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www.colorado.edu/leeds/brd CAREER ADVANCING DEGREES FROM LEEDS - - PowerPoint PPT Presentation

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www.colorado.edu/leeds/brd CAREER ADVANCING DEGREES FROM LEEDS EVENING MBA PROGRAM FOR WO R WORKIN RKING PRO PROFES ESSIO SIONAL ALS #1 PART #1 P ART-TI TIME ME TW TWO O Engage in a collaborative Complete an MBA and INNOVATIVE

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www.colorado.edu/leeds/brd

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CAREER ADVANCING DEGREES FROM LEEDS

EVENING MBA PROGRAM

CLASSES START MAY 2016! LEARN MORE

www.colorado.edu/business/evening-mba 303-492-8397 | LeedsMBA@colorado.edu

#1 P #1 PART ART-TI TIME ME MB MBA

Program in Colorado according to U.S. News & World Report

TW TWO O CONV CONVENI ENIENT ENT LOCA OCATI TIONS: ONS:

Boulder and Parker, CO Engage in a collaborative and INNOVATIVE environment designed for working professionals. Learn in small classes led by top-tier faculty.

FOR WO R WORKIN RKING PRO PROFES ESSIO SIONAL ALS

Complete an MBA in evening classes in 2 YEARS. Lock-step design yields 90% graduation rate.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Richard Wobbekind Executive Director Business Research Division Leeds School of Business

2016 Outlook: Headwinds or Tailwinds?

Boulder Economic Forecast

January 13, 2016

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Real GDP Growth

Quarterly Real GDP

Source: Bureau of Economic Analysis and Consensus Forecasts.

  • 10.0
  • 8.0
  • 6.0
  • 4.0
  • 2.0

0.0 2.0 4.0 6.0 8.0 10.0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Percent Change, SAAR

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Long Term Real GDP Growth Trend

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Q2 1967 Q2 1973 Q2 1979 Q2 1985 Q2 1991 Q2 1997 Q2 2003 Q2 2009 Q2 2015

Percent Change 20-Year Quarterly Moving Average

Source: Bureau of Economic Analysis, Real GDP.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

National Employment

Sources: Bureau of Labor Statistics (Seasonally Adjusted), National Bureau of Economic Research, and the Business Research Division.

  • 900
  • 700
  • 500
  • 300
  • 100

100 300 500 2000 2002 2004 2006 2008 2010 2012 2014 2016

Thousands, Month-over- Month

Recession 18 Months Recession 8 Months

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Business Research Division | Leeds School of Business | University of Colorado Boulder

State Employment Growth

Pre-Recession Peak to November 2015

Source: Bureau of Labor Statistics (Seasonally Adjusted).

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Labor Underutilization

Source: Bureau of Labor Statistics (Seasonally Adjusted).

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 1994 1997 2000 2003 2006 2009 2012 2015

U-6 U-5 U-4 U-3 U-2 U-1

Percentage of Labor Force

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Business Research Division | Leeds School of Business | University of Colorado Boulder

9.6% 5.5% 3.9% 3.3% 3.6% 0% 2% 4% 6% 8% 10% 12% 20-24 25-34 35-44 45-54 55-64

Unemployment Rate

Labor Force and Unemployment Rate

National, by Age Cohort, November 2015

70.5% 80.7% 82.2% 79.7% 64.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 20-24 25-34 35-44 45-54 55-64

Labor Force Participation Rate

Source: Bureau of Labor Statistics, all data seasonally adjusted except for ages 55-64.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

U.S. Income and Consumption

Source: Consensus Forecasts.

  • 3.0
  • 2.0
  • 1.0

0.0 1.0 2.0 3.0 4.0 2006 2008 2010 2012 2014 2016 Percent Change

Real Personal Consumption

2.9%

  • 3.0
  • 2.0
  • 1.0

0.0 1.0 2.0 3.0 4.0 5.0 2006 2008 2010 2012 2014 2016 Percent Change

Real Disposable Income

2.9%

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Household Wealth

Q2 2000-Q2 2015

  • 20

20 40 60 80 100 Q1 2000 Q1 2003 Q1 2006 Q1 2009 Q1 2012 Q1 2015

$ Trillions Mutual Funds Corporate Equities Real Estate Other Assets Total Liabilities

Source: Federal Reserve Board, Balance Sheet of Households and Nonprofit Organizations (B100) (Not Seasonally Adjusted).

