University of Denver, Franklin L. Burns School of Real Estate & Construction
Management. Glenn R. ... McGraw Hill Construction Research & Analytics. Real ...
The Economic Impacts of Commercial Real Estate and Multifamily Construction on the Colorado Economy
Submitted by
University of Colorado Real Estate Center Thomas G. Thibodeau Ph.D. - Academic Director Brian Lewandowski - MBA, Leeds School of Business
University of Denver, Franklin L. Burns School of Real Estate & Construction Management Glenn R. Mueller Ph.D. - Professor Andrew G. Mueller, MSRECM candidate, Burns School of RECM McGraw Hill Construction Research & Analytics Real Capital Analytics, Inc.
Draft: November 30, 2007
Table of Contents List of Tables
iii
List of Figures
iiv
List of Appendices
v
Executive Summary
1
Introduction Commercial and Multifamily Property in Colorado: 1967-2006
5 7
Methodology
11
Economic Impacts of Existing Commercial property Total Area Summary of Impacts for Existing Commercial Properties Existing Office Properties Existing Industrial Properties Existing Retail Properties Existing Hotel Properties
12 13 13 14 15 16 17
Economic Impacts of Tenant Improvements Summary of Tenant Improvements Impacts Office Property Tenant Improvements Industrial Property Tenant Improvements Retail Property Tenant Improvements Hotel Property Tenant Improvements Multifamily Property Tenant Improvements
18 18 19 19 20 20 21
Economic Impacts of New Construction Summary of Impacts for New Construction Office Property New Construction Industrial Property New Construction Retail Property New Construction Hotel Property New Construction Multifamily Property New Construction
22 22 23 23 24 24 25
Economic Impacts of Commercial Property Transactions
25
Economic Impacts of Commercial Property Refinancing
26
Fiscal Impacts Commercial Property Taxes Commercial Property Sales Taxes
27 28 29
Conclusion
29
ii
List of Tables Table 1: Economic Impacts of Commercial Real Estate and Multifamily Construction on Colorado’s Economy
2
Table 2: Colorado Real Estate Regions
6
Table 3: Existing Property, Square Feet (000), by Region, 2006
13
Table 4: Economic Impacts of Existing Commercial Property, by Region, 2006
14
Table 5: Economic Impacts of Existing Office Real Estate, by Region, 2006
15
Table 6: Economic Impacts of Existing Industrial Real Estate, by Region, 2006
16
Table 7: Economic Impacts of Existing Retail Real Estate, by Region, 2006
17
Table 8: Economic Impacts of Existing Hotel Real Estate, by Region, 2006
18
Table 9: Economic Impacts of Tenant Improvements, by Region, 2006
19
Table 10: Economic Impacts of Office Tenant Improvements, by Region, 2006
19
Table 11: Economic Impacts of Industrial Tenant Improvements, by Region, 2006
20
Table 12: Economic Impacts of Retail Tenant Improvements, by Region, 2006
20
Table 13: Economic Impacts of Hotel Tenant Improvements, by Region, 2006
21
Table 14: Economic Impacts of Multifamily Tenant Improvements, by Region, 2006
21
Table 15: Economic Impacts of New Construction, by Region, 2006
22
Table 16: Economic Impacts of Office Construction, by Region, 2006
23
Table 17: Economic Impacts of Industrial Construction, by Region, 2006
23
Table 18: Economic Impacts of Retail Construction, by Region, 2006
24
Table 19: Economic Impacts of Hotel Construction, by Region, 2006
24
Table 20: Economic Impacts of Multifamily Construction, by Region, 2006
25
Table 21: Total Commercial Property Transaction Volume, in 000s, 2006
26
Table 22: Total Commercial Property Transaction Fees, in 000s, 2006
26
Table 23: Total Commercial Property Refinancing Volume, in 000s, 2006
27
Table 24: Total Commercial Property Refinancing Fees, in 000s, 2006
27
Table 25: Colorado Assessed Property Value and Estimated Taxes, 000s, 2006
28
Table 26: Summary Impacts of Commercial Real Estate and Multifamily Construction on Colorado’s Economy, 2006 30 Table 27: Per Square Foot Office Property Operating Expenses
33
Table 28: Per Square Foot Retail Property Operating Expenses
34
Table 29: Industrial Property Operating Expenses, 2006 Estimates
34
Table 30: Denver-Boulder-Greeley CPI
35
Table 31: Construction and Tenant Improvements Soft Costs Estimates
36
iii
List of Figures Figure 1: Impacts of Commercial Real Estate and Multifamily Construction on Colorado Regions, 2006 3 Figure 2: Direct Spending Per Employee, 2006
3
Figure 3: Per Capita Impacts of Commercial Real Estate and Multifamily Construction on Colorado Regions, 2006
4
Figure 4: Map of Colorado Real Estate Regions
6
Figure 5: Colorado Commercial and Multifamily Construction, 1967-2006
8
Figure 6: Colorado Commercial and Multifamily Property Stock, 1970-2006
8
Figure 7: Colorado Commercial and Multifamily Construction Value Versus GDP, 1967-2006
9
Figure 8: Colorado Commercial and Multifamily Construction as a Percent of GDP, 1967-2006
10
Figure 9: Colorado Property Tenant Improvements, 1967-2006
10
iv
List of Appendices Appendix A: Economic Impacts, by County, 2006
31
Appendix B: Notes to Methodology
32
Appendix C: RIMS II Colorado Regions
38
Appendix D: Supply of Existing Commercial and Multifamily Property (000s sf), by Property Type, by County, 39 2006 Appendix E: Economic Impacts of Existing Commercial Property, by County, 2006
40
Appendix F: BOMA Office Expense Definitions
41
Appendix G: Economic Impacts of Existing Office Real Estate, by County, 2006
42
Appendix H: Economic Impacts of Existing Industrial Real Estate, by County, 2006
43
Appendix I: Urban Land Institute Retail Expense Definitions
44
Appendix J: Economic Impacts of Existing Retail Real Estate, by County, 2006
45
Appendix K: Economic Impacts of Existing Hotel Real Estate, by County, 2006
46
Appendix L: Economic Impacts of Tenant Improvements, by County, 2006
47
Appendix M: Economic Impacts of Office Tenant Improvements, by County, 2006
48
Appendix N: Economic Impacts of Industrial Tenant Improvements, by County 2006
49
Appendix O: Economic Impacts of Retail Tenant Improvements, by County, 2006
50
Appendix P: Economic Impacts of Hotel Tenant Improvements, by County, 2006
51
Appendix Q: Economic Impacts of Multifamily Tenant Improvements, by County, 2006
52
Appendix R: Economic Impacts of New Construction, by County, 2006
53
Appendix S: Economic Impacts of Office Construction, by County, 2006
54
Appendix T: Economic Impacts of Industrial Construction, by County, 2006
55
Appendix U: Economic Impacts of Retail Construction, by County, 2006
56
Appendix V: Economic Impacts of Hotel Construction, by County, 2006
57
Appendix W: Economic Impacts of Multifamily Construction, by County, 2006
58
Appendix X: Colorado Assessed Property Value and Estimated Taxes, by County, 2006
59
Appendix Y: Assessed Valuation, Revenue, and Average Levies by County, 2006
61
v
Executive Summary The real estate industry impacts the Colorado economy in a variety of ways. The industry purchases construction and building maintenance materials from Colorado suppliers and provides jobs for Colorado residents. Existing income-producing properties provide permanent jobs maintaining, managing, and leasing property. New construction and tenant improvements employ construction workers, architects, and engineers. Income-producing property transactions and refinancing provide employment in the brokerage, financing, and legal professions. Finally, revenues generated by property and sales taxes are important sources of financing public services. Activities in the commercial and multifamily property sectors have two measurable impacts on Colorado's economy. First, income-producing property spending has direct impacts on the State’s output, earnings, and employment. Second, each dollar spent in the Colorado real estate industry has an indirect, or multiplier, effect on the Colorado economy. The indirect influence of real estate spending occurs when money spent on real property is used to purchase other goods and services in the State. For example, real estate employees spend wages earned in their jobs on housing, food, clothes, entertainment and other goods and services in Colorado. These expenditures create more employment and increase output in other industries. This report estimates the direct and indirect impacts that income-producing property has on the Colorado economy. Economic impacts are reported separately for existing properties, for tenant improvements, new construction, transactions, refinancing, and for the fiscal impacts of property and sales taxes. Economic impacts are reported for the entire State of Colorado, for eight regions in Colorado and for each county. Direct income-producing property spending was estimated at $12.3 billion in 2006, or 5.4% of Colorado’s economy. The total (direct and indirect) economic impact that incomeproducing properties had on the State’s output totaled $24.3 billion in 2006, or 10.5% of Colorado’s economy. In 2006, there were 137,832 direct employees servicing Colorado’s income-producing property sector, earning an annual average income of $32,832. Total 2006 employment (direct plus indirect) in the State attributable to income-producing property was 254,976, with employees earning an average annual wage of $32,177 (Table 1). Most of the economic impact ($16.1B of the $24.3B) was generated by existing income-producing properties. Office and hotel properties account for nearly 76% of this contribution. New income-producing construction contributed $3.3B in direct spending and $6.9B in total output (direct plus indirect economic impacts). See Appendix A for county specific impacts of existing, tenant improvements, and construction.
1
Table 1: Economic Impacts of Commercial Real Estate and Multifamily Construction on Colorado’s Economy Direct Spending (000) Existing2 Office
Total Output (000)
Direct Earnings (000)
Total Earnings (000)
Direct Employment1
Total Employment
3,377,771
7,026,103
1,386,691
2,509,433
38,973
74,756
Industrial Retail
301,387 1,574,128
623,368 3,256,520
132,039 705,653
230,295 1,219,051
3,293 18,627
6,449 35,106
Hotel
2,881,556
5,158,947
984,274
1,663,087
45,793
67,255
Total Existing
8,134,842
16,064,938
3,208,657
5,621,866
106,686
183,566
96,426 14,693
212,582 33,231
35,339 5,367
72,056 11,261
840 128
1,995 312
94,036 112,504
211,932 248,651
34,496 40,974
71,906 84,157
820 974
1,987 2,321
27,195
60,587
10,016
20,616
238
571
344,854
766,983
126,192
259,996
3,000
7,186
465,385 517,969
1,008,333 1,091,131
170,534 190,880
341,997 371,999
4,054 4,560
9,478 10,386
536,406 313,518
1,179,158 574,134
196,923 109,816
400,545 189,096
4,681 2,608
11,080 5,249
Multifamily
1,431,905
3,016,571
522,341
1,018,760
12,242
28,031
Total Construction
3,265,183
6,869,327
1,190,494
2,322,397
28,145
64,224
Other3 Construction Period Interest/Fees Transactions Refinancing Total Other
137,294 411,408 47,093 595,795
137,294 411,408 47,093 595,795
-
-
-
-
12,340,674
24,297,043
4,525,343
8,204,259
137,832
254,976
Tenant Improvements Office Industrial Retail Hotel Multifamily Total TI New Construction Office Industrial Retail Hotel
Total All
Note:
1Employment
refers to the number of workers, both full time and part time. 2Existing does not include multifamily. 3Other does not include multifamily, nor the impact on employment, earnings, multiplier effect, or impact on individual counties due to the uncertainty of the source of, and redeployment of funds. Sources: McGraw-Hill Construction Research & Analytics, 2007; BOMA International, Experience Exchange Report 2007; Urban Land Institute, Dollars & Cents of Shopping Centers / The SCORE 2006; PKF Hospitality Research; NAIOP Industrial Income and Expense Report 2001-2002; Real Capital Analytics; Northmarq Capital University of Colorado-Boulder; University of Denver.
The impact of income-producing property was highly variable by region, with the greatest impacts located in the Denver Metro, North Front Range, and Mountain Resort regions, tallying 79.3% of the total impact collectively (Figure 1).
2
Figure 1: Impacts of Commercial Real Estate and Multifamily Construction on Colorado Regions, 2006
* Regions exclude the refinancing and transaction impacts because these impacts were measured at the state level, but not the county or regional level.
Average direct spending per income-producing real estate employee was $85,212, with a regional standard deviation of $8,613 (10.1%) (Figure 2). The Denver Metro region accounted for nearly 53.2% of direct spending, and therefore greatly impacted the average. Figure 2: Direct Spending Per Employee, 2006
3
The per capita impacts of income-producing property on Colorado regions were highly variable in 2006, with the greatest impact at $16.35 per person occurring in the Mountain Resort region (Figure 3). Naturally, areas with higher levels of income-producing property activity and comparably smaller populations will have larger per capita impacts, as is true in the Mountain Resort and Pueblo regions. The average per capita impact for the eight regions was $4.34. Figure 3: Per Capita Impacts of Commercial Real Estate and Multifamily Construction on Colorado Regions, 2006
County Population Source: U.S. Census Bureau, www.census.gov, as of September 26, 2007.
4
I.
Introduction
At the request of the Colorado Chapter of the National Association of Industrial and Office Properties (NAIOP) Executive Committee, the University of Colorado-Boulder and the University of Denver collaboratively analyzed the economic impacts of income-producing on Colorado’s economy in 2006.
Income-producing property is undoubtedly a major contributor to the Colorado economy in terms of output, employment, and wages. This report defines commercial property as office, industrial, retail, and hotel. Income-producing property is commercial and new multifamily construction. It estimates the economic and fiscal impacts of income-producing property industry on output, earnings, and employment.
Economic impacts are reported for the entire State of Colorado and separately by region based on economic and geographic similarities identified in the 2006 publication “Economic Contributions of Real Estate Activity and Value in Colorado” produced by the Business Research Division of the Leeds School of Business at the University of Colorado-Boulder (Table 2 and Figure 4). The appendices provide individual county impacts. Impacts for Broomfield County are not reported separately due to the inauguration of county status in 2001. Since Broomfield County was created from land located in Adams, Boulder, Jefferson, and Weld counties, the impacts that income-producing property had in Broomfield County are included in these four counties.
The income-producing property industry contributes to the Colorado economy by purchasing goods and services from Colorado suppliers and by providing jobs throughout the lifecycle of a property. From the time an income-producing property is conceived by a developer, lawyers, architects, engineers, and a host of other real estate professionals become involved in the planning of the building, the surrounding land, and the public and private infrastructure required to support the development. During the construction phase, an even larger group of professionals are called to action, from builders to construction managers orchestrating numerous construction trades, including carpenters, steel workers, plumbers, electricians, landscape architects, heavy 5
equipment operators, concrete specialists, and many more. Finally, once construction is complete, the property employs another set of individuals to keep the building operating, including leasing agents, financiers, maintenance workers, and property managers. Table 2: Colorado Real Estate Regions Region
Counties
North Front Range Grand Junction Denver Metro
Boulder, Weld, and Larimer Counties Mesa County Denver, Arapahoe, Adams, Broomfield, Douglas, and Jefferson Counties
Eastern Plains
Baca, Bent, Cheyenne, Crowley, Elbert, Huerfano, Kiowa, Kit Carson, Las Animas, Lincoln, Logan, Morgan, Otero, Phillips, Prowers, Sedgwick, Washington, and Yuma Counties
Mountain Resort Pueblo Colorado Springs Mountain Rural
Eagle, Pitkin, Routt, San Miguel, Summit, Garfield, and Grand Counties Pueblo County El Paso and Teller Counties Alamosa, Archuleta, Chaffee, Clear Creek, Conejos, Costilla, Custer, Delta, Dolores, Fremont, Gilpin, Gunnison, Hinsdale, Jackson, La Plata, Lake, Mineral, Moffat, Montezuma, Montrose, Ouray, Park, Rio Blanco, Rio Grande, Saguache, and San Juan Counties Source: Business Research Division, Leeds School of Business.
Figure 4: Map of Colorado Real Estate Regions
Source: Business Research Division, Leeds School of Business.
6
The total economic impact of income-producing property spending on the Colorado economy is estimated in two parts. First, spending has a direct contribution to output, earnings, and employment. Employment refers to the number of employees, both full time and part time. Spending also has an indirect, or multiplier, effect on the economy because the dollars spent (or earned) in income-producing property are used to purchase other goods and services in the state. This multiplier effect is measured using the U.S. Department of Commerce, Bureau of Economic Analysis’s (BEAs) Regional Input-Output Modeling System (RIMS) II multipliers. These multipliers estimate the influence of spending in one or more industries on output, earnings, and employment in other industries. The multipliers are produced by BEA using data on the local area personal income and the national input-output accounts.
This report captures a snapshot of the lifecycle of income-producing property properties for the State of Colorado in 2006.
A. Commercial and Multifamily Property in Colorado: 1967-2006 The commercial and multifamily construction industries have added more than one billion square feet of office, industrial, retail, hotel and multifamily space in Colorado since 1967. Construction has traversed through three major cycles over 30 years, and it is currently in its fourth. The first cycle started in the 1960s and peaked in 1973. The next cycle bottomed out in 1975 and peaked in 1984, fueled by office construction. The third cycle bottomed in 1991, with the slowest construction expansion in the 30-year period, which was followed by 10 years of increasing construction activity. Colorado is currently in another cycle that bottomed in 2003 and is now moving toward another peak (Figure 5).
7
Figure 5: Colorado Commercial and Multifamily Construction, 1967-2006
Source: McGraw-Hill Construction Research & Analytics, Bureau of Economic Analysis.
The total stock of income-producing property increased at a 2.84% compound annual growth rate from 1970 to 2006. The total stock naturally tracks the construction of new income-producing property as it is the product of existing, new, and decommissioned properties. In 2006, incomeproducing property, including office, industrial, retail, hotel, and multifamily, totaled nearly 1.35 billion square feet in Colorado, compared to 491.3 million in 1970 (Figure 6). Figure 6: Colorado Commercial and Multifamily Property Stock, 1970-2006
Source: McGraw-Hill Construction Research & Analytics.
8
The rate of income-producing property construction and the growth rate of the Colorado economy are closely linked, with a correlation of 0.79 from 1967 to 2006 (Figure 7). Over time, the major drivers of Colorado’s economy have also changed, with manufacturing representing 16.5% of Colorado’s GDP in 1967, compared to 6.5% in 2006. Conversely, Professional Business Services is now a major underpinning of the Colorado economy, representing 13.7% of 2006 State GDP. Figure 7: Colorado Commercial and Multifamily Construction Value Versus GDP, 1967-2006
Source: McGraw-Hill Construction Research & Analytics; Bureau of Economic Analysis.
Real estate is one of the three basic “factors of production” (land, labor, and capital) required for virtually all economic activities. When new jobs are created in the state, greater demand is placed on places to eat, work, shop, play, and sleep. From 1967 to 2006, commercial and multifamily property construction has gone through four extended growth periods (including the current cycle). Peak construction as a percent of GDP occurred in 1972, comprising 4.9% of GDP (Figure 8). Conversely, at 0.37%, 1991 brought the lowest contribution of GDP from construction. Income-producing property construction’s 30year average contribution to Colorado’s GDP is 2.0%, signaling that the 1.4% of State GDP in 2006 was an underperforming year overall.
