creating jobs & spurring economic growth across colorado

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The good news is that Colorado has done important work in understanding what skills our workers will need for the jobs o
COLORADO ROADMAP: JOBS & ECONOMY

CREATING JOBS & SPURRING ECONOMIC GROWTH ACROSS COLORADO

APRIL 2018

PAID FOR BY LYNNE FOR COLORADO.

CONTENTS EXECUTIVE SUMMARY...................................................................................... 3 BACKGROUND.....................................................................................................................4 ACCOMPLISHMENTS.............................................................................................. 5 POLICY PRIORITIES.................................................................................................. 6 Create jobs by building upon the success of workforce pipeline programs...................................................................... 6 Expand access to capital for small businesses and entrepreneurs and offer more training and technical assistance....................................................................................................7 Develop and execute targeted strategies to drive business investment in our rural economies............................8 Create opportunity for minority and women-owned companies to do business with the State................................................ 9 Make it easier for businesses to navigate state regulations

LYNNE FOR COLORADO: JOBS & ECONOMY

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EXECUTIVE SUMMARY I have spent my career in both the public and private sectors encouraging creativity, innovation and growth, all while keeping an eye on the health and well-being of employees. Colorado has made great strides in improving our economy throughout the past eight years. I’m running for Governor because I’m proud of the economic growth the Hickenlooper administration has created, but I know there is still much to be done to ensure our economy works for everyone.

What I Believe ★★ We should celebrate and build upon our recent economic success.

★★ And recognize that our prosperity has not been shared equally in all regions of the state or by all Coloradans.

★★ It is essential that we invest in people to ensure our workforce is prepared to meet the challenges of a changing economy.

★★ While we cannot take a one-sizefits-all approach to economic development, the state has an important role to play in supporting the economic vitality of diverse communities across Colorado.

What I Will Do ★★ Create jobs by building upon the success of workforce pipeline programs.

★★ Expand access to capital for small businesses and entrepreneurs and offer more training and technical assistance.

★★ Develop and execute targeted strategies to drive business investment in our rural economies.

★★ Create opportunity for minority and women-owned companies to do business with the State.

★★ Make it easier for businesses to navigate state regulations.

★★ Small businesses are not only a vital part of our economy, they are a fundamental pillar within our communities.

★★ Innovation and entrepreneurship are foundational Colorado values.

LYNNE FOR COLORADO: JOBS & ECONOMY

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BACKGROUND By many indicators, Colorado’s economy is not only strong, but is one of the strongest in the country. Statewide, we have one of the lowest unemployment rates, are the fifth most educated state, and are home to one of the highest concentrations of small businesses. However, the prosperity that comes with a strong economy hasn’t extended evenly across the state to all communities or all Coloradans. For too many, stagnant wages - combined with the high cost of health care, housing, education and childcare - are making Colorado increasingly unaffordable. Employers across the state struggle to attract and retain workers and many communities outside Denver face challenges attracting businesses. Gaps persist in who has access to the educational opportunities and workforce training needed for good-paying, in-demand jobs. I understand the struggle many Colorado families face to make ends meet. As a student who paid my way through college by waiting tables and a single mother who raised three children, I know what it’s like to have to stretch every single dollar to make ends meet. These experiences shaped my perspective as a leader in government and business. I’ve remembered these lessons and have worked for a strong economy that not only drives growth and business, but one that supports workers and their families. I have spent my career in both the public and private sectors encouraging creativity, innovation and growth, all while keeping an eye on the health and well-being of employees. Colorado has made great strides in improving our economy throughout the past eight years. I’m running for Governor because I’m proud of the economic growth the Hickenlooper administration has created, but I know there is still much to be done to ensure our economy works for everyone.

LYNNE FOR COLORADO: JOBS & ECONOMY

Guiding Principles: • Colorado has experienced tremendous growth in the last decade and by many measures – unemployment rate, job growth, net migration, labor participation - is widely considered to have one of the strongest economies in the country. This is something to celebrate and build upon. • However, our economic success has not been shared equally in all regions of the state or by Coloradans of all education levels and backgrounds. Currently, one in 14 Coloradans live in a zip code classified as economically distressed. • Investing in people and ensuring our workforce is prepared to meet the challenges of a changing economy is essential to Colorado’s long-term economic success. • While we cannot take a one-size-fitsall approach to economic development, the state has an important role to play in supporting the economic vitality of diverse communities across Colorado. We need effective state-local partnerships that build upon the expertise of local leaders who know the unique characteristics of their communities best, while providing flexible tools, best practices and incentives from the state to help all Colorado communities reach economic success. • Small businesses are not only a vital part of our economy, they are a fundamental pillar within our communities. By strengthening small businesses we strengthen our schools, neighborhoods and families. • Innovation and entrepreneurship are foundational Colorado values. Both nurturing and leveraging these qualities will play an important role in our state’s continued economic success.

