HomeMy WebLinkAbout23- Bozeman Economic Vitality Strategy
CITY OF BOZEMAN
Economic Vitality Strategy (EVS)
June 2023
PREPARED BY:
TABLE OF CONTENTS
Introduction ................................................................................................................................ 1
Strategy Purpose.................................................................................................................... 1
What is Economic Vitality? ..................................................................................................... 1
The Gallatin Valley Story............................................................................................................ 5
Regional Overview ................................................................................................................. 9
Industry Clusters ...................................................................................................................14
National Trends.........................................................................................................................15
Equity ....................................................................................................................................15
Housing Availability ...............................................................................................................19
Climate Change.....................................................................................................................20
Early Learning/Child Care......................................................................................................21
Youth Skills Development......................................................................................................22
Integration of Creative Arts....................................................................................................23
Small Business Development ................................................................................................25
The Economic Vitality Strategy .................................................................................................27
Vision ....................................................................................................................................27
Values ...................................................................................................................................27
Guiding Principles .................................................................................................................28
Goals and Objectives ............................................................................................................28
Action Matrix..........................................................................................................................32
Evaluation Framework...........................................................................................................32
Attachment A: Economic Conditions Analysis
Attachment B: Action Matrix
INTRODUCTION
The City of Bozeman is an economic hub for the broader Gallatin Valley and State of Montana.
Recognizing that economies and the workforce are not limited by jurisdictional boundaries, the
Bozeman Economic Vitality Strategy (EVS) is intended to serve the larger Gallatin Valley area.
It will be monitored by City of Bozeman staff to ensure implementation, but it requires
engagement from various stakeholders across the Valley.
STRATEGY PURPOSE
This document is aimed at regional, city and county economic development practitioners,
business leaders, elected officials and stakeholders implementing programs that support the
growth of businesses and enhance opportunities for individuals to access economic mobility in
the Gallatin Valley. This requires alignment and implementation of actions across government
agencies and organizations. The Strategy provides deliberate direction to guide actions that will
evolve over the next five years to meet dynamic economic and business conditions. The
Strategy is constant; the actions and organizations involved in implementation are dynamic.
Educate
The Bozeman EVS is founded on the vision that the future Gallatin Valley economy will
equitably serve residents that live and work in the region. The vision needs broad support and
this document should be used to engage elected officials, business leaders, and stakeholders to
help amplify the vision and providing support through their actions.
Invest
The EVS should also be used to leverage greater investment in the region by providing data
and rationale used to: 1) obtain grants to fund implementation; 2) encourage private investment;
and 3) align federal and state legislative agendas to collaboratively solicit funding to support
strategic projects.
Collaborate
Many organizations are actively trying to create equitable economic growth across the region. It
is important to collaborate to maximize collective efforts by:
• Coordinating with City of Bozeman staff to let them know about each organization’s work
so it can be leveraged across the region.
• Engaging other organizations or city departments within a jurisdiction to break down
silos and leverage resources to the greatest extent possible and elevate one another’s
work.
• Supporting programs led by other organizations that implement the Strategy through
funding and/or promotion.
WHAT IS ECONOMIC VITALITY?
Economic vitality is the maintenance of a strong diverse economy with enough growth to
provide opportunities for the increasing local population. Economic vitality also encompasses
the ability for residents to access jobs and opportunities that contribute to quality of life and
Bozeman Economic Vitality Strategy | June 2023 1
financial security. One of the foundational elements for economic vitality is an economic base of
traded and local sector businesses that provide various services to the community and job
opportunities to create wealth.
Traded and Local Sectors
Traded sector (also referred to as an export or basic sector) businesses include industries and
employers which produce goods and services that are exported outside the production region
and therefore bring in new income to the area (e.g., manufactured goods, software
development). Bringing new income to the region is critical because it creates a multiplier effect
that then supports other local sector jobs. Workers in the traded sector tend to earn higher
average wages than local sector workers which increases the overall economic impact for a
community. As the job base expands, a community is more attractive to employees because
there are more options for career growth. In turn, as traded sector employment grows, there is
more career mobility for people and competition among employers which can ultimately
increase livable wages for residents.
As the traded sectors grow, they create an environment that allows entrepreneurs to develop
skills and resources on the job that may encourage them to start a new business and increase
employment opportunities within the region. Furthermore, some traded sector companies
support a supply chain effect that creates the need for additional companies to supply
components of a product that is manufactured or to provide additional services. Cities and
regions have concentrations of different types of traded sector industries that differentiate them
from other places and can be leveraged for economic development (e.g., Boston has biotech,
Houston has energy engineering, and New York has finance).
Local sector business consists of industries and firms that are likely to be present in every
region. They produce goods and services that are consumed locally in the region where they
were made, and therefore largely recirculate existing income in the area (e.g., breweries,
physician offices, banks). These businesses are important as they make a community distinct,
depending how they are provided by local businesses, and provide amenities to attract young
professionals and families that drive the new economy. A sampling of traded and local sector
businesses in the Gallatin Valley is indicated in Figure 1 below.
In the Gallatin Valley, the difference between traded and local sectors is not as clear. Since
tourism is a large portion of the economy, local sectors – especially retail, food and beverage,
and hospitality – are bringing in outside income from visitors. However, these local sectors still
have lower wages and lower economic impacts than traded sectors. It is important for the
Gallatin Valley to work on diversifying the economy so it is not overly dependent on tourism.
Bozeman Economic Vitality Strategy | June 2023 2
Figure 1: Example of Gallatin Valley Traded and Local Sector Businesses
Source: Bridge Economic Development
Traded sector industries have the largest economic impact per job even though they represent
fewer jobs than local sectors. Traded sector jobs account for about 34 percent of the economy
with average wages of $68,200 per year, as shown in Table 1. Local sector jobs make up 66
percent of the economy with average wages of $42,800. In the U.S. as a whole, traded sectors
comprise 36 percent of all jobs which generate 50 percent of the income and 96.5 percent of all
patents.1 Traded sector jobs provide a larger proportion of the national income and are
responsible for almost all innovation as measured by the quantity of patents associated with the
industry.
1 https://clustermapping.us/cluster
Bozeman Economic Vitality Strategy | June 2023 3
Table 1: Comparison of Traded and Local Sector Wages, Gallatin County
Gallatin County Ann.Jobs
Industry NAICS Avg. Wage 2020 2020
Economic Base/Traded Sectors
Finance/Insurance 52 $96,600 1,619
Prof. & Tech Services 54 $79,200 4,829
Mining 21 $92,400 188
Information 51 $139,800 698
Mgmt. of Companies 55 $79,700 234
Wholesale Trade 42 $70,100 1,819
Manufacturing 31-33 $55,400 3,599
Ag./Forest/Hunting 11 $40,000 701
Transport./Warehousing 48-49 $44,500 1,302
Admin/Waste Mgmt 56 $40,200 2,260
Subtotal / Average $68,200 17,249 34.1%
Local Sectors
Construction 23 $58,100 6,413
Retail Trade 44-45 $40,100 8,197
Real Estate 53 $50,400 1,197
Education 61 $34,500 834
Health Care 62 $53,200 5,994
Arts/Rec 71 $27,300 1,463
Hotel/Restaurant 72 $26,600 6,920
Other 81 $40,900 2,323
Subtotal / Average $42,800 33,341 65.9%
Total $50,600 50,590 100.0%
Source: Bureau of Labor Statistics QCEW; Economic & Planning Systems
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There is an interdependence or multiplier impact between traded and local sector companies. In
general, adding one additional skilled job in the traded sector can generate roughly 1.5 to 2.5
jobs in local goods and services. A strong local sector therefore depends on a strong traded
sector. And a stronger traded sector-based economy is more resilient to economic shocks like
those created by the COVID-19 pandemic and other natural disasters.
Local sector businesses typically have a lower barrier to entry as they can require less capital
investment and may not require a four-year degree. The local sectors therefore have many
opportunities for under-represented and under-resourced individuals to gain access into the
market and build wealth. Therefore, local sector businesses are often considered an equity on-
ramp opportunity.
However, it is important to not entirely focus on local sector businesses as an opportunity for
equity. By only using a local cluster focus, a region can ultimately exacerbate income inequality
as underserved and under-represented communities are not connected to higher wage
employment opportunities among tradable industries. Therefore, it is important to provide
equitable opportunities within traded sector industries as well. This Strategy considers both
traded and local sectors as part of the overall economy and how they both provide distinct
contributions and opportunities for the region.
Bozeman Economic Vitality Strategy | June 2023 4
What is an Industry Cluster
A cluster is an organically occurring regional concentration of related industries in a particular
location. Clusters are a foundational element to regional economies, making them uniquely
competitive for jobs with a livable wage and private investment. They consist of companies,
suppliers, and service providers, as well as government agencies and other institutions that
provide specialized training and education, information, research, and technical support.
Various regions across the US have unique clusters making them distinct: Boston, MA has
bioscience whereas Houston, TX has oil and natural gas. Industry clusters function on a
regional metropolitan statistical area (MSA) level because assets such as workforce and
transportation infrastructure are not constrained by local municipal boundaries. Therefore, in
order to effectively grow an industry cluster, it is important to leverage existing assets and
collaborate on a regional and state level.
An industry cluster is comprised of the following elements, with some being more important than
others depending on the industry. A city plays the important of role of providing the necessary
infrastructure, zoned land, and investment in programs to allow various types of industry to
thrive.
THE GALLATIN VALLEY STORY
The Gallatin Valley is an area within Gallatin County where most of the County’s population and
jobs are located. There is no official or administrative definition of the Gallatin Valley, but it is
generally known as the flat, semi-arid, low elevation lands between Bozeman Pass (on the east)
and the City of Three Forks (on the west) along the I-90 corridor, illustrated in Figure 2. These
are historic Native American lands used in the summer months to hunt, fish, and prepare for the
long winter. Today, after settlers displaced the Native American population, it includes the
municipalities of Bozeman, Belgrade, Manhattan, and Three Forks plus the unincorporated
areas of Four Corners, Gallatin Gateway, and other smaller unincorporated communities. The
Bozeman Economic Vitality Strategy | June 2023 5
population of this region is approximately 110,000 including the City of Bozeman (51,000) and
Belgrade (10,800).
The City of Bozeman is the third-largest city in the State of Montana, the largest City in the
Gallatin Valley, and home of Montana State University (MSU). Surrounded by scenic mountains,
rugged trails, and fish-filled rivers, Bozeman is an outdoor enthusiast’s dream. Adventure
seekers have discovered that Bozeman also offers economic opportunity with a vibrant and
diverse industry base ranging from photonics to specialty manufacturing. With the proximity of
the Bozeman Yellowstone International Airport, the “Triangle” -comprised of Belgrade, Four
Corners, and Bozeman -serves as the economic hub for the Gallatin Valley and beyond.
A unifying factor across the Valley is a culture of grit, smarts, and strong work ethic that
encourages entrepreneurs to thrive and innovation to emerge. This forward-thinking population
prizes sustainable practices and solutions to shift climate change with an understanding that
precious natural resources (e.g., water) and the tourism trade depend on a healthy environment.
The residents of Gallatin Valley respect hard work and diverse individuals that reside year-round
in the community and are committed to sustainable long-term growth. Wealth is defined by a
personal lifestyle that affords the ability to live, educate, recreate and commune in Gallatin
Valley year-round.
While not within the Gallatin Valley proper, there are three important nearby assets and
communities: Bridger Bowl Ski Area, Big Sky and Big Sky Mountain Resort, and West
Yellowstone. Bridger Bowl is one of the oldest winter sports areas in the west and is known
among dedicated skiers for its challenging terrain and low-key local crowd. Big Sky has
emerged over the past decade or so as one of the top winter sports destinations in North
American. It is known for its massive 5,000+ acre size and some of the most difficult runs in
North America. It is also one of the most luxurious and exclusive mountain communities in North
America. Homeowners and visitors include the ultra-wealthy, CEOs, and venture capital
investors that largely reside in the Yellowstone Club and Spanish Peaks. The growth of Big Sky
has brought an influx of wealth and investment to the Gallatin Valley, which is funding startups
and bringing outpost office locations of larger firms to the region.
The Town of West Yellowstone is the western gateway to Yellowstone National Park.
Thousands of visitors stay in and pass-through Bozeman and West Yellowstone each year on
their way to and from Yellowstone National Park (YNP). West Yellowstone is a year-round
recreation destination in itself with guided snowmobiling and ski touring in the winter, hunting,
and fishing and hiking in the warmer months.
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Figure 2. Gallatin Valley Region
Source: EPS
Bozeman Economic Vitality Strategy | June 2023 7
In addition to a vibrant natural setting, Gallatin Valley benefits from a well-supported and thriving
arts and culture scene. Because it enhances the quality of life, this asset is an important
complement to community development, enriching local amenities and attracting young
professionals to the area. Furthermore, arts and culture create job opportunities and stimulate
local economies through consumer purchases and tourism, which contribute greatly to state
economic growth.
The Gallatin Valley also has economic linkages to other places in Montana. Along the I-90
corridor, there is bioscience collaboration (and competition) between MSU in Bozeman and the
University of Montana in Missoula. Billings Clinic is expanding its health care services in
Bozeman and staff and doctors share time between the two regions. Some workers are
commuting from other counties due to housing costs and preference. With the growth of remote
working, there is an opportunity to shift some of the jobs in Gallatin Valley to these rural
communities to their benefit.
Bozeman Yellowstone International Airport (BZN) is the busiest airport in the state with 1.9
million passengers in 2021 compared to approximately 700,000 at Billings Logan International
Airport. BZN airport increases the reach of the Gallatin Valley with direct flights indicated in
Figure 3 to major cities throughout the U.S. The airport is a major economic engine that brings
in tourists, but also investment and innovation.
Figure 3. Bozeman Yellowstone International Airport direct flights
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REGIONAL OVERVIEW
Population
The population of Gallatin County is 119,000 and has grown by a third since 2010 at an annual
rate of 2.6 percent per year (Table 2). The City of Bozeman has over 50,000 people now which
places it in a new category of eligibility for federal transportation and community development
grant funding. Bozeman added over 14,000 people since 2010 at a rapid annual rate of 2.9
percent. The entire Valley is growing fast, as Belgrade grew by over 40 percent at 3.3 percent
per year. The unincorporated remainder of the County, including Big Sky, Four Corners, and
Gallatin Gateway added over 12,000 people.
Table 1. Population by Place, Gallatin County
Ann. Growth
2010 2021 Total Change % Change Rate
Bozeman 37,354 51,405 14,051 37.6% 2.9%
Belgrade 7,535 10,796 3,261 43.3% 3.3%
Manhattan 1,525 1,829 304 19.9% 1.7%
Three Forks 1,871 2,375 504 26.9% 2.2%
Unincorporated 43,099 55,290 12,191 28.3% 2.3%
Gallatin County 89,513 119,320 29,807 33.3% 2.6%
Source: ESRI, Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[Population, Gallatin County, MT.xlsx]Sheet2Economy
In Gallatin County there were nearly 60,000 wage and salary jobs in 2020 plus another 25,000-
30,000 sole proprietor jobs (self-employed) for a total of about 90,000 jobs. Within the City of
Bozeman there were about 30,000 private wage and salary jobs plus 4,200 faculty and staff at
MSU. The largest industries in the City of Bozeman and Gallatin County are local and tourism
sectors including retail trade, hotels and restaurants, construction, and health care (Figure 4).