9
Figure 8: Colorado Commercial and Multifamily Construction as a Percent of GDP, 1967-2006
Source: Bureau of Economic Analysis, University of Colorado-Boulder, University of Denver.
In addition to income-producing property construction, expenditures on tenant improvements are a major contributor to local and state economies. From 1996 to 2006, tenant improvements have averaged $262 million annually in Colorado (Figure 9). Figure 9: Colorado Tenant Improvements, 1967-2006
Source: McGraw-Hill Construction Research & Analytics.
10
With the continued growth in population and employment, the demand for income-producing property is expected to continue to remain strong, with the natural cycles inherent to the industry.
II.
Methodology
The base methodology for this report was obtained from the NAIOP publication “How to Calculate the Economic Contribution of Office, Industrial and Retail Real Estate to the Local Community” by Stephen Fuller (2007). This study builds on the NAIOP methodology by including commercial tenant improvements, commercial transaction costs and commercial financing costs. For greater detail regarding the methodology, see Appendix B.
Data from McGraw-Hill Construction Research & Analytics on the total square feet of existing commercial real estate for each property type were employed, along with data on specific property-type operating expenses to estimate aggregate spending and employment for operations, maintenance, management, and utilities. McGraw-Hill Construction Research & Analytics data on square feet of new construction, by property type, along with data on per square foot construction costs obtained from R. S. Means, were used to estimate the value of new construction. Data on tenant improvements were also provided by McGraw-Hill Construction Research & Analytics.
RIMS II multipliers, obtained from the BEA through the State Demography Office, provided the basis for estimating direct employment and earnings based on direct spending, as well as the indirect output, employment, and earnings.
BEA publishes RIMS II multipliers by industry sector and by economic region in Colorado (Appendix C). This study employs the multipliers that include the impact of local government. Multipliers are reported for output, earnings, and employment. For instance, if the utilities industry output multiplier is 2.1365 for the State of Colorado, then the impact of $1 million in utilities spending on Colorado’s economy is $2.1365 million ($1 million direct spending and $1.1365 million indirect). Direct earnings can be estimated using the BEA direct earnings per dollar of sales to final demand multiplier, which in this scenario is 0.1808. Therefore, the $1 11
million in utilities spending generates $180,800 in direct earnings. Similarly, employment can be estimated using the direct employment per million dollars of sales to final demand multiplier. The employment multiplier in this example is 2.2577. That means there are 2.2577 jobs generated for every $1 million in utility expenditures. It should be noted that the estimated multiplier impacts on specific counties are estimates and are more accurate in non-metropolitan areas. The difficulty estimating metropolitan county multiplier effects is because metropolitan areas have greater economic overlap since goods and labor are often provided from neighboring counties; and commuting employees spend a higher proportion of their earnings near their home. The multiplier effects in this report assume that the economic activities from incomeproducing property in a county are proportional to the area of income-producing property in that region.
The economic impacts of income-producing property transactions and refinancing were estimated on a direct basis only. The indirect, or multiplier, effect is omitted because of the difficulty in knowing how much of the interest and fee income is spent in Colorado. Fiscal impacts are based on State of Colorado reported estimates of assessed income-producing property values and estimated property mill levies in each county. III.
Economic Impacts of Existing Commercial property
Existing commercial property undoubtedly has a profound impact on the Colorado economy in terms of output, earnings, and employment derived from operating expenditures. These operating expenditures include a variety of services, such as management, cleaning, repairs, maintenance, leasing, expenditures on utilities, and so on, that keep the property functioning.
To assess these impacts, data have been gathered from numerous public and private sources. Necessary data included existing income-producing property area in square feet by type and by county, operating expenditures per square foot, and industry economic multipliers. The economic impact of tenant improvements and construction of new properties are examined in a later section.
12
A. Total Area In 2006, the three major metropolitan areas in Colorado (Denver Metro, North Front Range, and Colorado Springs) contained 83.5% of the existing commercial and multifamily stock in Colorado, with nearly 1.13 billion square feet of income-producing property. The Denver Metro region alone represented 57.2% of the existing stock of income-producing property. Table 3 provides total income-producing property space, by property type, for each of the eight regions in the State. Individual county estimates are provided in Appendix D. Table 3: Existing Property, Square Feet (000), by Region, 2006 Region
Office
Industrial
Retail
Hotel
Colorado Springs 25,401 29,317 28,850 Denver Metro 158,369 150,015 118,896 8,868 4,523 Eastern Plains 3,141 Grand Junction 3,049 4,467 6,024 Mountain Resort 5,100 2,903 10,317 Mountain Rural 5,748 18,783 9,503 50,711 35,692 North Front Range 33,373 Pueblo 3,857 13,332 6,046 All Regions 238,039 278,398 219,850 Source: McGraw-Hill Construction Research & Analytics, 2007.
Multifamily
6,398 20,225 1,207 1,030 13,235 4,712 5,706 970 53,482
59,642 323,255 6,011 8,763 53,207 16,687 79,850 10,290 557,706
Total
Percentage
149,609 770,761 23,750 23,333 84,762 55,433 205,332 34,495 1,347,475
11.1% 57.2% 1.8% 1.7% 6.3% 4.1% 15.2% 2.6% 100.0%
B. Summary of Impacts for Existing Commercial Properties Direct spending in the existing inventory of all commercial properties totaled $8.1 billion in 2006, for a total (direct and indirect) effect of $16.1 billion on Colorado’s economy, or 7.0% of State GDP (Table 4)1. For existing real estate, direct spending generally includes operating costs associated with the administration, cleaning, maintenance, utilities, and taxes on the properties. The existing property income-producing property sector employed 106,686 direct employees earning an average wage of $30,076. The 183,566 direct and indirect employees earned an average wage of $30,626. See Appendix E for county impact.
1
The analysis of existing property does not include multifamily.
13
Table 4: Economic Impacts of Existing Commercial Property, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $866,130 $1,622,036 $350,146 $576,386 11,299 18,809 Denver Metro 4,106,179 8,890,910 1,668,970 3,153,398 51,691 97,831 Eastern Plains 136,981 218,561 55,881 80,645 1,859 2,708 Grand Junction 134,270 232,224 54,971 85,287 1,774 2,794 Mountain Resort 1,349,010 2,180,797 465,847 702,100 20,403 28,407 Mountain Rural 366,850 608,844 139,406 209,432 5,029 7,420 North Front Range 1,022,449 2,023,645 410,620 711,435 12,669 22,294 Pueblo 152,974 287,920 62,816 103,183 1,962 3,303 All Regions $8,134,842 $16,064,938 $3,208,657 $5,621,867 106,686 183,566 Note: Omits existing multifamily housing. Sources: McGraw-Hill Construction Research & Analytics, 2007; BOMA International, Experience Exchange Report 2007; Urban Land Institute, Dollars & Cents of Shopping Centers / The SCORE 2006; PKF Hospitality Research; NAIOP Industrial Income and Expense Report 2001-2002; University of Colorado-Boulder; University of Denver
1. Existing Office Properties Direct spending in the existing inventory of office properties totaled $3.38 billion in 2006, which generated a $7.03 billion total impact on Colorado’s economy, more than 3.0% of Colorado’s total output (Table 5). Direct spending includes operating expenses related to administration, security, utilities, cleaning, building repairs and maintenance, and property maintenance (see Appendix F for the Building Owners and Managers Association definitions). This sector directly employed 38,973 workers at an average wage of $35,581. The impacts varied widely by region, with the Denver Metropolitan region accounting for two-thirds of the existing office impact. Appendix G provides county level impacts.
Each dollar spent providing goods and services for existing office properties has a multiplier effect on the economy due to inter-industry relationships. For example, office properties occasionally need parking lots resurfaced, which affect the resurfacing company directly, but also impacts revenues for companies that sell resurfacing supplies and equipment. Hence, a dollar spent by a firm on commercial property has a ripple effect throughout the economy. Since some of the supplies and equipment are purchased from out of state, the multiplier effect is smaller than the national multiplier. The same holds true for counties within Colorado – goods
14
and services are imported from other counties, which reduces the impact on the primary county. This regional multiplier disparity has been accounted for by the BEA RIMS II multipliers. Table 5: Economic Impacts of Existing Office Real Estate, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs
$360,443
$677,295
$148,963
$243,905
4,152
7,342
Denver Metro
2,247,262
4,891,222
922,508
1,744,320
26,055
51,865
44,574
72,215
19,197
27,580
545
836
Eastern Plains Grand Junction
43,261
75,443
18,176
28,176
507
847
Mountain Resort
72,369
122,459
29,082
43,138
794
1,282
81,564
138,756
33,513
50,149
927
1,503
473,562
945,858
192,628
335,125
5,363
9,965
Mountain Rural North Front Range Pueblo All Regions Sources:
54,736
102,853
22,621
37,039
630
1,115
$3,377,771
$7,026,103
$1,386,691
$2,509,433
38,973
74,756
McGraw-Hill Construction Research & Analytics, 2007; BOMA International, Experience Exchange Report 2007; University of Colorado-Boulder; University of Denver.
This analysis also considers the household (induced) impact, which is the indirect impact that household earnings and expenditures have on the economy. According to the 2005 Bureau of Labor Statistics Consumer Expenditures Survey, consumers spent 79% of their pretax income on goods and services (the rest goes to taxes). Non-shelter expenditures comprised 53% of pretax income. These expenditures have a profound impact on the economy, employing accountants, gas station attendants, grocery store clerks, real estate brokers, and so on.
Direct employment related to existing office real estate was estimated at 38,973 employees earning $1.39 billion in 2006, for an average annual wage of $35,581. This includes administration, security, utilities, cleaning, building repairs and maintenance, and property maintenance employees servicing office real estate. Applying the multipliers to employment and earnings yields total employment of 74,756 employees earning $2.51 billion, for an average annual salary of $33,569.
2. Existing Industrial Properties Direct spending on the existing inventory of the industrial real estate sector totaled $301.4 million in 2006, which generated a total impact of $623.4 million, or 0.3% of Colorado’s 15
economy (Table 6). This includes the existing inventory of manufacturing plants, warehouses, and laboratories. Direct spending includes operating expenses related to common area maintenance, water and sewer, repairs and maintenance, property management, real estate taxes, insurance, and other. Table 6: Economic Impacts of Existing Industrial Real Estate, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $31,738 $61,236 $14,075 $22,866 348 Denver Metro 162,403 358,986 70,864 131,766 1,781 Eastern Plains 9,601 15,685 4,389 6,238 111 Grand Junction 4,836 8,553 2,165 3,316 54 Mountain Resort 3,142 5,367 1,364 1,990 33 Mountain Rural 20,334 35,187 8,899 13,162 218 North Front Range 54,899 110,507 23,882 40,560 591 Pueblo 14,433 27,847 6,401 10,398 158 All Regions $301,387 $623,368 $132,039 $230,295 3,293 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver; NAIOP Industrial Income and Expense Report 2001-2002.
Direct employment related to industrial real estate was estimated at 3,293 employees earning $132.0 million in 2006, for an average annual wage of $40,092 (see Appendix H for county impacts). Applying the multipliers to employment and earnings yields total employment of 6,449 employees earning $230.3 million, for an average annual salary of $35,708.
3. Existing Retail Properties Direct spending in the retail real estate sector totaled $1.57 billion in 2006, which generated a $3.26 billion impact on Colorado’s economy, or roughly 1.4% of Colorado’s total output (Table 7). Direct spending includes operating expenses related to building maintenance, external property maintenance (i.e., parking lot), utilities, advertising and promotion, insurance, and general and administrative expenses, and so on (See Appendix I for Urban Land Institute definitions).
16
643 3,695 175 93 55 365 1,131 292 6,449
Table 7: Economic Impacts of Existing Retail Real Estate, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Colorado Springs $206,568 $402,247 $93,765 $152,155 Denver Metro 851,293 1,887,712 380,531 701,716 Eastern Plains 32,385 53,040 15,148 21,413 Grand Junction 43,135 76,348 19,726 30,008 Mountain Resort 73,867 126,163 32,679 47,478 Mountain Rural 68,043 118,097 30,651 45,314 North Front Range 255,552 508,622 113,505 189,083 Pueblo 43,287 84,292 19,649 31,884 All Regions $1,574,128 $3,256,520 $705,653 $1,219,051 Sources: McGraw-Hill Construction Research & Analytics, 2007; Urban Land Institute, Dollars & Cents of Shopping Centers / The SCORE 2006 University of Colorado-Boulder; University of Denver.
Employment
w/Multiplier
2,456 10,128 405 519 840 798 2,966 515 18,627
4,409 20,189 625 870 1,357 1,306 5,426 924 35,106
Direct employment related to retail real estate was estimated at 18,627 employees earning $705.7 million in 2006, for an average wage of $37,884 (see Appendix J for county impacts). This includes building maintenance, external property maintenance (i.e., parking lot), utilities, advertising and promotion, insurance, and general and administrative expenses. Applying the household multipliers to employment and earnings yields total employment of 35,106 employees earning $1.2 billion, for an average salary of $34,725. 4. Existing Hotel Properties Direct spending in the hotel real estate sector totaled $2.88 billion in 2006, which generated a $5.16 billion impact on Colorado’s economy, or roughly 2.2% of Colorado’s total output (Table 8). Direct spending operating expenditures per square foot were obtained from PKF Hospitality Research. This sector employed an estimated 45,793 workers at an average wage of $21,494 (see Appendix K for impact by county). This includes managerial operations and building maintenance workers, as well as hotel room cleaners. Applying the household multipliers to employment and earnings yields total employment of 67,255 employees earning $1.7 billion, for an average salary of $24,728.
17
Table 8: Economic Impacts of Existing Hotel Real Estate, by Region, 2006 Region Colorado Springs Denver Metro Eastern Plains Grand Junction Mountain Resort Mountain Rural North Front Range Pueblo
Direct Spending, 000s Total Output, 000s $267,381 845,222 50,422 43,037 1,199,632 196,909 238,435 40,518
$481,259 1,752,989 77,620 71,881 1,926,809 316,804 458,657 72,929
Earnings, 000s $93,343 295,067 17,146 14,904 402,722 66,343 80,604 14,145
w/Multiplier, 000s
Employment
w/Multiplier
$157,460 575,596 25,414 23,787 609,495 100,807 146,667 23,861
4,343 13,727 798 693 18,736 3,087 3,750 658
6,415 22,083 1,072 983 25,713 4,246 5,772 972
All Regions $2,881,556 $5,158,947 $984,274 $1,663,087 Sources: McGraw-Hill Construction Research & Analytics, 2007; PKF Hospitality Research, University of Colorado-Boulder; University of Denver.
45,793
67,255
IV. Economic Impacts of Tenant Improvements The economic impacts of tenant improvements were calculated separately. However, since tenant improvements are essentially construction, the RIMS II construction multipliers were employed to calculate the multiplier effects of direct spending on output, earnings, and employment resulting from industry expenditures on tenant improvements.
