The URL can be used to link to this page

Home My Public Portal About6b DOLA Demographics and Economic ProfileCommunity Quick Facts Population (2044) 14,505 Population Change 2090 to 2044 Median HH Income (ACS 10-14) -285 $64,109 State Median HH Income (ACS 10-14) $59,448 Employment (County in 2014) 9,205 Cost of Living index (State= 100) 105.95, High Source: State Demography Office U.S. Census Bureau Population Population Estimates and Forecasts for the resident population are produced by the State Demography Office. • Grand County's population grew rapidly in the 1990s, followed by slower growth Grand County population, 1990 to 2014 2000 through 2010. Population fell in 2011 and 2012, but showed slight growth " in 2013 and 2014. Growth in the 90s was due to both natu- 1<.0 rat increase and net migration, since a 2000 slower growth in population was the 10000 result of lower levels of in -migration. De- clines in the population after 2010 were %000 due to out -migration. •_ — P — — — n a !G 24 iv v n cv n n ry Year Population By Age Grand County's population by age is shown in the chart to the right for both 2000 (darker bar) and 2010 (lighter bar). Aging over the de- cade of current residents resulted in significant increases in the population within the 55 to 64 and 65 and older age groups. Young family migration contributed to the increases within the youngest age groups and allowed the popu- lation within the 25 to 44 age groups to remain relatively flat. This also resulted in more fami- lies with children. The aging population may put downward pressure on local government tax revenue due to changes in spending. 2 "D S 9 a a 1,000 Grand County population by Age Source: U.S. Census Bureau 10[0 17 18W24 251034 35 to 44 45 to 54 551064 BSandorer Age Census Year 12000 12010 Population Annual Average Growth Rate (%) Grand Colorado Grand Colorado 1990 7,966 3,294,473 1995 9,953 3,811,074 4.6% 3% 2000 12,853 4,338,801 5.2% 2.6% 2010 14,790 5,050,289 1.4% 1.5% 2014 14,505 5,353,471 -0.5% 1.5% Population By Age Grand County's population by age is shown in the chart to the right for both 2000 (darker bar) and 2010 (lighter bar). Aging over the de- cade of current residents resulted in significant increases in the population within the 55 to 64 and 65 and older age groups. Young family migration contributed to the increases within the youngest age groups and allowed the popu- lation within the 25 to 44 age groups to remain relatively flat. This also resulted in more fami- lies with children. The aging population may put downward pressure on local government tax revenue due to changes in spending. 2 "D S 9 a a 1,000 Grand County population by Age Source: U.S. Census Bureau 10[0 17 18W24 251034 35 to 44 45 to 54 551064 BSandorer Age Census Year 12000 12010 Population By Age, Continued Grand is forecast to reach 16,500 by 2020 and 24,700 by 2040. The forecast growth rate is expected to return to an annual average growth rate of 2% per year from 2015 to 2030. Most of this growth is forecast for residents over age 70, the result of current older residents ag- ing in place. The number of young adults (20-40), those most likely to move and their children under 10 will also increase. The forecast growth will be dependent on housing and community services and how well Grand attracts and retains its population. Grand County Forecast Change in Population by Age 2015 to 2025 Source:State Cemography Office m M 800 m U 400 o ■ . �� o 400 ° ,o ap Ip 0 Age Group Housing 8t Households Grand County Housing units 2000 2010 2010% • The overall vacancy rate Total Housing Units 10,894 16,061was 59.7% in 2010. Occupied Housing Units 5,075 6,469 �,3% 40.3% The majority of vacant units are for seasonal use (86.2%). Owner -Occupied Units 3,461 4,457 68.9% . Most of the units are owner Renter -Occupied Units 1,614 21012 31.1% occupied (68.9%) but an ac - Vacant Housing Units 5,819 9,592 59.7% tive rental market exists as For Seasonal 4,783 8,273 86.2% well. All Other Vacant 1,036 1,319 13.8% • There was an increase in households between 2000 and 2010. • The largest increase was in Family households. Nonfamily households without children and non -family households liv- ing alone as well as those over the age of 65 also increased. • The data indicate Grand Coun- ty attracted families with chil- dren between 2000 and 2010. 8,0m a E 2000 z Grand County Household Types Source: Census 2000 and 2010 FlnuulrNs . . . , Faner Households Nmratrily Harehdde Nm4sni, �luu.ehol� Nwfani+llouseh wl Under 18 LPAnp Warr LiuidpA over 85 85 Household Type Caosus Year 12000 12010 Race Et Ethnicity Grand County Population by Race/Ethnicity 2000 2010 2010% Total 12,442 14,843 White 11,577 13,313 89.7% Black or African American 60 51 0.3% American Indian or Alaska Native 47 52 0.4% Asian 82 121 0.8% Native Hawaiian and Other 10 7 0% Some Other Race Two or More Hispanic Source: U.S. Census 2010 15 10 108 173 543 1,116 0.1% 1.2% 7.5% • Grand County is less diverse than the state as a whole but is becoming more diverse over time. • There has been significant growth in the Hispanic (206%) and Asian (48%) population between 2000 and 2010. Income The graph below compares Grand's income distribution to the state. Grand has a higher me- dian household income than the state, $64,109 vs. $59,448. Looking at the income distribu- tion, there is a higher share of households with $65,000 to $125,000 in income compared to the state. This is partially driven by the age distribution in Grand and the high share of the papulation in the ages 45 to 64, the highest earning age group. Household Income Distribution Source: 2014 ACS 5 -Year File 9Mr A Income (In 2014 Dollars) Arco I Colorado + Grand County Education • Grand County has a higher share Educational Attainment for 25 and Older of its population completing high source: ACS 2014 5 -Year