The traded sectors of professional and technical services and manufacturing are the next
largest groups of industries. These data show that the area is today heavily reliant on trade and
tourism.
Bozeman Economic Vitality Strategy | June 2023 9
Figure 4. Wage and salary jobs by industry, Bozeman and Gallatin County, 2020
$40,100
$26,600
$58,100
$53,200
$79,200
$55,400
$40,900
$40,200
$70,100
$96,600
$27,300
$44,500
$50,400
$34,500
$40,000
$139,800
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
Retail Trade
Hotel/Restaurant
Construction
Health Care
Prof. & Tech Services
Manufacturing
Other
Admin/Waste Mgmt
Wholesale Trade
Finance/Insurance
Arts/Rec
Transport./Warehousing
Real Estate
Education
Ag./Forest/Hunting
Information
Total Jobs
Bozeman Gallatin County
Source: Bureau of Labor Statistics; MT Dept. of Labor; Economic & Planning Systems
The economy i
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1-City County 2dig NAICS
ing rapidly, however. First, the
County added 7,000 jobs from 2015 through 2020, a growth rate of 2.6 percent per year and a
13.5 percent increase (Table 3). The industries with the most growth are highlighted below.
▪Professional and technical services added 934 jobs with average wages near $80,000
per year. This sector had the most growth outside of construction. This is a significant
change and shows that companies in Greater Bozeman are expanding, and new firms
are being formed or attracted. The area is attracting knowledge-based companies and
workers.
▪Countywide, construction was also one of the fastest growing industries with 1,700 jobs
added from 2015 through 2020. Growth in construction jobs is being fueled by major
resort projects are underway in Big Sky, plus the growth in the Gallatin County.
Anecdotally, many construction workers are moving to the area temporarily to fill jobs
and may move to other locations as major projects are completed or if the economy
slows.
▪Manufacturing also had significant growth which is rare in small metro areas.
Manufacturing is a diverse and important sector in Greater Bozeman. This sector grew
by 562 jobs with average wages of about $55,000.
▪Health care also grew significantly, which is consistent with national trends. People are
living longer, more people have health insurance, and the large baby boomer population
Bozeman Economic Vitality Strategy | June 2023 10
is aging and increasing health care demand. Health care added 881 jobs, a 17 percent
increase.
Table 2. Change in wage and salary jobs by industry 2015-2020 and 2020 average wages
Ann. Avg.
Industry 2015 2020 Change % Change Wage 2020
Economic Base/Traded Sectors
Finance/Insurance 1,447 1,619 172 11.9%$96,600
Prof. & Tech Services 3,895 4,829 934 24.0%$79,200
Mining 197 188 -9 -4.6%$92,400
Information 578 698 120 20.8%$139,800
Mgmt. of Companies 252 234 -18 -7.1%$79,700
Wholesale Trade 1,582 1,819 237 15.0%$70,100
Manufacturing 3,037 3,599 562 18.5%$55,400
Ag./Forest/Hunting 554 701 147 26.5%$40,000
Transport./Warehousing 1,284 1,302 18 1.4%$44,500
Admin/Waste Mgmt 1,730 2,260 530 30.6%$40,200
Subtotal / Average 14,556 17,249 2,693 18.5%$68,200
Local Sectors
Construction 4,754 6,413 1,659 34.9%$58,100
Retail Trade 7,584 8,197 613 8.1%$40,100
Real Estate 880 1,197 317 36.0%$50,400
Education 657 834 177 26.9%$34,500
Health Care 5,113 5,994 881 17.2%$53,200
Arts/Rec 1,419 1,463 44 3.1%$27,300
Hotel/Restaurant 7,065 6,920 -145 -2.1%$26,600
Other 1,994 2,323 329 16.5%$40,900
Subtotal / Average 29,466 33,341 3,875 13.2%$42,800
Total (disclosable)44,022 50,590 6,568 14.9%$51,500
Total Jobs (without disclosure)52,059 59,071 7,012 13.5%
Source: Bureau of Labor Statistics QCEW; Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[213051-City County 2dig NAICS Employment Data_10-01-21.xlsx]T-EVS_Table2
Jobs
Note: Industry employment figures do not include all jobs due to privacy limitations. Summing employment by
industry components yields less jobs than the actual totals which are not limited by privacy disclosure issues.
Economy Comparisons
Comparing the Gallatin County and Bozeman economy to other areas provides additional
context for the importance of economic diversity. First, a metric called a location quotient (LQ) is
used to compare the mix of jobs in traded and local sectors in comparison counties. Next, the
economic productivity of each area is shown – areas that have higher concentrations of traded
sector jobs have more economic productivity.
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A location quotient (LQ) measures the concentration of an industry in an area as a ratio of the
percentage of jobs in the analysis area divided by the percentage in the U.S. A LQ ratio is used
to compare the concentrations of industries across different regions and asses local industry
strengths or specializations. The LQ is important for determining an inherent economic strength
of a community. In developing an economic vitality strategy, it is best to invest time and money
where there is a competitive advantage already existing in the community rather than trying to
create an industry cluster without an intrinsic base.
The LQs for traded and local sectors in Gallatin County are compared to several comparison
Counties with their major city noted in Table 3.
▪Bozeman has lower concentrations in most traded sectors than the comparison
communities and higher concentrations in local sectors.
▪As larger cities/metros, Boulder and Boise have more diverse economies.
▪Boulder and Boise/Ada County have higher concentrations of jobs in knowledge and
financial industries.
▪Ogden, UT/Weber County has more than twice the manufacturing concentration than
Bozeman (aerospace, defense, outdoor products, advanced materials)
▪Boulder and Fort Collins also have higher concentrations of manufacturing at 1.29 and
1.02.
The differences in the mix of jobs and industries in each area is due to numerous historical,
geographic, and economic factors. How an area was settled historically (e.g. agriculture,
railroad, mining, university) influences the early and legacy industries in that community. The
location and proximity to other cities and industries also affects the economic composition.
Larger cities and counties, and cities and counties within larger metro areas also tend to have
more diverse economies and more racial and ethnic diversity.
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Table 3. Location quotient comparisons
Bozeman/Gallatin Highest
Industry Location Quotient Concentration
Traded Sectors
Agriculture, forestry, fishing and hunting 1.33 Corvallis/Benton 3.21
Mining, quarrying, and oil and gas extraction 0.82 Bozeman/Gallatin 0.82
Information 0.63 Boise/Ada 1.14
Management of companies and enterprises 0.24 Boise/Ada 1.05
Professional and technical services 1.20 Boulder/Boulder 2.47
Wholesale trade 0.76 Boise/Ada 1.22
Manufacturing 0.70 Ogden/Weber 1.61
Transportation and warehousing 0.55 Boise/Ada 0.70
Finance and insurance 0.63 Boise/Ada 1.14
Local Sectors
Utilities 0.50 Boise/Ada 1.03
Construction 2.09 Bozeman/Gallatin 2.09
Retail trade 1.31 Bozeman/Gallatin 1.31
Real estate and rental and leasing 1.30 Bozeman/Gallatin 1.30
Administrative and waste services 0.62 Boise/Ada 1.38
Educational services 0.72 Boulder/Boulder 0.79
Health care and social assistance 0.72 Missoula/Missoula 1.22
Arts, entertainment, and recreation 1.99 Bozeman/Gallatin 1.99
Accommodation and food services 1.47 Bozeman/Gallatin 1.47
Other services, except public administration 1.39 Missoula/Missoula 1.57
Source: Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[223016-QCEW.xlsx]T-LQ vs PeersAs shown below in Figure 5, the regions with higher concentrations of traded sector jobs are
the most productive; they generate the most economic output per job. Gross Regional Product
(GRP) is the local or regional equivalent of GDP (Gross Domestic Product). GRP is the value of
all goods and services produced in an economy. GRP per job is a measure of the productivity of
the labor force and firms in the economy – the value of the output created from each worker.
▪Boulder, CO has the most productive economy with nearly $150,000 in annual output
per worker, followed by Fort Collins, CO at $118,000.
▪Bozeman and Gallatin County are at the lower end of the spectrum of the comparison
communities due to the higher concentration of tourism and local serving jobs.
These data reinforce the focus of this strategy on diversifying the economy with a focus on
traded sectors to provide the economic engine for the region, and local sectors providing the
support for quality of life and on-ramps to business ownership and wealth building.
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Figure 5. Gross regional product per job, Gallatin County and selected comparison areas
INDUSTRY CLUSTERS
Industry clusters are groups of similar and related traded sector businesses that share common
markets, technologies, and worker skill needs, that are often linked by buyer-seller relationships.
Industry clusters represent distinct qualities of a community and help define what makes one
community different from another. Industry clusters are a way of communicating, marketing, and
leveraging the presence of these concentrations of skills, resources, and relationships. The EVS
is organized around supporting seven traded sector clusters and three local sector clusters
summarized in Table 4 and Table 5. Appendix A provides a more detailed description of these
industry clusters.
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Table 4. Traded sector industry clusters
Estimated Estimated Estimated
Industry Cluster Stage Jobs Firms Wages Description
Traded Sectors
Photonics Mature 800 35 $60,000-$100,000+Science and technology of generating,
detecting, and controlling light.
Quantum Computing Nascent Less than 100 Less than 20 $60,000-$100,000+Uses atomic motion to perform
computing operations.
Biotechnology Growing 100 to 400 Not available $40,000-$90,000+Medical and drug research and
technology.
Software/Information
Technology (IT)
Mature 1,350 240 $60,000-$140,000+Programming and system design.
Outdoor Equipment Mature 500-1,000 Not available $40,000-$90,000+Outdoor equipment design,
manufacturing, and marketing.
Capitalizes on Bozeman brand. Within
manufacturing industry of 3,600 jobs.
Specialty Manufacturing Mature 1,000+Not available $40,000-$60,000 Specialty products including metal
products, musical instruments, and food
and beverage. Within manufacturing
industry of 3,600 jobs.
Climate Technology Nascent Not available Not available $40,000-$90,000+Emerging cluster of technologies that
are explicitly focused on addressing
climate change. Wide range of
industries.
Creative Arts Growing 1,104 333 $41,000 Goods and services are based on
intellectual property and individual
creativity. Includes publishing, film, TV,
media, desing, performing arts, and
museums and galleries.
Source: Bridge Economic Development and Economic & Planning Systems
Table 5. Local sector industry clusters
Estimated Estimated Estimated
Industry Cluster Stage Jobs Firms Wages Description
Local Sectors
Construction Mature 6,400 1,290 $50,000-$60,000
$100,000 in heavy
construction
Residential and commercial buildings, skilled trades,
and heavy/civil engineering construction.
Small Business Ownership Growing N/A N/A Varies Small businesses across all sectors. Self employed
is 25-30% of all jobs in Gallatin County.
Health Care Mature 6,000 500+$40,000-$90,000+Medical services provided through hospitals and
small practices. Includes doctors, nurses, and home
service providers.
Source: Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[223016 Industry Cluster Definitions (CH).xlsx]T-FinalClusters_Local
NATIONAL TRENDS
There are fundamental national issues facing the community that need to be addressed in order
to foster economic vitality.
EQUITY
In the context of economic vitality, equity is defined as an economic system that ensures under-
represented and under-served people have the same level of access to the economy and
wealth creation as all other residents. Equity is not equality. Equality is sameness or treating
everyone the same regardless of identity, life circumstance, or needs. The same resources or
services may be available to all, but some people may face barriers in accessing or benefitting
Bozeman Economic Vitality Strategy | June 2023 15
from them. Equity recognizes the differences and works to remove the barriers to access
opportunity.
Photo caption: Equality is when everyone has access to a bicycle. Equity is when everyone is able to
benefit from having access to a bicycle because the design of each bicycle meets their unique needs.
Wealth Creation
Wealth creation is generally attained through career opportunities with living-wages, business
ownership and real estate ownership. Income is only one measurement of wealth. Net worth, or
wealth, includes income, homes, stock-market investments, businesses, and other owned
assets, minus debt.
Available data to compare wealth is generally available on a national level and is therefore
considered here in that context. Nationally, the net worth of a typical white household is nearly
ten times greater than that of a typical Black household, and eight times greater than a Hispanic
household. According to a survey by the Federal Reserve in 2017, the median net worth of
African-Americans ($17,600) was only a tenth that of non-Hispanic whites ($171,000).2
Furthermore, nearly 20 percent of Black households have zero or negative net worth compared
to 14 percent of households identifying as other or multiple race,3 13 percent of Hispanic
households, and only nine percent of white households.4
2 Recent Trends in Wealth-Holding by Race and Ethnicity: Evidence from the Survey of Consumer Finances, Federal
Reserve, September 2017
3 Other families--a diverse group that includes those identifying as Asian, American Indian, Alaska Native, Native
Hawaiian, Pacific Islander, other race, and all respondents reporting more than one racial identification.
4 ibid
Bozeman Economic Vitality Strategy | June 2023 16
Figure 6: Family Median Net Worth, Thousands of 2016 Dollars
White non-Hispanic
Other or Multiple Race
Hispanic or Latino
Black or African-American 17.6
20.7
64.8
171
Source: Federal Reserve Board, Survey of Consumer Finances
As the following chart shows, higher income levels are correlated with educational attainment.
However, ensuring parity in college degree attainment alone will not solve the racial disparity in
the wealth gap.
Figure 7: Median Weekly Earnings and Unemployment Rate by Educational Attainment, 2017
6.5Less than a high school diploma 520
4.6High school diploma, no college 712
4Some college, no degree 774
3.4Associate degree 836
2.5Bachelor's degree 1,173
2.2Master's degree 1,401
1.5Professional degree 1,836
1.50%Doctoral degree $1,743
Unemployment rate Median usual weekly earnings
Source: Bureau of Labor Statistics, 2017
Real estate equity and the transfer of wealth are important determinants of household wealth
creation. However, generations of under-represented Americans have had limited access to real
estate assets due to discriminatory policies throughout the 20th century including the Jim Crow
era’s “Black Codes” strictly limiting opportunity in many southern states, prior to Federal
Housing Administration (FHA) lending restrictions,5 and redlining. In addition, research shows
5 Rothstein, Richard. Color of Law. 2017
Bozeman Economic Vitality Strategy | June 2023 17
that Black-owned real estate is systemically (and historically) devalued, leading to less wealth
creation than the same assets for White households.6
Business ownership is another significant (and perhaps the most important) source of wealth
creation. In the U.S., approximately 77 percent of wealth created in 2015 came from owning a
private company or professional firm.7 Research shows that business ownership is also
associated with higher levels of economic mobility.8 And yet, there are significant racial
disparities in business ownership rates and business performance (i.e., revenue and
profitability) that lead to even more disparities in wealth creation.
In the U.S.: “Nationally, people of color represent about 40 percent of the population, but only 20
percent of the nation’s 5.6 million business owners with employees. The U.S. could have
millions more businesses if women and minorities became entrepreneurs at the same rate as
white men.” 9 Businesses owned by people of color earn just 48 percent of the revenue of white-
owned firms.10
In Bozeman, the most recent Survey of Business Owners and Self-Employed Persons (SBO)
from the United States Census Bureau was conducted in 2012, at the time Bozeman was
estimated to have 7,473 total firms, 26.6 percent of that were owned by women and 0.03
percent that were minority owned.