Necessary data included income-producing property alterations by value, by type, and by county; industry soft costs (i.e., architectural, engineering, construction management, and site improvement); hard costs (construction materials and construction worker wages); and industry multipliers. Property alteration figures were obtained from McGraw-Hill Construction Research & Analytics; industry soft costs were estimated as a percentage of total project costs obtained by RS Means CostWorks for Building Construction; and RIMS II construction industry multipliers were obtained from the State Demography Office, compiled by the Bureau of Economic Analysis. A. Summary of Tenant Improvements Impacts Direct spending on tenant improvements totaled $344.9 million in 2006, for a total (direct and indirect) effect of $767.0 million on Colorado’s economy, or 0.33% of State GDP (Table 4). 18
Income-producing property tenant improvements employed 3,000 direct employees earning an average wage of $42,062. The 7,186 direct and indirect employees earned an average wage of $36,181. See Appendix L for county impact. Table 9: Economic Impacts of Tenant Improvements, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $23,746 $48,383 $8,860 $16,642 210 Denver Metro 221,296 518,465 81,784 176,874 1,944 Eastern Plains 226 377 85 132 2 Grand Junction 4,527 8,705 1,784 3,115 42 Mountain Resort 25,830 44,888 8,904 14,615 211 Mountain Rural 1,447 2,606 523 879 12 North Front Range 55,395 118,315 19,630 39,056 467 Pueblo 12,388 25,241 4,623 8,683 110 All Regions $344,855 $766,981 $126,192 $259,996 3,000 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
466 4,874 4 87 405 24 1,083 243 7,186
1. Office Property Tenant Improvements Estimated direct spending on tenant improvements for office properties totaled $96.4 million in 2006, for a total impact of $212.6 million, or roughly 0.09% of Colorado’s economy (Table 10). The 840 direct employees earned an average of $42,060, while the 1,995 direct and indirect employees earned an average $36,117. See Appendix M for county impacts. Table 10: Economic Impacts of Office Tenant Improvements, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs 13,778 $28,073 $5,142 $9,657 122 Denver Metro 45,391 106,340 16,779 36,282 399 Eastern Plains Grand Junction 3,220 6,192 1,269 2,216 30 Mountain Resort 832 1,461 287 478 7 Mountain Rural 976 1,790 361 614 9 North Front Range 28,924 61,993 10,267 20,493 244 Pueblo 3,305 6,733 1,233 2,316 29 All Regions $96,426 $212,582 $35,339 $72,056 840 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
271 1,000 62 13 17 568 65 1,995
2. Industrial Property Tenant Improvements Estimated direct spending on industrial property tenant improvements totaled $14.7 million in 2006, for a multiplier effect of $33.2 million, or 0.01% of Colorado’s economy (Table 11). The 19
128 direct employees earned an average of $41,849, while the 312 direct and indirect employees earned an average $36,151. See Appendix N for county impacts. Table 11: Economic Impacts of Industrial Tenant Improvements, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $1,150 $2,345 $427 $804 10 Denver Metro 10,892 25,540 4,006 8,694 96 Eastern Plains 226 377 85 132 2 Grand Junction Mountain Resort 291 505 100 164 2 Mountain Rural 233 404 80 131 2 North Front Range 1,903 4,059 671 1,336 16 Pueblo All Regions $14,693 $33,231 $5,367 $11,261 128 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
23 240 4 5 4 37 312
3. Retail Property Tenant Improvements Estimated direct spending on retail property tenant improvements totaled $94.0 million in 2006, for a multiplier effect of $211.9 million, or roughly 0.09% of Colorado’s economy (Table 12). The 820 direct employees earned an average of $42,065, while the 1,987 direct and indirect employees earned an average $36,186. See Appendix O for county impacts. Table 12: Economic Impacts of Retail Tenant Improvements, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $7,454 $15,187 $2,782 $5,224 66 Denver Metro 59,778 140,044 22,097 47,781 525 Eastern Plains Grand Junction 1,069 2,056 421 736 10 Mountain Resort 772 1,363 267 447 6 Mountain Rural 238 413 82 134 2 North Front Range 21,700 46,705 7,717 15,464 184 Pueblo 3,026 6,164 1,129 2,121 27 All Regions $94,036 $211,932 $34,496 $71,906 820 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
146 1,316 21 12 4 428 59 1,987
4. Hotel Property Tenant Improvements Estimated direct spending on hotel property tenant improvements totaled $112.5 million in 2006, for a multiplier effect of $248.7 million, or 0.11% of Colorado’s economy (Table 13). The 974
20
direct employees earned an average of $42,086, while the 2,321 direct and indirect employees earned an average $36,252. See Appendix P for county impacts. Table 13: Economic Impacts of Hotel Tenant Improvements, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $0 $0 $0 $0 Denver Metro 87,582 205,184 32,376 70,006 769 Eastern Plains Grand Junction 238 457 94 163 2 Mountain Resort 23,936 41,560 8,250 13,527 196 Mountain Rural North Front Range 748 1,450 254 460 6 Pueblo All Regions $112,504 $248,651 $40,974 $84,157 974 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
1,929 5 375 13 2,321
5. Multifamily Property Tenant Improvements Estimated direct spending on tenant improvements for multifamily properties totaled an estimated $27.2 million in 2006, for a multiplier effect of $60.6 million, or 0.03% of Colorado’s economy (Table 14). The 238 direct employees earned an average of $42,073, while the 571direct and indirect employees earned an average $36,112. See Appendix Q for county impacts. Table 14: Economic Impacts of Multifamily Tenant Improvements, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $1,364 $2,778 $509 $956 12 Denver Metro 17,653 41,357 6,526 14,110 155 Eastern Plains Grand Junction Mountain Resort Mountain Rural North Front Range 2,120 4,108 720 1,303 17 Pueblo 6,058 12,343 2,261 4,246 54 All Regions $27,195 $60,587 $10,016 $20,616 238 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
21
27 389 36 119 571
V. Economic Impacts of New Construction Necessary data for calculating the impacts of income-producing property construction include the amount of new income-producing space, by property type, and by county; site development costs; industry soft costs (i.e., architectural, engineering, and construction management); hard costs (construction materials and construction worker wages); and industry construction multipliers. Financing development costs (construction loan fees and construction loan interest) are accounted for in the Transactions and Refinancing sections. Data on new construction were obtained from McGraw-Hill Construction Research & Analytics; industry soft costs were estimated as a percentage of total project costs obtained by RS Means CostWorks for Building Construction; and RIMS II construction industry multipliers were obtained from the State Demography Office, compiled by the Bureau of Economic Analysis. A. Summary of Impacts for New Construction Direct spending on income-producing property construction totaled $3.3 billion in 2006, with an output multiplier effect of $6.9 billion, or roughly 3.0% of Colorado’s output (Table 15). Direct employment in new commercial and multifamily construction totaled 28,145 employees earning $1.2 million, for an average wage of $42,298. The employment multiplier effect of new construction totaled 64,224 direct and indirect employees earning an estimated $2.3 billion, for an average wage of $36,161 in 2006. See Appendix R for county impacts. Separately, the impacts of construction loan interest and fees attributable to new construction were estimated at $117.0 million. Table 15: Economic Impacts of New Construction, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $300,118 $611,511 $111,952 $210,309 2,660 Denver Metro 1,368,077 3,197,129 512,550 1,097,491 12,014 Eastern Plains 8,034 13,429 3,018 4,718 72 Grand Junction 56,719 109,104 22,315 39,015 532 Mountain Resort 444,195 772,354 153,133 251,526 3,636 Mountain Rural 270,627 474,764 94,434 155,989 2,242 North Front Range 506,165 1,056,574 177,518 345,656 4,230 Pueblo 311,248 634,462 115,574 217,693 2,759 All Regions $3,265,183 $6,869,328 $1,190,494 $2,322,398 28,145 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
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5,892 30,099 131 1,090 6,972 4,330 9,598 6,110 64,224
1. Office Property New Construction Direct spending on office property construction totaled $465.4 million in 2006, for a total effect of $1.01 billion, or 0.44% of Colorado’s economy (Table 16). The 4,054 direct employees earned an average of $42,068, while the 9,478 direct and indirect employees earned an average $36,084. See Appendix S for county impacts. Table 16: Economic Impacts of Office Construction, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $91,291 $186,003 $34,070 $63,985 809 Denver Metro 237,507 556,420 87,797 189,843 2,087 Eastern Plains 240 401 90 141 2 Grand Junction 17,885 34,389 7,046 12,308 168 Mountain Resort 16,919 29,520 5,836 9,628 139 Mountain Rural 17,101 30,378 5,995 10,017 142 North Front Range 67,385 136,467 23,333 44,118 556 Pueblo 17,058 34,755 6,366 11,956 151 All Regions $465,385 $1,008,333 $170,534 $341,997 4,054 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
1,792 5,231 4 344 266 278 1,228 335 9,478
2. Industrial Property New Construction Direct spending on industrial property construction totaled an estimated $518.0 million in 2006, for a total effect of $1.09 billion, or 0.47% of Colorado’s economy (Table 17). The 4,560 direct employees earned an average of $41,861, while the 10,386 direct and indirect employees earned an average $35,817. See Appendix T for county impacts. Table 17: Economic Impacts of Industrial Construction, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $26,640 $54,306 $9,889 $18,630 236 Denver Metro 127,348 298,623 46,835 101,652 1,119 Eastern Plains 750 1,255 281 440 7 Grand Junction 17,236 33,185 6,759 11,843 162 Mountain Resort 6,448 11,199 2,210 3,633 53 Mountain Rural 1,618 2,832 575 945 14 North Front Range 46,013 94,657 15,971 30,713 382 Pueblo 291,916 595,075 108,359 204,143 2,587 All Regions $517,969 $1,091,131 $190,880 $371,999 4,560 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
23
523 2,806 12 332 101 26 855 5,731 10,386
3. Retail Property New Construction Direct spending on retail property construction totaled an estimated $536.4 million in 2006, for a multiplier effect of $1.18 billion, or 0.51% of Colorado’s output (Table 18). The 4,681 direct employees earned an average of $42,070, while the 11,080 direct and indirect employees earned an average $36,150. See Appendix U for county impacts. Table 18: Economic Impacts of Retail Construction, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $68,308 $139,175 $25,493 $47,876 606 Denver Metro 314,401 736,563 116,221 251,306 2,762 Eastern Plains 2,293 3,832 862 1,347 21 Grand Junction 12,511 24,056 4,929 8,610 117 Mountain Resort 23,041 40,021 7,943 13,028 189 Mountain Rural 33,196 60,241 12,215 20,583 290 North Front Range 80,383 170,638 28,412 56,202 677 Pueblo 2,274 4,632 849 1,594 20 All Regions $536,406 $1,179,158 $196,923 $400,545 4,681 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
1,341 6,924 37 240 361 573 1,558 45 11,080
4. Hotel Property New Construction Direct spending on hotel property construction totaled $313.5 million in 2006, for a multiplier effect of $574.1 million, or 0.25% of Colorado’s economy (Table 19). The 2,608 direct employees earned an average of $42,100, while the 5,249 direct and indirect employees earned an average $36,024. See Appendix V for county impacts. Table 19: Economic Impacts of Hotel Construction, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $25,175 $51,293 $9,395 $17,645 223 494 Denver Metro 25,539 59,833 9,441 20,414 224 562 Eastern Plains 4,752 7,942 1,786 2,791 43 77 Grand Junction 4,222 8,118 1,663 2,905 40 81 Mountain Resort 56,326 97,799 19,415 31,832 461 883 Mountain Rural 175,212 305,119 60,479 99,422 1,436 2,758 North Front Range 22,293 44,032 7,637 14,088 182 393 Pueblo All Regions $313,518 $574,134 $109,816 $189,096 2,608 5,249 *The figure for the Mountain Rural region atypically large due to $145 million projects recorded in Gilpin County in 2006 Gilpin County includes the gaming cities of Black Hawk and Central City. Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
24
5. Multifamily Property New Construction Direct spending on multifamily construction totaled $1.4 billion in 2006, for a multiplier effect of $3.0billion, or 1.3% of Colorado’s economy (Table 20). The 12,242 direct employees earned an average of $42,667, while the 28,031 direct and indirect employees earned an average $36,344. See Appendix W for county impacts. Table 20: Economic Impacts of Multifamily Construction, by Region, 2006 Region
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Colorado Springs $88,705 $180,734 $33,105 $62,173 786 Denver Metro 663,282 1,545,691 252,256 534,276 5,822 Eastern Plains Grand Junction 4,866 9,356 1,917 3,348 46 Mountain Resort 341,461 593,816 117,729 193,406 2,795 Mountain Rural 43,500 76,195 15,170 25,022 360 North Front Range 290,091 610,781 102,164 200,535 2,433 Pueblo All Regions $1,431,905 $3,016,571 $522,341 $1,018,760 12,242 Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
1,742 14,577 94 5,361 695 5,564 28,031
VI. Economic Impacts of Commercial Property Transactions The buying and selling of commercial property in 2006 resulted in a total sales volume of $7.48 billion in the State of Colorado and an estimated $411.4 million in transaction fees (Tables 21 and 22). According to NorthMarq Capital, a typical commercial property transaction generates 5.5% of the total transaction amount in fees that are paid to professionals and businesses engaged in the transaction. This percentage represents the total of brokerage commissions, loan origination fees, title insurance fees, engineering costs, closing costs, and other typical fees incurred when the title of a commercial property changes hands. The impact of transaction fees on direct employment and earnings, including their multipliers, have not been calculated due to the ambiguous sources and uses of funds. For instance, loan origination fees paid to a bank are not bank expenditures nor purely profit; rather, these funds are reinvested in and out of the state. See Appendix B for notes on methodology.
25
Table 21: Total Commercial Property Transaction Volume, in 000s, 2006 Regions
Office
Industrial
Retail
Hotel
Colorado Springs $415,154 $86,150 $193,955 $213,087 Denver Metro 2,588,372 440,822 799,314 673,594 Eastern Plains 51,340 26,060 30,407 12,370 Grand Junction 49,828 13,127 40,502 10,558 Mountain Resort 83,353 8,529 69,357 135,691 Mountain Rural 93,944 55,195 63,888 48,308 North Front Range 545,444 149,016 239,948 190,020 Pueblo 63,045 39,177 40,644 9,940 All Regions $3,890,480 $818,074 $1,478,015 $1,293,569 Sources: Real Capital Analytics, University of Colorado-Boulder, University of Denver.
Total $908,346 4,502,102 120,177 114,014 296,930 261,335 1,124,428 152,805 $7,480,138
Percentage 12.1% 60.2% 1.6% 1.5% 4.0% 3.5% 15.0% 2.0% 100.0%
Table 22: Total Commercial Property Transaction Fees, in 000s, 2006 Region
Office
Industrial
Retail
Hotel
Total
Colorado Springs $22,833 $4,738 $10,668 $11,720 $49,959 Denver Metro 142,360 24,245 43,962 37,048 247,616 Eastern Plains 2,824 1,433 1,672 680 6,610 Grand Junction 2,741 722 2,228 581 6,271 Mountain Resort 4,584 469 3,815 7,463 16,331 Mountain Rural 5,167 3,036 3,514 2,657 14,373 North Front Range 29,999 8,196 13,197 10,451 61,844 Pueblo 3,467 2,155 2,235 547 8,404 All Regions $213,976 $44,994 $81,291 $71,146 $411,408 Sources: Real Capital Analytics, Northmarq Capital, University of Colorado-Boulder, University of Denver Note: Transaction fees are estimated at 5.5% of total transaction amount for a given region.
Percentage 12.1% 60.2% 1.6% 1.5% 4.0% 3.5% 15.0% 2.0% 100.0%
VII. Economic Impacts of Commercial Property Refinancing Refinancing commercial property in 2006 created a total new loan volume of $3.14 billion in the State of Colorado, and an estimated $47.1 million in fees (Tables 23 and 24). According to NorthMarq Capital, a typical commercial property loan refinancing generates an average 1.5% of the total loan amount in fees paid to commercial banks, loan officers, appraisers, inspectors, engineers, and other professionals involved with refinancing. The indirect impacts of refinancing fees and mortgage interest on economic activity have not been calculated due to the ambiguous sources and uses of funds. For instance, mortgage interest paid to a bank are not bank 26
expenditures nor purely profit; rather, these funds are deposited nationally and reinvested in and out of the state. See Appendix B for details on methodology. Table 23: Total Commercial Property Refinancing Volume, in 000s, 2006 Region
Office
Industrial
Retail
Hotel
Colorado Springs $48,767 $13,914 $290,032 $31,380 Denver Metro 304,051 71,199 1,195,260 99,197 Eastern Plains 6,031 4,209 45,470 10,363 Grand Junction 5,853 2,120 60,564 8,846 Mountain Resort 9,791 1,378 103,713 113,682 Mountain Rural 11,035 8,915 95,535 40,472 North Front Range 64,072 24,068 358,808 27,983 Pueblo 7,406 6,328 60,777 8,328 All Regions $457,006 $132,130 $2,210,159 $340,251 Source: Real Capital Analytics, University of Colorado-Boulder, University of Denver.
Total $384,094 1,669,706 66,073 77,383 228,563 155,958 474,931 82,838 $3,139,546
Percentage 12.2% 53.2% 2.1% 2.5% 7.3% 5.0% 15.1% 2.6% 100.0%
Table 24: Total Commercial Property Refinancing Fees, in 000s, 2006 Region
Office
Industrial
Retail
Hotel
Total
Colorado Springs $732 $209 $4,350 $471 $5,761 Denver Metro 4,561 1,068 17,929 1,488 25,046 Eastern Plains 90 63 682 155 991 Grand Junction 88 32 908 133 1,161 Mountain Resort 147 21 1,556 1,705 3,428 Mountain Rural 166 134 1,433 607 2,339 North Front Range 961 361 5,382 420 7,124 Pueblo 111 95 912 125 1,243 All Regions $6,855 $1,982 $33,152 $5,104 $47,093 Source: Real Capital Analytics, Northmarq Capital, University of Colorado-Boulder, University of Denver. Note: Refinancing fees are estimated at 1.5% of total refinancing amount for a given region.
Percentage 12.2% 53.2% 2.1% 2.5% 7.3% 5.0% 15.1% 2.6% 100.0%
VIII. Fiscal Impacts Commercial property impacts federal, state, and local governments in terms of property taxes, sales taxes, and development fees. Development fees were excluded from the fiscal analysis due to the extremely varying fee structures throughout Colorado counties and cities; however, fees were included in the output analysis since they were aggregated in the per square foot soft construction costs. Most fees are designed to directly offset a public cost, such as adding water meters, inspecting properties, or providing other services. Property taxes have a direct local 27
impact based on the geographical locale of the property, whereas sales taxes depend on where purchases are made. Both have significant impacts on government revenues, contributing a combined estimated $1.26 billion to local, county, and state government. A. Commercial Property Taxes Commercial property taxes, excluding multifamily properties, totaled $1.18 billion in 2006, including county, city, school, and special districts. In 2006, office property taxes were estimated at $353.5 million; industrial property taxes, including manufacturing, totaled $430.7 million; retail property taxes were estimated at $326.2 million; and hotel property taxes were estimated at $67.0 million (Table 25).
Colorado property taxes are calculated based on assessed values and mill levies (county, city, special district, and school). Property values are multiplied by the assessment ratio (29% for nonresidential property), then multiplied by the property tax mill rate.
Assessed property values for 2006 and estimated mill levies are published on the Department of Local Affairs, Division of Property Taxation website as of September 7, 2007 (http://www.dola.colorado.gov/dpt/publications/2006_annual_report_index.htm). See Appendix X and Appendix Y for county detail. Table 25: Colorado Assessed Property Value and Estimated Taxes, 000s, 2006 Office County
Value
Industrial* Taxes
Value
Taxes
Retail Value
Hotel Taxes
Value
Taxes
Denver Metro $3,012,149 $255,218 $2,819,575 $248,294 $2,157,168 $196,908 $309,214 $25,452 Grand Junction 31,748 2,208 85,226 5,928 73,999 5,147 23,118 1,608 North Front Range 704,302 54,225 1,175,638 91,130 730,408 57,120 137,171 10,962 Eastern Plains 23,135 1,608 111,035 8,058 55,555 3,766 19,067 1,238 Mountain Resort 113,312 5,727 136,527 7,366 263,566 13,307 258,842 13,116 Pueblo 20,190 2,001 119,273 11,818 52,869 5,239 9,634 955 Colorado Springs 382,247 25,765 581,879 39,264 442,215 29,739 79,395 5,290 Mountain Rural 104,393 6,705 302,333 18,886 237,158 14,932 135,904 8,352 Colorado $4,391,476 $353,456 $5,331,487 $430,743 $4,012,938 $326,157 $972,345 $66,974 Note: Does not include multifamily. Industrial includes warehouse properties. Source: Department of Local Affairs, Division of Property Taxation. 2006 Annual Report, Section VI, Taxable Real and Personal Property Assessed by Counties., http://www.dola.colorado.gov/dpt/publications/2006_annual_report_index.htm
28
B. Commercial Property Sales Taxes Sales tax revenues obtained from direct spending on construction materials in the State of Colorado were estimated at $75.2 million in 2006. The total impact of sales tax revenues (direct and indirect impacts) were estimated at $160.7 million in 2006. This assumes that 60% of new construction are material purchases, 20% of additions to properties are materials purchases, and 40% of tenant alterations are materials purchases.
Materials purchases have a direct impact on municipalities and counties based on the location of the purchases (which may be a different county). Therefore, if an office building is constructed in Greeley, Colorado, a portion of the materials are probably purchased in Commerce City. Hence, Greeley does not receive the full benefit of the construction expenditure. For simplicity in estimating sales taxes from construction materials purchases, an assumption was made that 100% of the materials are purchased in the county where construction takes place. This surely overstates the impacts for some counties and understates the impacts for other counties, but only the aggregate fiscal impact is reported here.
Conclusion The impact of income-producing real estate on Colorado’s economy is significant. Adding together the individual property sectors for existing property operations, new construction, transactions, and refinancing, commercial property and new multifamily construction directly contributed $12.3 billion to Colorado’s economy in 2006. Including the indirect impact on output, income-producing property contributed an estimated $24.3 billion to Colorado’s GDP, or 10.5% of the State economy (Table 26). Income-producing property direct employment totaled 137,832 in Colorado in 2006, or 6.1% of State employment, at an average wage of $32,832. Including the indirect employment, income-producing property employed 254,976 in 2006, at an average wage of $32,177.
29
Table 26: Summary Impacts of Commercial Real Estate and Multifamily Construction on Colorado’s Economy, 2006 Direct Spending (000)
Total Output (000)
Percent of Colorado's GDP
Existing1 Office Industrial Retail Hotel Total Existing Tenant Improvements Office Industrial Retail Hotel Multifamily Total TI New Construction Office Industrial Retail Hotel Multifamily Total Construction Other2 Construction Period Interest/Fees Transactions Refinancing Total Other
3,377,771 301,387 1,574,128 2,881,556 8,134,842
7,026,103 623,368 3,256,520 5,158,947 16,064,938
3.0% 0.3% 1.4% 2.2% 7.0%
96,426 14,693 94,036 112,504 27,195 344,854
212,582 33,231 211,932 248,651 60,587 766,983
0.1% 0.0% 0.1% 0.1% 0.0% 0.3%
465,385 517,969 536,406 313,518 1,431,905 3,265,183
1,008,333 1,091,131 1,179,158 574,134 3,016,571 6,869,327
0.4% 0.5% 0.5% 0.2% 1.3% 3.0%
137,294 411,408 47,093 595,795
137,294 411,408 47,093 595,795
0.1% 0.2% 0.0% 0.3%
Total All 12,340,674 24,297,043 Note: 1 Existing does not include multifamilys. 2"Other" does not include the impact on employment, earnings, multiplier effect, or impact on individual counties due to the uncertainty of the source of, and redeployment of funds.