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Household Debt Burden

Percent of Disposable Income

Source: Federal Reserve, Household Debt Service and Obligations Ratios.

13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 1980Q1 1983Q3 1987Q1 1990Q3 1994Q1 1997Q3 2001Q1 2004Q3 2008Q1 2011Q3 2015Q1 FOR

DSR Financial Obligations Ratio Debt Service Ratio

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Business Research Division | Leeds School of Business | University of Colorado Boulder

20 40 60 80 100 120 140 160 1990 1992 1995 1997 2000 2002 2005 2007 2010 2012 2015

1985=100 Recession 8 months United States Mountain Region

Index of Consumer Confidence

Recession 18 months

Source: The Conference Board and National Bureau of Economic Research.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Vehicle Sales and Retail Sales

5,000 10,000 15,000 20,000 25,000 2005 2007 2009 2011 2013 2015

Vehicle Sales

Thousands, SAAR

  • 15.0
  • 10.0
  • 5.0

0.0 5.0 10.0 15.0 2005 2007 2009 2011 2013 2015

Retail and Food Services Sales

YOY, Percentage Change

Source: Seasonally Adjusted Annual Rate, Autodata Corp., Motor Intelligence, U.S. Census Bureau.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Nominal Corporate Profits and U.S. Business Fixed Investment

  • 20.0
  • 15.0
  • 10.0
  • 5.0

0.0 5.0 10.0 15.0 20.0 25.0 30.0 2006 2008 2010 2012 2014 2016 Percent Change

Nominal Pre-Tax Corporate Profits

Source: Bureau of Economic Analysis, Consensus Forecasts.

  • 20.0
  • 15.0
  • 10.0
  • 5.0

0.0 5.0 10.0 2006 2008 2010 2012 2014 2016 Percent Change

Business Fixed Investment

4.3% 3.3%

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Business Research Division | Leeds School of Business | University of Colorado Boulder

ISM Indices

Source: Institute for Supply Management (ISM).

30 35 40 45 50 55 60 65 70 2003 2005 2007 2009 2011 2013 2015

ISM Manufacturing Index

30 35 40 45 50 55 60 65 70 2003 2005 2007 2009 2011 2013 2015

ISM Non-Manufacturing Index

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Business Research Division | Leeds School of Business | University of Colorado Boulder

National FHFA Home Price Growth

Year over Year Q3 2015

Source: Federal Housing Finance Agency Home Price Index, All Transactions Index.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

National Housing Starts

Sources: U.S. Census Bureau and Consensus Forecasts.

1.3

0.0 0.5 1.0 1.5 2.0 2.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Millions

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Money, Interest Rates, and Prices

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Interest Rates

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2000 2002 2004 2006 2008 2010 2012 2014 2016

Percent

Interest Rates, 2000-2017 (Forecast)

10-Year Treasury 3-Month Treasury

Source: Moody’s

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Business Research Division | Leeds School of Business | University of Colorado Boulder

The FED

Balance Sheet, 2007-2015

  • QE 1, QE 2, QE 3
  • Fed promises near zero

interest rates until mid-2013, 2014, 2015, 2016

  • Operation Twist
  • Swaps
  • Tapering
  • Tapering Complete
  • Federal Funds Rate

Increase?

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 Other Assets Mortgage Backed Securities Federal Agency Debt Securities Treasury Securities $ Millions

Source: Federal Reserve Balance Sheet.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

National Inflation

  • 0.03
  • 0.02
  • 0.01

0.01 0.02 0.03 0.04 0.05 0.06 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

All Items All Items Less Food and Energy Shelter Percent

Source: Moody’s

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Business Research Division | Leeds School of Business | University of Colorado Boulder

International and National Summary

Global output and trade growth Value of the dollar strengthening GDP growth nearing potential Balance sheets getting stronger Rising (but low) interest rates Subdued inflation

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Colorado Economy

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Change in Population

4th-fastest state for percentage growth 8th-fastest state for absolute growth 22nd-most populated state in nation Continued net migration into the state 83% of population along Front Range

Source: Colorado Demography Office.

