Study: Weld County has largest amount of incoming investments in state | MyWindsorNow.com

Back to: News

Study: Weld County has largest amount of incoming investments in state

By the numbers

SmartAsset, a New York-based financial technology company, conducts an annual study that looks at counties receiving the greatest amount of incoming investments in terms of business, real estate, government and the local economy as a whole. Here’s how the top 10 counties in Colorado ranked.

1. Weld:

Business growth — 10.9 percent

GDP growth (in millions) — $1,064

New building permits (per 1,000 homes) — 30.3

Federal funding (per capita) — $315

Incoming Investment Index — 64.53

2. Douglas:

Business growth — 10.7 percent

GDP growth (in millions) — $1,584

New building permits (per 1,000 homes) — 29

Federal funding (per capita) — $835

Incoming Investment Index — 63.54

3. Denver:

Business growth — 8.6 percent

GDP growth (in millions) — $4,434

New building permits (per 1,000 homes) — 26.7

Federal funding (per capita) — $804

Incoming Investment Index — 62.27

4. Larimer:

Business growth — 6.7 percent

GDP growth (in millions) — $1,878

New building permits (per 1,000 homes) — 25.8

Federal funding (per capita) — $1,264

Incoming Investment Index — 57.15

5. Broomfield:

Business growth — 11.2 percent

GDP Growth (in millions) — $354

New building permits (per 1,000 homes) — 22.1

Federal funding (per capita) — $115

Incoming Investment Index — 54.90

6. Arapahoe:

Business growth — 6.4 percent

GDP growth (in millions) — $3,309

New building permits (per 1,000 homes) — 19.3

Federal funding (per capita) — $5,208

Incoming Investment Index — 51.82

7. El Paso:

Business growth — 4.5 percent

GDP growth (in millions) — $3,016

New building permits (per 1,000 homes) —19.2

Federal funding (per capita) — $4,182

Incoming Investment Index — 49.74

8. Adams:

Business growth — 9.5 percent

GDP Growth (in millions) — $1,680

New building permits (per 1,000 homes) — 16.1

Federal funding (per capita) — $1,376

Incoming Investment Index — 48.52

9. Boulder:

Business growth — 4.6 percent

GDP growth (in millions) — $2,204

New building permits (per 1,000 homes) — 14.3

Federal funding (per capita) — $2,262

Incoming Investment Index — 43.15

10. Elbert:

Business growth — 8.6 percent

GDP growth (in millions) — $108

New building permits (per 1,000 homes) — 13.3

Federal funding (per capita) — $3

Incoming Investment Index — 42.79

Weld County is the leading county in the state for incoming investments, according to a new study.

The annual study by SmartAsset, a New York-based financial technology company, looks at counties receiving the greatest amount of incoming investments in terms of business, real estate, government and the local economy as a whole. It considers four main factors — business establishment growth, GDP growth, new building permits and municipal bond investment — and assigns each county an index score. Weld's index score is the highest in Colorado at 64.53, followed by Douglas County at 63.54, Denver County at 62.27, Larimer County at 57.15 and Broomfield County at 54.90.

Concerning business growth, the study looks at the change in the number of businesses established in each location over a three-year period, which shows whether people are starting new business ventures in the county. Weld's was the highest percentage at 10.9 percent — a phenomenal growth percentage, according to Rich Werner, president and CEO of Upstate Colorado Economic Development. A typical average growth rate is about 1 percent to 2 percent, he said.

Sarah MacQuiddy, president of the Greeley Chamber of Commerce, said Weld is in the sweet spot geographically for businesses and that people enjoy doing business in the area because there's a small-town feel that allows relationships to really be developed. That's important in the business community, she said.

Werner said it's no surprise Weld is the top county in the state with regard to investment opportunities when considering the booming population growth and exceptional job growth numbers. In 2015, he said, there was a 4.8 percent increase in job growth rate and 2.4 percent growth rate in population, with projected exponential growth in population on the way.

Werner also said Weld has a wide variety of business industries for folks to invest in, the significant ones being agriculture, oil and gas and manufacturing. That allows a lot of different opportunities for a vast amount of people.

"You're in one of the top growth areas in the country," he said. "What's particular to Weld County is, as it relates to industry, is you have a significant amount of revenue derived from things like agriculture and oil and gas, which is bringing people specifically into the area. However, it is the diversification of industries that is really fueling growth."

Weld also is a large county geographically, housing 31 communities, providing more physical land for those investments, Werner said.

The second category Weld leads in the study is new building permits, boasting 30.3 new building permits per 1,000 homes. The study measures investment and development in the local residential real estate market, and Weld is known to be a hot market.

The study also found $1.06 million in GDP growth for Weld, and $315 per capita in federal funding.

"Weld County is a commodity-based economy," Werner said. "With agriculture and oil and gas, you'll see fluctuations based on commodity prices. But what's really exciting now is that we have diversification that helps alleviate the ups and downs of that."