One piece of the wealth gap is income. Data for our city and region has limited reliability
because of relatively low population and even lower numbers of people of color. With this in
mind, according to American Community Survey 5-year estimates (2015-2019), the City of
Bozeman has an average household median income was $55,569. While Asian households had
almost twice the average median income, $106,204, White households were slightly above the
average at $57,523 and all other households were below the average. Black or African
American households made slightly less at $54,375 and American Indian and Alaska Native
households made $50,536. Households that selected some other race or Hispanic or Latino
origin had the lowest median income, $43,023 for some other race and $33,833 for Hispanic or
Latino households.11
Diversity and Inclusion
In working toward equity, a community must recognize and respond to the importance of
diversity and inclusion. The City of Bozeman has adapted from the Government Alliance on
Race & Equity the following definitions of diversity and inclusion.
Diversity is the variation and difference across individuals in a group, organization, or
community. A group can be described as diverse when it is made up of individuals of varying
characteristics. Some examples are race, ethnicity, language-spoken, nationality, cultural
6 Perry, Andre. Know Your Price: Valuing Black Lives and Property in America's Black Cities. 2020
7 Benson, R. (2015). Wealth Creation through Business Ownership. American Business Advisors.
8 Perspectives on Inequality and Opportunity from the Survey of Consumer Finances, Janet Yellen, October 2014
9 Liu, S. & Parilla, J. “Businesses owned by women and minorities have grown. Will COVID-19 undo that?” Brookings.
April 14, 2020. https://www.brookings.edu/research/businesses-owned-by-women-and-minorities-have-grown-will-
covid-19-undo-that/
10 Zeuli, K., Nijhius, A., Eberhardt, P., O’Shea, K., & Verchot, M. (2018). Helping entrepreneurs of color grow their
business: Early insights from the Ascend 2020 initiative. Boston: MA, ICIC. 2015 U.S. Census Bureau Annual Survey
of Entrepreneurs data for privately held firms with paid employees.
11 Equity Indicators Project, Thomas P. Miller and Associates, July 2021
Bozeman Economic Vitality Strategy | June 2023 18
identity, spiritual practice, age, gender identity, gender expression, sexual orientation, ability,
and income or socioeconomic status.
When striving for diversity, residents honor the richness, value, and benefits of bringing people
with different perspectives, identities, and experiences together.
Inclusion is what is done with diversity. An individual, group, organization, or community is
inclusive when differences and variation are leveraged and celebrated. When residents strive
for inclusion, they are aware of how words, actions, and beliefs impact others. Inclusive spaces
are those in which people are respected, heard, and feel like they belong, even when they hold
different identities, experiences, or perspectives from each other.
HOUSING AVAILABILITY
The median home price in Bozeman is $812,000 as of May 2022 and ended the year 2021 at
$700,000, which is the available data for comparison with other cities (Figure 8). Increasing
access to available housing is a major priority for residents and business owners across the
Valley. The limited availability of homes is driven by three main factors: 1) not enough overall
supply; 2) increases in in-migration related to the pandemic and remote working; and 3) the
increase in housing costs for new construction. All of these factors increase home prices making
them inaccessible for average wage-earners.
Figure 8. 2021 median home price, Bozeman and selected comparison cities
In all interviews with community and business stakeholders, housing costs in Bozeman were
identified as the number one concern. The City’s Community Housing Action Plan, adopted in
November, 2019 and amended in January, 2020, proactively addresses this significant issue.
Additionally, the city has aligned the housing program within the Economic Development
Department in response to the State Legislature’s removal of a city’s regulatory authority via
inclusionary zoning to increase the number of cost-efficient housing units in a community. The
city is currently pursuing an incentive-based approach to achieve additional community housing
units. Community housing is critical infrastructure necessary to serve employees, students and
Bozeman Economic Vitality Strategy | June 2023 19
residents and maintain a vital economic base. Recommendations in this Economic Vitality
Strategy are developed in collaboration with housing program staff and supplement existing
work.
In order to serve the community and economic base with employees ranging from teachers,
doctors and manufacturers, it is important to utilize the existing housing supply for permanent
year-round residents. Currently, Bozeman has competing interests for housing between
residents, MSU graduate and non-traditional students, and tourists staying in short term rentals.
While maximizing the availability of existing housing stock, it is also necessary to decrease the
cost of new housing. This can be accomplished by permitting the construction of smaller sizes
housing units on smaller property footprints. This approach to a simplified housing unit size
requires less construction material, less or more efficient utility infrastructure and encourages a
built environment that allows people to walk and bike instead of driving a vehicle when
appropriate. All of these outcomes not only reduce the cost of housing, but help mitigate climate
change.
CLIMATE CHANGE
A recent Environmental Protection Agency (EPA) analysis12 shows that the most severe harms
from climate change fall disproportionately upon underserved communities who are least able to
prepare for, and recover from, heat waves, poor air quality, flooding, and other impacts. A
community can proactively address these impacts by: 1) mitigating climate change by reducing
greenhouse gas (GHG) emissions; and 2) becoming resilient in order to quickly adapt to future
impacts.
Climate change also threatens the natural and recreational assets that are important to the
economy – not just the tourism economy but also the quality of life that is attracting traded
sector firms. Changing precipitation patterns (warmer, drier), earlier and faster snowpack melt
off, more frequent and larger wildfires are all expected to affect the natural environment and
quality of life in the Gallatin Valley. Specifically, a less reliable snowpack and a drier climate will
affect the winter sports industry and river recreation businesses. Warmer summers will increase
river water and air temperatures, the latter requiring additional air conditioning use which in turn
demands more energy use and production, creating additional impact if more energy is not
sourced from renewables.
Mitigation
The Bozeman Climate Plan, 2020, identifies how the city can take actions to reduce per-capita
GHG emissions. The Plan states that 57 percent of Bozeman’s 2018 emissions came from
residential and commercial building energy use, which is the highest source of emissions.
Improving building efficiency and increasing renewable energy supply are paramount to
achieving the near-term emissions reduction goal.
Innovative companies understand the real implications of climate change and are increasingly
seeking ways to enhance sustainable practices. Utilizing non-carbon generating energy sources
is a strategic advantage for companies seeking to meet environmental, social and governance
(ESG) criteria used by socially conscious investors to screen potential investments.
Collaboration between Gallatin Valley stakeholders and the local utility provider, NorthWestern
12 Climate Change and Social Vulnerability in the United States, EPA, September 2021 f
Bozeman Economic Vitality Strategy | June 2023 20
Energy, to recognize this competitive advantage for ESG financing, or in Montana, Commercial
Property Assessed Capital Enhancements (C-PACE), could help shift power generation
investments.
Resilience
In addition to reducing GHG, communities need to prepare for climate change impacts.
Encouraging the creation of new companies that provide innovative solutions will help the region
adapt to future climate change impacts. The Bozeman Climate Plan (The Plan) calls out a need
for improved systems regarding water use and agriculture production to build infrastructure that
will make Gallatin Valley more resilient. Innovation within the food systems development
process presents many opportunities for emission reductions through improved agricultural
practices, lower-carbon food products, production and transportation efficiency, and waste
reduction. The Plan also encourages the development of a robust local food supply to reduce
food insecurity and improve food system resiliency.
EARLY LEARNING/CHILD CARE
Child care is critical infrastructure for working parents, but it also enables children to be in a
setting that promotes their healthy development and school readiness (while their parents work).
In this way, child care not only has a direct impact on the economy today, but also impacts the
economy of tomorrow. Rigorous evidence from studies of random assignment to high-quality
preschool suggests that early childhood policy interventions have wide-ranging long-term
impacts.13 Nobel Prize winning University of Chicago Economics Professor James Heckman’s
work outlines the great gains to be had by investing in the early and equal development of
human potential. He finds that investing in comprehensive birth-to-five early childhood education
is a powerful and cost-effective way to mitigate negative consequences on child development
and increase adult opportunity. “The gains are significant because quality programs pay for
themselves many times over. The cost of inaction is a tragic loss of human and economic
potential that we cannot afford.”14
Unfortunately, while wages are stagnating as indicated in Figure 9, the cost of organized child
care is increasing and presents a substantial financial hurdle for many working parents with
children, especially those working for low wages.
13 Diane Whitmore Schanzenbach Ryan Nunn Lauren Bauer Megan Mumford Audrey Breitwieser, Seven Facts on
Noncognitive Skills from Education to the Labor Market, October 2016
14 García, Jorge Luis, James J. Heckman, Duncan Ermini Leaf, and María José Prados. “The Life-cycle Benefits of
an Influential Early Childhood Program.” 2016
Bozeman Economic Vitality Strategy | June 2023 21
Figure 9: US Median Household Income 1967-2016
The cost of care in the Gallatin Valley remains a barrier for many parents seeking to enter or
stay in the labor force. The average annual cost of child care in Montana for an infant is $9,096
in a child care center and $7,440 in a family child care home.15 Subsidized child care can
encourage parents working in lower-paid occupations to maintain their connection to the labor
force or to upgrade their skills through education, thereby contributing to economic growth and
productivity over the longer term.
Since 2010, the number of family child care homes in Montana has declined from 2,323 to 1,633
in 2016 – a decline of 29.7 percent. For working families, the decline in home-based care
reduces the availability of the least expensive care option for families.16
In addition to the growing demand for child care and an increasing scarcity of affordable
facilities, is a need for more workers. According to the U.S. Bureau of Labor Statistics, there are
approximately 330 child care workers in Southwest Montana, which includes Gallatin Valley.
With a ratio of 2.41 workers/1,000 people, the talent pool is similar to the national average (LQ:
1.0).17 Recruiting qualified workers for this sector is also more difficult due to low wages; the
average annual salary is $38,890 – the average national median wage is $49,150.18
Increasing the supply of child care is critical for the economy to maximize the full potential of the
available workforce. More importantly, providing early learning is an important investment in
communities that help ensure they can realize their human and economic potential.
YOUTH SKILLS DEVELOPMENT
Science, technology, engineering, and math (STEM) education is essential for all students,
regardless of their aspirations. These studies not only impart important technical skills and
knowledge to succeed in a technology-based economy, they also enhance student agency,
15 Montana Fact Sheet 1312019.pdf (ced.org)
16 Ibid
17 U.S. Bureau of Labor Statistics https://www.bls.gov/oes/current/oes211021.htm
18 Ibid
Bozeman Economic Vitality Strategy | June 2023 22
creativity, critical thinking, problem solving, teamwork, adaptability, and habits of mind and
dispositions that make for future success.
STEM is an educational acronym for Science, Technology, Engineering, and Math in education,
an approach to interdisciplinary learning developed in 2001, with emphasis on STEM-certified
schools, STEM labs, and entire categories of STEM-related educational products. The “Arts” are
a 2012 modification, STEAM, recognizing the ability of the arts to expand the limits of STEM
education and application. Adding the “Arts” component features innovation and fearless
creativity that a strong artistic foundation can provide. The president of Rhode Island School of
Design (RISD), a leading advocate for the integration of arts into STEM, says that opening the
door to the arts aids in the process of turning critical thinking into critical making.19
The Bozeman School District is actively supporting students through the Career and Technical
Education (CTE) Pathways program that gives BSD7 students opportunities to explore--and
even begin--careers while they are still students in the Bozeman School District. The existing
CTE Pathways website is intended to: 1) increase student, family, staff, and community
awareness of the CTE pathways that begin in the schools and can lead to a variety of post high
school degrees, certifications, and job opportunities in our community; and 2) showcase the
work-based learning options, certifications, and degrees that are in concert with the established
pathways. A CTE applied STEAM education greatly affects learners’ engagement, achievement,
and persistence in school.
INTEGRATION OF CREATIVE ARTS
The COVID-19 pandemic imposed significant health and economic impacts on the world.
However, as we emerge, we can begin to recognize that “crises are like adrenaline for
innovation, causing barriers that once took years to overcome to evaporate in a matter of days.
Entrenched orthodoxies on ‘the way things are done’ are replaced with ‘the new way we do
things’ almost overnight.”20 In a recent McKinsey & Company report, it is recognized that in past
crises, companies that invested in innovation delivered superior growth and performance
postcrisis. Organizations that maintained their innovation focus through the 2009 financial crisis,
for example, emerged stronger, outperforming the market average by more than 30 percent and
continuing to deliver accelerated growth over the subsequent three to five years.21
Elevating creativity across industries and a community can foster necessary innovation for
economic growth. The arts also serve an important role in channeling uncertainty and anxiety
that some people face in a period of significant change. For the health of Gallatin Valley
residents and businesses, integration of the creative arts is necessary.
Arts and Health
The World Health Organization (WHO) defines health as “a state of complete physical, mental
and social well-being and not merely the absence of disease or infirmity”, thus rooting health
firmly within society and culture. Art can help to emotionally navigate the journey of battling an
illness or injury, to process difficult emotions in times of emergency and challenging events. The
creation, employment within, and enjoyment of the arts helps promote holistic wellness and can
19 STEM Education Guide, STEM vs. STEAM: Making Room for the Arts, 2022
20 McKinsey & Company, Innovation in a crisis: Why it is more critical than ever, June 2020
21 ibid
Bozeman Economic Vitality Strategy | June 2023 23
be a motivating factor in recovery. They can be used to communicate valuable messages
across cultures and political divides.
There is growing literature on the preventive benefits of arts engagement in relation to mental
health. Activities such as making and listening to music, dancing, art and visiting cultural sites
are all associated with stress management and prevention, including lower levels of biological
stress in daily life and lower daily anxiety. Arts engagement can also help to reduce the risk of
developing mental illness such as depression in adolescence and in older age. Participating in
arts activities can build self-esteem, self-acceptance, confidence, and self-worth which all help
to protect against mental illness.22
For all age groups, Montana has ranked in the top five for suicide rates in the nation, for the
past thirty years. In a report for 2020 in the National Vital Statistics Report, Montana has the
third highest rate of suicide in the nation. Approximately 90% of those who die by suicide have a
diagnosable mental illness.23 Elevating the arts through schools, businesses and the community
as a supportive tool and outlet may help address this pressing issue facing Gallatin Valley.
Creative Arts Economy
It is important to provide a definition of the creative arts for common understanding and direction
amongst stakeholders. The creative arts economy includes sectors whose goods and services
are based on intellectual property. The creative economy occurs where individual creativity is
the main source of value and cause of a transaction.24
Though there are many definitions and interpretations for this industry, the proposed creative
arts industry cluster for Gallatin Valley includes the following sectors: publishing, advertising,
marketing, film, TV, photography, technology, design, museums, and performing arts.
Increasing the skilled technical workforce in areas such as sound and stage design that serve
multiple sectors is one example of an outcome that can occur by defining and promoting this
industry cluster.
Creative Placemaking
Many communities focused on revitalization efforts align the arts with community development
as “creative placemaking”. According to the American Planning Association, creative
placemaking is a process where community members, artists, arts and culture organizations,
community developers, and other stakeholders use arts and cultural strategies to implement
community-led change. This approach aims to increase vibrancy, improve economic conditions,
and build capacity among residents to take ownership of their communities. Creative
placemaking is the use of arts and cultural activities to rejuvenate public places.25
Our Town is the National Endowment for the Arts (NEA)’s creative placemaking grants program.
The program describes creative placemaking as arts, culture and design integrated with
community development. The program is often focused on revitalizing a neighborhood. 2021
NEA Our Town Grant awards provide a definition of creative placemaking implementation.