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ACCOMPLISHMENTS Eight years ago, our state was recovering from one of the most severe economic recessions in recent memory. Colorado was 26th in unemployment and 40th in job growth. However, by doggedly prioritizing innovation, small businesses and regionally appropriate solutions, the Hickenlooper administration has helped Colorado to: • Earn the top ranking as US News and World Report’s #1 economy in 2017 and 2018. Colorado ranked in the top ten for labor force participation, unemployment, GDP growth, and patent creation. • Become a national leader in creating jobs through innovative and collaborative workforce development programs. Initiatives such as Talent FOUND, Innovative Industries and the Career Success Program are working to ensure that we have the skilled workers we need for our economic future.

LYNNE FOR COLORADO: JOBS & ECONOMY

• Be ranked as one of the top states for startups and have a growing number of small businesses, thanks in part to efforts focused on encouraging innovation, economic diversity and connection. • Reduce regulatory burdens for small business, including cutting the time for a mental health professional to get a license by 44 percent, and saving small engineering firms three weeks of work for every construction bid they pursue. Last year alone, we saved businesses nearly $8 million and over 2 million hours. • Build a burgeoning outdoor retail industry that supports over 220,000 jobs by launching the Outdoor Recreation Industry Office in 2015 to support the field’s growth. I advanced this work, not just because it benefits our economy, particularly the economies of smaller communities with proximity to public lands, but because I know that our love for the outdoors is central to who we are as Coloradans.

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POLICY PRIORITIES Create jobs by building upon the success of workforce pipeline programs Our economy is changing. No longer can workers graduate high school and expect to have a good-paying job with a single employer for their careers. As our economy changes, so do the skills our workers need to succeed. The good news is that Colorado has done important work in understanding what skills our workers will need for the jobs of the future. We have made targeted investments in education to workforce pipeline programs that provide incentives for companies to provide workplace learning opportunities and for schools that support students to complete industry credential programs and other career preparedness programs. These educational and career training programs and resources have already begun helping workers gain the skills they need for in–demand, good-paying jobs while also helping key industries identify and cultivate new talent. Moving forward, we must invest in coordinated evaluation across the responsible state agencies to determine which of our innovative programs produce the best results, support the adoption of best practices and then invest in their continued success. To accomplish this, as Governor, I will:

so that we know which strategies are most effective and can share best practices across those programs.

Evaluate, streamline and share best practices across programs Work with the Colorado Workforce Development Council and appropriate state agencies, including CO Department of Labor and Employment, Colorado Department of Higher Education and Colorado Department of Education, to evaluate and streamline existing workforce development programs

Prioritize programs in teacher preparation, health care and skilled trades Prioritize programs that build skills for highdemand, high social value careers in fields such as teaching, health care and skilled trades that can help address the housing shortage. These jobs provide Coloradans with a solid career path and also provide essential services within our communities.

LYNNE FOR COLORADO: JOBS & ECONOMY

Make $1 million new investment to expand programs Increase investment in our most effective skills training programs. Demand for some of our most promising work-force training programs already outstrips funding. As reported in the Colorado Workforce Development Council’s 2017 Talent Pipeline Report, limited funding meant that last year, only about half of qualified requests to participate in the Career Success program could be accepted. With a modest investment of an additional $1 million, we can make a dramatic impact in the lives of Colorado students interested in building the practical skills needed for their economic future. Invest in job training to support rural economies Ensure these programs are meeting the needs of rural communities and invest more resources and attention to job training and preparedness support for rural economies.

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Expand access to capital for small businesses and entrepreneurs and offer more training and technical assistance Small businesses and entrepreneurs across all industries – from health care to construction, tourism to manufacturing – are a vital part of Colorado’s economy. Over half of Colorado workers are employed by a small business. These businesses don’t just provide jobs – they provide a sense of place. They make our communities home – supporting our little league teams, schools and community events. Supporting small businesses throughout Colorado not only strengthens our economy, but also strengthens our communities. As Governor, I will focus on: Expanding access to capital Despite their importance, our small businesses often don’t have the resources to grow because they lack access to needed capital. There are a variety of ways to solve this problem. The Colorado Office of Economic Development did excellent work in 2017 to identify actionable, Colorado-specific solutions in its Colorado Access to Capital Report. As Governor I will pursue implementing these recommendations, and specifically focus on supporting the creation of Employee Stock Ownership Plans. These plans can play an important role in keeping small businesses in the hands of knowledgeable and dedicated local employees when business owners are ready to move on or retire. While many banks currently offer programs to help finance Employee Stock Ownership Plans, businesses often don’t know that they exist. As Governor, I will direct the Office of Economic Development and International Trade to partner with local lending institutions to conduct outreach

LYNNE FOR COLORADO: JOBS & ECONOMY

events that educate business owners about Employee Stock Ownership Plans. With a modest investment of $1 million, we can educate business owners, connect them to lenders, and assist in covering the cost of feasibility studies. Increasing training and technical support for entrepreneurs and new business owners: Most entrepreneurs take the step of launching their business because they’re passionate about the product or service they create. Many entrepreneurs, however, find it difficult to grow their business, develop their teams or create transition plans when they are ready to move on. A little bit of extra support and education can go a long way in helping entrepreneurs and small business owners develop the skills they need to move to the next level. This is why as Governor I will prioritize support for entrepreneurs through my Office of Economic Development and the Small Business Development Network Center. These agencies already offer a variety of helpful classes for individuals just starting their businesses, including the LEADING EDGE program. Led by experienced professionals, this program provides intensive training to new business owners and start-ups. As Governor, I will support the continuation and expansion of proven programs, empower these agencies to provide more training to existing small businesses looking to grow their operations and work to ensure these programs are easily accessible statewide and not just on the front range.