20 40 60 80 100 120 2004 2009 2014 2019 2024 2029 2034 2039 Thousands

Change in Colorado Population 2004-2040 Natural Increase Net Migration

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Colorado Employment Growth

Jobs Added, 1991-2016

  • 150
  • 100
  • 50

50 100 1991 1996 2001 2006 2011 2016

Thousands 65,100 Best years since 2000

Source: Bureau of Economic Analysis, NIPA Table 3.18B, Consensus Forecasts.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Employment Recovery

National, State, and Local

  • 15.0%
  • 10.0%
  • 5.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95

Percent Number of Months Since Peak National Colorado Colorado Springs Greeley

  • Ft. Collins-

Loveland Pueblo Grand Junction Boulder Denver

Source: Bureau of Labor Statistics (Seasonally Adjusted).

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Employment Change

2015-2016

Natural Resources and Mining Information Other Services Manufacturing Financial Activities Government Leisure and Hospitality Construction Trade, Transportation, and Utilities Education and Health Services Professional and Business Services

  • 4.0

0.0 4.0 8.0 12.0 16.0

Thousands of Jobs

Source: Boulder Economic Outlook Forum (BEOF).

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Business Research Division | Leeds School of Business | University of Colorado Boulder

2 4 6 Grand Junction Colorado Springs Pueblo Boulder Denver-Aurora- Lakewood Greeley Fort Collins Percentage

Unemployment Rate November 2015

Colorado 3.5% NSA, 3.6% SA 1 2 3 4 5 Grand Junction Colorado Springs Pueblo Boulder Denver-Aurora- Lakewood Greeley Fort Collins Percentage

Employment Growth Rate, November YoY

Colorado 1.8%

Regional Employment Growth and Unemployment

Sources: CES (Seasonally Adjusted) and LAUS (Not Seasonally Adjusted).

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Construction

Value of Construction

Nonresidential 30% Nonbuilding 14% Residential 55%

Photo Courtesy www.rtd-fastracks.com

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Housing Units vs. Households

Annual Change

10,000 20,000 30,000 40,000 50,000 60,000 70,000 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

Housing Units Households

Sources: Colorado State Demography Office.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2003 2005 2007 2009 2011 2013 2015 YTD Total State Foreclosures Over Time

Filings Sales

Colorado Foreclosures

2004-2015

Source: Colorado Division of Housing. 2015 data available through September.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Federal Housing Finance Agency (FHFA)

House Price Index by MSA

Source: Federal Housing Finance Agency, All Transactions Indexes.

0.0 3.0 6.0 9.0 12.0 15.0 Grand Junction Colorado Springs Pueblo Greeley Fort Collins Boulder Denver-Aurora-Lakewood Percent

Q3 2014 – Q3 2015

0.0 1.0 2.0 3.0 4.0 Grand Junction Colorado Springs Pueblo Greeley Fort Collins Boulder Denver-Aurora-Lakewood Percent

CAGR Q3 2005 – Q3 2015

Colorado 12.7% Colorado 2.5%

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Business Research Division | Leeds School of Business | University of Colorado Boulder

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

36,750

Residential Building Permits

2006-2016

Sources: U.S. Census Bureau and Colorado Business Economic Outlook Committee.

Multifamily Single Family

Residential Housing:

  • Home appreciation among the

fastest nationally

  • Mostly single family permits in

2016

  • Lowest foreclosure rate in two

decades

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Value of Construction

2006-2016

Sources: McGraw-Hill Construction Dodge Research and Analytics and Colorado Business Economic Outlook Committee.

$16.8 B

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$ Millions Nonbuilding Residential Nonresidential

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Colorado Manufacturing Real GDP

  • 10.0%
  • 8.0%
  • 6.0%
  • 4.0%
  • 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 5,000 10,000 15,000 20,000 25,000 2000 2002 2004 2006 2008 2010 2012 2014

Annual Percentage Change Current US Dollars (Billions) $19.8

Source: Bureau of Economic Analysis.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Electricity and Natural Gas Consumption

10,000 20,000 30,000 40,000 50,000 60,000 70,000 2006 2008 2010 2012 2014 2016 Million kWh

Electricity Consumption 2006-2016

54,262 100 200 300 400 500 600 2006 2008 2010 2012 2014 2016 Billion Cubic Feet

Natural Gas Consumption 2006-2016

481.8

Sources: Edison Electrical Institute Statistical Yearbook, Xcel Energy, and Colorado Business Economic Outlook Committee.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Retail Trade Sales

Sources: Colorado Department of Revenue and Colorado Business Economic Outlook Committee.

