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Location Neutral Business: Assessing Economic Impact

Gain an understanding of the magnitude of location neutral businesses (LNBs) in mountain town economies. Learn what LNBs are, how to assess their size in the local economy, and what they need and want. Explore the economic impact of LNBs in Steamboat Springs.

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Location Neutral Business: Assessing Economic Impact

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  1. Location Neutral Employee/Business Influence Assessing the Economic Impact June 10, 2014 Scott L. Ford Pinnacle Economic Research Group scottford53@gmail.com 970.819.9630

  2. Gain An Understanding Of The Magnitude Of The Most Significant Trend In Mountain Town Economies • What Is A Location Neutral Business? • A Method To Assess Their Size In The Local Economy. • What LNBs Need/Want & How To Provide It. What Have LNBs It Been Worth To Steamboat Springs?

  3. Location Neutral Business (LNBs) & Location Neutral Employees (LNEs) Any Individual / Business that derives 80% or more of their Labor Source Income from activity outside the area where they live. Typically “one-man (woman)”bands Not Industry Sector Specific Avoid using the term “Lone Eagle” / They are not “Hermits” / They are your neighbor.

  4. Steamboat Springs/ Routt County LNB Story 2003 Outputs Inputs Peter the Micro Chip Designer & His Dog Mattie Economic Impact Of An Individual Is Where They Live

  5. Assessing the Magnitude of LNBs Data & The “Root” Sources: Bureau of Labor Statistics • Where One Works • Unemployment Insurance IRS-Bureau of Economic Analysis – Census – ACS • Where One Lives • Annual Tax Return Brave New World of Mega-Data

  6. Data Indicators Magnitude vs. Precision Establishing a Baseline of “Work From Home” 1980 = 4.5% 2012 = 11.5% Delta = 6.9% This Data Recipe Card is Available

  7. Characterizations of The Economy Of Steamboat Springs? • Tourism • Mining • Agriculture LNBs As A Source Of Household Income > Arts, Entertainment, And Recreation, & Accommodation And Food Services (Tourism) Size of the Support Infrastructure Magnitude

  8. Physical Infrastructure Needs of LNBs Broadband is the Equivalent of the Railroad • Speed and Cost Matters: • Benchmark against the Metro Area Residential Services. Choice Where One Lives Cannot Inconvenience Clients or Employer.

  9. Social Infrastructure Needs of LNBs: LNBs are Social Creatures BE A GREAT PLACE TO LIVE!! • Access to Recreation • Natural Beauty • Schools (PK – College) • Health Care • Arts/Culture

  10. What LNBs have Been Worth to Steamboat Springs / Routt County? Equivalent To Attracting A New Business To Town EVERY YEAR (Since 2003) That Has between 50 & 75 Employees That Pay An Average Of $100K Per Job Questions/Comments

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