What is the future of Boulder’s economy? On the surface, the numbers seem promising, with Boulder’s GDP projected to grow at an impressive 2.5% annually. But let us not be complacent.

Beneath this success lies a growing set of challenges that, if left unaddressed, could undermine the progress we celebrate today. Boulder is at a crossroads. Will we take bold action to safeguard our city’s vibrancy and economic leadership, or will we allow these challenges to erode our competitive edge? The stakes could not be clearer.

Over the past year, business and community leaders have raised urgent concerns about troubling local trends: talent shortages, housing affordability, inclusivity, high office vacancy rates and the erosion of our downtown’s vibrancy. These are not just issues, they are make-or-break imperatives that must be addressed.

Nowhere is this urgency more evident than in Boulder’s soaring office vacancy rates, which have reached 22% citywide and a staggering 30% downtown. These numbers are more than statistics, they signal a ripple effect across our community. Empty office buildings diminish the vitality of our entrepreneurial core, erode commercial property values, and reduce foot traffic.

The impact extends beyond vacant storefronts, touching restaurants, retail businesses, local morale, and even tax revenues, underscoring the broader economic and social consequences of inaction.

An innovative response to this challenge has been the launch of the Boulder Chamber’s Office Vacancy Taskforce. By 2025, the task force aims to consider and implement a wide spectrum of transformative solutions, including adaptive reuse projects to convert unused office spaces, new incentives for startups and scalable small businesses, increased flexibility within the Planning Department, express permits, targeted marketing campaigns, and temporary or pop-up uses. These initiatives are designed to bolster Boulder’s economic resilience for years to come.

Boulder has become a hub for groundbreaking industries like quantum computing, AI, renewable energy, and biotech. These growing industries will need qualified talent, yet ironically, unemployment in Boulder has climbed to 4.1% over the past year. We’re clearly falling behind in workforce readiness, underscoring the urgency of equipping our future industry employees with the skills our emerging industries demand.

The Boulder Chamber, in collaboration with workforce development partners including the University of Colorado, Front Range Community College, the Boulder Valley School District, the St. Vrain Valley School District, and Workforce Boulder County, is taking decisive action. By focusing on new apprenticeship opportunities that prepare future employees with essential skills, we have already doubled career pathways in critical fields such as cybersecurity, tech support, and advanced manufacturing. While still in the early stages, the potential transformative impact of such programs is significant. We must do more to scale these efforts to ensure Boulder remains a leader in the innovation economy.

I also offer that “inclusivity” is not merely a moral imperative; it is an economic necessity. As Brian Lewandowski of CU Boulder’s Business Research Division noted, “Demographics are emerging as a critical factor impacting Colorado’s growth.” Overlooking inclusivity risks economic stagnation.

Stepping into the fold, CU Boulder is launching a new job placement partnership with local businesses and the Boulder Chamber. This initiative will provide students, particularly those from underrepresented groups, with pathways to full-time employment in Boulder, along with access to affordable housing and connections to the community. By investing in the next generation of talent, we are ensuring that Boulder’s workforce remains dynamic, diverse, and globally competitive.

Workforce shortages, depressed commercial occupancy, housing affordability, and inclusivity are not new issues. What is new is the clarity and urgency with which we must act. Boulder’s legacy of innovation and resilience demands that we confront these challenges with boldness and creativity. We’re beginning to take some positive steps forward, but there is much more we can and must do.Join us on Jan. 21, at the Economic Forecast, where Boulder’s brightest minds will chart a path toward a future defined by prosperity, inclusivity, and sustainability. Together, we can shape a thriving, vibrant Boulder that lives up to its full potential.

Reserve your spot today by visiting the Boulder Chamber website (BoulderChamber.com). Let us take bold action, together, to build a brighter Boulder future.