10.5%
Sources: McGraw-Hill Construction Research & Analytics, 2007; BOMA International, Experience Exchange Report 2007; Urban Land Institute, Dollars & Cents of Shopping Centers / The SCORE 2006; PKF Hospitality Research; NAIOP Industrial Income and Expense Report 2001-2002; Real Capital Analytics; Northmarq Capital University of Colorado-Boulder; University of Denver.
30
Appendix A: Economic Impacts, by County, 2006 *EXISTING, TENANT IMPROVEMENTS, AND CONSTRUCTION Direct Spending, 000s
County
Adams Alamosa Arapahoe Archuleta Baca Bent Boulder Chaffee Cheyenne Clear Creek Conejos Costilla Crowley Custer Delta Denver Dolores Douglas Eagle El Paso Elbert Fremont Garfield Gilpin Grand Gunnison Hinsdale Huerfano Jackson Jefferson Kiowa Kit Carson Sources:
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
9,129 315 15,827 96 25 33 9,292 281 33 130 28 17
19,490 456 32,334 152 37 49 18,610 405 52 193 41 25
$847,960 23,042 1,393,234 8,357 1,954 2,465 794,118 19,955 2,812 9,904 2,117 1,266
$1,910,667 36,230 3,090,047 14,067 3,113 3,907 1,755,491 32,721 4,545 16,430 3,341 1,992
$331,486 9,268 554,390 3,047 870 1,029 313,782 7,324 1,171 3,802 894 526
$666,440 13,320 1,086,026 4,701 1,226 1,474 614,778 10,941 1,709 5,649 1,270 749
County
La Plata Lake Larimer Las Animas Lincoln Logan Mesa Mineral Moffat Montezuma Montrose Morgan
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$82,382 33,507 520,519 16,121 8,859 25,772 195,515 2,026 14,351 29,980 44,456 16,569
$135,071 57,866 951,538 25,096 14,440 40,840 350,032 3,404 23,733 49,561 80,447 28,886
$30,243 11,883 192,722 6,297 3,489 10,467 79,070 830 5,307 11,278 17,930 6,683
$45,158 19,103 316,426 9,049 5,231 15,117 127,418 1,217 7,977 16,837 29,228 10,139
1,157 294 5,337 230 99 351 2,348 24 182 401 515 194
1,669 540 9,485 325 159 509 3,971 37 271 592 894 313
706
1,125
304
433
9
14
Otero
18,110
28,749
7,575
10,857
244
356
1,777
2,730
637
929
27
37
Ouray
2,832
4,721
1,072
1,610
35
54
11,105 2,018,989 12,653 428,838 550,747 847,023 315,190 28,520 160,328 213,870 184,233 66,616 1,658 6,055 1,435 1,006,532 7,829 8,611
19,354 4,410,503 21,493 964,024 904,154 1,586,934 641,237 54,752 264,997 366,126 304,082 112,097 2,687 9,383 2,397 2,231,263 12,410 13,484
4,668 807,296 5,399 168,492 189,822 342,970 117,742 11,679 54,910 73,534 63,281 23,519 580 2,298 565 401,639 3,265 3,355
7,223 1,553,129 7,881 337,017 291,536 564,421 220,718 19,616 85,309 118,731 97,952 36,785 872 3,317 835 785,150 4,675 4,853
141 24,450 136 4,649 7,587 11,014 2,803 339 1,976 2,057 2,441 760 25 88 18 11,595 105 125
228 47,624 222 9,868 11,042 18,367 6,187 602 2,980 3,593 3,618 1,212 35 123 27 23,488 153 176
9,739 2,904 340,130 14,657 476,610 7,199 7,796 183,162 1,035 1,348 121,580 2,835 278,854 30,222 2,154 269,372 4,388 11,744,880
16,795 4,650 569,276 22,877 947,624 11,920 12,405 303,201 1,648 2,227 199,535 4,470 452,795 57,685 3,450 491,505 7,017 23,701,247
3,475 1,282 117,798 5,816 183,013 2,665 3,268 63,696 461 512 41,687 1,153 96,690 11,325 952 101,264 1,900 4,525,343
5,563 1,822 184,652 8,337 329,558 4,007 4,687 98,396 649 760 64,142 1,656 146,255 19,735 1,352 164,944 2,712 8,204,261
87 37 4,045 206 4,830 90 100 2,379 13 18 1,676 40 4,146 384 27 2,738 57 137,831
158 56 6,318 294 9,657 136 150 3,559 20 27 2,438 57 5,830 659 41 4,881 85 254,976
Park Phillips Pitkin Prowers Pueblo Rio Blanco Rio Grande Routt Saguache San Juan San Miguel Sedgwick Summit Teller Washington Weld Yuma COLORADO
McGraw-Hill Construction Research & Analytics, 2007; BOMA International, Experience Exchange Report 2007; Urban Land Institute, Dollars & Cents of Shopping Centers / The SCORE 2006; PKF Hospitality Research; NAIOP Industrial Income and Expense Report 2001-2002; University of Colorado-Boulder; University of Denver. County impacts exclude economic effects of transactions and refinancing.
31
Appendix B: Notes to Methodology EXISTING PROPERTIES To estimate direct spending (from total operating expenses) by property type and by county, total area was multiplied by the per square foot (psf) operating expenses. Total square feet of commercial and multifamily property space, by property type, by county, was obtained by McGraw-Hill Construction Research & Analytics. Operating expenses by property type were obtained from BOMA, ULI, NAIOP, PKF Hospitality Research, and RS Means CostWorks. When possible, expenditures were segmented by Services to Buildings, Management Services, and Utilities. Total operating expenses were multiplied by the output multiplier to estimate the total impact of the sector on Colorado’s GDP. The direct earnings per dollar of sales to final demand were used to estimate the direct impact of expenditures in the commercial real estate sector. The total earnings per dollar of sales to final demand multipliers were used to estimate the total (direct and multiplied) impacts of the sector on incomes. Similarly, the direct employment per million dollars of sales to final demand multipliers were used to estimate the impacts of the sector on employment; and total employment per dollar of sales to final demand was used to estimate the total (direct and multiplied) employment impact. Employment is limited to those employed by the commercial real estate sector, specifically omitting those employees working in the commercial real estate space (i.e., the retail space lessor, not the clothing store clerk). Note that Broomfield was not included in the McGraw Hill Construction Research & Analytics data for existing commercial real estate. Broomfield became a county in 2001, comprised of land from Adams, Boulder, Jefferson, and Weld counties. The impact from Broomfield County real estate is included in these four counties. OFFICE DATA Per square foot (psf) office operating costs were obtained from the Experience Exchange Report 2007 published by BOMA International (Table 27). BOMA reports PSF operating costs categorized by cleaning, repairs/maintenance, utilities, roads/grounds, security and administrative (Appendix E). For the purpose of this study, these categories were then grouped by Services to Buildings (cleaning, repairs/maintenance, roads/grounds, and security), Management Services (administrative), and Utilities. Taxes have been included by BOMA in the administrative segment of operating expenses.
32
Table 27: Per Square Foot Office Property Operating Expenses Denver Downtown Operating Cleaning Repair/Maintenance Utilities Roads/Grounds Security Administrative Total Operating Fixed Leasing Direct Leasing Amortized Leasing Parking Total Expenses
Denver Suburbs
Boulder
$1.18 1.69 1.66 0.11 0.65 1.59
$1.02 1.33 1.65 0.23 0.35 1.33
$0.73 0.60 1.15 0.34 0.04 1.16
6.88 2.25
5.91 2.94
4.02 2.10
0.92 0.95 1.03
2.84 1.99 3.35
3.28 0.33 0.00
$11.11
$14.19
$6.45
Notes: Income and expenses are averages per square foot. Fixed expenses include property taxes, building insurance, other taxes and license fees. Source: BOMA International. 2007. Experience Exchange Report: Commercial Real Estate's Benchmark for Income and Expense Data. Washington DC
BOMA segregated the data by three regions: Denver, Suburbs, and Boulder. Denver and Suburbs had similar cost estimate ($11.11 PSF and $14.19 PSF, respectively), while Boulder estimates were much less ($6.45 PSF). Since this analysis was performed at the county level and not the city level. RETAIL DATA Per square foot retail operating expenses were provided in the Urban Land Institute’s Dollars and Cents of Shopping Centers (see Table 28). The PSF operating expenses were categorized by maintenance and housekeeping, advertising and promotion, real estate taxes, insurance, and general and administrative functions (Appendix I). For the purpose of this study, these categories were then grouped by Services to Buildings (cleaning, repairs/maintenance, roads/grounds, and security) and Management Services (administrative).
33
Table 28: Per Square Foot Retail Property Operating Expenses Shopping Centers in the West
Super Regional
Super Community
Regional
Neighborhood
Operating Expenses (Dollars psf of GLA) Maintenance and housekeeping $6.15 $5.79 $1.71 Advertising and promotion 1.26 0.70 0.14 Real estate taxes 2.28 1.40 1.40 Insurance 0.61 0.48 0.30 General and administrative 2.15 2.35 0.97 Total operating expenses $12.45 $10.72 $4.52 Source: Urban Land Institute. 2007. Dollars & Cents of Shopping Centers/The Score 2006: A Study of Receipts and Expenses in Shopping Center Operations. Washington DC.
Weighted Average
Convenience
$2.44 0.11 1.27 0.34 1.80 $5.96
$2.99 0.05 2.31 0.37 1.44 $7.16
$4.76 0.84 1.90 0.50 1.84 $9.84
ULI data was segmented into five categories of shopping centers: Super Regional, Regional, Super Community, Neighborhood, and Convenience. A weighted average was calculated using the total area by type in Colorado, for total PSF operating expenditures of $9.84.
INDUSTRIAL DATA Per square foot industrial operating expenses were provided in NAIOP’s Industrial Income and Expense Report: 2001-2002 (Table 29). This was the most current expense report detailing operating expenses for the industry; therefore expenses were inflated appropriately for 2006 using the Denver-Boulder-Greeley CPI (Table 30). The median operating expenses of $1.08 were applied throughout Colorado. Table 29: Industrial Property Operating Expenses, 2006 Estimates Expenses
Low
High
Common Area Maintenance $0.13 $0.45 Water and Sewer 0.03 0.09 Repairs and Maintenance 0.04 0.09 Property Management 0.04 0.06 Real Estate Taxes 0.55 0.57 Insurance 0.02 0.03 Other 0.04 0.32 Total $0.81 $1.61 Source: NAIOP 2001-2002 Industrial Income and Expense Report, adjusted using Denver, CO CPI.
34
Median $0.14 0.05 0.06 0.05 0.56 0.03 0.18 $1.08
Table 30: Denver-Boulder-Greeley CPI
Year
Index
2001 181.3 2002 184.8 2003 186.8 2004 187.0 2005 190.9 2006 197.7 Source: Bureau of Labor Statistics, http://data.bls.gov/
Percentage Change 1.93% 1.08% 0.11% 2.09% 3.56%
HOTEL DATA Per square foot hotel operating expenses were obtained from PKF Hospitality Research and were estimated at $46.98 per square foot. MULTIPLIERS Regional Input-Output Modeling System (RIMS II) multipliers published by the Bureau of Economic Analysis were used to estimate the total output, earnings, and employment multiplier effects by industry sector by region in Colorado. RIMS II multipliers are segmented by industry sector and by economic region in Colorado (Appendix B). This study employs the multipliers with the impact of local government included. Multipliers are reported by Output, Earnings, and Employment and impacts can be calculated as a function of Output, Earnings, and Employment, or from Output alone. For instance, if the Utilities industry output multiplier is 2.1365 for the State of Colorado, then the impact of $1 million in utilities spending on Colorado’s economy is $2.1365 million ($1 million direct spending and $1.1365 indirect). Direct earnings can then be calculated given the direct industry spending given the direct earnings per dollar of sales to final demand multiplier, which in this scenario is 0.1808. Therefore, the $1 million in utilities spending equates to $180,800 in direct earnings. Similarly, employment can be calculated using the direct employment per million dollars of sales to final demand multiplier, which in this scenario is 2.2577, or 2.2577 employees for every $1 million in utility expenditures. Conversely, simple earnings and employment multipliers can be utilized if direct earnings and employment are already known. TENANT IMPROVEMENTS & CONSTRUCTION Tenant improvements and construction area and value were obtained from McGraw-Hill Construction Research & Analytics. This value does not include soft costs or site development. Soft costs for architectural, engineering, and construction management were obtained from RS Means CostWorks, while site development costs were obtained anecdotally from the Clayton Lane2 case. 2
The Clayton Lane case was prepared November 8, 2006 by David B. Agnew, Esq., and Thomas G. Thibodeau, Ph.D., as an analysis tool of a major redevelopment in Cherry Creek, Colorado.
35
HARD AND SOFT COSTS The economic value of construction spending to the Colorado economy can be separated into two components, soft costs and hard costs. Soft costs are defined as the initial spending on a construction project that include architects, engineers, development (land entitlement), land planning, legal services, land improvements, landscape architecture, and infrastructure improvements (Table 31). Hard costs are defined as direct outlays during the construction process and include both labor building materials plus construction equipment costs. The labor spending represents the employment in the construction sector of skilled workers, including carpenters, steel workers, electricians, plumbers, building engineers, and heavy equipment operators, as well as indirectly employed workers in such companies as raw materials producers of lumber, concrete, and steel companies. Table 31: Construction and Tenant Improvements Soft Costs Estimates Building Types
Total
Mgmt.
Arch/Eng.
Site Preparation Costs
Factories, garages, warehouses, repetitive housing 14.02% 4.63% 6.20% 3.19% Apartments, banks, schools, libraries, offices, municipal buildings 15.82% 4.63% 8.00% 3.19% Churches, hospitals, homes, laboratories, museums, research 19.72% 4.63% 11.90% 3.19% Source: Means CostWorks 2007, General Requirements, RO11110-10 Architectural Fees RS Means CostWorks 2007, Building Construction, 01 11 31 Professional Consultants, Construction Management Fees Site preparation costs from Clayton Lane case.
BUILDING OPERATIONS Buildings also contribute economically to the State of Colorado’s economy after construction is complete and the space is occupied. This contribution can be defined as the amount of money spent on an annual basis to operate, maintain, and clean the property; property management services used to bill and maintain relationships with tenants; the utilities that the building consumes; and financing costs that are received by lenders within the State of Colorado. TRANSACTIONS AND REFINANCING Two industries rely heavily on commercial real estate transactions: commercial real estate brokerage, and commercial mortgage brokerage and investment. Commercial real estate brokers make their entire profession from buying and selling real estate for investors and leasing of commercial space to and for tenants. Banks invest a large portion of their mortgage pools in commercial properties and draw significant fees from securitizing large portfolios of commercial mortgages into commercial mortgage-backed security (CMBS) pools. Transaction and refinancing values and area were obtained from Real Capital Analytics’ “Capital Trends Monthly”. This data encompassed all commercial transactions in Colorado over $2.5 million for the full year of 2006. RCA tracks the major metropolitan areas in Colorado: Denver Metro, North Front Range, and Colorado Springs. Total transaction and refinancing value were allocated to each county in these regions on a pro rata basis using square footage for each 36
property type. Transaction and refinancing volumes for counties outside the Front Range were estimated in two steps. First, the square feet of commercial space that was either sold or refinanced was estimated using the same proportion sold or refinanced in the Front Range. We then used the average Front Range property price per square foot for actual transactions and refinancing (obtained from Real Capital Analytics) to estimate total transaction/refinancing volume. For Colorado’s Front Range, Real Capital Analytics estimated 2006 transaction volume at $6.5 billion and 2006 refinancing volume at $2.5 billion. For non-Front Range counties, we estimate 2006 transaction volume at $1.4 billion and 2006 refinancing volume at $610 million.
