of balancing innovation with Boulder’s unique character and quality of life.