5.6

  • 15.0
  • 10.0
  • 5.0

0.0 5.0 10.0 2006 2008 2010 2012 2014 2016 Percent Change Nominal Growth Real Growth

Colorado Retail Trade Sales 2006-2016

50 55 60 65 70 75 80 85 90 95 2001 2003 2005 2007 2009 2011 2013 2015

Colorado Taxable Retail Sales 12-Month Rolling Sum

12-Month Rolling Sum, $ Millions 70 Months

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Colorado General Fund

Gross Revenue (excluding reserves, diversions, and transfers)

Source: Colorado Office of State Planning and Budgeting, excluding reserves, diversions, and transfers, December 2014.

6,000 6,600 7,200 7,800 8,400 9,000 9,600 10,200 10,800 11,400 12,000

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 $ Millions

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Employment and New Entity Filings

60,000 65,000 70,000 75,000 80,000 85,000 90,000 95,000 100,000 105,000 110,000 2,100 2,150 2,200 2,250 2,300 2,350 2,400 2,450 2,500 2,550 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Employment, thousands 12-month total new entity filings

New Entity Filings Employment

Note: Solid line displays actual seasonally adjusted employment numbers; dotted line reflects calculated forecasts. Source: Seasonally adjusted. Colorado total nonfarm employees from the Bureau of Labor Statistics, Current Employment Statistics (CES), calculations by BRD research team.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Colorado Economic Indicators

Colorado Economic Indicators Year Consumer Price Inflation Percent Change Retail Sales Percent Change Personal Income Unemployment Rate Percent Change Employment 2013a 2.77 4.76 2.88 6.53 2.99 2014a 2.78 6.62 6.04 4.94 3.32 2015 0.22 5.38 5.07 4.08 2.94 2016 1.20 5.44 5.81 3.35 2.17 2017 2.29 7.00 6.92 3.71 2.55 2018 2.48 6.38 6.68 3.88 2.48 2019 2.55 4.50 5.08 3.95 1.85 2020 2.42 3.46 3.98 4.15 1.12 2021 2.38 3.42 3.86 4.37 1.16

aHistorical data. Note: Represents annual averages of the month-to-month growth rate.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

U.S. and Colorado Economies

25 30 35 40 45 50 55 60 65 70 75 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016

National and State Expectations

Colorado United States

Index (50=Neutral)

Q1 2004 – Q1 2016

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Business Research Division | Leeds School of Business | University of Colorado Boulder

State Summary

Colorado outperforms nation in employment growth Energy Impact Falling unemployment Labor force pressures Full employment Growing population Strong in-migration

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Concerns

Fed funds target rate Cost of housing Availability of labor Price of oil El Niño Median family income

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder County

Courtesy of the Regents of the University of Co

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Real Gross Domestic Product

Boulder MSA

  • 12.0%
  • 8.0%
  • 4.0%

0.0% 4.0% 8.0% $0 $5,000 $10,000 $15,000 $20,000 $25,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Percentage Change Millions of Chained 2009 Dollars

Source: Bureau of Economic Analysis.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder County

Educational Attainment Adults over age 25 with a bachelor’s degree or higher U.S. 30.1% Colorado 38.3% Boulder 58.0% Adults over age 25 with a high school diploma or higher U.S. 86.9% Colorado 90.5% Boulder 94.3%

Employment and Education, 2014

Management 5% Business and Financial 7% Computer and Mathematical 7% Architecture and Engineering 4% Life Physical and Social Science 4% Education Training and Library 7% Arts Design Entertainment Sports and Media 2% Healthcare Practitioners and Technical 5% Other 59%

Employment by occupation

Source: Bureau of Labor Statistics, Quarterly Census of Employment and Wages; Census, 2014 American Community Survey 1-Year Estimates.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder County

Manufacturing 14% Retail trade 5% Health Care & Social Assistance 10% Information 9% Government 15% Professional & Technical Services 25% Other 24%

Wages by Industry

Employment and Wages, 2014

Manufacturing 10.3% Retail trade 9.8% Health Care & Social Assistance 11.8% Information 4.9% Government 16.1% Professional & Technical Services 14.9% Other 32.1%

Employment by Industry

Sources: Bureau of Labor Statistics, Quarterly Census of Employment and Wages.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Non-Ag Employment

Boulder MSA

145.0 150.0 155.0 160.0 165.0 170.0 175.0 180.0 185.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Thousands 55 Months +10,300 jobs, 6.1% 146 Months

Source: Bureau of Labor Statistics, CES (SA).