37
Appendix C: RIMS II Colorado Regions Region 1 - Eastern Plains Agricultural
Bent, Cheyenne, Crowley, Elbert, Kiowa, Kit Carson, Lincoln, Logan, Otero, Phillips, Sedgwick, Washington Counties
Region 2 - Southern Colorado
Alamosa, Baca, Conejos, Costilla, Custer, Huerfano, Las Animas, Prowers, Rio Grande, Saguache Counties
Region 3 - Pueblo
Fremont, Pueblo Counties
Region 4 - Colorado Springs
El Paso, Teller Counties
Region 5 - Denver Metropolitan
Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Jefferson Counties
Region 6 - Larimer-Weld
Larimer, Morgan, Weld Counties
Region 7 - Scenic and Resort
Chaffee, Clear Creek, Dolores, Eagle, Gilpin, Grand, Gunnison , Hinsdale , Jackson , Lake , Mineral, Ouray, Pitkin, Routt, San Juan , San Miguel, Summit , Archuleta, La Plata , Montezuma Counties
Region 8 - Western Slope Urban
Delta, Mesa, Montrose Counties
Region 9 - Energy and Mining
Garfield, Moffat, Rio Blanco Counties
Region 10 - State of Colorado
Colorado
Source: Bureau of Labor Statistics; Colorado State Demography Office
38
County
Office
Appendix D: Supply of Existing Commercial and Multifamily Property (000s sf), by Property Type, by County, 2006 Industrial Retail Hotel Multifamily Total County Office Industrial Retail Hotel
ADAMS 12,647 37,149 18,123 ALAMOSA 394 293 856 ARAPAHOE 44,076 24,954 27,498 ARCHULETA 74 328 134 BACA 68 336 72 BENT 80 94 70 BOULDER 19,722 28,220 17,592 CHAFFEE 239 199 464 CHEYENNE 104 120 31 CLEAR CREEK 177 54 384 CONEJOS 83 125 48 COSTILLA 59 21 13 CROWLEY 27 25 24 CUSTER 14 88 8 DELTA 254 491 622 DENVER 67,637 62,470 33,990 DOLORES 174 9,142 17 DOUGLAS 8,364 3,769 10,362 EAGLE 1,292 741 2,434 EL PASO 25,225 29,166 28,405 ELBERT 88 67 119 FREMONT 533 2,189 1,179 GARFIELD 1,079 662 2,133 GILPIN 24 220 91 GRAND 227 296 618 GUNNISON 362 223 597 HINSDALE 5 63 12 HUERFANO 81 65 141 JACKSON 52 88 32 JEFFERSON 25,646 21,674 28,922 KIOWA 60 3,677 28 KIT CARSON 156 255 164 Source: McGraw-Hill Construction Research & Analytics
2,194 229 3,718 65 3 17 3,439 308 6 103 11 7 3 34 56 10,004 4 990 4,360 6,077 2 115 986 967 1,334 593 34 91 9 3,320 67 118
40,431 755 82,863 797 97 125 37,404 696 67 479 202 81 68 91 613 121,002 16 20,662 15,829 59,072 72 1,618 3,389 405 4,253 2,211 48 408 58 58,297 32 205
110,544 2,527 183,110 1,398 576 385 106,376 1,905 328 1,197 469 182 147 236 2,036 295,102 9,353 44,148 24,656 147,945 349 5,634 8,248 1,708 6,728 3,986 163 786 239 137,858 3,864 898
LA PLATA LAKE LARIMER LAS ANIMAS LINCOLN LOGAN MESA MINERAL MOFFAT MONTEZUMA MONTROSE MORGAN OTERO OURAY PARK PHILLIPS PITKIN PROWERS PUEBLO RIO BLANCO RIO GRANDE ROUTT SAGUACHE SAN JUAN SAN MIGUEL SEDGWICK SUMMIT TELLER WASHINGTON WELD YUMA Total
39
1,144 274 8,289 261 108 470 3,049 14 247 356 640 493 462 46 75 129 907 257 3,857 194 237 693 55 24 232 59 671 177 95 5,363 142 238,039
898 79 12,997 159 108 721 4,467 1,180 309 560 1,023 1,183 1,029 553 53 89 315 538 13,332 183 338 574 49 33 152 114 162 151 138 9,495 153 278,398
1,723 155 11,822 495 146 894 6,024 12 495 1,016 1,106 763 643 20 78 113 1,329 459 6,046 156 215 1,059 28 41 303 92 2,441 445 75 6,278 195 219,850
1,260 16 1,673 208 34 239 1,030 11 161 372 192 68 129 26 8 4 1,753 171 970 75 39 1,213 16 976 29 2,613 321 3 594 15 53,482
Multifamily
Total
4,051 405 27,599 777 175 937 8,763 21 967 603 1,283 1,022 904 107 163 97 5,483 559 10,290 343 489 6,873 124 62 1,743 86 15,639 569 143 14,847 237 557,706
9,076 929 62,380 1,900 570 3,260 23,333 1,239 2,178 2,908 4,243 3,529 3,166 752 377 432 9,786 1,984 34,495 950 1,317 10,412 256 177 3,406 380 21,526 1,664 453 36,576 742 1,347,475
County Adams Alamosa
Direct Spending, 000s $441,122
Total Output, 000s $957,390
Earnings, 000s $181,228
Appendix E: Economic Impacts of Existing Commercial Property, by County, 2006 Direct Total w/Multiplier, Output, Employment w/Multiplier County Spending, 000s 000s 000s $341,325
5,554
10,529
La Plata
21,617
33,819
8,707
12,450
302
432
1,004,734
2,179,875
410,790
775,499
12,414
23,778
Archuleta
5,090
8,395
1,921
2,855
69
101
Baca
1,954
3,113
870
1,226
25
37
Lincoln
Bent
2,465
3,907
1,029
1,474
33
49
Boulder
580,058
1,253,971
234,679
443,692
7,412
13,895
Chaffee
19,780
32,418
7,264
10,843
279
402
Mineral
Arapahoe
Lake
$82,207
$134,768
Earnings, 000s $30,183
w/Multiplier, 000s $45,060
Employment 1,156
w/Multiplier 1,666
5,743
9,659
2,314
3,413
67
105
286,248
497,625
113,130
172,410
3,437
5,463
16,121
25,096
6,297
9,049
230
325
4,107
6,499
1,704
2,441
56
82
Logan
23,815
37,570
9,732
13,968
334
478
Mesa
134,270
232,224
54,971
85,287
1,774
2,794
2,026
3,404
830
1,217
24
37
Moffat
14,113
23,314
5,224
7,840
180
268
Montezuma
28,474
46,947
10,760
15,987
389
569
Larimer Las Animas
Cheyenne
2,062
3,290
889
1,268
26
40
Clear Creek
9,640
15,972
3,711
5,500
127
189
Conejos
2,117
3,341
894
1,270
28
41
Montrose
26,133
45,215
10,711
16,618
343
542
Costilla
1,266
1,992
526
749
17
25
Morgan
16,569
28,886
6,683
10,139
194
313
706
1,125
304
433
9
14
Otero
17,657
27,992
7,406
10,591
240
349
1,777
2,730
637
929
27
37
Ouray
2,483
4,115
953
1,413
32
48
Park
2,018
3,388
814
1,199
24
37
Phillips
2,904
4,650
1,282
1,822
37
56
Crowley Custer Delta Denver
10,930
19,018
4,599
7,104
140
224
1,688,809
3,645,133
678,222
1,285,135
21,554
40,383
Dolores
12,653
21,493
5,399
7,881
136
222
181,585
293,991
63,148
95,053
2,748
3,832
Douglas
238,333
517,672
98,109
184,767
2,975
5,673
Prowers
14,657
22,877
5,816
8,337
206
294
Eagle
431,788
697,602
148,822
224,311
6,614
9,177
Pueblo
152,974
287,920
62,816
103,183
1,962
3,303
El Paso
846,848
1,586,642
342,905
564,319
11,012
18,364
Rio Blanco
7,199
11,920
2,665
4,007
90
136
Rio Grande
Elbert
2,266
3,633
1,013
1,435
29
43
Fremont
23,174
43,861
9,684
15,869
291
497
Garfield
Pitkin
Routt
6,880
10,856
2,908
4,129
91
134
127,964
207,357
44,679
67,209
1,927
2,693
120,667
195,007
41,203
62,370
1,650
2,349
Saguache
1,035
1,648
461
649
13
20
Gilpin
41,627
67,058
14,163
21,390
648
893
San Juan
1,348
2,227
512
760
18
27
Grand
San Miguel
94,060
151,753
32,202
48,589
1,451
2,007
Sedgwick
2,835
4,470
1,153
1,656
40
57
264,047
427,085
91,586
137,888
4,025
5,598
19,281
35,394
7,242
12,067
287
444
2,154
3,450
952
1,352
27
41
128,898
208,003
44,207
66,680
1,988
2,750
Gunnison
34,425
56,202
12,423
18,593
497
707
Hinsdale
1,658
2,687
580
872
25
35
Huerfano
6,055
9,383
2,298
3,317
88
123
Jackson
1,435
2,397
565
835
18
27
733,182
1,590,840
300,620
566,673
9,193
17,468
Weld
156,143
272,049
62,811
95,334
1,820
2,936
7,829
12,410
3,265
4,675
105
153
Yuma
4,214
6,725
1,835
2,610
55
82
8,611
13,484
3,355
4,853
125
176
All Regions
8,134,842
16,064,938
3,208,657
5,621,867
106,686
183,566
Jefferson Kiowa Kit Carson Note: Sources:
Summit Teller Washington
Omits existing multifamily housing. McGraw-Hill Construction Research & Analytics, 2007; BOMA International, Experience Exchange Report 2007; Urban Land Institute, Dollars & Cents of Shopping Centers / The SCORE 2006; PKF Hospitality Research; NAIOP Industrial Income and Expense Report 2001-2002; University of Colorado-Boulder; University of Denver.
40
Appendix F: BOMA Office Expense Definitions Total Operating Expenses: Total or summation of Cleaning, Repairs/Maintenance, Utilities, Roads/Grounds, Security and Administrative. Cleaning: All required items for both daytime and nighttime cleaning of offices, public areas, atrium, elevators, restrooms, windows, and so forth. Cleaning includes upkeep and ordinary expenses, as well as replacement of cleaning equipment and supplies. It does not include any expenses for machine rooms and other restricted access areas. Repairs/Maintenance: All expenses for elevators, HVAC, electrical, structural/roof, plumbing, and other building maintenance (including common areas, parking lots and general upkeep), Total payroll from individual item categories should be included in Payroll. Utilities: All utilities expensed to the building. Includes any energy that is sub-metered, even if tenants are directly off-setting the costs; show the total expenses, not the net expense after tenant reimbursement. Roads/Ground: Any expense related to exterior maintenance (exclude parking lot r/m) other than the building structure (or related remote mechanical equipment), such as landscaping, snow removal, site signage, site lighting, and so forth. Security: Expenses related to the security of tenants and buildings. Administrative: Expenses directly connected with administration of the building. Administrative expenses do not include general maintenance/operation costs. Source: BOMA International. Experience Exchange Report 2007. 2007, pages 554-55.
41
Appendix G: Economic Impacts of Existing Office Real Estate, by County, 2006 County
Adams Alamosa
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$179,461
$390,601
$73,669
$139,297
2,081
4,142
5,584
8,868
2,439
3,449
70
106
Arapahoe
625,444
1,361,296
256,747
485,469
7,251
14,435
Archuleta
1,052
1,776
423
625
12
19
Baca
964
1,531
421
595
12
Bent
1,134
1,816
494
705
14
Boulder
279,850
609,100
114,879
217,219
Chaffee
3,387
5,716
1,361
2,013
Cheyenne
1,476
2,365
644
Clear Creek
2,513
4,240
1,010
Conejos
County
La Plata Lake
Direct Spending, 000s $16,232
Total Output, 000s $27,394
Earnings, 000s $6,523
w/Multiplier, 000s
Employment
w/Multiplier
$9,645
178
287
3,887
6,560
1,562
2,310
43
69
117,614
204,466
47,206
71,588
1,286
2,129
Las Animas
3,705
5,883
1,618
2,288
46
70
18
Lincoln
1,531
2,452
667
952
19
29
21
Logan
6,665
10,674
2,905
4,143
83
126
3,245
6,459
Mesa
43,261
75,443
18,176
28,176
507
847
37
60
Mineral
205
346
82
122
2
4
918
18
28
Moffat
3,502
5,985
1,407
2,112
38
62
1,493
28
44
Montezuma
5,047
8,517
2,028
2,999
55
89
Larimer
1,175
1,866
513
726
15
22
Montrose
9,079
15,833
3,815
5,913
106
178
Costilla
842
1,337
368
520
11
16
Morgan
6,997
12,165
2,809
4,259
77
127
Crowley
389
623
170
242
5
7
Otero
6,554
10,497
2,857
4,074
82
124
Custer
199
316
87
123
2
4
Ouray
647
1,092
260
385
7
11
Park
1,059
1,787
425
629
12
19
Phillips
1,825
2,923
796
1,135
23
34
Pitkin
Delta Denver
3,600
6,278
1,513
2,345
42
71
959,765
2,088,953
393,987
744,968
11,127
22,151
Dolores
2,465
4,160
991
1,465
27
44
Douglas
118,681
258,311
48,719
92,120
1,376
2,739
Eagle El Paso
12,874
21,727
5,173
7,650
141
228
Prowers
3,649
5,795
1,594
2,254
46
69
Pueblo
18,337
30,948
7,369
10,896
202
324
54,736
102,853
22,621
37,039
630
1,115
357,937
672,587
147,928
242,210
4,123
7,291
Rio Blanco
2,750
4,699
1,105
1,658
30
49
Elbert
1,249
2,000
544
776
16
24
Rio Grande
3,364
5,342
1,469
2,078
42
64
Fremont
7,563
14,211
3,125
5,117
87
154
Routt
9,828
16,586
3,949
5,840
108
174
Garfield
15,308
26,158
6,151
9,231
167
273
Saguache
779
1,236
340
481
10
15
343
579
138
204
4
6
San Juan
340
575
137
202
4
6
Grand
3,216
5,428
1,293
1,911
35
57
San Miguel
3,289
5,552
1,322
1,955
36
58
Gunnison
5,143
8,680
2,067
3,056
57
91
Sedgwick
840
1,346
366
522
10
16
Hinsdale
76
128
30
45
1
1
Summit
9,516
16,061
3,824
5,655
105
168
Huerfano
1,149
1,825
502
710
14
22
Teller
2,506
4,709
1,036
1,696
29
51
732
1,235
294
435
8
13
Washington
1,353
2,167
590
841
17
26
363,911
792,062
149,387
282,467
4,219
8,399
Weld
76,098
132,292
30,543
46,318
832
1,377
854
1,368
372
531
11
16
Yuma
2,020
3,235
881
1,256
25
38
2,217
3,550
966
1,378
28
42
All Regions
3,377,771
7,026,103
1,386,691
2,509,433
38,973
74,756
Gilpin
Jackson Jefferson Kiowa Kit Carson Sources:
McGraw-Hill Construction Research & Analytics, 2007; BOMA International, Experience Exchange Report 2007; University of Colorado-Boulder; University of Denver.
42
Appendix H: Economic Impacts of Existing Industrial Real Estate, by County, 2006 Direct Spending, 000s
County
Adams
$40,216
Total Output, 000s
$32,629
Employment
w/Multiplier
County
441
915
La Plata
317 27,015 355 364
509 59,715 605 584
146 11,788 154 168
205 21,918 224 235
4 296 4 4
6 615 6 7
Lake Larimer Las Animas Lincoln
Bent Boulder Chaffee Cheyenne
101 30,550 215 130
164 67,530 366 210
47 13,331 93 60
66 24,787 136 85
1 335 2 2
2 695 4 2
58 135 23
99 217 37
25 62 11
37 88 15
1 2 0
Crowley
27
43
12
17
Custer
96
154
44
62
Delta
$17,548
w/Multiplier, 000s
Alamosa Arapahoe Archuleta Baca
Clear Creek Conejos Costilla
$88,896
Earnings, 000s
Direct Spending, 000s $973
Total Output, 000s $1,656
Earnings, 000s $422
w/Multiplier, 000s $614
Employment
w/Multiplier
10
17
86 14,070 172 117
146 24,834 276 188
37 6,097 79 54
54 9,114 111 76
1 148 2 1
1 252 3 2
Logan Mesa Mineral Moffat
780 4,836 1,277 334
1,260 8,553 2,175 576
360 2,165 555 145
508 3,316 807 213
9 54 13 4
14 93 22 6
1 2 0
Montezuma Montrose Morgan
607 1,107 1,281
1,033 1,958 2,261
263 496 555
383 759 830
6 12 13
11 21 23
0
0
Otero
1,114
1,798
513
725
13
20
1
2
Ouray
599
1,019
260
378
6
10
Park
57
98
25
36
1
1
Phillips
96
155
44
63
1
2
532
941
238
365
6
10
Denver
67,629
149,490
29,509
54,870
741
1,539
Dolores Douglas Eagle El Paso
9,897 4,081 802 31,575
16,853 9,020 1,366 60,920
4,297 1,781 348 14,003
6,251 3,311 507 22,748
104 45 8 347
173 93 14 640
Pitkin Prowers Pueblo Rio Blanco
341 582 14,433 198
580 935 27,847 342
148 269 6,401 86
215 377 10,398 127
4 7 158 2
6 11 292 3
Elbert Fremont Garfield Gilpin
73 2,370 717 238
118 4,573 1,236 406
34 1,051 311 104
47 1,708 458 151
1 26 8 3
1 48 13 4
Rio Grande Routt Saguache San Juan
366 622 53 36
587 1,058 85 61
169 270 24 16
237 393 34 23
4 7 1 0
7 11 1 1
Grand Gunnison Hinsdale Huerfano
321 241 69 70
546 411 117 112
139 105 30 32
202 152 43 45
3 3 1 1
6 4 1 1
San Miguel Sedgwick Summit Teller
165 124 176 164
281 200 299 316
72 57 76 73
104 81 111 118
2 1 2 2
3 2 3 3
Jackson Jefferson Kiowa
96 23,463 3,980
163 51,865 6,427
42 10,238 1,834
60 19,037 2,589
1 257 47
2 534 73
Washington Weld Yuma
149 10,279 166
241 18,142 268
69 4,454 76
97 6,658 108
2 108 2
3 184 3
276
445
127
179
3
5
COLORADO
301,387
623,368
132,039
230,295
3,293
6,449
Kit Carson Sources:
McGraw-Hill Construction Research & Analytics, 2007; NAIOP Industrial Income and Expense Report 2001-2002; University of Colorado-Boulder; University of Denver.
43
Appendix I: Urban Land Institute Retail Expense Definitions Total Operating Expenses: Expenses for building maintenance; the parking lot, mall, and other common areas; the central utility system; office area services; advertising and promotion; real estate taxes; insurance; and general and administrative functions. Utilities: All costs of tenant space HVAC and utilities provided by centers with central plants or systems. The center then bills tenants for these services. Building maintenance and repair: Roof maintenance and repair and such items as painting, repairs, systems equipment maintenance, and alterations to structures (not capitalized, etc.). Total real estate taxes: Taxes paid by the building owners on the county-assessed property values, based on county, city, special, and school mill levies. Total insurance: Public liability, property, terrorism, special (e.g., earthquake/fire), and othersuch as rental value (use and occupancy) insurance. Total general and administrative expenses: Management agent fees (fees paid to an outside agent for managing the center’s operations); leasing agent fees (fees paid to an outside agent for leasing tenant space); bad debt allowance; on-site payroll and benefits; legal and audit services; other professional services; etc. Total advertising and promotion: Contributions in kind, such as salaries, expenses, and other services (for example, cost of furnishing a meeting place for public use, net of any reimbursements). This category includes costs for advertising, promotions/special events, Christmas décor/events, marketing administration, and cash contributions to the merchants association. Parking lot, mall, and other common areas: Maintenance, repair, and striping of parking lots; utilities, including lighting and power used for maintenance of signs that are the landlord’s responsibility; security; heating, ventilating, and air conditioning (HVAC) of an enclosed mall; snow and trash removal; maintenance of landscaping of grounds; maintenance of elevators and escalators; etc. Other office area services: Janitorial services, lighting, etc., of office areas occupied by tenants. Source: Urban Land Institute. Dollars & Cents of Shopping Centers / The SCORE 2006. 2006, page 7.
