Originally published by Daily Camera on August 13, 2024.
Boulder truly stands out as a shining example of a community that mixes progressive values and innovative ideas with a strong business economy, but can we rise to the challenge of a rapidly changing economic landscape that demands collective action?
Some business communities shun progressive goals – be it fighting climate change, investing in affordable housing and education, or recognizing the need for sustainable workforce mobility solutions. In Boulder, we embrace such enlightened partnerships in goals that advance both economic and community goals. At the same time, as I connect with businesses across our community, it is clear they recognize that innovation is a driving force behind Boulder’s success. That includes the research discoveries that emanate from our university laboratories and federal research institutions and new entrepreneurial ventures that build on their new discoveries, or just the creative minds of our business leaders.
While these progressive and innovative values have served us well in the past, it is clear that the magnitude of the challenges ahead will require us to engage another strong characteristic of the Boulder business community: Collaboration. Our initial analysis of current priority economic concerns – some old and some new – include high office vacancy rates, housing affordability, lengthy regulatory processes, and flagging support for entrepreneurs. In general, too, lower sales tax revenues speak to a community that is experiencing a decline in economic vitality.
Historically, many of our community’s economic vitality efforts were reactive, aimed at preserving what we already had rather than fostering growth. However, in 2013 and with the support of the Boulder Chamber, the City of Boulder made a significant leap forward by launching its first Economic Sustainability Strategy. This strategy aimed to both maintain and enhance existing businesses while positioning Boulder to develop new segments of its economy that align with broader economic, environmental, and social trends. Some of the focus areas of interest that the report highlighted, like developing new office space, certainly are outdated, but they represented important proactive measures to advance economic vitality at that time.
Today our challenges and opportunities are multifaceted—and we must be proactive in addressing them. As our mountain peaks stand tall and proud, so too must our resolve to build a sustainable future for Boulder.
The Boulder Chamber and our business support partners are already implementing effective strategies and taking collective action on community priorities, like tackling homelessness and strengthening our workforce. To ensure Boulder is ready to address its most pressing challenges, we need to refocus our collective priorities through a refresh of our Economic Sustainability Strategy. This updated plan should include shared strategic goals along with specific action steps. Most importantly, it must reflect the interests of our businesses and community in a vibrant economic landscape.
In order to best understand the vision our businesses have for the future of Boulder’s economy, and the priority issues we need to tackle in order to secure that vision, we are seeking your input. The Boulder Chamber, in collaboration with the City of Boulder and other key stakeholders, is launching an economic sustainability survey to gather your thoughts, suggestions and perspective. Your feedback will help us create a strategy that fosters the type of innovative and progressive solutions that will drive sustainable growth for our community . . . through our collective action.
Like the Flatirons rising majestically above the city, our ambitions must soar high to meet the challenges ahead. Collaboratively, we can shape a vision that keeps Boulder’s economy vibrant and thriving for future generations and together, we will make a positive difference for our community!
Joseph Hovancak is vice president of economic vitality for the Boulder Chamber.