News Flash

Economic Vitality and Development

Posted on: October 18, 2023

Broomfield’s Economy Remains Strong in 2023 and Moving into 2024

Broomfield’s economy, and on nearly every metric, Broomfield’s businesses, employees, residents and development, have outpaced the state of Colorado, metro area and local peer communities.

City Council heard a presentation on Sept. 12, that Broomfield’s economy, and on nearly every metric, Broomfield’s businesses, employees, residents and development, have outpaced the state of Colorado, metro area and local peer communities.   

  • Broomfield employment is at its highest point, with 42,800 jobs within local firms. This employment is 4.2% above the previous year, which compares to an employment growth of 2.5% in Colorado.
  • More than 41,900 Broomfield residents are currently employed, locally and throughout the metro area.  At the same time, 1,513 Broomfield residents are unemployed and seeking employment - which is a current rate of 3.5%, and still near historic low levels (August 2023).
  • Over the past three years, new developments increased local housing units by 2.1% annually; again, this compares to the average annual increase of 1.7% throughout Colorado.
  • The success and activities of Broomfield firms and households also contributed to CCOB’s fiscal sustainability through growing local general fund revenues (sales/use tax and property tax). These revenues support the programs and services utilized by the Broomfield community.

The City and County of Broomfield remains focused on the number one rated community goal - financial sustainability and resilience. The outcome of that focus is already paying off as Broomfield recently saw an increase in its bond rating to Aa2 for its Sales and Use Tax Revenue Bonds, reflecting the city's strong economic prospects. These developments indicate a promising future for Broomfield's economic growth and vitality.

Development Projects Continuing to Reinforce a Strong Financial Base

Working toward shovels in the ground…and beyond

Broomfield Town Square (BTS)

Approval was received by the Broomfield Town Square Alliance, the private developer of the BTS, for the first phase of the Site Development Plan, which includes the Market Hall and other retail and hospitality space, nearly 500 housing units, and the plaza gathering area.

The former Safeway building is set for a facelift with graphics showcasing the coming development and improvements. It is anticipated that the work on the wrap, banners and signage will begin in November and proceed as weather permits. These additions are expected to remain in place for about 2-3 years, which is when the developer takes ownership and begins the full revitalization of the building. At the same time, the contractor for the roof repair and replacement project will also soon be under contract and begin work, with a goal for completion of that project before winter weather sets in. 

IKEA Development

Conversations have resumed and are underway with IKEA for a next-generation store and mixed-use development on their Broomfield site, marking a renewed commitment to the area.

Simms Technology Park

Groundbreaking took place on Sept. 19, attended by local real estate professionals, Mayor Castriotta, and Councilmember Lim. Construction is underway on infrastructure and three buildings, with an expected opening in late 2024. The development addresses the need for Class A technology and innovation space in the area, and will be home to three focus areas for Broomfield – aerospace, bioscience and advanced manufacturing and research – further strengthening our local economy.

Baseline Center Street

McWhinney is working on the Baseline retail and hospitality area of Center Street, with discussions for a national grocer as a primary anchor. At this point, these discussions are focused on site location options and development milestones. While specific timing for opening has not yet been determined, a critical step in bringing Center Street into reality is obtaining key anchor(s), which will attract other retail and restaurants to this community commercial area. 

Baseline 160th Innovation Corridor

McWhinney has attracted new businesses to the area, such as Lightship and BEGA North America, both located and working in the flex and innovation buildings. These businesses, joining others also operating in this area, are increasing the private investment and job growth in Baseline.

Flatirons Reinvestment

Macerich is undertaking a multi-million investment in the internal system of the FlatIron Crossings mall. The final demolition of some of the buildings to the immediate southwest of the mall is nearly complete; and it is expected that the first new vertical construction will begin in 2024. Pre-development planning work is already underway, and is expected to be submitted to Broomfield Community Development in late 2023 or early 2024. Re-energizing the area has already attracted two new national tenants, both will open shortly, Lululemon and North Face - as well as other tenant changes.  

Event Center Status Update

City and County of Broomfield staff are working closely with the event center operator, as they prepare to vacate the center by Nov. 30, 2023.  At the same time, staff is hard at work on the owner’s pre-development work for both parcels (the event center and the paucity-owned parcel to the southwest which was restricted to serve as overflow parking).  Staff is preparing an update briefing for City Council for early December 2023, including proposed next steps. 

Taking Care of What we Have

Ball Aerospace

Ball Corporation is progressing with the sale of the Ball Aerospace division, which is headquartered in Broomfield and brings significant employment in management, operations and research and design. Operations and employment opportunities in Broomfield will continue to grow.

Croc's Headquarters

Croc's continues to be a market leader, and their new headquarters and operation facility will create more job opportunities in Broomfield. Croc’s is planning to occupy their new facility in Interlocken later this year.

Sierra Space

Broomfield welcomes Sierra Space, a separate entity of Sierra Nevada Corporation, focused on low-orbit space transportation. With 287 positions currently in Broomfield and a primary production facility in neighboring Louisville, Sierra Space is expanding in both Broomfield and the greater area.

Look for quarterly updates as Broomfield drives economic development and placemaking forward!

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