Even with the energy boom creating new jobs in western Colorado, business and government leaders need to look to broaden the local economy, officials said.
“We need to protect ourselves against softening of the economy,” Grand Junction Economic Partnership Chairman John Hopkins told about 300 supporters of the organization at its annual meeting on Thursday at Two Rivers Convention Center.
The partnership is beginning its fundraising drive aimed at raising $2.25 million for operations for the next five years.
Already, the partnership has garnered $900,000 toward that goal.
Hidden behind the energy boom in 2007, the partnership was active in recruiting new businesses and helping others remain in the Grand Valley and grow, Hopkins said.
The partnership played a role in $23 million worth of new capital investment that produced 275 new jobs and had an overall economic impact of $185 million, Hopkins said.
The partnership worked with 170 companies, and 58 percent of them already were in the valley, he said.
Over the next five years, the partnership’s plan is expected to generate $75 million in capital investment and a total economic impact of $400 million.
This year’s most visible catch for the partnership was SunCor’s cellulosic ethanol plant, announced last month.
The plant was lauded by Don Elliman, director of the Colorado Office of Economic Development and International Trade, who noted it will be a pilot plant capable of being expanded.
“You could end up with something 10 times that size here,” Elliman said.
The plant is to be built without the tax incentives usually associated with new development, Hopkins said.
Most of the work of the partnership, however, is aimed at helping companies deal with governments and evaluate properties, Hopkins said.
The partnership provides real estate services, collects and provides economic data about the area, key resources and information about the work force.
Business and government still have to ask, “Where do we want to see our community grow?” Elliman said during the keynote address, urging local officials to follow the lead of the state and draw up a list of the region’s economic strengths.