Some examples include: murals and streetscape improvements, community gardens honoring
22 World Health Organization, What is the evidence on the role of the arts in improving health and well-being?
23 https://dphhs.mt.gov/assets/suicideprevention/SuicideinMontana.pdf
24 John Howkins, The Creative Economy, 2001
25 https://www.planning.org/knowledgebase/creativeplacemaking/
Bozeman Economic Vitality Strategy | June 2023 24
indigenous perspectives, establishment of a public art program, and teaching artist workforce
development pilot program for formerly incarcerated individuals.
Creative Arts is a unique industry sector within the Economic Vitality Strategy as it can have a
broader impact on the community than career pathways and innovation. Creative Arts visibly
helps shape community identity and character and provides an important outlet for personal and
collective growth that transcends more tangible outcomes. The act of creating and participating
in art is credited for improving productivity and creativity in the workforce, and for enhancing
mental health by helping people with depression, anxiety, and stress.
SMALL BUSINESS DEVELOPMENT
In developing tactical actions to support small business growth, it is important to recognize that
small businesses are not uniform and those in different size categories face different challenges
in accessing financing and technical support. Not all small businesses are positioned to scale.
As identified by TEConomy Partners, LLC, while most entrepreneurs start by forming small
businesses, not all small businesses are entrepreneurial. Small business owners develop
companies to generate wealth and provide employment and income for themselves and others.
Entrepreneurs are interested in creating innovative products or services that lead to further
investment and growth. Understanding the different motivations and needed support services
for these two types of businesses is important in developing the strategy and actions.
In Montana, 21,334 firms within the state have less than five employees as shown in Figure 10.
This amount is 64 percent of the overall firms in the state, which is higher than the U.S. amount
of 62 percent shown in Table 7.
Figure 10: Firm Size Montana, 2019
500+ employees
100-499 employees
20-99 employees
10-19 employees
5-9 employees
<5 employees
942
539
2,329
3,130
5,282
21,334
0 5,000 10,000 15,000 20,000 25,000
Source: Bridge Economic Development, US Census SUSB Historical Data
Bozeman Economic Vitality Strategy | June 2023 25
Table 7: Proportion of Firm Size Montana and U.S., 2019
Size of Firm Montana United States
<5 employees 64% 62%
5-9 employees 16% 17%
10-19 employees 9% 11%
20-99 employees 7% 9%
100-499 employees 2% 2%
500+ employees 3% 0.34%
Source: Bridge Economic Development, US Census SUSB Historical Data
The majority of entrepreneurs within the photonics industry emerged from MSU. The original
university research and development (R&D) was applied to commercial uses and small
businesses were formed. This R&D element that is dependent on graduate students and
professors from across the world is vital for growing the industries emerging within Gallatin
Valley. Many of the original small businesses have grown into large companies and some have
been acquired by global firms. This evolution of R&D to commercialization of new technologies
to manufacturing production is a complicated and lengthy process that requires a regional
ecosystem of support. Gallatin Valley is fortunate to host an asset such as MSU that is
supporting the development of various industry startups as identified below in Figure 11.
Figure 11: MSU Industry Startups through 2021
Source: MSU Technology Transfer Office (TTO)
Bozeman Economic Vitality Strategy | June 2023 26
THE ECONOMIC VITALITY
STRATEGY
The City of Bozeman and regional stakeholders, including Economic Vitality Board members,
developed the following Strategy to respond to national trends and leverage unique local assets
to foster economic vitality across Gallatin Valley.
VISION
Outcome of implementing the Strategy:
Gallatin Valley is a hub of opportunity, job creation, and exports for Montana where people of all
backgrounds, incomes, and identities can live and work.
VALUES
Guide desired economic development outcomes. We as a city value:
Equitable Economic Growth that improves economic mobility, builds wealth and provides
equal opportunities for under-represented individuals
A Sustainable Economy with varied industries and business sizes including diverse ownership
Resilient Infrastructure to endure economic shocks and climate change, which includes areas
such as adequate workforce housing, water supply, renewable energy, and multi-modal
transportation
Engaged Higher Education that supports an entrepreneurial ecosystem and talent pipeline to
careers in the Gallatin Valley throughout students’ education
Innovation that captures opportunities in emerging technologies and industries including those
aligned with national interests (e.g., defense, energy, climate)
Fostering a Small Business Hub through a supportive network that generates opportunity for
wealth building of under-resourced individuals and retains businesses through succession
planning
Bozeman Economic Vitality Strategy | June 2023 27
GUIDING PRINCIPLES
General guidelines that shape the Strategy actions and implementation:
Gallatin Valley Residents that live and work in the community are the focus of the Strategy
Engagement with the State of Montana to help rural areas leverage economic growth in
Gallatin Valley
Regional Partners are Actively Engaged to effectively implement objectives
Clear and Transparent Roles and Lead Organizations are identified to efficiently implement
the Strategy
Grounded Aspiration to recognize and capture opportunities that are available and realistic for
the Gallatin Valley region
GOALS AND OBJECTIVES
Based on the key findings, values and guiding principles, the City of Bozeman and stakeholders
identified the following goals and objectives to guide economic vitality actions implemented by
regional stakeholders, which are outlined in a separate Action Matrix document, over the next
three to five years.
1) Provide Opportunity for Gallatin Valley Residents
Wealth creation provides the opportunity for all local residents to sustainably live in the
Gallatin Valley. It is important for four reasons: 1) wealth creation is a safety net that
keeps households from being derailed by temporary setbacks and the loss of income; 2)
it allows people to take career risks knowing that they have a buffer when success is not
guaranteed or immediately achieved; 3) family wealth affords residents to access
housing in neighborhoods with good schools, thereby enhancing the upward mobility of
their own children; 4) wealth creation affords people opportunities to be entrepreneurs
and inventors; and 5) creates inter-generational wealth. Finally, the income from wealth
is taxed at much lower rates than income from work, which means that wealth begets
more wealth.26
1) Enhance the small business development ecosystem
Small business development is an alternative opportunity for people in Gallatin Valley if
a traditional career path is not available. They are necessary to commercialize
innovation and potentially grow into larger traded sector firms. Focused programs to help
support under-represented residents build wealth are essential to foster equity. As a
small business hub, Gallatin Valley can provide training for individuals to start
businesses in outlying rural communities. Gallatin Valley can leverage the community
culture of grit and hard work to innovate new companies and opportunities.
26 Examining the Black-white wealth gap, Brookings, February 27, 2020
Bozeman Economic Vitality Strategy | June 2023 28
2) Provide comprehensive and coordinated skills development starting
with child care through middle school and higher-ed
Improving the skills of individuals not only improves the employment base, but also
develops future civic and business leaders needed to guide the region. Providing early
learning child care is an important community investment, helping to develop the
necessary skills that allow a community to realize its human and economic potential.27
This is especially true for underrepresented children. Engaging students in middle school
to prepare the future workforce is necessary. Higher-education leaders in can build off
this engagement and provide necessary skills development through trades training, one-
year certifications, and 2-and 4-year college programs.
3) Improve access to career opportunities for local and surrounding rural
residents
Gallatin Valley is fortunate to have several diverse traded sector industries that are
growing and provide career ladder opportunities with living-wage salaries. With remote
work infrastructure and training in rural communities, they can access “rural onshoring”
opportunities within Gallatin Valley. There is a demand for construction and specialty
manufacturing occupations that offer alternative job opportunities without a four-year
college degree. Building a clear path and educating youth about these opportunities is
important to keep them living and working in Gallatin Valley.
2) Support a Diverse Economy
Economic vitality for individuals requires a resilient economy that can withstand
economic shocks as witnessed during the pandemic. A resilient economy is diverse in
business size as well as industry types. Various businesses provide diverse services
and products and enable innovation of new products. Larger traded sector companies
offer individuals careers with stability and benefits and an employment base to support
local sector companies. Meanwhile, local sector companies can serve as a gateway for
underrepresented people to build a business and wealth.
1) Focus on traded sector industries that are emerging and can increase
exports
To maximize limited resources, stakeholders should focus efforts on emerging traded
industries to foster growth of a diverse industry base. MSU research and development
(R&D) is actively supported by the Technology Transfer Office (TTO) to develop
entrepreneurs offering innovative solutions. Many of the innovations emerging from MSU
specifically align with federal interests associated with energy, climate change and
defense, which are more likely to receive grants and funding.
2) Enhance development of the talent pipeline
The top priority of businesses within any industry cluster is access to good talent. The
education and development of students at MSU and Gallatin College are critical for the
economy. It is also important for the institutions to introduce students to local career
27 The anatomy of inequality: Florian Hoffman discusses how income disparities have grown in the US and Europe
over the last 40 years, American Economic Association, November 25, 2020
Bozeman Economic Vitality Strategy | June 2023 29
opportunities so that they are more inclined to stay and access economic opportunities
in Gallatin Valley and contribute to the growth of the local economy.
3) Elevate a growing creative arts industry cluster
Bozeman is recognized as one of the Top 40 Arts-Vibrant Communities of 202228 with
41 art galleries, an art museum, a symphony orchestra and choir, an opera company,
two chamber music organizations, a ballet company, a contemporary dance company,
four theater companies, two community arts festivals, and university degree programs in
the visual and performing arts. In addition, the region is benefiting from a growing Digital
Film industry that is supported by the MSU Film Program, which is a four-year Bachelor
of Arts degree within the College of Arts and Architecture. Elevating the creative arts as
potential career pathways broadens opportunities for local Gallatin Valley youth and
encourages creative skills development.
3) Build a More Resilient Region
Resilience and economic growth are both vital for healthy economies in uncertain times.
If a local economy is resilient, the recovery period will be much shorter than an economy
with little or no resilience. If a local economy is not resilient, it may never return to its
former economic growth path. Places that recovered from the 2008-2009 Great
Recession included regions with high educational attainment, a diverse and adaptable
workforce, attainable housing prices and rents, ongoing capital investment indicating the
availability of significant public resources, and those that are not dependent on the
cyclical nature of a single industry. The recent pandemic and climate change impacts
reveal that disasters disproportionately impact our most vulnerable populations. Regions
will need to address those left behind and hit the hardest before they can jump forward.
1) Increase amount and access to housing for all
The most significant concern for every business owner is the lack of housing supply and
affordability. The Gallatin Valley economy will become less resilient and struggle to grow
without a housing supply that serves all incomes.
2) Develop a sustainable city
Government does not create jobs; it creates a great environment to attract and retain
businesses that create jobs. Companies are seeking to invest in sustainable and resilient
communities that provide a good return on investment. The City of Bozeman should
continue to build innovative infrastructure to develop sustainably and provide certainty to
investors. The city can foster a culture of resilience and efficiency to help bounce back
from environmental impacts (e.g., wildfires, limited water supply).
3) Foster a culture focused on climate change resilience
Over the past seven years, total funding for climate technology (tech) companies, rate of
startup creation, and the average size of funding has continued to rise. Total venture
funding increased to US$87.5bn invested over second half of 2020 and first half of 2021,
28 https://culturaldata.org/arts-vibrancy-2022/the-top-40-list/
Bozeman Economic Vitality Strategy | June 2023 30
a more than 210 percent increase.29 Young talent is increasingly seeking jobs that focus
on addressing climate change. Gallatin Valley can position itself as an innovator in
climate tech in collaboration with high-tech and natural resource production (e.g.,
agriculture, ranching) to foster collaboration across the state.
29 State of Climate Tech 2021: Scaling breakthroughs for net zero, PWC
Bozeman Economic Vitality Strategy | June 2023 31
ACTION MATRIX
The Action Matrix (Attachment B) delineates actions to implement the Strategy goals and
objectives. Multiple stakeholders and organizations contribute to the actions as one organization
alone cannot implement the strategy. Regional ownership is established by identifying Lead
Organizations that champion and guide implementation. The Matrix is a flexible tool that allows
for the introduction of new actions over the years if they align with the strategy objectives and
are represented by a Lead Organization.
EVALUATION FRAMEWORK
Metrics serve three purposes: 1) measure progress towards outcomes, 2) determine if the
actions are meeting the plan’s defined objectives (impact), and 3) allow for transparent
communication on progress and impact to the broader community.
Outcomes: Within the Action Matrix, each objective has an associated outcome to determine
if the desired impact is achieved. The outcomes are measurable and where applicable, define
metrics for under-represented individuals to assess if equitable outcomes are achieved.
Benchmarks: At a broader community level, key benchmarks can be tracked and reported
annually to communicate both progress and impact. It will take several years to improve the
statistics but tracking progress will show that the region is maintaining a vital focus on the long-
term goals. Annual reporting of the benchmarks will help maintain stakeholder engagement
throughout the implementation process. Benchmarks should be compared annually with peer
regions to provide a stronger context for the region.
Bozeman Economic Vitality Strategy | June 2023 32
ATTACHMENT A
Economic & Planning Systems, Inc.
T h e E c o n o m i c s o f L a n d U s e
ECONOMIC
CONDITIONS
ASSESSMENT
City of Bozeman
Economic Development
Strategic Plan
Prepared by:
March 2023 Economic & Planning Systems, Inc.
Economic & Planning Systems | Bridge Economic Development
Bozeman Economic Assessment |1
TABLE OF CONTENTS
1. Summary of Findings …………………………………………………………………… 2
2. Community Profile ………………………………………………………………………. 8
3. Economy …………………………………………………………………………………………11
4. Industry Clusters ………………………………………………………………………… 20
5. Economic Equity ………………………………………………………………………… 22
Appendix …………………………………………………………………………………………… 29
1. SUMMARY OF FINDINGS
Introduction and Purpose
This economic assessment describes the economy and
demographics of Bozeman and Gallatin County. The
information is intended to inform participants in the
Economic Development Strategic Plan process. The analysis
also compares Bozeman and Gallatin County to several
comparison communities that Bozeman sometimes
competes with for economic development.
Regional Economy
The economy of Bozeman, Gallatin County and the Gallatin
Valley (Greater Bozeman) are closely related. About half of the
jobs in the County are in Bozeman, and a large majority of the
jobs are in the Gallatin Valley comprised of Bozeman, Gallatin
Gateway, Four Corners, Belgrade, and Manhattan. While this
plan is being prepared by the City of Bozeman, it is
anticipated to result in regional partnerships to carry it
forward. The success of each community in the region
contributes to the overall economic vitality because of their
proximity, single labor force, and economic relationships.
Bozeman Economic Assessment | 2Economic & Planning Systems | Bridge Economic Development
1. SUMMARY OF FINDINGS
Economy and Trends
▪Growth – Bozeman is growing rapidly with 3.8% annual population growth (+6,400
people 2015-2019) and 2.5% annual job growth (+6,900 jobs 2015-2019). The COVID-19
pandemic has increased the appeal of high-amenity places for remote and
knowledge workers and firms which is contributing to these trends.
▪Economic base – Bozeman’s economy is most heavily concentrated in tourism and
retail type jobs (tourism and local sectors) that have lower wages than traded sector
jobs.
▪Economic evolution – Bozeman and Gallatin County are experiencing strong
growth in knowledge-based industries (professional and technical services) and in
manufacturing. These trends can be leveraged to further diversify the economy and
raise average wages.
▪Wages – Tight labor supply conditions and a rising cost of living have resulted in
5.4% annual wage growth across all industries. Knowledge based industries had
wage growth in the 7 to 8% range annually which suggests that the area is
attracting high value talent and that the composition of firms is changing.