44
Appendix J: Economic Impacts of Existing Retail Real Estate, by County, 2006 Direct Spending, 000s
County
Adams
$129,763
Alamosa
Total Output, 000s $287,744
Earnings, 000s $58,004
w/Multiplier, 000s $106,963
Employment
1,544
w/Multiplier
3,077
6,130
9,857
2,903
4,048
78
119
Arapahoe
196,887
436,590
88,009
162,293
2,342
4,669
Archuleta
957
1,631
424
615
11
18
Baca
516
829
244
340
7
Bent
500
807
237
332
6
Boulder
125,959
279,310
56,304
103,827
Chaffee
3,320
5,656
1,470
2,131
Cheyenne
County
La Plata Lake
Direct Spending, 000s $12,337
Total Output, 000s $21,020
Earnings, 000s $5,463
w/Multiplier, 000s $7,919
Employment
140
w/Multiplier
227
1,110
1,892
492
713
13
20
84,643
149,775
37,361
55,685
958
1,593
Las Animas
3,543
5,698
1,678
2,340
45
69
10
Lincoln
1,048
1,690
496
695
13
20
10
Logan
6,403
10,325
3,028
4,243
82
124
1,499
2,987
Mesa
43,135
76,348
19,726
30,008
519
870
38
61
Mineral
87
148
38
56
1
2
Moffat
3,544
6,109
1,562
2,289
40
65
Montezuma
7,276
12,397
3,222
4,671
83
134
Larimer
220
355
104
146
3
4
2,751
4,688
1,218
1,766
31
51
Conejos
345
555
164
228
4
7
Montrose
7,916
14,012
3,620
5,507
95
160
Costilla
93
149
44
61
1
2
Morgan
5,461
9,663
2,410
3,592
62
103
Crowley
170
274
80
113
2
3
Otero
4,604
7,425
2,178
3,051
59
89
Custer
60
97
29
40
1
1
Ouray
147
250
65
94
2
3
Park
560
954
248
360
6
10
Phillips
808
1,303
382
535
10
16
Pitkin
9,513
16,208
4,212
6,106
108
175
Prowers
3,287
5,286
1,557
2,171
42
64
Pueblo
Clear Creek
Delta Denver
4,453
7,881
2,036
3,098
54
90
243,367
539,657
108,786
200,606
2,895
5,772
Dolores
124
211
55
79
1
2
Douglas
74,192
164,519
33,164
61,156
883
1,760
Eagle El Paso Elbert
17,426
29,692
7,717
11,187
198
320
43,287
84,292
19,649
31,884
515
924
203,378
396,036
92,317
149,806
2,418
4,341
Rio Blanco
1,115
1,922
491
720
13
20
853
1,375
403
565
11
17
Rio Grande
1,538
2,473
728
1,015
20
30
Fremont
8,439
16,432
3,830
6,216
100
180
Routt
7,583
12,920
3,358
4,868
86
139
Garfield
15,270
26,323
6,731
9,863
172
281
Saguache
203
327
96
134
3
4
655
1,116
290
420
7
12
San Juan
296
504
131
190
3
5
Grand
4,428
7,544
1,961
2,842
50
81
San Miguel
2,169
3,696
961
1,392
25
40
Gunnison
4,273
7,280
1,892
2,743
49
78
Sedgwick
656
1,057
310
434
8
13
Hinsdale
86
147
38
56
1
2
17,479
29,781
7,740
11,220
199
321
Huerfano
1,013
1,629
480
669
13
20
3,189
6,211
1,448
2,349
38
68
227
387
101
146
3
4
534
862
253
354
7
10
207,084
459,202
92,567
170,698
2,464
4,911
Weld
44,949
79,537
19,840
29,571
509
846
199
321
94
132
3
4
Yuma
1,394
2,248
659
924
18
27
1,175
1,895
556
779
15
23
1,574,128
3,256,520
705,653
1,219,051
18,627
35,106
Gilpin
Jackson Jefferson Kiowa Kit Carson Sources:
Summit Teller Washington
COLORADO
McGraw-Hill Construction Research & Analytics, 2007; Urban Land Institute, Dollars & Cents of Shopping Centers / The SCORE 2006; University of Colorado-Boulder; University of Denver.
45
Appendix K: Economic Impacts of Existing Hotel Real Estate, by County, 2006 Direct Spending, 000s
County
Adams
$91,682
Alamosa
Total Output, 000s $190,149
Earnings, 000s $32,006
w/Multiplier, 000s $62,435
Employment
1,489
w/Multiplier
County
2,395
9,585
14,585
3,219
4,748
150
201
Arapahoe
155,388
322,274
54,246
105,819
2,524
4,060
Archuleta
2,725
4,383
920
1,391
43
59
La Plata Lake
Direct Spending, 000s
Total Output, 000s
$52,666
Earnings, 000s
$84,698
w/Multiplier, 000s
$17,775
Employment
$26,881
w/Multiplier
827
1,135
660
1,061
223
337
10
14
69,920
118,549
22,465
36,023
1,045
1,489
Las Animas
8,701
13,240
2,922
4,310
136
183
Larimer
Baca
111
169
37
55
2
2
Lincoln
1,412
2,169
487
719
23
30
Bent
730
1,121
252
371
12
16
Logan
9,967
15,312
3,439
5,074
160
214
Boulder
143,698
298,031
50,165
97,859
2,334
3,754
Mesa
43,037
71,881
14,904
23,787
693
983
Chaffee
12,858
20,679
4,340
6,563
202
277
457
734
154
233
7
10
Cheyenne
Mineral
235
361
81
119
4
5
4,318
6,945
1,457
2,204
68
93
Montezuma
Conejos
462
702
155
229
7
10
Costilla
308
469
103
153
5
6
Clear Creek
Crowley Custer Delta Denver
Moffat
6,733
10,644
2,110
3,226
98
134
15,545
24,999
5,246
7,934
244
335
Montrose
8,030
13,412
2,781
4,438
129
183
Morgan
2,830
4,798
909
1,458
42
60
120
184
41
61
2
3
Otero
5,385
8,272
1,858
2,741
86
115
1,422
2,164
477
704
22
30
Ouray
1,090
1,754
368
557
17
24
Park
342
550
115
174
5
7
Phillips
175
268
60
89
3
4
2,346
3,918
812
1,297
38
54
418,048
867,032
145,941
284,691
6,790
10,922
Dolores
167
269
56
85
3
4
158,859
255,476
53,615
81,081
2,494
3,424
Douglas
41,380
85,822
14,446
28,180
672
1,081
Prowers
7,138
10,861
2,397
3,535
112
150
Eagle
395,222
635,596
133,387
201,721
6,206
8,518
Pueblo
40,518
72,929
14,145
23,861
658
972
El Paso
253,958
457,099
88,657
149,556
4,125
6,093
Rio Blanco
3,136
4,957
983
1,502
46
63
Rio Grande
Elbert
Pitkin
91
140
31
46
1
2
4,803
8,645
1,677
2,829
78
115
Garfield
89,373
141,290
28,009
42,819
1,303
1,783
Saguache
-
-
-
-
-
-
Gilpin
40,391
64,956
13,632
20,615
634
871
San Juan
676
1,087
228
345
11
15
Grand
San Miguel
88,437
142,224
29,847
45,138
1,389
1,906
Sedgwick
1,216
1,867
419
619
20
26
236,876
380,945
79,946
120,902
3,719
5,105
13,423
24,159
4,686
7,905
218
322
117
180
40
60
2
3
Fremont
Routt
1,613
2,454
542
799
25
34
109,932
176,793
37,102
56,110
1,726
2,369
120,933
194,484
40,815
61,724
1,899
2,607
Gunnison
24,768
39,831
8,359
12,641
389
534
Hinsdale
1,427
2,295
482
728
22
31
Summit
Huerfano
3,823
5,817
1,284
1,893
60
80
Teller
381
612
129
194
6
8
138,723
287,712
48,428
94,471
2,253
3,624
Weld
24,817
42,078
7,974
12,786
371
529
2,795
4,294
964
1,423
45
60
Yuma
634
974
219
323
10
14
4,943
7,594
1,705
2,517
79
106
2,881,556
5,158,947
984,274
1,663,087
45,793
67,255
Jackson Jefferson Kiowa Kit Carson Sources:
Washington
COLORADO
McGraw-Hill Construction Research & Analytics, 2007; PKF Hospitality Research; University of Colorado-Boulder; University of Denver.
46
Appendix L: Economic Impacts of Tenant Improvements, by County, 2006 County Adams
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
County
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s $0
13,611
31,900
5,020
10,872
120
300
-
-
-
-
-
-
Arapahoe
38,457
90,096
14,215
30,738
338
847
Archuleta
-
-
-
-
-
-
Las Animas
-
-
-
-
Baca
-
-
-
-
-
-
Lincoln
-
-
-
Bent
-
-
-
-
-
-
Logan
-
-
-
Boulder
27,107
63,507
10,019
21,666
238
597
Mesa
Chaffee
-
-
-
-
-
-
Alamosa
Cheyenne
Lake
Direct Spending, 000s $0
$0
$0
La Plata
678
1,177
233
Larimer
23,812
46,137
8,090
Mineral
4,527
8,705
1,784
Employment
w/Multiplier
-
-
383
6
11
14,638
193
409
-
-
-
-
-
-
-
-
42
87
-
-
-
3,115 -
-
-
-
-
-
-
-
-
Moffat
-
-
-
-
-
264
458
91
149
2
4
Montezuma
-
-
-
-
-
-
Conejos
-
-
-
-
-
-
Montrose
505
971
199
347
5
10
Costilla
-
-
-
-
-
-
Morgan
-
-
-
-
-
-
Crowley
-
-
-
-
-
-
Otero
226
377
2
4
Custer
-
-
-
-
-
-
Ouray
-
-
-
-
-
-
Clear Creek
Delta Denver
-
-
-
-
-
-
127,375
298,415
47,080
101,810
1,119
2,805
85
132
Park
-
-
-
-
-
-
Phillips
-
-
-
-
-
-
Dolores
-
-
-
-
-
-
Pitkin
-
-
-
-
-
-
Douglas
7,635
17,886
2,822
6,102
67
168
Prowers
-
-
-
-
-
-
Eagle
24,227
42,065
8,350
13,691
198
380
Pueblo
110
243
Elbert
-
-
-
-
-
-
Rio Blanco
-
-
-
-
-
-
El Paso
23,434
47,747
8,743
16,423
208
460
Rio Grande
-
-
-
-
-
-
Fremont
-
-
-
-
-
-
Routt
-
-
-
-
-
-
Garfield
12,388
25,241
4,623
8,683
1,366
2,411
472
790
11
22
Saguache
-
-
-
-
-
-
Gilpin
-
-
-
-
-
-
San Juan
-
-
-
-
-
-
Grand
-
-
-
-
-
-
San Miguel
-
-
-
-
-
-
Gunnison
-
-
-
-
-
-
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
238
413
82
134
2
4
312
637
117
219
-
-
-
-
Huerfano
-
-
-
-
-
-
Teller
Jackson
-
-
-
-
-
-
Washington
Jefferson
34,219
80,169
12,647
27,350
301
754
Weld
Kiowa
-
-
-
-
-
-
Yuma
Kit Carson
-
-
-
-
-
-
Total
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
47
4,476 $344,855
8,671 $766,981
1,521 $126,192
2,751 $259,996
3
6
-
-
36
77
-
-
3,000
7,186
Appendix M: Economic Impacts of Office Tenant Improvements, by County, 2006 County Adams Alamosa Arapahoe
Direct Spending, 000s $2,247 19,553
Total Output, 000s
Earnings, 000s
$5,265 45,807
$831 7,228
w/Multiplier, 000s
Employment
w/Multiplier
$1,796
20
49
Lake
15,629
County
Direct Spending, 000s $0
Total Output, 000s $0
Earnings, 000s
w/Multiplier, 000s
$0
$0
Employment -
w/Multiplier -
-
-
La Plata
208
361
72
117
2
3
172
431
Larimer
11,634
22,539
3,953
7,152
94
200
Archuleta
-
-
-
-
-
-
Las Animas
-
-
-
-
-
-
Baca
-
-
-
-
-
-
Lincoln
-
-
-
-
-
-
Bent Boulder
14,696
34,430
5,433
11,747
-
-
Logan
129
324
Mesa
3,220
6,192
1,269
2,216
-
-
30
62
Chaffee
-
-
-
-
-
-
Mineral
-
-
-
-
-
-
Cheyenne
-
-
-
-
-
-
Moffat
-
-
-
-
-
-
-
-
5
10
Clear Creek
264
458
91
149
2
4
Montezuma
Conejos
-
-
-
-
-
-
Montrose
Costilla
-
-
-
-
-
-
Crowley
-
-
-
-
-
Custer
-
-
-
-
-
Delta
-
-
-
-
Denver Dolores Douglas
9,155 -
-
-
-
Morgan
-
-
-
-
-
-
-
Otero
-
-
-
-
-
-
-
Ouray
-
-
-
-
-
-
-
-
Park
-
-
-
-
-
-
80
202
Phillips
-
-
-
-
-
-
-
-
Pitkin
-
-
-
-
-
-
46
115
Prowers
-
-
-
-
Pueblo
Elbert
-
-
-
-
-
-
Rio Blanco
119
264
-
-
-
Garfield
594
Gilpin
-
27,436 1,048
5,025
4,175
347
-
13,466
1,931
7,318
199
-
Fremont
12,236
3,384
971
Eagle El Paso
5,223
21,448
505
9,438
-
-
3,305 -
6,733
1,233
2,316
-
-
29
65
-
-
-
-
-
Rio Grande
-
-
-
-
-
-
Routt
-
-
-
-
-
-
205
344
5
9
Saguache
-
-
-
-
-
-
-
-
-
-
-
San Juan
-
-
-
-
-
-
Grand
-
-
-
-
-
-
San Miguel
-
-
-
-
-
-
Gunnison
-
-
-
-
-
-
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
238
413
82
134
2
4
Huerfano
-
-
-
-
-
-
Teller
312
637
117
219
3
6
Washington
Jackson Jefferson
9,213
21,584
3,406
7,364
-
-
81
203
Weld
Kiowa
-
-
-
-
-
-
Yuma
Kit Carson
-
-
-
-
-
-
Total
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
48
2,593 $96,426
5,024 $212,582
881 $35,339
1,594 $72,056
-
-
21
45
-
-
840
1,995
Appendix N: Economic Impacts of Industrial Tenant Improvements, by County 2006 County Adams
Direct Spending, 000s $6,174
Total Output, 000s
Earnings, 000s
$14,479
Alamosa
-
-
Arapahoe
599
Archuleta
-
-
Baca
-
Bent
-
$2,271
w/Multiplier, 000s
Employment
w/Multiplier
$4,929
54
136
-
-
Earnings, 000s
w/Multiplier, 000s
w/Multiplier
$0
$0
404
80
131
13
Larimer
998
1,937
338
614
-
Las Animas
-
-
-
-
-
-
Lincoln
-
-
-
-
-
-
-
-
Logan
-
-
-
-
-
-
478
5
-
-
-
-
-
-
-
-
-
$0
Employment
$0
220
-
-
2
4
8
17
-
-
Boulder
905
333
722
8
20
Mesa
-
-
-
-
-
-
Chaffee
-
-
-
-
-
-
Mineral
-
-
-
-
-
-
Cheyenne
-
-
-
-
-
-
Moffat
-
-
-
-
-
-
Clear Creek
-
-
-
-
-
-
Montezuma
-
-
-
-
-
-
Conejos
-
-
-
-
-
-
Montrose
-
-
-
-
-
-
Costilla
-
-
-
-
-
-
Morgan
-
-
-
-
-
-
Crowley
-
-
-
-
-
-
Otero
226
377
2
4
Custer
-
-
-
-
-
-
Ouray
-
-
-
-
-
-
Delta Denver
2,937
2,122
Total Output, 000s
233
-
Lake
Direct Spending, 000s
La Plata
-
1,405
County
6,886
1,080
2,344
85
132
-
-
Park
-
-
-
-
-
-
26
65
Phillips
-
-
-
-
-
-
Dolores
-
-
-
-
-
-
Pitkin
-
-
-
-
-
-
Douglas
-
-
-
-
-
-
Prowers
-
-
-
-
-
-
Eagle
291
505
100
164
2
5
Pueblo
-
-
-
-
-
-
Elbert
-
-
-
-
-
-
Rio Blanco
-
-
-
-
-
-
El Paso
427
804
10
23
Rio Grande
-
-
-
-
-
-
Fremont
1,150 -
2,345 -
-
-
-
-
Routt
-
-
-
-
-
-
Garfield
-
-
-
-
-
-
Saguache
-
-
-
-
-
-
Gilpin
-
-
-
-
-
-
San Juan
-
-
-
-
-
-
Grand
-
-
-
-
-
-
San Miguel
-
-
-
-
-
-
Gunnison
-
-
-
-
-
-
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
-
-
-
-
-
-
Huerfano
-
-
-
-
-
-
Teller
-
-
-
-
-
-
Jackson
-
-
-
-
-
-
Washington
-
-
-
-
-
-
Jefferson
435
943
10
26
Weld
-
-
-
-
-
-
Kiowa
1,182 -
2,771 -
-
-
-
-
Yuma
-
-
-
-
-
-
Kit Carson
-
-
-
-
-
-
Total
128
312
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
49
$14,693
$33,231
$5,367
$11,261
Appendix O: Economic Impacts of Retail Tenant Improvements, by County, 2006 County Adams Alamosa Arapahoe
Direct Spending, 000s $5,189 15,929
Total Output, 000s
Earnings, 000s
$12,156 37,319
$1,918 5,888
w/Multiplier, 000s
Employment
w/Multiplier
$4,147
46
114
12,733
County Lake
Direct Spending, 000s $0
Total Output, 000s $0
Earnings, 000s
w/Multiplier, 000s
$0
$0
Employment -
w/Multiplier -
-
-
La Plata
238
413
82
134
2
4
140
351
Larimer
9,957
19,290
3,383
6,121
81
171
Archuleta
-
-
-
-
-
-
Las Animas
-
-
-
-
-
-
Baca
-
-
-
-
-
-
Lincoln
-
-
-
-
-
-
Bent
-
-
-
-
-
-
Logan
-
-
-
-
-
-
Boulder
101
253
-
-
-
-
-
-
Mineral
Cheyenne
-
-
-
-
-
-
Clear Creek
-
-
-
-
-
-
Conejos
-
-
-
-
-
Costilla
-
-
-
-
-
Crowley
-
-
-
-
Custer
-
-
-
-
Chaffee
Delta Denver Dolores Douglas
11,506
23,425 1,936
26,955
54,879 4,536
4,253
8,659 716
9,197
18,724 1,548
Mesa
421
736
10
21
-
-
-
-
-
-
Moffat
-
-
-
-
-
-
Montezuma
-
-
-
-
-
-
-
Montrose
-
-
-
-
-
-
-
Morgan
-
-
-
-
-
-
-
-
Otero
-
-
-
-
-
-
-
-
Ouray
-
-
-
-
-
-
-
-
Park
-
-
-
-
-
-
206
516
Phillips
-
-
-
-
-
-
-
-
Pitkin
-
-
-
-
-
-
43
Prowers
-
-
-
-
-
-
-
-
-
-
-
-
Pueblo
Elbert
-
-
-
-
-
-
Rio Blanco
66
146
-
-
7,454
Fremont
-
Garfield
772
15,187 -
5,224
-
-
3,026 -
6,164
27
59
-
1,129 -
2,121 -
-
-
Rio Grande
-
-
-
-
-
-
Routt
-
-
-
-
-
-
267
447
6
12
Saguache
-
-
-
-
-
-
Gilpin
-
-
-
-
-
-
San Juan
-
-
-
-
-
-
Grand
-
-
-
-
-
-
San Miguel
-
-
-
-
-
-
Gunnison
-
-
-
-
-
-
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
-
-
-
-
-
-
Huerfano
-
-
-
-
-
-
Teller
-
-
-
-
-
-
Jackson
-
-
-
-
-
-
Washington
-
-
-
-
-
-
Jefferson
13,298
1,363
2,782
2,056
17
Eagle El Paso
1,069
117
293
Weld
238
460
Kiowa
-
31,155 -
4,916 -
10,630 -
-
-
Yuma
-
-
Kit Carson
-
-
-
-
-
-
Total
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
50
$94,036
$211,932
81 $34,496
146 $71,906
2
4
-
