Downtown Longmont Market Analysis Preliminary Findings Prepared for the Longmont Downtown Development Authority Presented by February 26, 2020
PURPOSE To garner a more accurate picture of the business climate in Downtown Longmont to better inform LDDA sta ff , LDDA board members, downtown business and property owners, developers and investors to strengthen Downtown Longmont To provide a quantitative and qualitative assessment of the market demand for o ffi ce, retail and small scale (artisan) manufacturing in Downtown Longmont To further inform the Implementation Priorities Ideas and Projects identified in the LDDA Master Plan of Development 2
WORK COMPLETED TO DATE Downtown 20+ Downtown Project Business Stakeholder Business Kick Off Inventory Interviews Survey Update Economic Small Scale and Office Market Retail Market Manufacturing Demographic Analysis Analysis Analysis Framework Key Findings & Recommendations 3
ECONOMIC AND DEMOGRAPHIC FRAMEWORK Downtown Longmont population (1,273) and Population households (739) less than 2% of the City 2019 2029 Number Annual % Forecast Forecast Change Change Downtown grew 50% greater compared to the Downtown 1,273 1,992 719 5.65% Longmont City during 2010-2019 City of 98,347 111,440 13,093 1.33% Increase in population primarily result of new Boulder County 333,887 376,110 42,223 1.26% Denver CSMA 3,612,270 4,265,654 653,384 1.81% residential housing (Roosevelt Park Apartments) Households Downtown’s forecasted to grow by more than 700 people and 450 households over the next 2019 2029 Number Annual % Forecast Forecast Change Change 10 years (>50% increase) Downtown 739 1,196 457 6.19% Longmont South Main Station (314 units) and Boulder County 37,363 42,247 4,884 1.31% City of Longmont a ff ordable housing project (73 units) primary Boulder County 132,940 149,886 16,946 1.27% factors for increase 1,406,141 1,653,863 247,722 1.76% Denver CSMA Downtown’s population forecasted to increase more than 3X annual rate compared to City and County 4
HOUSEHOLD CHARACTERISTICS Household Size, 2019 Average household size in Downtown is smaller 1.67 2.61 2.43 2.53 compared to City of Longmont, Downtown City of Boulder Denver Boulder County and Denver Longmont Longmont County CSMA metropolitan area Household Composition, 2019 100% 25.4% 40% 40.4% 36.2% 90% Households with one person 80% (47%) account for the largest Prcemt of Households 70% 27.5% share of households in 60% 34.8% Downtown Longmont 31% 32.8% 50% 75% of households in 47.1% 40% Downtown Longmont are 1 or 30% 29% 29% 2-person households 26.8% 20% compared to 60% for City and 10% 64% for County 0% Downtown Primary Market City of Longmont Boulder County Longmont Area 1 person 2 persons 3 or more 5
HOUSEHOLD CHARACTERISTICS Downtown Longmont has lower Household Composition, Family and Nonfamily Households % of households with children under 18 years of age compared 100% 55.4% 36.4% 33.6% 42.2% 90% to City and County 80% Percent of Households 70% 23% of households in Downtown 30.9% 60% 29% Longmont have children under 18 28.7% 50% years compared to 35% for City 40% 21.6% and 29% for County 35.5% 30% 34.6% 29% 20% 23% More than 55% of households in 10% Downtown Longmont are non 0% family households compared to Downtown Primary Market Area City of Longmont Boulder County Longmont 34% in the City and 42% in the Household with children under 18 years Household with no children under 18 years County Nonfamily Household 6
INCOME CHARACTERISTICS Median household income in Median Household Income, 2019 Downtown Longmont is less than the City, County and Denver $84,419 CSMA $60,522 $74,730 $78,161 Median household income of Downtown Downtown households 23% less City of Longmont Boulder County Denver CSMA Longmont than City of Longmont and 40% less Household Income Distribution, 2019 than the Boulder County 16.2% 11.9% $150,000 or more 18.4% 25.4% Downtown Longmont (33%) 17.5% 14.9% $100,000 - $149,999 has lower percentage of 18.4% 18.1% households with incomes 8.0% 12.3% $75,000 - $99,999 13.1% over $100,000 compared to 11.6% 17.1% City of Longmont (36%) and 19.2% $50,000 - $74,999 17.5% 14.9% Boulder County (43.5%) 20.4% 24.0% $25,000 - $49,999 19.0% 15.8% 20.9% 17.7% Less than $25,000 13.6% 14.2% 0% 5% 10% 15% 20% 25% 30% Downtown Longmont Primary Market Area Longmont Boulder County 7