▪Labor force – The labor supply is extremely tight with 1.1% unemployment (4.0 to
5.0% is considered healthy). The labor shortage may moderate as people reenter the
labor force as the pandemic stabilizes. Access to housing (high costs, limited supply)
is also a contributing factor.
Bozeman Economic Assessment | 3Economic & Planning Systems | Bridge Economic Development
1. SUMMARY OF FINDINGS
Industry Clusters
Industry clusters are groups of similar and
related businesses that share common
markets, technologies, worker skill needs,
and which are often linked by buyer-seller
relationships. Industry clusters represent
distinct qualities of a community and help
define what makes one community
different from another.
The Economic Development Strategy is
likely to recommend a focus on traded
sector industry clusters due to their higher
economic impact than local sectors.
The table shows the industry sectors
according to the National Industrial
Classification System (NAICS) that align
with the specific industry clusters.
Industry Sector (NAICS) Industry Cluster Private Wage and
Salary Jobs (Gallatin County)
• Photonics Outdoor equipment
Biotechnology Niche manufacturing
•
•
•
3,600
• Health care 6,000
• Residential and nonresidential construction and trades
Heavy civil construction •
6,400
• Outdoor industry (ski areas, guide/tour services 1,700
17,000
31,100
• Retail, restaurants, hotels
4,800
8,400
• Photonics Quantum computing Technology / IT Biotechnology
•
•
•
Traded Sectors
Manufacturing
Professional and technical services
Total
Local Sectors
Health Care
Construction
Arts, entertainment, and recreation
Retail, accommodations and food services
Total
Bozeman Economic Assessment | 4Economic & Planning Systems | Bridge Economic Development
1. SUMMARY OF FINDINGS
Factor Implications
Strengths/Opportunities
Rapid population and job growth • Market supports investment.
• Need to keep up with housing demand.
Bozeman brand and quality of life • Attracts companies and workers that share that identity.
• May be exacerbating housing costs and inequalities.
Growth in more diverse sectors (professional services, manufacturing) • Bozeman becoming established as a location for knowledge based and high value manufacturing industries.
• Need to ensure current residents have pathways into these careers.
MSU is classified as an R1 Doctoral University (very high research activity), the top research activity classification • Technology transfer and entrepreneurship opportunities from MSU faculty, staff, and graduates.
Weaknesses/Threats
Large portion of jobs in tourism, retail, and food and beverage industries • Lower wages, less economic productivity, mismatch between wages and housing costs.
Rapid increase in housing and real estate costs • Will constrain labor force availability.
• May constrain business expansion or relocation (cost of space).
Education and opportunity gap between white and non-white • Invest in career paths into higher paying jobs.
population
Bozeman Economic Assessment | 5Economic & Planning Systems | Bridge Economic Development
1. SUMMARY OF FINDINGS
Comparison Communities
The consultant team and City staff developed a list of
comparison areas to benchmark Bozeman and Gallatin
County against. First, the comparison communities have a
major university. Second, they are communities that
Bozeman competes with for new company site selection.
▪Missoula, MT – in Missoula County, Montana. Missoula has
a population of 76,713 and is the home of the University of
Montana, which has an enrollment of 10,015 students.
Missoula County’s largest employment industries include
Health Care, Retail Trade, and Accommodations and Food
Services.
▪Fort Collins, CO – Located in Larimer County, Colorado.
Fort Collins has a population of 173,035 and is the home of
Colorado State University, which has an enrollment of
32,646 students. Larimer County’s largest employment
industries include Retail Trade, Health Care, and
Accommodations and Food Services.
▪Boulder, CO – Located in Boulder County, Colorado.
Boulder has a population of 105,479 and is the home of the
University of Colorado Boulder, which has an enrollment of
34,975 students. Boulder County’s largest employment
industries include Professional and Technical Services,
Health Care, and Manufacturing.
▪Bend, OR – Located in Deschutes County, Oregon. Bend
has a population of 97,283 and is the home of Oregon State
University–Cascades, which has an enrollment of 1,374
students. Deschutes County’s largest employment
industries include Health Care, Retail Trade, and
Accommodations and Food Services.
▪Ogden, UT – Located in Weber County, Utah. Ogden has a
population of 89,694 and is the home of Weber State
University, which has an enrollment of 29,596 students.
Weber County’s largest employment industries include
Manufacturing, Health Care, and Retail Trade.
▪Boise, ID – Located in Ada County, Idaho. Boise has a
population of 240,333 and is the home of Boise State
University, which has an enrollment of 24,103 students. Ada
County’s largest employment industries include Health
Care, Retail Trade, and Administration and Waste Services.
Bozeman Economic Assessment | 6Economic & Planning Systems | Bridge Economic Development
1. SUMMARY OF FINDINGS
How do we compare?
Measure * Indicates City only metric; other metrics are County
Bozeman/ Gallatin County Missoula/ Missoula County
Fort Collins/ Larimer County Boulder/ Boulder County Bend/ Deschutes County
Ogden/ Weber County Boise/ Ada County
Population* (2021) 51,405 76,713 173,035 105,479 97,283 89,694 240,333
Population Annual Growth Rate (5 years)* (2010-2021)
2.9% 1.2% 1.6% 0.7% 2.2% 0.7% 1.3%
Jobs 59,022 58,735 158,006 179,056 81,429 107,658 250,270
Annual Job Growth Rate (2015-2020) 2.5% 0.5% 1.4% 0.7% 2.4% 1.7% 2.9%
Largest 3 industries (2020) Retail Trade
Accomm. Construction
Health Care
Retail Trade Accomm.
Retail Trade
Health Care Accomm.
Prof. & Tech. Svcs.
Health Care Manufacturing
Health Care
Retail Trade Accomm.
Manufacturing Health Care
Retail Trade
Health Care Retail Trade
Admin.& Waste Svcs.
Average Annual Wage (2020) $51,400 $47,469 $58,425 $78,383 $52,936 $46,698 $56,192
Gross Regional Product (Output) per Job (2020) $95,912 $84,341 $117,875 $148,666 $112,162 $98,984 $103,445
% Bachelor’s Degree or Higher* (2019) 59% 48% 55% 76% 44% 21% 42%
Median Home Price* (Dec. 2021) $700,000 $517,497 $534,978 $940,000 $683,000 $360,000 $554,933
% White-Non Hispanic / All Other Races* (2019) 92% / 8% 91% / 9% 88% / 12% 87% / 13% 93% / 7% 84% / 16% 89% / 11%
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment | 7
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment |8
2. COMMUNITY PROFILE
Population and Growth Rates
Why we measure
Population growth comes from job growth, in-
migration, and natural increase (births and deaths).
It is a broad indicator of economic vitality, the
appeal of a place, and community change and
evolution. Population growth also drives demand
for housing.
Key Findings
▪Bozeman had the fastest population
growth rate among the comparison
communities, at 2.9% per year. The City
added 14,051 people from 2010-2021.
▪Bend, OR was the second fastest growing
at 2.2% per year.
▪Fort Collins, Boise, and Missoula are
growing at a more moderate pace of
1.2 to 1.6% per year.
▪Bozeman surpassed 50,000 population which is
a threshold that makes the City eligible for new
federal funding sources. The official population
estimates from the US Census Redistricting
process is 53,293.
Description 2010 2021 Total Ann. # Ann. %
Population
Bozeman 37,354 51,405 14,051 1,277 2.9%
Bend 76,652 97,283 20,631 1,876 2.2%
Fort Collins 144,693 173,035 28,342 2,577 1.6%
Boise 208,726 240,333 31,607 2,873 1.3%
Missoula 67,533 76,713 9,180 835 1.2%
Ogden 82,905 89,694 6,789 617 0.7%
Boulder 97,968 105,479 7,511 683 0.7%
Households
Bozeman 15,777 22,051 6,274 570 3.1%
Bend 31,795 40,021 8,226 748 2.1%
Fort Collins 58,113 69,655 11,542 1,049 1.7%
Boise 86,978 102,110 15,132 1,376 1.5%
Missoula 29,406 33,965 4,559 414 1.3%
Ogden 29,667 32,338 2,671 243 0.8%
Boulder 41,522 44,389 2,867 261 0.6%
Source: ESRI; Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[223016-Demographics.xlsx]T_Pop&HHs_New
2010-2021
2. COMMUNITY PROFILE
Total Jobs and Growth Rates
Why we measure
Job growth is an indicator of the strength of an
economy. Jobs are created from the growth of
existing businesses, and new business
formation and entrepreneurship.
The best employment data is only available at
the county level. Most of the economic analysis
that follows is for the counties in which the
comparison communities are located.
Key Findings
▪Jobs in Gallatin County grew at a 2.5%
annual rate, the second-highest of the
comparison areas. The County added nearly
7,000 jobs between 2015 and 2020.
▪Population in Gallatin County is growing
faster than jobs. Possible explanations
include:
– In-migration is not tied to a local job (e.g.,
remote workers, retirees)
– Jobs of new residents are recorded
elsewhere
▪Ada County (Boise) had the fastest job
growth at 2.9% per year. Deschutes County
(Bend) was slightly behind Bozeman at 2.4%
per year.
Description County 2015 2020 Total Ann. # Ann. %
Total, All Industries
Boise Ada 216,678 250,270 33,592 6,718 2.9%
Bozeman Gallatin 52,059 59,022 6,963 1,393 2.5%
Bend Deschutes 72,423 81,429 9,006 1,801 2.4%
Ogden Weber 98,729 107,658 8,929 1,786 1.7%
Fort Collins Larimer 147,455 158,006 10,551 2,110 1.4%
Boulder Boulder 172,735 179,056 6,321 1,264 0.7%
Missoula Missoula 57,337 58,735 1,398 280 0.5%
Source: QCEW; Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[223016-QCEW.xlsx]T-All_TotalGrowth
2015-2020
Bozeman Economic Assessment | 9Economic & Planning Systems | Bridge Economic Development
2. COMMUNITY PROFILE
Universities
Universities are centers of research and innovation. They spin
off entrepreneurs, technology, and ideas that support jobs
and innovation in the local economy. Universities are also
major employers on their own. The student population also
influences the housing and retail markets in their host
communities.
Research Classification
There are 146 institutions classified as “R1: Doctoral
Universities – Very High Research Activity” as of 2021. This
status indicates a high level of research activity per capita. Of
the peer communities, only Montana State University,
University of Colorado Boulder, Colorado State University, and
the University of Montana share this status.
`
Description Boulder Ogden Bozeman Fort Collins Missoula Boise Bend
Major Colleges/Universities University of
Colorado
Weber State
University
Montana State
University
Colorado State
University
University of
Montana
Boise State
University
Oregon State
University
Research Classification
R1-Very High
Research
Activity
---R1-Very High
Research
Activity
R1-Very High
Research
Activity
R1-Very High
Research
Activity
R2-High
Research
Activity
---
Enrollment (Fall 2020)34,975 29,596 16,249 32,646 10,015 24,103 1,374
% of Total Population 33.2% 33.0% 31.6% 18.9% 13.1% 10.0%1.4%
Source: Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[223016-Demographics.xlsx]T-University Bozeman Economic Assessment | 10Economic & Planning Systems | Bridge Economic Development
3. ECONOMY
Jobs by Industry, 2020
Why we measure
The types of jobs in an economy influence demographic
factors such as household income and education levels.
Available job types affect economic mobility and career
opportunities as well. The economic mix also affects the
built environment and real estate markets – the types of
buildings and housing that are in demand.
Key Findings
▪The largest industries in Bozeman and Gallatin
County are:
– Retail trade
– Hotels and restaurants
– Construction
– Health care
– Professional and technical services
– Manufacturing
▪Greater Bozeman is a gateway to Yellowstone
National Park and other outdoor recreation assets
that attract national and international visitors.
Tourism and retail sectors are therefore a large part
of the economy.
▪Note: these figures are private wage and salary jobs
and do not include state and federal government or
MSU jobs. State and local government employs
approximately 10,700 people in Gallatin County
including about 4,200 faculty and staff at MSU.
Bozeman Economic Assessment | 11Economic & Planning Systems | Bridge Economic Development
3. ECONOMY
Definitions: Traded and Local
Sectors
Traded Sector
Traded sectors export goods and services and bring
new money into the economy. This injection of new
money helps support local traded sector businesses.
Traded sector jobs also tend to have higher wages and
larger multiplier effects (spinoff or indirect impacts)
than local sectors. Manufacturing and knowledge-
based industries are among the traded sectors in the
Gallatin Valley.
Local Sectors
Local sectors are generally goods and services needed
by local residents. Local sectors include retail stores,
restaurants, health care, personal care services, and
repair and maintenance services. There are
entrepreneurship and business ownership
opportunities in many local sectors with lower barriers
to entry compared to traded sectors, making them a
good “on ramp” for opportunity. Local sectors tend to
have lower wages in comparison to traded sectors.
Role of Tourism
Since tourism is an important part of the economy,
some local sectors are also exports because they serve
visitors and second homeowners. These include hotels,
restaurants and retail, property management,
construction, and outdoor recreation.
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment | 12
3. ECONOMY
Change in Jobs 2015-2020
Why we measure
The change in jobs by industry is a forward-looking
indicator of where the economy is trending. These
data can inform strategies on which industries to
support for growth or to prevent or manage decline.
Key Findings
▪Construction is booming as Greater Bozeman
grows and major resort projects are underway in
Big Sky.
▪Professional and technical services had the most
growth outside of construction. This is a
significant change and shows that companies in
Greater Bozeman are expanding, and new firms
are being formed or attracted. The area is
attracting knowledge-based companies and
workers.
▪Manufacturing also had significant growth which
is rare in small metro areas. Manufacturing is a
diverse and important sector in Greater
Bozeman.
▪Health care also grew significantly, which is
consistent with national trends. People are living
longer, more people have health insurance, and
the large baby boomer population is aging and
increasing health care demand.
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment | 13
3. ECONOMY
Location Quotients
Why we measure
A location quotient (LQ) measures the concentration of
an industry in an area compared to the U.S. It is a ratio
calculated as the percentage of jobs in the analysis area
divided by the percentage in the U.S. From this we can
compare the concentrations of industries across different
areas and asses local industry strengths or specializations.
How to interpret: “Construction jobs in Gallatin County
are 2.09 times more concentrated than the U.S. average.”
Key Findings
▪Bozeman has lower concentrations in most traded
sectors than the comparison communities and higher
concentrations in local sectors.
▪As larger cities/metros, Boulder and Boise have more
diverse economies.
▪Boulder and Boise/Ada County have higher
concentrations of jobs in knowledge and financial
industries.
▪Ogden, UT/Weber County has more than twice the
manufacturing concentration than Bozeman
(aerospace, defense, outdoor products, advanced
materials)
▪Boulder and Fort Collins also have higher
concentrations of manufacturing at 1.29 and 1.02.