-
820
1,987
Appendix P: Economic Impacts of Hotel Tenant Improvements, by County, 2006 County
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
County
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
Adams
$0
$0
$0
$0
-
-
Lake
$0
$0
$0
$0
-
-
Alamosa
-
-
-
-
-
-
La Plata
-
-
-
-
-
-
748
Arapahoe
21
52
Larimer
254
460
6
13
Archuleta
-
-
-
-
-
-
Las Animas
-
-
-
-
-
-
Baca
-
-
-
-
-
-
Lincoln
-
-
-
-
-
-
Bent
-
-
-
-
-
-
Logan
-
-
-
-
-
-
Boulder
-
-
-
-
-
-
Mesa
238
457
2
5
Chaffee
-
-
-
-
-
-
Mineral
-
-
-
-
-
-
Cheyenne
-
-
-
-
-
-
Moffat
-
-
-
-
-
-
Clear Creek
-
-
-
-
-
-
Montezuma
-
-
-
-
-
-
Conejos
-
-
-
-
-
-
Montrose
-
-
-
-
-
-
Costilla
-
-
-
-
-
-
Morgan
-
-
-
-
-
-
Crowley
-
-
-
-
-
-
Otero
-
-
-
-
-
-
Custer
-
-
-
-
-
-
Ouray
-
-
-
-
-
-
Delta
-
-
-
-
-
-
Park
-
-
-
-
-
-
Denver Dolores Douglas Eagle
2,376
84,494 23,936
5,566
197,948 41,560
878
31,234 8,250
1,899
67,537 13,527
742 -
1,861
1,450
94
163
Phillips
-
-
-
-
-
-
-
Pitkin
-
-
-
-
-
-
-
-
Prowers
-
-
-
-
-
-
196
375
Pueblo
-
-
-
-
-
-
Elbert
-
-
-
-
-
-
Rio Blanco
-
-
-
-
-
-
El Paso
-
-
-
-
-
-
Rio Grande
-
-
-
-
-
-
Fremont
-
-
-
-
-
-
Routt
-
-
-
-
-
-
Garfield
-
-
-
-
-
-
Saguache
-
-
-
-
-
-
Gilpin
-
-
-
-
-
-
San Juan
-
-
-
-
-
-
Grand
-
-
-
-
-
-
San Miguel
-
-
-
-
-
-
Gunnison
-
-
-
-
-
-
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
-
-
-
-
-
-
Huerfano
-
-
-
-
-
-
Teller
-
-
-
-
-
-
-
-
-
-
Washington
-
-
-
-
-
-
263
570
6
16
Weld
-
-
-
-
-
-
Jackson
-
Jefferson
713
1,670
Kiowa
-
-
-
-
-
-
Yuma
Kit Carson
-
-
-
-
-
-
Total
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
51
$112,504
$248,651
$40,974
$84,157
974
2,321
Appendix Q: Economic Impacts of Multifamily Tenant Improvements, by County, 2006 County
Direct Spending, 000s
Total Output, 000s
$0
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
County
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$0 475
$0 921
$0 161
$0 292
4
8
Adams Alamosa Arapahoe
-
$0 -
$0 -
$0 -
-
-
Lake La Plata Larimer
Archuleta Baca Bent Boulder
-
-
-
-
-
-
Las Animas Lincoln Logan Mesa
-
-
-
-
-
-
Chaffee Cheyenne Clear Creek Conejos
-
-
-
-
-
-
Mineral Moffat Montezuma Montrose
-
-
-
-
-
-
Costilla Crowley Custer
-
-
-
-
-
-
Morgan Otero Ouray
-
-
-
-
-
-
Delta
-
-
7,365
17,254
2,722
5,887
65
162
Dolores Douglas Eagle Elbert
475 -
1,113 -
176 -
380 -
4 -
10 -
Pitkin Prowers Pueblo Rio Blanco
El Paso Fremont Garfield Gilpin
1,364 -
2,778 -
509 -
956 -
12 -
27 -
Rio Grande Routt Saguache San Juan
-
-
-
-
-
-
-
San Miguel Sedgwick Summit Teller
-
-
-
86 -
216 -
Washington Weld Yuma
-
-
Denver
Grand Gunnison Hinsdale Huerfano Jackson Jefferson Kiowa Kit Carson
-
9,813 -
-
22,990 -
-
3,627 -
-
7,844 -
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
52
Park
-
-
-
-
-
-
Phillips
-
-
-
-
-
-
54 -
119 -
-
-
-
-
-
-
Total
6,058 -
12,343 -
2,261 -
4,246 -
1,645 -
3,187 -
559 -
1,011 -
13 -
28 -
$27,195
$60,587
$10,016
$20,616
238
571
Appendix R: Economic Impacts of New Construction, by County, 2006 County Adams Alamosa
Direct Spending, 000s $393,228
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$921,378
$145,239
$314,243
3,455
8,661
County Lake
Direct Spending, 000s $174
Total Output, 000s
Earnings, 000s
$303
$60
w/Multiplier, 000s
Employment
w/Multiplier
$98
1
3
1,425
2,411
561
871
13
24
La Plata
27,086
47,030
9,336
15,307
222
425
Arapahoe
350,043
820,077
129,386
279,789
3,075
7,709
Larimer
210,459
407,776
71,502
129,377
1,706
3,613
Archuleta
3,267
5,672
1,126
1,846
27
51
Las Animas
-
-
-
-
-
77
Baca
-
-
-
-
-
-
Lincoln
4,752
7,942
1,786
2,791
43
Bent
-
-
-
-
-
-
Logan
1,956
3,270
735
1,149
18
32
Mesa
56,719
109,104
22,315
39,015
532
1,090
Boulder
186,953
438,013
69,084
149,420
1,642
4,117
Chaffee
174
303
60
98
1
3
Mineral
-
-
-
-
Cheyenne
751
1,255
282
441
7
12
Moffat
238
419
82
137
Clear Creek
-
-
-
-
-
-
Montezuma
Conejos
-
-
-
-
-
-
Montrose
Costilla
-
-
-
-
-
-
Morgan
-
-
-
-
Crowley
-
-
-
-
-
-
Otero
227
379
85
133
Custer
-
-
-
-
-
-
Ouray
349
606
120
7,721
13,406
2,661
Delta Denver Dolores Douglas
174
336
68
120
2
3
202,805
466,955
81,993
166,184
1,777
4,436
-
-
-
-
-
Park Phillips
-
Pitkin
182,870
428,466
67,560
146,148
1,607
4,027
Prowers
Eagle
94,733
164,487
32,650
53,534
775
1,485
Pueblo
Elbert
174
292
65
102
2
3
El Paso
289,490
589,857
107,986
202,860
2,566
5,684
Fremont
5,345
10,891
1,995
3,747
47
105
Routt
Garfield
38,295
67,580
13,235
22,149
314
609
Saguache
Gilpin
172,243
299,068
59,371
97,341
1,409
2,700
Grand
55,335
96,079
19,074
31,272
453
867
San Miguel
Gunnison
32,192
55,895
11,096
18,193
Sedgwick
Rio Blanco Rio Grande
San Juan
-
-
2
4
1,505
2,614
518
850
12
24
17,818
34,261
7,020
12,262
167
342
-
-
2
4
197
3
5
4,364
63
121
-
-
158,545 311,248 -
275,285 634,462 -
54,649 115,574 -
89,600 217,693 -
1,297 2,759 -
2,485 6,110 -
915
1,548
360
559
9
16
55,198
95,844
19,017
31,186
452
865
-
-
27,520
47,783
9,486
15,552
431
263
505
-
-
-
-
-
-
Summit
14,569
25,297
5,022
8,234
119
228
Huerfano
-
-
-
-
-
-
Teller
10,628
21,654
3,966
7,449
94
209
Jackson
-
-
-
-
-
-
Washington
-
-
239,131
560,254
88,372
191,127
2,101
5,266
-
-
225
-
-
-
-
-
-
-
-
Hinsdale
Jefferson
-
-
-
Weld
108,753
210,785
36,932
66,859
882
1,868
Kiowa
-
-
-
-
-
-
Yuma
174
292
65
102
2
3
Kit Carson
-
-
-
-
-
-
Total
$3,265,183
$6,869,328
$1,190,494
28,145
64,224
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
53
$2,322,398
Appendix S: Economic Impacts of Office Construction, by County, 2006 County Adams Alamosa
Direct Spending, 000s $92,026 -
Total Output, 000s $215,595 -
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$34,018
$73,558
808
2,027
-
-
-
-
County Lake
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s $0
Employment
w/Multiplier
$0
$0
$0
-
-
La Plata
11,092
19,260
3,823
6,269
91
174
Larimer
42,323
81,994
14,381
26,017
Arapahoe
19,454
45,576
7,191
15,550
171
428
343
726
Archuleta
2,970
5,156
1,024
1,678
24
47
Las Animas
-
-
-
-
-
-
Baca
-
-
-
-
-
-
Lincoln
-
-
-
-
-
-
Bent
-
-
-
-
-
-
Logan
-
-
-
-
-
-
128
322
Mesa
168
344
-
-
Mineral
-
-
-
-
-
-
Boulder Chaffee Cheyenne
14,600
34,205
-
-
5,397 -
-
34,389
7,046
12,308
240
401
2
4
Moffat
-
-
-
-
-
-
-
-
-
-
-
-
Montezuma
-
-
-
-
-
-
Conejos
-
-
-
-
-
-
Montrose
-
-
-
-
-
-
Costilla
-
-
-
-
-
-
Morgan
-
-
-
-
-
-
Crowley
-
-
-
-
-
-
Otero
-
-
-
-
-
-
Custer
-
-
-
-
-
-
Ouray
-
-
-
-
-
-
Denver Dolores Douglas Eagle Elbert
57,204 -
134,014 -
21,146 -
141
17,885
Clear Creek
Delta
90
11,670
45,724 -
503 -
1,260 -
57,698
135,171
21,329
46,119
507
1,271
950
1,650
328
537
8
15
-
-
El Paso
91,176
185,768
Fremont
2,376
Garfield
5,034
-
-
-
Park
-
-
-
-
-
-
Phillips
-
-
-
-
-
-
65
125
Pitkin Prowers Pueblo
1,790
7,961 17,058
13,823 34,755
6,366
4,499 11,956
-
-
151
335
Rio Blanco
-
-
-
-
-
Rio Grande
663
1,121
261
405
6
11
2,973
5,163
1,025
1,680
34,027
63,904
808
4,841
887
1,665
21
47
Routt
8,884
1,740
2,912
41
80
Saguache
-
-
2,744
24
47
-
-
-
-
-
Gilpin
-
-
-
-
-
-
San Juan
-
-
-
-
-
-
Grand
-
-
-
-
-
-
San Miguel
-
-
-
-
-
-
Gunnison
-
-
-
-
-
-
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
-
-
-
-
-
-
Huerfano
-
-
-
-
-
-
Teller
115
235
43
81
1
2
Jackson
-
-
-
-
-
-
Washington
-
-
-
-
-
-
98
245
85
180
Jefferson
11,126
26,065
4,113
8,893
Weld
Kiowa
-
-
-
-
-
-
Yuma
Kit Carson
-
-
-
-
-
-
Total
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
54
10,462 $465,385
20,268 $1,008,333
3,555 $170,534
6,431 $341,997
4,054
9,478
Appendix T: Economic Impacts of Industrial Construction, by County, 2006 County Adams Alamosa Arapahoe
Direct Spending, 000s $64,629 5,785
Total Output, 000s $151,550 13,565
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$23,769
$51,588
568
1,424
2,128
4,618
County Lake
Direct Spending, 000s $174
Total Output, 000s
Earnings, 000s
$303
$60
w/Multiplier, 000s
Employment
w/Multiplier
$98
1
3
-
-
La Plata
116
202
40
66
1
2
51
127
Larimer
10,845
21,056
3,674
6,669
88
187
Archuleta
-
-
-
-
-
-
Las Animas
-
-
-
-
-
-
Baca
-
-
-
-
-
-
Lincoln
-
-
-
-
-
-
Bent
-
-
-
-
Boulder
13,187
30,924
4,850
10,526
Chaffee
-
-
Logan
174
292
65
102
2
3
116
291
Mesa
17,236
33,185
6,759
11,843
162
332
174
303
60
98
1
3
Mineral
-
-
-
-
-
-
Cheyenne
-
-
-
-
-
-
Moffat
-
-
-
-
-
-
Clear Creek
-
-
-
-
-
-
Montezuma
377
654
129
212
3
6
Conejos
-
-
-
-
-
-
Montrose
-
-
-
-
-
-
Costilla
-
-
-
-
-
-
Morgan
-
-
-
-
-
-
Crowley
-
-
-
-
-
-
Otero
227
379
85
133
2
4
Custer
-
-
-
-
-
-
Ouray
349
606
120
197
3
5
Delta
174
336
68
120
2
3
Park
-
-
-
-
-
-
22,537
52,848
8,288
17,989
198
497
Phillips
-
-
-
-
-
-
-
-
Pitkin
-
-
-
-
-
-
Denver Dolores Douglas Eagle Elbert El Paso
-
-
-
-
21,013
49,275
7,728
16,773
185
463
Prowers
1,704
2,959
584
960
14
27
Pueblo
291,916
595,075
108,359
204,143
2,587
5,731
174
292
65
102
2
3
Rio Blanco
-
-
-
-
-
-
26,640
54,306
9,889
18,630
236
523
Rio Grande
252
427
99
154
2
4
4,744
8,239
1,626
2,673
Fremont
-
-
-
-
-
-
Routt
39
74
Garfield
-
-
-
-
-
-
Saguache
-
-
-
-
-
-
Gilpin
-
-
-
-
-
-
San Juan
-
-
-
-
-
-
Grand
-
-
-
-
-
-
San Miguel
-
-
-
-
-
-
Gunnison
-
-
-
-
-
-
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
-
-
-
-
-
-
Huerfano
-
-
-
-
-
-
Teller
-
-
-
-
-
-
Jackson Jefferson
13,384
31,385
4,922
10,683
-
-
118
295
Washington Weld
21,981
42,677
7,447
Kiowa
-
-
-
-
-
-
Yuma
174
292
65
Kit Carson
-
-
-
-
-
-
Total
$517,969
$1,091,131
$190,880
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
55
13,517 102 $371,999
-
-
179
378
2
3
4,560
10,386
Appendix U: Economic Impacts of Retail Construction, by County, 2006 County Adams
Direct Spending, 000s $142,188
Total Output, 000s $333,111
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$52,561
$113,653
1,249
3,131
County Lake
Direct Spending, 000s $0
Total Output, 000s
Earnings, 000s $0
$0
w/Multiplier, 000s $0
Employment -
w/Multiplier -
Alamosa
1,425
2,411
561
871
13
24
La Plata
4,806
8,345
1,657
2,716
39
75
Arapahoe
65,702
153,923
24,287
52,516
577
1,447
Larimer
33,492
64,886
11,380
20,589
271
575
Archuleta
297
516
102
168
-
-
-
-
Baca Bent Boulder Chaffee
36,776
86,156
13,594
29,395
2
5
Las Animas
-
-
-
-
-
-
-
-
Lincoln
-
-
-
-
-
-
-
-
Logan
1,782
2,978
670
1,047
16
29
323
810
Mesa
12,511
24,056
4,929
8,610
117
240
-
-
Mineral
-
-
-
-
-
-
5
8
Moffat
238
419
82
137
2
4
-
-
-
-
511
854
192
300
Clear Creek
-
-
-
-
-
-
Montezuma
Conejos
-
-
-
-
-
-
Montrose
Costilla
-
-
-
-
-
-
Morgan
-
-
-
Crowley
-
-
-
-
-
-
Otero
-
-
Custer
-
-
-
-
-
-
Ouray
-
-
Delta
-
-
-
-
-
-
Park
241
604
Phillips
-
-
Pitkin
Cheyenne
Denver Dolores Douglas Eagle Elbert El Paso
27,441 -
64,288 -
10,144 -
21,934 -
23,740
55,616
8,776
18,976
209
523
Prowers
9,242
16,047
3,186
5,223
76
145
Pueblo
-
-
60,171
122,597
22,456
42,173
Fremont
-
-
-
-
Garfield
475
839
164
275
-
-
-
-
Gilpin Grand Gunnison
3,326
5,775
1,146
1,880
533 -
Rio Blanco
1,181
Rio Grande
-
Routt
1,128
1,959
389
638
9
18
14,255
27,409
5,616
9,810
134
274
-
-
-
-
-
-
-
-
-
-
-
63
121
7,721 7,530 2,274 3,104
13,406 13,074 4,632 5,389
2,661 2,596 849 1,070
4,364 4,255 1,594 1,754
-
-
62
118
-
-
20
45
-
-
-
-
25
49
4
8
Saguache
-
-
-
-
-
-
-
-
San Juan
-
-
-
-
-
-
-
-
San Miguel
-
-
-
-
-
-
27
52
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
2,691
4,672
927
1,521
22
42
Huerfano
-
-
-
-
-
-
Teller
8,137
16,579
3,037
5,703
72
160
Jackson Jefferson
55,330
129,625
20,453
44,226
486
-
Washington
1,219
Weld
Kiowa
-
-
-
-
-
-
Yuma
Kit Carson
-
-
-
-
-
-
Total
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
56
10,115 $536,406
19,596 $1,179,158
3,437 $196,923
6,218 $400,545
-
-
82
174
-
-
4,681
11,080
Appendix V: Economic Impacts of Hotel Construction, by County, 2006 County Adams Alamosa Arapahoe
Direct Spending, 000s $0 10,097
Total Output, 000s $0 23,655
Earnings, 000s
w/Multiplier, 000s
$0
$0
3,732
8,071
Employment -
w/Multiplier
County
-
Lake
-
-
La Plata
89
222
Larimer
Archuleta
-
-
-
-
-
-
Las Animas
Baca
-
-
-
-
-
-
Lincoln
Bent Boulder
2,079
4,870
768
1,662
-
-
Logan
18
46
Mesa
Direct Spending, 000s $0 16,651 4,752 4,222
Total Output, 000s
Earnings, 000s $0 -
32,258 7,942 8,118
$0 5,658 1,786 1,663
w/Multiplier, 000s $0 10,236 2,791 2,905
Employment -
w/Multiplier -
-
-
135
286
-
-
43
77
-
-
40
81
Chaffee
-
-
-
-
-
-
Mineral
-
-
-
-
-
-
Cheyenne
-
-
-
-
-
-
Moffat
-
-
-
-
-
-
Clear Creek
-
-
-
-
-
-
Montezuma
-
-
-
-
-
-
Conejos
-
-
-
-
-
-
Montrose
-
-
-
-
-
-
Costilla
-
-
-
-
-
-
Morgan
-
-
-
-
-
-
Crowley
-
-
-
-
-
-
Otero
-
-
-
-
-
-
Custer
-
-
-
-
-
-
Ouray
-
-
-
-
-
-
Delta Denver
15,442
36,178
5,708
12,343
-
-
Park
-
-
-
-
-
-
136
340
Phillips
-
-
-
-
-
-
Dolores
-
-
-
-
-
-
Pitkin
289
554
Douglas
-
-
-
-
-
-
Prowers
-
-
-
-
-
-
Eagle
-
-
-
-
-
-
Pueblo
-
-
-
-
-
-
Elbert
-
-
-
-
-
-
Rio Blanco
-
-
-
-
-
-
Rio Grande
-
-
-
-
-
-
Routt
-
-
-
-
-
-
El Paso
25,175
51,293
9,395
17,645
223
494
Fremont
2,970
6,051
1,108
2,081
26
58
Garfield Gilpin
172,243
299,068
59,371
97,341
1,409
2,700
35,339
61,360
12,181
19,972
Saguache
-
-
-
-
-
San Juan
-
-
-
-
-
-
172
329
Grand
-
-
-
-
-
-
San Miguel
Gunnison
-
-
-
-
-
-
Sedgwick
-
-
-
-
-
-
Hinsdale
-
-
-
-
-
-
Summit
-
-
-
-
-
-
Huerfano
-
-
-
-
-
-
Teller
-
-
-
-
-
-
Jackson
-
-
-
-
-
-
Washington
-
-
-
-
-
-
Jefferson
-
-
-
-
-
-
Weld
29
61
Kiowa
-
-
-
-
-
-
Yuma
-
-
Kit Carson
-
-
-
-
-
-
Total
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver.
