Advocacy Outlook for August 2010
CU-Boulder: The Cornerstone of Our Local Economy
The return of students to CU-Boulder this month as well as faculty, family members and other visitors, creates a surge of revenue for many Boulder area businesses that results in significant benefits to the local economy. More than 30,000 enrolled students this fall will provide a significant source of revenue for businesses - ranging from coffee shops and interior decorations to chiropractors and tax accountants. In addition, these students contribute to a large, highly educated labor pool that help attract and retain innovative companies.
The university provided 6,730 full-time and part-time jobs in 2009 (excluding student employees). CU-Boulder has helped make Colorado’s Front Range one of the nation’s most successful regions for new business development through the Leeds School of Business Deming Center for Entrepreneurship and a strong technology transfer pipeline for business start-ups and venture capital investments. In the past five years, 27 new companies - from biotechnology to renewable energy - have been formed based on the university’s technologies. Colorado’s estimated net economic benefit from university partnerships with federal laboratories located in the state was $1.11 billion in 2007.
As one of numerous accolades for the school, The Princeton Review named CU-Boulder the No. 5 Best Value public college or university for 2010. And while students are obviously drawn to the exceptional learning experience here, the Boulder Convention and Visitors Bureau also reminds us that 13 percent of all visitors are coming to Boulder because of an event or college planning. These visitors’ length of stay averages 3.5 nights and their spending averages $157 per person per day.
The financial impact cannot be understated and Boulder’s economy and quality of life are fortunate to have such an innovative and enduring community partner with the University of Colorado at Boulder.
Photo: Northwest overhead view of CU-Boulder. Photo courtesy of CU Athletic Department.