File school education as well as post- 30% secondary education and Bache- a lor's Degree compared to the state 4 average. d-19NE • The largest share of the popula- 4% tion has some college or an assoei- Less thgkgH9hSd1QQHighSelool;sraduate $CT=Co4egeo1 BasheloraDegree Gradua(eor ate's degree ;crGEDI AsseeWc'sPegrae Prafesslen 7sgree Educational Aita'nment Geography I Colorado I wand County Commuting Commuting plays an important role in the economy of an area because not all workers live where they work. Commuting impacts local job growth, access to employees, and transportation infrastructure. Close to 57% of the resident workforce (light green) works outside of Grand County, with largest shares commuting to Summit and Denver Counties. Of the jobs in Grand (dark green), 36% are filled by residents with 64% being filled by workforce from outside of the county, with 16% of workers com- muting in from Jefferson and Boulder Counties. Grand County Commuting Patterns, 2014 Jobs in Grand County Workforce in Grand County Overlap: Work and Live in Grand County Source: LEHD On the Map, 2014 Note: Data does not include agricultural and self-employed jobs and uses administrative boundaries only. Jobs Et the Economy Total employment in the county was estimated to be 9,205 in 2014, down 735 jobs from Grand's peak employment in 2007 of 9,940. The industries with the largest loss in jobs in during the recession were construction and retail trade. Since 2010 the fastest growth in jobs has been in manufactur- ing, wholesale trade, agriculture, and accommo- dation and food services. Industries above their pre -recession peak include arts, entertainment, and recreation, government, accommodation and food, agriculture, manufacturing, transportation and warehousing and administration and waste. 2014 Share of Jobs by Industry 9,750 8,500 9,250 9,aa9 8,750 Grand County Total Estimated Jobs, 2001 to 2014 Source: State Demography Office 2001 2002 2003 2009 2005 2006 2007 2005 2009 20'.0 2011 2012 2013 2014 Year Note: Grey shading represents beginning to bottom of U.S. recessions. Economic Industry Mix Sector Mame GrandColorado Agriculture 3.4% �I 1.5% Mining 0.2% 1.2% Utilities 0.7% 0.3% Construction =4% 6.4% Manufacturing 1.5% 4.7% Wholesale Trade 0.7%M 3.5% Retail Trade 8.2% 9.5% Transportation & Warehousing 1.9% 2.7% Information 0.5% 2.5% Finance and Insurance 1 1.6%0 4.0% Real Estate and Rental and Leasing 7.2% 3.4% Professional and Technical Services _ 4.2% 9.0% Management of Companies 0.0%' 1.2% Administrative and Waste Services 3.5% � 6.1% Educational Services 0.2% 1.9% Health Care and Social Assistance 2.4% 9.7% Arts, Entertainment, and Recreation Accommodation and Food Services 12.9' 6 2.5% 8.4% Other Services 5.3% 5.9% Government 29b .5% Source: SDO Total Estimated Jobs The industrial mix in Grand can be seen at left. The largest industries by employ- ment are accommodation and food followed by government, arts, entertainment, and recreation, construction, and retail trade. These 5 industries comprise two-thirds of all employment in the county and reflect the county's dependence on tourism as an economic driver. Grand Base Industries, 2014 zeliroe Other Househi Commuter Tourism: Other Tourism: 2nd Home Source: State Demography Office Average Wage Trends T?ansfer FaymAn`. i Agrisurure er,irrlenl Regional service ism: Resort Average weekly wages in Grand County in- creased by 8% between 2010 and 2014 com- pared to the state which increased by 10%. Weekly wages of $608 in Grand in 2014 were 60% of the $1,014 statewide average. Wages in Grand increased by 3.7% between 2013 and 2014, similar to the statewide wage increase. Economic Base Analysis The Base Industries chart shows which industries drive the economy in Grand. The chart shows the important share of economic activity driven by tourism. Tourism includes seasonal home use. Other households and Re- tiree households, and regional services (like construc- tion) are also important economic drivers to the county. Households with dividends, interest, and rental income and retiree households are a driver because they spend their outside income (dividends, savings, pensions) lo- cally. This unearned income helps to boost the median household income in Grand above the statewide average despite considerably lower average weekly wages. $:Low $8D0 Soon $4M $2W $0 Average Weekly Wage 2010 2011 2012 2013 2014 -Grand Statewide Source: Department of Labor and Employment (QCEW) Population and Economic Forecast The rates of growth of both population and jobs can differ somewhat because of changes in the labor market, i.e., labor force participation rates, age, unemployment rates, multiple job holding, and/or com- muting. In addition, macroeconomic conditions such as business cycle fluctuations and faster or slower periods of U.S. and Colorado economic growth can affect overall job growth in a region. After 2015, population growth is expect- ed to exceed job growth. Population growth after 2020 in Grand is in large part driven by job growth outside the county as roughly 50% of the work- force is expected to continue to work outside the county. Population is forecast to grow within the young adult age groups, those who have traditionally been the largest group of movers to the county, as well as signifi- cant aging into 70 and older age groups. This aging will also cause a decline in the number of residents aged 50 to 59 as the smaller cohort of the gen x population will replace what is currently a larger cohort Baby Boom population within the age group. Grand County Forecast Change in population and Jobs 2010 to 2030 Source:State Demography Office 2.000 a 1.5300 U 504 * J -500 2010 2015 2020 Year * .fob Change ■ `rbputFW,, Change Total Jobs Population 2010 8,791 142790 2015 9,474 14,846 2020 10,441 16,543 2025 11,104 18,698 2030 112743 20,808