Economy of Arvada, Colorado

Arvada is a city located in Jefferson and Adams counties in the Denver metropolitan area of Colorado. With a population of around 120,000 residents, Arvada has a diverse and thriving local economy.

This article will provide an in-depth look at the various aspects of Arvada’s economy, including major industries, businesses, employment, income levels, and economic development initiatives.

Major Industries and Employers

Some of the biggest industries that drive Arvada’s economy include:

Technology and Manufacturing

• Tech companies like Lectra and CSG International have major offices in Arvada.
• Manufacturers like Honeywell, Molson Coors, and Terumo BCT are also major employers.
• These provide high-paying jobs in engineering, IT, manufacturing, and more.

Retail and Hospitality

• With its location near major highways and residential neighborhoods, Arvada has many retail stores and restaurants.
• Major retail employers include Walmart, Home Depot, Target, and King Soopers.
• The hospitality industry provides jobs in hotels and tourism-related businesses.

Healthcare

• As a regional hub, Arvada has several large hospitals and clinics including Lutheran Medical Center, Rocky Mountain Cancer Centers, and Concentra Urgent Care.
• Many residents work in healthcare jobs from doctors to nurses to technicians.

Education

• Jeffco Public Schools, one of the area’s largest school districts, provides many education jobs.
• There are also several private schools and colleges in Arvada employing teachers and administrators.
• Red Rocks Community College is a major employer providing jobs to faculty and staff.

Construction

• With its rapid growth, construction is a major employer in Arvada.
• Home builders like Century Communities and Village Homes have developments in Arvada.
• Commercial construction companies also have a strong presence building new offices, retail, and infrastructure.

Government and Utilities

• As a city and county seat, Arvada has many government jobs from city and county administration to public utilities.
• Xcel Energy, the major electric and gas utility, employs technicians and engineers at facilities in Arvada.

Major Companies and Businesses

In addition to the major industries and employers above, some notable large companies based in Arvada include:

• Allstate Insurance – The insurance company has a large regional office in Arvada.
• HomeAdvisor – The home services digital marketplace owned by ANGI Homeservices has its headquarters in Arvada.
• GS1 US – This major barcoding and supply chain standards organization has one of its main offices in Arvada.
• American Furniture Warehouse – The furniture retailer started in Arvada and still has a distribution center in the city.
• Vicinity Bank – This Colorado-based community bank has roots in Arvada with several branches still located in the city.

Some other major retail, restaurant, and hospitality businesses with a large presence in Arvada include:

• Walmart Supercenter
• Sam’s Club
• Home Depot
• Target
• Chick-fil-A
• Cracker Barrel
• Hampton Inn
• Hilton Garden Inn
• Courtyard by Marriott
• Chili’s
• Red Lobster
• Olive Garden

Arvada also has a thriving small business community with over 9,000 small and independent businesses operating in sectors like healthcare, retail, restaurants, professional services, construction, and more. The Arvada Economic Development Association provides support to these small businesses and startups.

Employment and Income

According to the latest data from the U.S. Census Bureau:

• The unemployment rate in Arvada is around 3.1%, lower than the national average of 3.5%.
• The median household income in Arvada is $83,532, significantly higher than the US median of $65,712.
• About 63% of Arvada residents work in white collar jobs – managerial, professional, sales and office occupations.
• The largest employment sectors are education, healthcare, retail trade, and professional services.
• Only 2.4% of residents have income below the poverty line.

This data indicates a strong local economy with abundant employment opportunities in high paying occupations. The education levels of residents are also higher than average with over 46% having a bachelor’s degree or higher.

Recent Economic Development

Arvada has seen robust economic development in recent years with business expansion and infrastructure investments. Some major initiatives include:

Arvada Ridge Redevelopment

This $230 million project redeveloped a former Army site into a hub for healthcare, retail, hospitality, and office space expected to create over 1,000 jobs.

Ralston Fields Shopping District

A new 160-acre retail complex opened in 2020 with stores like At Home, Sierra Trading Post, HomeGoods, and entertainment like Main Event bowling/arcade.

Expansion of Light Rail Service

The new G Line light rail opened in 2019 connecting Arvada to Denver’s public transportation network to spur development.

Olde Town Arvada Streetscape Project

Downtown Olde Town underwent a major beautification project to improve walkability and attract new businesses.

Arvada Grandview Interchange

A new highway interchange opened to reduce congestion and provide improved access to Grandview, an area with lots of new development.

Business and Economic Outlook

The economic outlook for Arvada remains positive as the city and region continue to experience strong population and economic growth.

Arvada’s high-income demographics, educated workforce, quality of life, and business-friendly environment make it attractive for corporate relocations and expansions. The city’s location near Denver and major transportation networks will also help drive continued development.

While broader economic challenges like inflation, rising interest rates, and labor shortages may cause some headwinds, Arvada is poised for healthy job growth and economic expansion in the years ahead. The city’s economic development team will also continue initiatives to support existing businesses and attract new companies to diversify the employment base.

Overall, Arvada has a robust local economy that provides ample jobs and opportunities across major industries. The city’s recent development projects, low unemployment, and higher than average incomes demonstrate a region with strong economic fundamentals. Arvada’s diverse mix of industries and pro-business policies will enable the city to weather any storms ahead while continuing its upward economic trajectory.