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment | 14
Bozeman/Gallatin Highest
Industry Location Quotient Concentration
Traded Sectors
Agriculture, forestry, fishing and hunting 1.33 Corvallis/Benton 3.21
Mining, quarrying, and oil and gas extraction 0.82 Bozeman/Gallatin 0.82
Information 0.63 Boise/Ada 1.14
Management of companies and enterprises 0.24 Boise/Ada 1.05
Professional and technical services 1.20 Boulder/Boulder 2.47
Wholesale trade 0.76 Boise/Ada 1.22
Manufacturing 0.70 Ogden/Weber 1.61
Transportation and warehousing 0.55 Boise/Ada 0.70
Finance and insurance 0.63 Boise/Ada 1.14
Local Sectors
Utilities 0.50 Boise/Ada 1.03
Construction 2.09 Bozeman/Gallatin 2.09
Retail trade 1.31 Bozeman/Gallatin 1.31
Real estate and rental and leasing 1.30 Bozeman/Gallatin 1.30
Administrative and waste services 0.62 Boise/Ada 1.38
Educational services 0.72 Boulder/Boulder 0.79
Health care and social assistance 0.72 Missoula/Missoula 1.22
Arts, entertainment, and recreation 1.99 Bozeman/Gallatin 1.99
Accommodation and food services 1.47 Bozeman/Gallatin 1.47
Other services, except public administration 1.39 Missoula/Missoula 1.57
Source: Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[223016-QCEW.xlsx]T-LQ vs Peers
3. ECONOMY
Wages by Industry
Why we measure
The wage earned by a worker translates directly
to their income, ability to support family
members, pay for housing, and invest in
education and/or retirement. Wages in an
industry are also an indicator of the value
creation and worker skills in that industry.
Higher paying jobs typically require more
education and training, which can be a barrier
to low-income populations and people of color.
Key Findings
▪There are more jobs with lower wages than
there are with higher wages, which is a
typical pattern.
▪Tourism and local sectors have lower wages
than traded or economic base sectors.
▪The average wage in retail is $40,100
($19.27/hr) and $26,600 ($12.78) in hotel and
restaurant jobs (not including tips).
▪In comparison, the average annual wage for
professional and technical services is $79,200
($38.08/hr).
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment | 15
3. ECONOMY
Change in Wages by Industry
Why we measure
At the industry level wages change due to a
variety of factors such as competition for workers
and talent (labor supply) and changes in the mix
of companies and products within an industry.
Key Findings
▪Greater Bozeman has experienced strong
wage growth likely due to a tight labor supply
and rising cost of a living. Wages grew at an
average of 5.4% per year.
▪Some of the highest wage growth was in
information, finance/insurance, and
professional and technical services. This
suggests that:
– There is competition for talent
– Bozeman is attracting higher value service
firms and employees
– The economy is evolving and producing
higher value services and products
▪Local and tourism sectors also had strong
wage growth indicating a tight supply of labor
and more leverage for workers to command
higher wages.
Economic Base/Traded Sectors
Ag./Forest/Hunting $33,800 $46,300 37.0%6.5%1.5%
Mining $74,900 $86,500 15.5%2.9%0.3%
Utilities D D D D 0.0%
Manufacturing $41,500 $53,500 28.9%5.2%7.1%
Wholesale Trade $56,100 $68,100 21.4%4.0%3.4%
Transport./Warehousing $33,500 $45,200 34.9%6.2%2.5%
Information $56,500 $82,400 45.8%7.8%1.3%
Finance/Insurance $63,400 $89,800 41.6%7.2%3.1%
Prof. & Tech Services $66,700 $87,500 31.2%5.6%9.2%
Mgmt. of Companies $60,100 $74,700 24.3%4.4%0.4%
Admin/Waste Mgmt $32,400 $39,000 20.4%3.8%4.4%
Subtotal 33.3%
Local Sectors
Construction $46,900 $59,900 27.7%5.0%12.4%
Retail Trade $29,300 $38,000 29.7%5.3%16.2%
Real Estate $34,800 $50,900 46.3%7.9%2.4%
Education $25,900 $36,000 39.0%6.8%1.7%
Health Care $44,900 $56,100 24.9%4.6%11.8%
Arts/Rec $25,800 $28,700 11.2%2.2%3.0%
Hotel/Restaurant $18,300 $24,300 32.8%5.8%14.8%
Other $30,100 $39,400 30.9%5.5%4.5%
Subtotal 66.7%
Overall Averages $39,600 $51,400 29.8%5.4% 100.0%
Note: "D" indicates not disclosed for privacy requirements.
Source: Bureau of Labor Statistics QCEW; Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[213051-City County 2dig NAICS Employment Data_10-01-21.xlsx]T-2015-2021Wages
Wages Change in Wages
Industry 2015 2020 % Change Growth Rate % of Jobs
Bozeman Economic Assessment | 16Economic & Planning Systems | Bridge Economic Development
3. ECONOMY
Unemployment Rate
Why we measure
The unemployment rate measures the supply and demand
relationship between employers and workers. When
unemployment is high, there are not enough jobs for people
in the labor force and visa versa. It is another good indicator
of the health of an economy. However low unemployment is
an indicator of labor shortages and can lead to inflation and
constrain business growth.
Key Findings
▪Unemployment rates are at historic lows nationally due to
a drop in labor force participation related to the
Pandemic.
▪Bozeman has the lowest unemployment rate of the
comparison communities at 1.1%, which is not sustainable.
Economists generally view a “healthy” unemployment
rate as 4.0 to 5.0%.
▪The unemployment rate is expected to rise if more people
reenter the labor force as the pandemic stabilizes, and if
wages increase to create enough incentive.
Bozeman Economic Assessment | 17Economic & Planning Systems | Bridge Economic Development
3. ECONOMY
Gross Regional Product (GRP)
per Job
Why we measure
Gross Regional Product (GRP) is the local or regional
equivalent of GDP (Gross Domestic Product). GRP is the
value of all goods and services produced in an economy. GRP
per job is a measure of the productivity of the labor force and
firms in the economy – the value of the output created from
each worker.
Key Findings
▪Boulder, CO has the most productive economy with
nearly $150,000 in annual output per worker, followed by
Fort Collins, CO at $118,000.
▪Bozeman and Gallatin County are at the lower end of the
spectrum of the comparison communities due to the
higher concentration of tourism and local serving jobs.
Bozeman Economic Assessment | 18Economic & Planning Systems | Bridge Economic Development
3. ECONOMY
Technology Transfer Awards
Why we measure
The Small Business Innovation Research
(SBIR) and Small Business Technology
Transfer (STTR) programs are highly
competitive federal research funds designed
to stimulate R&D and technological
innovation for small businesses. STTR/SBIR
programs and funding are an indicator of
innovation among small businesses in
communities.
Key Findings
▪Boulder, CO was awarded the most SBIR
and STTR funding, with $242 million, or
$4,009 per employee since 2015.
▪Bozeman received the second-most
funding per employee of the peer
communities.
▪Bozeman has a large concentration of
R&D and tech-centric businesses that are
catalyzed by MSU’s Tech Transfer Office
and MilTech, which help commercialize
and provide a gateway for industry
partners to access MSU technology.
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment | 19
4. INDUSTRY CLUSTERS
Definition
Industry clusters are groups of similar and
related businesses that share common
markets, technologies, worker skill needs,
and that are often linked by buyer-seller
relationships. Industry clusters represent
distinct qualities of a community and help
define what makes one community
different from another.
As they convey distinct qualities, it is
important to be specific in the definition of
a cluster. For example, rather than
promoting “high-tech,” a community
should focus on “software or photonics” to
convey the type of product being
manufactured and its unique workforce
and supply chain needs.
The Economic Development Strategy is
likely to recommend a focus on traded
sector industries in terms of the City’s role
and investment of resources. Traded
sectors industries have higher wages and
greater economic impact than local
sectors.
The table shows the industry sectors
according to the North American Industry
Classification System (NAICS) that align
with the specific industry clusters.
Industry Sector (NAICS) Industry Cluster Private Wage and
Salary Jobs (Gallatin County)
• Photonics
• Outdoor equipment and
clothing
• Biotechnology
• Niche manufacturing
3,600
• Health care 6,000
• Residential and nonresidential construction and trades
• Heavy civil construction
6,400
• Outdoor industry (ski areas, guide/tour services 1,700
17,000
31,100
• Retail, restaurants, hotels
4,800
8,400
• Photonics
• Quantum computing
• Technology / IT
• Biotechnology
Traded Sectors
Manufacturing
Professional and technical services
Total
Local Sectors
Health Care
Construction
Arts, entertainment, and recreation
Retail, accommodations and food services
Total
Bozeman Economic Assessment | 20Economic & Planning Systems | Bridge Economic Development
4. INDUSTRY CLUSTERS
Traded Sector Industry Clusters
▪Photonics – The science and technology of generating, detecting, and
controlling light. It has numerous everyday consumer and industrial
applications. Photonics companies were created from MSU grads and
related R&D programs. There are at least 35 companies and 800 jobs in
Photonics.
▪Biotechnology – Biotechnology includes medical and drug research
and manufacturing. The cluster is oriented around MSU R&D and
numerous startup companies in the Gallatin Valley. The area’s strength
is in the R&D, trial, and identifying commercial use stages of biotech.
▪Quantum computing – Quantum computing uses atomic motion to
perform computing operations. It is a major national security and
technology priority. MSU has received $20M in federal grants to expand
quantum research. There are relationships with the local photonics
cluster in quantum research as well.
▪Technology / IT – The Gallatin Valley has a thriving and growing
segment of technology (programming and information technology)
companies stemming from spinoffs from RightNow Technologies,
Oracle, and Bozeman’s quality of life that attracts startup entrepreneurs
and venture capital.
▪Outdoor equipment – Bozeman is known throughout the U.S. as an
outdoor recreation destination. It also attracts Outdoor companies that
capitalize on the Bozeman brand and identity. Companies such as
Simms Fishing, Oboz Shoes, Mystery Ranch (formerly Dana Design),
Spark R&D and numerous smaller companies are in the Gallatin Valley.
▪Manufacturing and niche products – Manufacturing is a diverse sector
in the Gallatin Valley. Products made here include electronic
components, metal products, musical instruments, food and
beverages, and wood products and building materials.
▪Creative Arts – Sectors whose goods and services are based on
intellectual property. Individual creativity is the main source of value
and cause of a transaction. The creative arts industry cluster for Gallatin
Valley includes the following sectors: publishing; advertising and
marketing; film, TV; and photography; design; and performing arts.
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment | 21
5. ECONOMIC EQUITY
Self Sufficiency Wage
Why we measure
The federal poverty definition only accounts for a basic food
budget and does not include other costs such as childcare
and housing. The MIT Living Wage calculator estimates the
wage needed for a household to afford food, childcare,
health insurance, housing, transportation, and basic
necessities (clothing, hygiene items). As stated in its
definitions, the “living wage is the minimum income
standard that, if met, draws a very fine line between the
financial independence of the working poor and the need to
seek out public assistance or suffer consistent and severe
housing and food insecurity.”
The MIT Living Wage calculator estimates the living
wage in Gallatin County at $21.68 for a family of four
with two working adults and two children. The chart
shows the percentage of jobs in each county that
are above the self sufficiency wage.
Key Findings
Due to the high cost of housing and large concentration of
tourism and local sector jobs, Bozeman and Gallatin County
are at the bottom of the comparison communities with the
lowest percentage of jobs above the self sufficiency
threshold.
Bozeman Economic Assessment | 22Economic & Planning Systems | Bridge Economic Development
5. ECONOMIC EQUITY
Race and Ethnicity
Why we measure
Looking at the racial composition of a place helps us
evaluated the presence of disparities in economic
opportunity by race. There are persistent gaps between
income, wealth, and education between non-Hispanic
whites and people of color and white Hispanic and
Latinx people.
Key Findings
The white non-Hispanic population comprises 92% of the
population of Bozeman, which is similar to most of the
comparison communities. Larger cities within larger metro
areas such as Ogden and Boulder have slightly more
diverse populations.
Bozeman Economic Assessment | 23Economic & Planning Systems | Bridge Economic Development
5. ECONOMIC EQUITY
Business Owner Demographics
Why we measure
Looking at the racial composition of business owners helps
to further evaluate the presence of disparities in economic
opportunity and wealth building by race.
Key Findings
From the data, there do not appear to be significant
differences between the racial and ethnic composition of
business owners and the overall population in Bozeman or
in the comparison communities.
A caveat is that there is a margin of error in these data, and
people of color may be underrepresented in Census data.
Bozeman Economic Assessment | 24Economic & Planning Systems | Bridge Economic Development
5. ECONOMIC EQUITY
Educational Attainment
Why we measure
Comparing the level of education achieved to the overall
population is another indicator of disparities in economic
opportunity and wealth building.
Key Findings
Boulder is the most highly educated community. Bozeman
and Fort Collins have similar levels of education with about
60% of the population having a Bachelor’s degree or higher.
Ogden, Utah has the lowest levels of education.
There are differences in educational attainment by race and
ethnicity in each community. Boulder, Bozeman, and Fort
Collins have the highest educational disparities. In Boulder,
white non-Hispanics are about 1.44 times more likely to have
a college degree or higher and 1.36 times more likely in
Bozeman.
The disparity in educational attainment is partly explained by
the presence of large universities, particularly in Boulder,
Bozeman, and Fort Collins. The predominately white faculty
in each case increases the number of white advanced
degree holders in the community.
DI: Disparity Index
(%White Non-Hispanic/% All Other)
Bozeman Economic Assessment | 25Economic & Planning Systems | Bridge Economic Development
5. ECONOMIC EQUITY
Housing Costs and Access
Why we measure
Housing costs are a large factor in quality of
life, access to home ownership, wealth
building, and labor force attraction and
retention. High housing costs and low supply
can constrain economic growth when the
labor force cannot find adequate housing. A
person or household is “cost burdened” when
they are paying more than 30% of their
income towards rent or mortgage payments.
Key Findings
In Bozeman, 54% or renters are cost
burdened making it the third most
unaffordable city for renters of the
comparison communities. Boulder and Fort
Collins are even less affordable for renters
while Boise and Ogden are more affordable
with a lower percentage of cost burdened
renters and owners.
Bozeman has the second highest median
home price at about $700,000, second only to
Boulder at $940,000. Home prices in
Bozeman have increased at alarming rates
due to strong job and in-migration of wealth,
and a housing supply that has not kept up.
Economic & Planning Systems | Bridge Economic Development Bozeman Economic Assessment | 26
5. ECONOMIC EQUITY
Relating Wages to Home Prices
Why we measure
Wages are the primary source of household income for
working people. In a balanced housing market, home prices
are related to wages and local household incomes. Bozeman
however has a complex housing market influenced by the
influx of remote workers, second homeowners, early retirees,
and a smaller pool of builders than larger metro area
markets. The supply has not been able to keep up with
demand as exhibited by the rapidly rising home prices.
These influences have detached home prices from local
wages.
Key Findings
Towards the end of 2021, the median home price in the city
was about $700,000, which required an annual income of
approximately $162,000 to afford and is 220% of area median
income (AMI). The table on the next page shows average
wages for each major industry. For a household with one
earner, the average wage is equivalent to the household
income. The table also shows the household income if there
are 1.5 (one full one half time) or 2.0 workers in the household
earning the same wage.
The green shaded cells show the incomes and industries
that pay enough to afford the median home price. Only in
the highest paying industries with two earners is the median
home price affordable.