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder County Wages

$6,500 $7,000 $7,500 $8,000 $8,500 $9,000 $9,500 $10,000 $10,500 Q2 2003 Q4 2004 Q2 2006 Q4 2007 Q2 2009 Q4 2010 Q2 2012 Q4 2013 Q2 2015

$ Millions

Annual Rate (4Q Rolling)

Source: Bureau of Labor Statistics, QCEW Data Series, NSA.

+$1.7 B

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder County Average Wages

$40,000 $42,000 $44,000 $46,000 $48,000 $50,000 $52,000 $54,000 $56,000 $58,000 $60,000 Q2 2002 Q2 2004 Q2 2006 Q2 2008 Q2 2010 Q2 2012 Q2 2014

$ Millions

Annual Rate (4Q)

Source: Bureau of Labor Statistics, QCEW Data Series, NSA.

+13.1%

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Business Research Division | Leeds School of Business | University of Colorado Boulder

2014 Average Annual Wages

$10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000

Dollars Colorado: $52,724

Front Range

$59,858

Source: Bureau of Labor Statistics, QCEW.

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder MSA Employment Change

1-Year Change, November 2015

Professional and Business Services Manufacturing Trade, Transportation, and Utilities Information Financial Activities Other Services Mining, Logging, Construction Leisure and Hospitality Education and Health Services Government

  • 2,000
  • 1,500
  • 1,000
  • 500

500 1,000 1,500 2,000 2,500

Jobs

1-Year Employment Growth

Source: Bureau of Labor Statistics, CES (NSA).

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SLIDE 54

Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder MSA Employment Change

10-Year Change, November 2015

Manufacturing Mining, Logging, Construction Information Financial Activities Other Services Trade, Transportation, and Utilities Professional and Business Services Leisure and Hospitality Education and Health Services Government

  • 2,000

2,000 4,000 6,000 8,000 10,000

Jobs

Source: Bureau of Labor Statistics, CES (NSA).

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SLIDE 55

Business Research Division | Leeds School of Business | University of Colorado Boulder

Single Family v. Multifamily Permits

Boulder MSA, Year-to-Date through November 2015

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Permits Multifamily Single Family

Source: U.S. Census Bureau.

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2014 YTD 2015 YTD Permits

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Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder

300 400 500 600 700 800 900 1,000 1,100 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*

Dollars Number of Homes Sold

Median Price of Single Family Homes Sold, Number of SF Homes Sold

Source: Boulder Area Realtor Association. *YoY through November 2014.

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SLIDE 57

Business Research Division | Leeds School of Business | University of Colorado Boulder

Commercial Vacancy Rates: City of Boulder

3 6 9 12 15 18 Q2 06 Q2 08 Q3 09 Q3 10 Q3 11 Q3 12 Q3 13 Q3 14 Q3 15

Office Warehouse Flex Retail Percent

Source: Newmark Grubb Knight Frank.

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SLIDE 58

Business Research Division | Leeds School of Business | University of Colorado Boulder

Boulder County Value of Construction

200 400 600 800 1,000 1,200 1,400 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ Thousands

Value of Construction, Colorado 2003-2013 Nonbuilding Residential Nonresidential 200 400 600 800 1,000 1,200 1,400 2014 YTD 2015 November YTD 2014-2015

$ Thousands

Sources: McGraw-Hill Construction Dodge Research and Analytics.

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SLIDE 59

Business Research Division | Leeds School of Business | University of Colorado Boulder

Retail Sales – State Collections

3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 2005 2007 2009 2011 2013 2015

Boulder County Retail Sales, 12-Month Rolling Sum

$ Billions

Boulder County v. Colorado

Source: Colorado Department of Revenue.

100 105 110 115 120 125 130 135 140 145 150 155 2005 2007 2009 2011 2013 2015

Taxable Retail Sales

Colorado Boulder County Indexed

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SLIDE 60

Business Research Division | Leeds School of Business | University of Colorado Boulder

Venture Capital Investment

$0 $50 $100 $150 $200 $250 Q1 07 Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11 Q1 12 Q3 12 Q1 13 Q3 13 Q1 14 Q3 14 Q1 15 Q3 15 Boulder Quarterly VC Funding

Millions

City of Boulder

Source: PwC/NVCA MoneyTree, Boulder County Business Report.

Software, 41.1% Biotechnology, 39.3% Consumer Products and Services, 11.0% Semiconductors, 8.6%

Boulder VC Industry Allocation

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SLIDE 61

Business Research Division | Leeds School of Business | University of Colorado Boulder

Thank You!