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Develop and execute targeted strategies to drive business investment in our rural economies While Colorado is known for its economic strength, there are stark differences between the experiences of urban and rural communities. In providing more support to our rural areas, we must recognize that economic development does not look the same in every community. While everyone wants stable, good-paying jobs, the strategies that support this growth in Denver don’t necessarily apply in Delta. As Lt. Governor and COO I have visited every county in the state, meeting with, listening to and learning from business leaders. As Governor I will support flexible, regionally appropriate strategies that recognize the local expertise of community leaders and elected officials in spurring economic growth. And I will ensure the state provides a greater variety of economic development tools for rural communities. As Governor, I will specifically support: Tailoring program qualifications to the needs of rural economies Economic development doesn’t look the same across our state. Our policies must acknowledge regional differences and apply regionally appropriate strategies. We have taken some important steps to recognize these differences. Currently, 31 counties qualify as Enhanced Rural Enterprise Zones, which allows them to qualify for special tax credits and take advantage of differential program requirements. These programs are critically important to helping our most rural communities. However, there are still many counties that don’t qualify for this help. As a result, businesses interested in benefiting from state incentive programs must meet the same job creation requirements in places like Grand Junction as they do in Denver, despite the fact that the economic profiles

LYNNE FOR COLORADO: JOBS & ECONOMY

of those communities are very different. Instead of this blunt, categorical approach, as Governor I will work with the Office of Economic Development to create a sliding scale of qualifications built around a county’s population and economic profile that will more evenly distribute economic development incentives and benefits across all parts of the state. Jumpstarting new business creation in rural communities Bringing sustainable new businesses to rural communities is one of the most effective ways to build local economies. The Rural Jumpstart program, signed into law by Governor Hickenlooper in 2015, does this by allowing qualified counties to offer temporary tax relief for new businesses. This program allows smaller, rural communities throughout the state to build a new sustainable economic base. Currently, less than one-third of counties eligible to participate in the program do. As Governor, I will work with the Office of Economic Development to better promote the program in eligible counties, as well as work with potential participants to understand what changes can be made to make the program more attractive and effective. Supporting partnerships that encourage urban businesses to open satellite offices in rural communities Too often, we see rural, urban and suburban Colorado as separate entities. Efforts to prevent competition within Colorado has, in some cases, had the unintended effect of squashing collaboration among Colorado communities. There is more we can and should do to support development across all parts of Colorado that result in win-win outcomes for urban, suburban and rural communities.

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I support offering incentives to companies operating along the front range who open satellite offices in rural communities. These incentives must be carefully structured so as not to rob one community of jobs for the benefit

of another, but if done well, this strategy will not only provide an economic tool for rural areas, but will also provide greater connection and cohesion among Colorado communities.

Create opportunity for minority and womenowned companies to do business with the State I am fully committed to opening doors of opportunity and implementing policies that will ensure our minority and women-owned businesses have equitable access to state business. Today, we don’t collect data on the businesses we partner with at the State, so as Colorado’s Chief Operating Officer I can’t tell you what percentage of our contractors are minority or women-owned businesses. It is a blind spot that hinders our ability to actively

engage under-represented business owners. As Governor, I will implement a system to collect data on the companies that Colorado does business with so we can better assess our performance and consider changes to the state’s procurement code that will promote opportunity for minority and women-owned businesses.

Make it easier for businesses to navigate state regulations Business owners, like all Coloradans, want effective regulations that keep our communities safe and healthy, while also ensuring that everyone plays by the same rules. But they need easy-to-follow requirements so their next hire can be in sales or research, not compliance. Navigating the confusing maze of regulations that span multiple jurisdictions and regulatory agencies is difficult, particularly for small businesses with limited capacity and resources. We have made good progress in this area through the Cut The Burden initiative. As Governor, I will build on that success by leading the state in working with county

LYNNE FOR COLORADO: JOBS & ECONOMY

and city jurisdictions to create ‘Regulatory Roadmaps’ for small businesses, similar to the state of Washington’s successful effort. Our customer service to these regulated businesses can and will improve with Roadmaps that are easily accessible and on-line, providing a simple how-to guide and checklists for small businesses to comply with all applicable rules, regulations and requirements. We will help ensure that businesses don’t have to sacrifice investments in growth simply to navigate the alphabet soup of regulatory agencies at the state and local levels.

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