Bozeman Economic Assessment | 27Economic & Planning Systems | Bridge Economic Development
5. ECONOMIC EQUITY
Relating Wages to Home Prices
Income needed to afford $700,000: $162,000 (220% of AMI
Description Ann. Income % AMI Ann. Income % AMI Ann. Income % AMI
Area Median Income $62,250 $88,900 $88,900
1-person household 4-person household 4-person household
Traded Sectors
Ag./Forest/Hunting $46,300 74.4%$69,450 78.1%$92,600 104.2%
Mining $86,500 139.0%$129,750 146.0%$173,000 194.6%
Utilities D N/A N/A N/A N/A N/A
Manufacturing $53,500 85.9%$80,250 90.3%$107,000 120.4%
Wholesale Trade $68,100 109.4%$102,150 114.9%$136,200 153.2%
Transport./Warehousing $45,200 72.6%$67,800 76.3%$90,400 101.7%
Information $82,400 132.4%$123,600 139.0%$164,800 185.4%
Finance/Insurance $89,800 144.3%$134,700 151.5%$179,600 202.0%
Prof. & Tech Services $87,500 140.6%$131,250 147.6%$175,000 196.9%
Mgmt. of Companies $74,700 120.0%$112,050 126.0%$149,400 168.1%
Admin/Waste Mgmt $39,000 62.7%$58,500 65.8%$78,000 87.7%
Local Sectors
Construction $59,900 96.2%$89,850 101.1%$119,800 134.8%
Retail Trade $38,000 61.0%$57,000 64.1%$76,000 85.5%
Real Estate $50,900 81.8%$76,350 85.9%$101,800 114.5%
Education $36,000 57.8%$54,000 60.7%$72,000 81.0%
Health Care $56,100 90.1%$84,150 94.7%$112,200 126.2%
Arts/Rec $28,700 46.1%$43,050 48.4%$57,400 64.6%
Hotel/Restaurant $24,300 39.0%$36,450 41.0%$48,600 54.7%
Other $39,400 63.3%$59,100 66.5%$78,800 88.6%
Public Admin D N/A N/A N/A N/A N/A
Unclassified D N/A N/A N/A N/A N/A
Source: Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[223016-Self Sufficiency Wages.xlsx]T-AMISector
1-Earner 1.5-Earner 2-Earner
1-Person Household 4-Person Household 4-Person Household
Bozeman Economic Assessment | 28Economic & Planning Systems | Bridge Economic Development
APPENDIX
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♦ Mesa Laboratories
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Legend
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Boundaries
City Limits
Urban Boundary
Downtown Boze man
Montana State University
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APPENDIX: BIOTECHNOLOGY COMPANIES
Bozeman Economic Assessment | 30Economic & Planning Systems | Bridge Economic Development
0
Laser La
Blackmore Sensors and Analyti(/
Quantum Composers
mi
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Legend
♦ Photonics Comp anies
Boundaries
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City Limits
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Downtown Bozeman
Montana State University
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APPENDIX: PHOTONICS COMPANIES
Bozeman Economic Assessment | 31Economic & Planning Systems | Bridge Economic Development
85
♦21 13 ..
Legend
♦ Software co mpanies
Boundaries
City Limits
Urban Boundary
Downtown Bozeman
Montana State University
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APPENDIX: SOFTWARE COMPANIES
Bozeman Economic Assessment | 32Economic & Planning Systems | Bridge Economic Development
APPENDIX: DETAILED LOCATION QUOTIENTS
Bozeman Boulder Boise Corvallis Bend Fort Collins Missoula Ogden Highest Location
Industry Gallatin Boulder Ada Benton Deschutes Larimer Missoula Weber Concentration Quotient
Traded Sectors
Agriculture, forestry, fishing and hunting 1.33 0.38 0.33 3.21 1.12 0.67 1.00 0.43 Corvallis/Benton 3.21
Mining, quarrying, and oil and gas extraction 0.82 0.25 0.17 0.14 0.21 0.79 0.15 0.10 Bozeman/Gallatin 0.82
Information 0.63 0.53 1.14 0.44 0.59 0.49 0.80 1.09 Boise/Ada 1.14
Management of companies and enterprises 0.24 0.54 1.05 0.00 0.73 0.39 0.26 0.24 Boise/Ada 1.05
Professional and technical services 1.20 2.47 1.01 0.92 0.83 1.04 0.91 0.67 Boulder/Boulder 2.47
Wholesale trade 0.76 0.90 1.22 0.00 0.66 0.81 0.85 0.90 Boise/Ada 1.22
Manufacturing 0.70 1.29 0.78 0.91 0.75 1.02 0.47 1.61 Ogden/Weber 1.61
Transportation and warehousing 0.55 0.23 0.70 0.31 0.56 0.57 0.00 0.55 Boise/Ada 0.70
Finance and insurance 0.63 0.53 1.14 0.44 0.59 0.49 0.80 1.09 Boise/Ada 1.14
Local Sectors
Utilities 0.50 0.33 1.03 0.00 1.02 0.45 0.00 0.49 Boise/Ada 1.03
Construction 2.09 0.58 1.39 0.66 1.66 1.35 1.19 1.34 Bozeman/Gallatin 2.09
Retail trade 1.31 0.87 1.05 0.93 1.31 1.10 1.28 1.08 Bozeman/Gallatin 1.31
Real estate and rental and leasing 1.30 0.94 0.95 0.76 1.04 1.24 1.00 0.57 Bozeman/Gallatin 1.30
Administrative and waste services 0.62 0.56 1.38 0.00 0.90 0.81 0.78 1.18 Boise/Ada 1.38
Educational services 0.72 0.79 0.53 0.61 0.62 0.53 0.47 0.66 Boulder/Boulder 0.79
Health care and social assistance 0.72 0.86 1.05 1.21 1.18 0.73 1.22 0.88 Missoula/Missoula 1.22
Arts, entertainment, and recreation 1.99 1.16 1.46 0.78 1.80 1.13 1.66 1.08 Bozeman/Gallatin 1.99
Accommodation and food services 1.47 0.94 1.02 1.05 1.42 1.21 1.28 0.85 Bozeman/Gallatin 1.47
Other services, except public administration 1.39 0.95 0.96 1.32 1.27 1.04 1.57 0.79 Missoula/Missoula 1.57
Source: Economic & Planning Systems
Z:\Shared\Projects\DEN\223016-Bozeman MT Economic Development Strategy\Data\[223016-QCEW.xlsx]T-LQ vs Peers
Bozeman Economic Assessment | 33Economic & Planning Systems | Bridge Economic Development
APPENDIX: INDUSTRY DETAIL
MANUFACTURING
3 Digit NAICS Industry Name Sector Total % Total LQ vs. U.S. Avg. Ann. Includes Description
(Disclosable)Wage Photonics?
Total Private Wage & Salary Jobs 50,672
Total Manufacturing Sector 3,598 7.1%0.70
339 Miscellaneous Manufacturing 532 1.0%2.16 $55,574 Medical equip, sporting goods, musical instr.
334 Computer and Electronic Product Manufacturing 402 0.8%0.90 $88,788 Y Computer, electronic, instrumentation, measuring/controlling, photonics
332 Fabricated Metal Product Manufacturing 391 0.8%0.67 $48,961 Forging, stamping, bending, forming, and machining
312 Beverage and Tobacco Product Manufacturing 367 0.7%3.16 $30,203 Breweries, distilleries, etc.
327 Nonmetallic Mineral Product Manufacturing 290 0.6%1.72 $63,779 Stone, tile, cement products
326 Plastics and Rubber Products Manufacturing 257 0.5%0.87 $43,929 Plastic containers, hardware, plumbing
311 Food Manufacturing 248 0.5%0.37 $36,480 Bakeries, coffee, tea, dairy products
336 Transportation Equipment Manufacturing 150 0.3%0.22 $58,928 Boats, trailers, vehicle parts
337 Furniture and Related Product Manufacturing 144 0.3%0.94 $44,262 Furniture, cabinetry
335 Electrical Equipment, Appliance, and Component
Manufacturing
114 0.2%0.71 $59,485 Y Lighting, electrical, communications, appliances
323 Printing and Related Support Activities 99 0.2%0.62 $38,849 Y Printing, data imaging
314 Textile Product Mills 93 0.2%2.18 $32,668 Textile manufacturing
333 Machinery Manufacturing 88 0.2%0.20 $73,874 Y Optical instruments and lenses, photographic equipment, commercial
laundry and dry-cleaning machinery, office machinery, automotive
maintenance equipment (except mechanics' hand tools), and
commercial-type cooking equipment
321 Wood Product Manufacturing 81 0.2%0.48 $49,465 Wood bldg. materials, manufactured structures
315 Apparel Manufacturing 5 0.0%0.13 $32,572 Apparel
316 Leather and Allied Product Manufacturing 4 0.0%0.39 $18,653 Leather products
Source: Bureau of Labor Statistics; Economic & Planning Systems
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APPENDIX: INDUSTRY DETAIL
PROFESSIONAL & TECHNICAL SERVICES
4 Digit NAICS Industry Name Sector Total % Total LQ vs. U.S. Avg. Ann. Includes Description
(Disclosable)Wage Photonics?
Total Private Wage & Salary Jobs 50,672
Total Prof. & Tech. Svcs. Sector 4,828 9.5%1.20
5415 Computer Systems Design and
Related Services
1,346 2.7%1.44 $141,037 Programming, IT
5413 Architectural, Engineering, and
Related Services
1,094 2.2%1.72 $71,547
5416 Management, Scientific, and
Technical Consulting Services
618 1.2%0.95 $71,652 Environmental, management, administrative,
other scientific consulting
5412 Accounting, Tax Preparation,
Bookkeeping, and Payroll Services
449 0.9%1.04 $53,752
5419 Other Professional, Scientific, and
Technical Services
424 0.8%1.35 $40,502 Marketing, photography, veterinary, other
5417 Scientific Research and
Development Services
337 0.7%1.04 $94,689 Y R&D in life and social sciences.
5411 Legal Services 327 0.6%0.68 $68,183
5418 Advertising, Public Relations, and
Related Services
133 0.3%0.71 $60,349
5414 Specialized Design Services 100 0.2%1.78 $60,754 Y Specialized design except architectural,
engineering, and computer systems design
Source: Bureau of Labor Statistics; Economic & Planning Systems
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APPENDIX: INDUSTRY DETAIL
CONSTRUCTION
3 Digit NAICS Industry Name Sector Total % Total LQ vs. U.S. Avg. Ann. Description
(Disclosable)Wage
Total Private Wage & Salary Jobs 50,672
Total Construction Sector 6,401 12.6%2.09
237 Heavy and Civil Engineering Construction 659 1.3%1.50 $101,284 Roads, infrastructure
236 Construction of Buildings 1,837 3.6%2.72 $59,216 Residential and nonresidential buildings
238 Specialty Trade Contractors 3,906 7.7%2.01 $53,269 Concrete, site preparation, plumbing,
painting, and electrical
Source: Bureau of Labor Statistics; Economic & Planning Systems
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APPENDIX: INDUSTRY DETAIL
TOURISM, RETAIL, AND OUTDOOR RECREATION
3 Digit NAICS Industry Name Sector Total % Total LQ vs. U.S. Avg. Annual Description
(Disclosable)Wage
Total Private Wage & Salary Jobs 50,672
Retail 3,598 7.1%1.31 Retail stores
Recreation 1,819 3.6%1.99 Recreation businesses including ski areas
Accommodations & Food Services 8,190 16.2%1.47 Hotels and restaurants
Cluster Total 13,607 26.9%
Retail
445 Food and beverage stores 1,541 3.0%1.18 $31,786
444 Building material and garden supply stores 1,193 2.4%2.08 $45,429
452 General merchandise stores 1,107 2.2%0.89 $32,580
441 Motor vehicle and parts dealers 1,036 2.0%1.29 $60,870
453 Miscellaneous store retailers 784 1.5%2.52 $31,388
451 Sports, hobby, music instrument, book stores 674 1.3%3.37 $23,189
447 Gasoline stations 541 1.1%1.39 $25,669
442 Furniture and home furnishings stores 392 0.8%2.26 $49,206
448 Clothing and clothing accessories stores 341 0.7%0.83 $25,758
446 Health and personal care stores 250 0.5%0.61 $34,298
454 Nonstore retailers 221 0.4%0.89 $60,018
443 Electronics and appliance stores 110 0.2%0.59 $43,276
Recreation, Hotels, Restaurants
722 Food services and drinking places 5,054 10.0%1.23 $20,992
721 Accommodation 1,857 3.7%3.13 $33,408
713 Amusements, gambling, and recreation 1,216 2.4%2.27 $26,058 Includes ski areas
711 Performing arts and spectator sports 124 0.2%0.88 $36,767
712 Museums, historical sites, zoos, and parks 116 0.2%---$45,924
712 Museums, historical sites, zoos, and parks 116 0.2%---$45,924
Source: Bureau of Labor Statistics; Economic & Planning Systems
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APPENDIX: INDUSTRY DETAIL
CREATIVE ARTS
Industry 3 Digit
NAICS
NAICS Description Private
Total
Establish-
ments
% of
Disclosable
Total
LQ vs. U.S.Avg. Ann.
Wage
Hourly on
2080 Hours
Total Private Wage & Salary Jobs 50,672 100.00%
Publishing 323 Printing and related support activities 99 9 0.20% 0.62 $38,849 $18.68
Film/TV/Media 512 Motion picture and sound recording industries 73 70 0.14% 0.58 $43,148 $20.74
5418 Advertising, pr, and related services 133 40 0.26% 0.71 $60,349 $29.01
54192 Photographic services 24 32 0.05% 1.60 $37,168 $17.87
Design 5419 Other professional and technical services 424 83 0.84% 1.35 $40,502 $19.47
5414 Specialized design services 100 43 0.20% 1.78 $60,754 $29.21
Performing Arts 711 Performing arts and spectator sports 124 46 0.24% 0.88 $36,767 $17.68
7111 Performing arts companies 35 8 0.07% 1.06 $18,147 $8.72
All other Performing arts and spectator sports 89 38 0.18%---------
Museums and Galleries 1 712 Museums, non-retail galleries, historical sites, and similar institutions 127 10 0.25% 1.96 $49,504 $23.80
Total Creative Cluster 1,104 333 2.18%$41,241 $19.83
1 Museums and Galleries includes publicly owned facilities such as Museum of the Rockies housed at MSU which skews wages upward.
Source: U.S. Bureau of Labor Statistics; Economic & Planning Systems
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Bozeman Economic Assessment | 38Economic & Planning Systems | Bridge Economic Development
ATTACHMENT B
EVS ACTION MATRIX
GOAL 1: PROVIDE OPPORTUNITY FOR GALLATIN VALLEY RESIDENTS
Objective 1.1: Enhance the small business development ecosystem
Progress Check-in
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org Partners Notes and/or Potential
Resources
A. Convene providers to map the various programs
available for different business sizes and types to 1) better
communicate available resources and 2) determine gaps
in service provision.
x More small business
owners access programs
Number of new businesses
accessing services
City of
Bozeman
Prospera,
NRMEDD,
Chamber, DBP
Tie to proposed business,
retention and expansion (BRE)
program identified in Action 2.1.G
B. Create a resource guide outlining available programs
and contact information. x Small businesses are more
likely to succeed and grow
Resource guide is created
and maintained annually.