57
20,986
3,564 $313,518
36,439
6,904 $574,134
7,234
1,211 $109,816
11,860
2,191 $189,096
2,608
5,249
Appendix W: Economic Impacts of Multifamily Construction, by County, 2006 County Adams Alamosa
Direct Spending, 000s
Total Output, 000s
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$94,385 -
$221,121 -
$34,890 -
$75,444 -
829 -
2,079 -
Lake La Plata
County
Direct Spending, 000s
Total Output, 000s
$0 11,071
$0 19,223
Earnings, 000s
w/Multiplier, 000s
Employment
w/Multiplier
$0 3,816
$0 6,257
91
174
Arapahoe Archuleta Baca Bent
249,006 -
583,359 -
92,047 -
199,034 -
2,188 -
5,484 -
Larimer Las Animas Lincoln Logan
107,148 -
207,582 -
36,408 -
65,867 -
869 -
1,839 -
Boulder Chaffee Cheyenne Clear Creek
120,311 -
281,858 -
44,474 -
96,166 -
1,057 -
2,650 -
Mesa Mineral Moffat Montezuma
4,866 -
9,356 -
1,917 -
3,348 -
46 -
94 -
Montrose Morgan Otero Ouray Park
3,564 -
6,852 -
1,404 -
2,452 -
33 -
68 -
107,715 -
187,027 -
37,128 -
60,873 -
881 -
1,689 -
Conejos Costilla Crowley Custer Delta
-
-
-
-
-
-
Denver Dolores Douglas
80,181 80,419
179,628 188,403
36,707 29,728
68,194 64,281
700 706
1,735 1,771
Phillips Pitkin Prowers
Eagle Elbert El Paso Fremont
82,837 86,329 -
143,831 175,893 -
28,553 32,218 -
46,814 60,507 -
678 765 -
1,299 1,695 -
Pueblo Rio Blanco Rio Grande Routt
44,377
77,052
15,296
25,079
363
696
Garfield Gilpin Grand Gunnison
32,785 55,335 28,865
57,857 96,079 50,120
11,331 19,074 9,950
18,962 31,272 16,313
269 453 236
522 867 453
Saguache San Juan San Miguel Sedgwick
6,533 -
11,344 -
2,252 -
3,692 -
53 -
102 -
Hinsdale Huerfano Jackson Jefferson
159,291
373,179
58,884
127,324
1,399
3,508
Summit Teller Washington Weld
11,879 2,376 62,632
20,625 4,841 121,340
4,095 887 21,282
6,713 1,665 38,502
97 21 508
186 47 1,075
Kiowa
-
-
-
-
-
-
Yuma
Kit Carson
-
-
-
-
-
-
Total
Sources: McGraw-Hill Construction Research & Analytics, 2007; University of Colorado-Boulder; University of Denver
58
$1,431,905
$3,016,571
$522,341
$1,018,760
12,242
28,031
Appendix X: Colorado Assessed Property Value and Estimated Taxes, by County, 2006 Office County Adams
Value
Industrial* Taxes
Value
Retail Taxes
Value
Hotel Taxes
Value
Taxes
$101,391,280
$10,276,108
$650,854,230
$65,964,727
$354,779,974
$35,957,305
$30,848,130
$3,126,489
3,964,700
299,446
3,394,370
256,370
10,183,220
769,118
3,776,760
285,251
Arapahoe
698,726,130
64,282,804
458,873,360
42,216,349
153,499,900
14,121,991
38,527,850
3,544,562
Archuleta
6,461,325
410,753
4,627,054
294,146
11,598,668
737,339
6,200,997
394,204
Baca
297,781
17,933
1,816,155
109,371
1,068,103
64,322
159,966
9,633
Bent
71,118
4,846
452,403
30,826
598,977
40,814
175,527
11,960
Boulder
471,863,630
35,800,294
543,924,210
41,267,530
339,067,850
25,725,078
64,389,800
4,885,254
Broomfield
118,993,620
11,740,030
112,949,180
11,143,679
124,358,800
12,269,364
10,022,090
988,789
8,432,730
373,115
12,024,370
532,030
19,297,050
853,817
13,048,120
577,327
164,768
6,739
2,745,192
112,281
374,186
15,305
163,796
6,699
Alamosa
Chaffee Cheyenne Clear Creek
2,117,830
151,067
1,260,180
89,890
5,626,170
401,320
3,182,440
227,007
Conejos
303,593
22,298
1,015,022
74,551
600,344
44,094
697,664
51,242
Costilla
122,575
7,448
1,263,965
76,804
296,595
18,022
196,173
11,920
Crowley
21,620
1,370
184,310
11,678
297,790
18,868
14,450
916
Custer
1,519,460
85,397
1,235,540
69,440
1,506,970
84,695
741,950
41,699
Delta
5,108,420
307,481
8,735,930
525,824
12,161,760
732,028
2,075,570
124,931
Denver
1,273,615,950
89,494,446
943,441,700
66,293,761
503,185,490
35,357,838
169,391,520
11,902,803
Dolores
180,219
11,553
589,735
37,804
830,010
53,206
740,093
47,442
Douglas
278,294,870
28,245,538
126,148,940
12,803,487
376,589,240
38,221,925
25,253,010
2,563,054
29,294,150
1,857,044
39,897,320
2,529,211
50,216,640
3,183,383
70,377,270
4,461,426
374,164,840
25,284,563
574,808,290
38,843,245
424,402,650
28,679,433
70,120,820
4,738,485
2,186,800
147,775
2,837,600
191,754
5,388,120
364,108
49,640
3,354
Fremont
7,839,435
465,239
83,180,885
4,936,453
20,565,463
1,220,478
3,878,915
230,198
Garfield
20,014,900
920,005
30,564,740
1,404,939
48,125,080
2,212,117
28,812,760
1,324,407
Gilpin
2,666,440
110,671
960,640
39,871
2,434,300
101,036
215,230
8,933
Grand
4,288,350
248,716
19,197,530
1,113,418
10,861,160
629,926
17,324,890
1,004,809
Gunnison
Eagle El Paso Elbert
5,677,740
299,637
7,281,780
384,289
15,730,080
830,139
18,648,900
984,177
Hinsdale
595,730
27,597
526,450
24,387
1,926,490
89,243
3,573,100
165,520
Huerfano
841,750
56,979
1,041,100
70,473
1,428,495
96,696
953,051
64,513
Jackson
307,645
14,001
998,413
45,439
550,104
25,036
786,135
35,778
541,127,460
51,178,753
527,308,050
49,871,741
644,755,030
60,979,641
35,171,410
3,326,442
29,200
2,450
487,600
40,920
160,660
13,483
35,520
2,981
977,795
80,947
3,892,320
322,226
1,862,784
154,211
1,597,501
132,249
31,556,420
2,612,398
81,186,690
6,721,040
60,973,920
5,047,726
37,354,550
3,092,396
Jefferson Kiowa Kit Carson La Plata Lake Larimer Las Animas Lincoln Logan
749,821
20,613
1,459,394
40,120
2,208,371
60,710
2,182,314
59,994
141,935,500
12,146,414
372,795,050
31,902,682
262,129,280
22,432,237
63,457,670
5,430,517
1,993,710
42,067
6,794,980
143,374
5,885,350
124,181
3,551,050
74,927
552,119
42,878
1,406,076
109,196
1,713,532
133,073
3,430,852
266,440
3,304,570
271,190
17,123,970
1,405,279
9,601,150
787,918
2,302,580
188,961
59
Colorado Assessed Property Value and Estimated Taxes, by County, 2006, Continued Office
Industrial*
County
Value
Mesa
31,747,950
2,208,133
85,226,000
5,927,639
73,998,860
83,870
4,855
241,700
13,992
483,360
Moffat
1,674,310
90,480
4,730,310
255,626
Montezuma
4,026,070
196,992
10,963,150
Mineral
Montrose
Taxes
Value
Retail Taxes
Value
Hotel Taxes
Value
Taxes
5,146,769
23,118,280
1,607,923
27,982
617,390
35,741
5,982,160
323,276
2,941,380
158,952
536,416
15,263,900
746,847
7,156,240
350,148
10,725,730
659,300
27,586,440
1,695,711
24,336,420
1,495,935
8,442,400
518,946
Morgan
6,836,830
552,689
52,073,310
4,209,606
11,880,360
960,408
2,774,230
224,269
Otero
1,788,193
110,916
9,539,420
591,702
7,854,133
487,168
1,438,265
89,211
Ouray
2,568,320
131,942
2,011,930
103,359
5,033,920
258,608
9,974,550
512,423
Park
4,190,470
224,182
2,491,834
133,308
9,601,270
513,649
1,160,490
62,084
358,500
32,294
1,086,400
97,865
1,080,820
97,362
174,870
15,753
26,111,300
1,020,847
9,207,140
359,962
53,370,970
2,086,591
80,468,490
3,145,996
Prowers
1,453,530
97,596
3,406,130
228,701
2,603,370
174,801
1,428,440
95,911
Pueblo
Phillips Pitkin
20,190,230
2,000,549
119,273,430
11,818,208
52,868,920
5,238,517
9,634,280
954,613
Rio Blanco
1,378,080
50,252
28,228,040
1,029,335
1,886,030
68,774
3,592,040
130,984
Rio Grande
1,874,860
108,924
13,601,280
790,194
3,873,110
225,016
2,613,430
151,832
12,785,690
706,039
16,463,200
909,114
35,993,160
1,987,578
26,637,190
1,470,932
Saguache
239,018
17,921
2,019,875
151,444
1,075,594
80,645
281,940
21,139
San Juan
28,330
1,114
717,590
28,219
3,132,260
123,173
1,824,770
71,757
10,531,550
431,762
5,876,030
240,900
18,797,390
770,637
12,693,920
520,413
169,660
12,542
713,530
52,746
357,700
26,442
75,800
5,603
10,285,933
542,470
15,321,163
808,023
46,201,531
2,436,623
22,527,579
1,188,082
8,082,220
480,755
7,070,240
420,559
17,812,540
1,059,543
9,273,840
551,636
375,140
22,724
1,447,822
87,702
308,968
18,716
72,689
4,403
90,502,840
6,277,820
258,918,840
17,960,164
129,211,020
8,962,852
9,323,370
646,725
Routt
San Miguel Sedgwick Summit Teller Washington Weld Yuma
1,711,530
103,989
3,987,160
242,252
3,090,920
187,798
669,100
40,653
Totals
$4,391,476,148
$353,455,686
$5,331,486,688
$430,743,351
$4,012,938,442
$326,156,935
$972,345,037
$66,973,819
Note: Industrial includes warehouse properties. Source: Department of Local Affairs, Division of Property Taxation. 2006 Annual Report, Section VI, Taxable Real and Personal Property Assessed by Counties. http://www.dola.colorado.gov/dpt/publications/2006_annual_report_index.htm
60
Appendix Y: Assessed Valuation, Revenue, and Average Levies by County, 2006
Adams* Alamosa Arapahoe* Archuleta Baca Bent Boulder* Broomfield* Chaffee Cheyenne Clear Creek Conejos Costilla Crowley Custer Delta Denver* Dolores Douglas Eagle* Elbert El Paso* Fremont Garfield* Gilpin Grand Gunnison* Hinsdale Huerfano Jackson Jefferson* Kiowa Kit Carson Lake La Plata Larimer* Las Animas Lincoln Logan*
Assessed Valuation, 2006
Total Revenue
$4,249,248,640 $115,344,560 $6,883,400,230 $246,101,670 $66,836,422 $53,537,652 $5,031,140,476 $920,932,560 $295,270,857 $138,975,589 $249,734,680 $45,213,579 $73,900,169 $33,009,670 $77,538,610 $250,412,460 $9,034,550,220 $41,728,779 $4,022,845,950 $2,286,020,240 $254,852,070 $5,708,723,860 $373,303,650 $2,566,472,930 $314,872,030 $610,802,460 $509,867,060 $42,984,347 $95,361,790 $31,191,220 $6,710,145,520 $33,389,440 $100,349,293 $84,878,145 $3,008,034,270 $3,585,396,965 $652,608,440 $69,198,047 $190,712,470
$430,667,401 $8,711,774 $633,275,765 $15,644,926 $4,024,950 $3,647,995 $381,712,140 $90,859,734 $13,064,696 $5,684,214 $17,813,704 $3,320,828 $4,490,494 $2,091,537 $4,357,849 $15,072,531 $634,840,019 $2,674,921 $408,298,216 $144,916,713 $20,831,798 $385,773,613 $22,153,982 $117,970,601 $13,068,886 $35,425,591 $26,907,904 $1,991,191 $6,455,118 $1,419,555 $634,628,905 $2,802,078 $8,307,466 $7,089,275 $82,694,484 $306,827,114 $13,769,750 $5,373,950 $15,650,738
County Mill Levy (1)
Average Municipal Levy (2)
26.974 25.238 16.083 18.267 20.241 30.716 22.467 17.511 8.519 15.16 32.22 24.807 17.652 40.666 15.245 18.102 26.007 28.013 19.774 8.499 28.092 7.71 12.315 13.655 9.841 15.155 12.654 17.645 20.468 15.896 24.346 42.733 36.993 36.503 8.5 22.41 9.357 39.5 29.891
7.523 6.731 8.22 1.557 28.163 39 10.783 11.457 5.017 36.033 8.194 20.464 19.367 22.976 3.845 2.342 25.33 1.721 6.455 14.716 5.355 4.98 5.232 1.123 5.953 7.968 3.729 13.063 11.38 4.842 40.572 13.337 13.756 2.8 9.441 17.127 23.777 14.564
61
Average School Levy 53.513 36.653 48.798 23.785 25.001 25.745 39.097 47.004 25.491 18.098 28.088 26.674 29.527 17.276 29.007 28.759 40.333 25.192 46.5 24.002 35.234 47.686 33.492 17.747 17.26 21.94 24.493 19.131 29.559 23.267 49.028 22.987 35.197 33.417 12.931 46.808 7.316 29.901 40.917
Average Special Levy (3) 3.107 2.388 2.938 3.387 3.611 1.589 1.477 5.627 1.542 1.151 3.529 3.262 3.691 0.837 2.792 1.572 1.808 1.437 4.644 3.414 4.78 2.497 3.103 2.476 6.214 3.324 2.851 1.707 2.681 2.423 3.361 3.94 1.262 4.61 1.615 2.117 2.512 0.646 1.222
Total Average County Levy 101.351 75.528 92 63.571 60.221 68.139 75.87 98.661 44.246 40.901 71.331 73.448 60.764 63.361 56.202 60.191 70.268 64.103 101.495 63.393 81.741 67.576 59.346 45.966 41.505 57.998 52.774 46.324 67.691 45.511 94.578 83.921 82.785 83.523 27.491 85.577 21.1 77.66 82.065
Assessed Valuation, Revenue, and Average Levies by County, 2006, Continued
Assessed Valuation, 2006
Total Revenue
County Mill Levy
Average Municipal Levy (2)
Average School Levy
Average Special Levy (3)
Total Average County Levy
Mesa* $1,329,285,810 $92,454,103 18.991 7.866 36.444 1.975 69.552 Mineral $24,705,170 $1,430,186 26.291 12.836 23.308 3.274 57.89 Moffat $418,099,178 $22,594,161 19.696 19.041 25.736 1.318 54.04 Montezuma $370,087,190 $18,108,052 14.254 2.957 20.219 2.064 48.929 Montrose $430,817,550 $26,481,716 21.145 10.88 24.233 2.97 61.469 Morgan $367,379,070 $29,698,942 28.948 14.801 40.068 1.541 80.84 Otero* $110,893,849 $6,878,408 21.948 9.532 31.265 1.167 62.027 Ouray $144,438,530 $7,420,280 13.166 11.017 25.242 1.624 51.373 Park $357,367,586 $19,118,434 18.008 16.382 21.718 2.757 53.498 Phillips $46,986,570 $4,232,621 28.28 20.56 34.712 3.587 90.082 Pitkin $1,934,052,050 $75,612,937 7.602 7.11 12.81 1.485 39.096 Prowers $124,435,090 $8,355,018 27.17 14.505 26.356 3.139 67.144 Pueblo* $1,086,582,150 $107,664,250 31.907 15.615 44.844 3.191 99.085 Rio Blanco $575,347,810 $20,979,824 9.05 8.954 7.361 1.869 36.465 Rio Grande $138,660,900 $8,055,788 15.567 9.553 29.689 1.583 58.097 Routt* $812,913,120 $44,890,066 15.22 0.982 26.717 1.898 55.221 Saguache $50,233,577 $3,766,346 22.63 17.616 33.388 5.716 74.977 San Juan $40,614,510 $1,597,129 19.641 11.556 11.46 1.523 39.324 San Miguel $780,568,940 $32,000,797 10.12 10.976 12.638 2.148 40.997 Sedgwick $32,245,410 $2,383,680 33.079 38.554 29.348 0.834 73.923 Summit $1,274,674,510 $67,225,686 12.364 4.149 22.881 2.943 52.739 Teller* $396,048,780 $23,558,242 14.699 10.668 28.035 4.156 59.483 Washington $111,832,090 $6,774,261 30.38 51.206 23.855 1.756 60.575 Weld* $4,203,949,170 $291,611,396 16.804 13.39 29.596 2.662 69.366 Yuma $268,392,980 $16,307,036 20.175 24.914 26.79 1.978 60.758 Total: $74,489,498,610 $5,473,511,765 18.563 7.768 37.46 2.775 73.48 (1) Average will not add to the Total Average County Levy because denominators (Assessed Valuation) are not common to all. (2) Municipal Revenues are divided by the sum of Municipal Assessed Valuation. (3) Special District Revenues are dividd by the sum of Special District Assessed Valuation. * These figures include tax increment valuation, and all tax revenues attributable to the increment are allocated to the increment financingauthority only. Source: Department of Local Affairs, Division of Property Taxation http://www.dola.state.co.us/dpt/publications/docs/2006_annual%20report/AVG_LEVIES_AV_REV.pdf
62