INCOME CHARACTERISTICS Household incomes increase as Household Income by Age of Householder, Downtown Longmont, 2019 people age, particularly during the prime working years and start to decrease once retirement age Under 25 years 36% 32% 14% 4% 11% 0% is reached. More than 40% of Downtown 25 to 44 Years 12% 20% 19% 9% 22% 18% households ages 24-64 years (during the prime working 45 to 64 Years 13% 17% 19% 10% 20% 21% years) have average household incomes $100,000 or greater 65 Years and over 41% 23% 13% 6% 9% 8% between 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 36% of downtown households Less than $25,000 $25,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $149,999 $150,000 or more with age of householder under 25 years have incomes less than $25,000 and 41% when the age of householder is 65 years and over 8
AGE CHARACTERISTICS Median Age, 2019 Downtown Longmont’s resident population is older, 41.2 38 36.9 36.9 on average, compared to the Downtown City of Boulder Denver City, Boulder County and the Longmont Longmont County CSMA Denver metropolitan area Population Distribution by Age 30% Downtown Longmont has fewer 27.6% 26.4% 26.2% 26.4% school age children and residents 25.6% 25.0% 24.6% 25% 24.1% 23.6% under 35 years of age compared 22.0% 21.9% 21.8% 21.4% 20.6% to City and Boulder County 20.0% 19.6% 20% Downtown has a higher 15% percentage of residents between 10% the ages of 35 to 74 compared to 6.0% City and Boulder County 5.8% 5.9% 5.3% 5% 0% Under 20 20 to 34 35 to 54 55 to 74 75 and Over Downtown Primary Market Area Longmont Boulder County 9
EDUCATIONAL ATTAINMENT Educational Attainment, Population Aged 25+, 2019 Downtown Longmont residents, and Colorado 100% 95.2% 91.5% 90.6% residents overall, are highly 90% 86.8% educated 80% 70% Nearly 43% of Downtown 63.1% 60% residents have a Bachelor’s degree or higher compared to 50% 45.3% 44.2% 42.9% 44% of City of Longmont 40% residents and 45% of Denver 28.8% 30% metropolitan area residents 20% 16.9% 16.7% 13.3% 10% More than 13% of Downtown 0% residents have a Graduate or High School Diploma or Higher Bachelor's Degree or Higher Graduate or Professional Degree (a) Professional degree compared Downtown Longmont City of Longmont Boulder County Denver Metropolitan Area to 29% for Boulder County 10
LONGMONT AREA EMPLOYMENT Government 14.2% Retail Trade 12.2% Health Care & Social Assistance 10.2% Manufacturing 9.7% Accommodation & Food Services 9.3% Professional, Scientific & Technical Services 9.2% Construction 7.7% Administrative & Support & Waste Management 6.6% Other Services (except Public Administration) 4.9% Total Area Wholesale Trade 2.5% Employment Information 2.4% Finance and Insurance 55,992 2.1% Educational Services 2.0% Real Estate and Rental and Leasing 1.6% Unemployment rate: 2.0% Agriculture, Forestry, Fishing and Hunting 1.4% Transportation and Warehousing 1.4% Employment Breakdown by Wage Arts, Entertainment, & Recreation 1.3% Low Wage Mid Wage High Wage Management of Companies and Enterprises 1.0% ($23,400- ($48,500- ($84,000- Mining, Quarrying, and Oil and Gas Extraction $44,000) $70,700) $136,100) 0.4% 38% 45% 18% Utilities 0.0% Unclassified Industry 0.0% 0% 2% 4% 6% 8% 10% 12% 14% 16% % Employment Mid Wage ($48,500-$70,700) Mid Wage ($23,400-$44,000) High Wage ($84,000-$136,100) 11
LONGMONT AREA EMPLOYMENT FORECAST 2019-2028 1257 Government Health Care & Social Assistance 1119 923 Professional, Scientific, & Technical Services Retail Trade 830 778 Accommodation and Food Services 421 Construction Other Services (except Public Administration) 416 328 Manufacturing Net Change Educational Services 280 +7,174 Jobs Information 141 135 Wholesale Trade (13.7%) Management of Companies and Enterprises 135 Transportation and Warehousing 124 Agriculture, Forestry, Fishing and Hunting 95 Employment Change Forecast 2019-2028 by Wage Real Estate and Rental and Leasing 98 71 Mining, Quarrying, and Oil and Gas Extraction Low Wage Mid Wage High Wage ($23,400- ($48,500- ($84,000- Finance & Insurance 54 $44,000) $70,700) $136,100) 36 Arts, Entertainment, & Recreation 11.2% 13.4% 84.7% 2 Unclassified Industry Utilities -1 -68 Administrative & Support & Waste Management -200 0 200 400 600 800 1000 1200 1400 Mid Wage ($48,500-$70,700) Mid Wage ($23,400-$44,000) High Wage ($84,000-$136,100) 12
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