City of
Bozeman
Prospera,
NRMEDD,
Chamber, DBP
Staff time
C. Convene service providers to determine if there is an
opportunity to start a microenterprise service for under-
represented businesses. Build off culture and concept of
Women Business Center that provides a welcoming safe
space for a specific group.
x More small businesses are
started or grown
Capital and technical
services are provided to
under-represented
businesses at no or low cost
City of
Bozeman
Prospera,
NRMEDD, MOFI
Seed funding can come from
Community Development Block
Grant (CDBG). MESO of Oregon
should be considered as a best
case example.
https://www.mesopdx.org/
D. Develop a business services roundtable comprised
of underrepresented business owners and employees, to
advise the City of Bozeman on its business friendliness
for small businesses especially owned by under-
represented individuals.
x Remove barriers to starting
a new business
Roundtable is created and
provides recommendations
City of
Bozeman Small businesses Staff time
Objective 1.2: Provide comprehensive and coordinated skills development starting with child care through middle school and higher-ed
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org* Partners** Notes and/or Potential
Resources
A. Explore opportunities to amend Montana statute(s) to
allow HOAs to permit in-home child care. x More affordable child care
opportunities are available Statute(s) amended City of
Bozeman MLCT/MACO Staff time
B. Elevate the issue of child care as critical
infrastructure to support workforce development and
promote equitable early education opportunities for under-
represented communities.
x More affordable child care
opportunities are available
An increase in day care
providers
City of
Bozeman MLCT/MACO Staff time
C. Engage middle school students (6-8 grades),
teachers and administrators in STEAM career opportunity
conversations.
x
Build awareness of future
career opportunities to
access living wage jobs
High-school graduation and
dropout rate, including under-
represented students
Belgrade and
Bozeman
School District
Gallatin College
and MSU
Specifically consider rural
communities.
Green text indicates actions developed in collaboration with education partners. 1 of 8
D. Evaluate gaps and needs with partnerships between
Gallatin Valley’s high schools and higher education
leaders and industry to identify and develop opportunities
for intentional engagement of students.
x
Enhance early skills
development to prepare for
higher-education
opportunities
New programs identified and
implemented Gallatin College
MSU, Belgrade and
Bozeman School
District
Superintendents
Organizations are already
meeting and anticipate draft
direction in October
E. Communicate to 9-12 students opportunities with
existing Gallatin College programs pertaining to
manufacturing, health care, and cyber-security
x
Increase job opportunities,
particularly for under-
represented individuals,
within these industries
Report number of jobs within
the industries and percentage
of under-represented hires
Gallatin College
and MSU
Belgrade and
Bozeman School
District CTE
Program Director
Specifically focus on programs for
jobs in high demand with good
wages and fewer years of
education requirements.
F. Support youth art programs that promote mental
health and encourage creative thinking x Increase youth mental
health and career skills
Number of programs and
students attending
Arts Industry
Council (AIC)
Belgrade and
Bozeman School
Districts, City of
Bozeman
Staff time and grants (potentially
Montana Arts or NEA) to fund
program
Objective 1.3: Improve access to career opportunities for local and surrounding rural residents
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org* Partners** Notes and/or Potential
Resources
A. Promote Montana State University's new Extension
Center Master Remote Work Professional Certification
that provides training for rural residents.
x Increase participation of
rural residents
Number of completed
certifications
City of
Bozeman
MSU Extension
Center Staff time
B. Create and support specific workforce development
programs in building sciences (construction trades)
specializing in green technology. Specifically, consider
programs in heating, ventilation, and air conditioning
(HVAC) systems, to provide the workers needed to
improve the efficiency of existing and future building
stock.
x
Increase job opportunities
and improve energy
efficiency of building stock.
Number of skilled HVAC
construction workers in
Gallatin Valley
Gallatin College City of Bozeman
Increasing the amount of this
skilled workforce directly supports
necessary actions to address
climate change.
C. Develop virtual small business development
programs for rural residents and those that speak English
as a second language
x
Increase opportunities to
start small businesses and
build wealth
Number of people attending
classes
City of
Bozeman
Local EDOs and
language training
providers
These programs are currently
available through MESO and
could be developed locally with
new microenterprise program.
World Language Initiative may
provide services as well.
Green text indicates actions developed in collaboration with education partners. 2 of 8
GOAL 2: SUPPORT A DIVERSE ECONOMY
Objective 2.1: Focus on traded sector industries that are emerging and can increase exports
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org* Partners** Notes and/or Potential
Resources
A. Support quantum computing university research and
development through continued investments in MonArk
labs, Spectrum Labs, and the upcoming NSF Type I
application for a Regional Innovation Engine.
x Continued university R&D
in quantum computing Enhanced research funding MSU and MSU
IC
City of Bozeman
and local EDOs
National Science Foundation
(NSF) grant
B. Support the analysis and development of the
quantum computing supply chain and the unique
strengths in Gallatin Valley x
Supply chain study to
define the types of
companies needed to
support this new industry
within Gallatin Valley
Study is complete and shared
with economic development
community.
MSU VP of
Research and
Graduate
City of Bozeman
and local EDOs
This would be part of the Type 1
application, but fund through
Economic Development
Administration (EDA) or Inflation
Reduction Act (IRA) if not
awarded.
C. Create an incubator with specialized equipment for
new private small research companies within the quantum
and photonics industries
x
Private business can share
equipment for testing and
collaborate to foster
innovation.
Incubator is established. City of
Bozeman
NRMEDD, MSU IC,
MSU TTO EDA and NSF grant
D. Explore the development of biotechnology lab space
to support emerging businesses x
New biotechnology
companies are started or
attracted
Biotech lab space is created. City of
Bozeman
Biotech
Association, MSUs
TTO, and Local
EDOs
Explore collaborating with new
Industry project at MSU IC.
Economic Development
Administration (EDA) could
provide grant for lab space tenant
improvements.
E. Develop a formal business, retention and expansion
(BRE) program in collaboration with partners focused on
industries associated with manufacturing: Photonics,
Outdoor Equipment, Specialty Manufacturing, and
potentially Climate Tech
x
Understand barriers and
opportunities specific to
manufacturing to help them
stay and grow.
Program is defined with
identified number of
businesses that will be
visited.
City of
Bozeman
NRMEDD,
Prospera
Staff time. BRE of existing
companies (instead of recruiting
new companies) is the most
effective way to grow
employment opportunities
sustainably.
F. Work with MSU and other stakeholders to pursue the
CHIPS Act investment grant. x
Articulate competative
advantage for Montana to
support the semiconductor
industry
Grant application submitted MSU
City of Bozeman,
NRMEDD,
Prospera
Staff time
Green text indicates actions developed in collaboration with education partners. 3 of 8
Objective 2.2: Enhance development of the talent pipeline
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org* Partners** Notes and/or Potential
Resources
A. Support development of a purpose built campus for
the technical and trades facility at Gallatin College x Training facility provides
the necessary workforce Training facility is built Gallatin College City of Bozeman
and Local EDOs Staff time. State budget allocation
B. Host a photonics/optics event at the County
Fairgrounds during the Fall to expose community to
career opportunities.
x x x Educate community on
photonics industry
Number of students that
attend event. Gallatin College
Private photonics
firms, City of
Bozeman, MSU
Consider private company
sponsorships
C. Aid and support local school districts by offering
suggestions for developing a working
relationship among businesses, labor organizations, and
educators
x
School districts can
provide current information
on career opportunities
and help develop
necessary skills needed by
Changes in information
provided to students
influenced by private
business engagement
Private industry
associations
City of Bozeman,
Local EDOs,
Education partners
Explore this type of engagement
through BRE outreach
businesses
Higher-ed students
D. Facilitate the creation of opportunities for students to
engage with local businesses, such as internships,
apprenticeships, work-based learning and job shadowing
x
discover local job
opportunities while in
school and are more likely
Number of new internships
and programs created at
private businesses.
Private industry
associations
City of Bozeman,
Local EDOs,
Education partners
Explore this type of engagement
through BRE outreach
to stay in Gallatin Valley
Green text indicates actions developed in collaboration with education partners. 4 of 8
Objective 2.3: Elevate a growing creative arts industry cluster
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org* Partners** Notes and/or Potential
Resources
A. Support the expansion of film degree programs at MSU
to leverage emerging Digital Film industry x Access opportunities with
the Digital Film industry
Students enrolling in
programs.
MSU Film
Department
Local EDOs, City of
Bozeman, Montana
Film Office, local
members of the
film industry,
supportive state
legislators
Existing MSU program
B. Convene* an arts industry council with broad
representation including representation from the BIPOC
community, women and other marginalized groups, to
leverage all the arts organizations to implement the goals
and objectives of the EVS, DEI initiatives, and 1% arts
program.
* “Convene” in this context means to provide a space for
arts and culture advocates to come together for a meeting
or activity to organize and/or create an independent arts
industry council unaffiliated with the City of Bozeman.
x
Foster an aligned vision
and direction for arts
organizations
Actions that are implemented City of
Bozeman
All arts
organizations
including but not
limited to the
Symphony,
Emerson, Sweet
Pea Festival,
Ballet, Opera, and
Art Museum
Staff time to schedule and host
meetings. The AIC is responsible
for agenda and implementation.
C. Promote and encourage enrollment in the Montana
Artrepreneur Program (MAP) https://art.mt.gov/map x
Provide training for a
sustainable business life in
the arts
Number of artists that receive
training AIC
Montana Arts
Council, City of
Bozeman
Staff time
D. Explore creative placemaking opportunities within the
city x
Enhance integration of arts
with community
development
Number of projects executed AIC City of Bozeman Staff time
Green text indicates actions developed in collaboration with education partners. 5 of 8
GOAL 3: BUILD A MORE RESILIENT REGION
Objective 3.1: Increase amount and access to housing for all
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org* Partners** Notes and/or Potential
Resources
A. Ensure that short term rentals (STRs) are licensed
and complying with City regulations. X
City recovers
administrative and
enforcement costs.
Neighborhood impacts are
managed.
Number of STRs licensed
STRs. Resident satisfaction
with STR programs.
City of
Bozeman
Housing, Code
Enforcement, and
Legal Departments
Staff time
B. Evaluate the potential impacts of STRs on housing
availability for the full time resident workforce. X
Study/documentation of
characteristics of STR
inventory.
Quantification of number of
STRs potentially available as
full-time residences.
City of
Bozeman
Realtors, property
managers, lodging
groups
Staff time and consultant
engagement
C. Explore the feasibility of additional regulatory tools to
mitigate the impact of STRs and part-time homes on the
housing supply. Specifically examining regulatory fees on
STRs and a housing vacancy tax.
x Housing supply is
increased or maintained.
Number of STRs, rental
rates, rental vacancy rates. City of
Bozeman
Housing, Code
Enforcement, and
Legal Departments
Staff time and consultant
engagement
D. Explore a land acquisition policy recognizing funding
is barrier. x Increase supply of housing
for GV workers
Housing units developed by
private sector businesses
City of
Bozeman
Private sector
partners
First Security Bank Housing
Fund, potential Prospera Impact
Fund
E. Explore building more housing through a co-
operative agreement amongst private businesses. x Increase supply of housing
for GV workers
Housing units developed by
private sector businesses
City of
Bozeman &
various private
sector partners
Private sector
partners
First Security Bank Housing
Fund, potential Prospera Impact
Fund
F. Promote housing down payment assistance program x Increase opportunities to
access home ownership
Number of residents that
have received assistance
City of
Bozeman HRDC and MOFI MOFI
G. Explore the city zoning restriction on maximimum
occupancy within a residence. x Increase access to
available housing Evaluation of zoning code City of
Bozeman
MSU Office of
Student
Engagement
Staff time
H. Explore creation of a public-private partnership and
sub-area plan for redevelopment of the West Side Houses
for non-traditional students.
x
Increase supply of housing
for MSU non-traditional
and graduate students
Number of housing units City of
Bozeman
MSU Office of
Student
Engagement,
private developers
Staff time, private equity
Green text indicates actions developed in collaboration with education partners. 6 of 8
Objective 3.2: Develop a sustainable city to support climate change mitigation
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org* Partners** Notes and/or Potential
Resources
A. Increase support and awareness for the existing City
of Bozeman water efficiency program x
Reduce water consumption
to extend the use of a
limited supply of water
Increased use of the city's
water conservation programs
City of
Bozeman
City residents and
businesses Staff time
B. Actively promote the existing commercial property-
assessed clean energy (CPACE) financing structure that
allows building owners to borrow money for energy
efficiency projects.
x Improves building energy
efficiency
Number of loans and projects
implemented
City of
Bozeman
City residents and
businesses Staff time
C. Explore the development of an award that recognizes
investments in buildings and sites to encourage
sustainable development practices.
x
Recognizes good practices
to encourage investment
by others
Number and type of projects
submitted for awards
City of
Bozeman
City residents and
businesses Staff time
D. Support proposed changes to Bozeman Zoning code
to allow for smaller housing units on smaller lots x
Provide more housing at a
lower price with reduced
costs for infrastructure
expansion
Number of housing units City of
Bozeman
Bozeman City
Commission Staff time
E. Support City of Bozeman's investment in multi-modal
transportation options, including strategies to support
electric vehicle (EV) charging strategies.
x
Provide residents diverse
travel options alternative to
a car when appropriate
Number of projects
constructed
City of
Bozeman
Streamline, MDT,
DBA, TCC Staff time
F. Work with Northwestern Energy to foster
development of non-fossil fuel energy production x
Reduce greenhouse gas
(GHG) emissions by
reducing use of fossil fuel
Northwestern Energy fuel
source
City of
Bozeman and
Northwestern
Energy
Local EDOs Staff time and IRA
Green text indicates actions developed in collaboration with education partners. 7 of 8
Objective 3.3: Foster a culture focused on climate change resilience
Action 1 - 2 yr 3 - 4 yr 5 yr Priority Outcome Metric (how to measure) Lead Org* Partners** Notes and/or Potential
Resources
A. Develop a Climate Technology industry group to
identify existing companies, barriers to growth, and
workforce needs. This information will define the Climate
Technology industry unique to Gallatin Valley.
x
Develop awareness of
climate tech companies
and begin to support their
growth
List of companies and
defined needs is created.
Businesses meet to share
interests and collaboration.
City of
Bozeman
Local EDOs, MSU
TTO, Energy
Research Institute
(ERI), Snow Lab,
Optics/Sensing,
Precision
Agriculture
Climate Technology is a broad
field that includes data analytics,
construction materials, carbon
sequestering, agriculture
production methods, etc. One
"lane" should be defined for GV
to make progress.
B. Advocate for an MSU Agriculture Department
initiative to create innovation hub for Western US that
aligns research with agriculture producers and advances
precision agriculture
x
Develop new agriculture
practices that reduce water
consumption and conserve
soil integrity
Application for an Innovation
Hub is submitted
MSU
Department of
Agriculture
City of Bozeman
and Local EDOs Staff time
C. Explore the development of a program that supports
and promotes new startup companies (e.g. awards and
small grant award) in the defined Climate Technology
cluster.
x
Actively support local
emerging companies and
convey to community that
climate change is being
addressed
Number of new climate tech
companies promoted
City of
Bozeman
MSU TTO, MSU IC
and Local EDOs
CDBG, Venture Capital,
Foundations
D. Explore the development of private incubator that
supports the defined Climate Technology cluster. x
Develop new technologies
to help community adapt to
impacts of climate change
Number of new climate tech
companies created
City of
Bozeman
MSU TTO, MSU IC
and Local EDOs
EDA, Department of Agriculture,
IRA
E. Explore the creation of a regional non-profit Green
Bank for funding new climate resilient infrastructure.
https://greenbanknetwork.org/what-is-a-green-bank-2/
x
Facilitate private
investment into domestic
low carbon, climate
resilient (LCR)
infrastructure and other
green sectors
Establish the Bank City of
Bozeman Local EDOs
IRA may capitalize a national
Green Bank that could fund the
regional bank through grants or
loans.
Green text indicates actions developed in collaboration with education partners. 8 of 8