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Great Falls Montana Economic Development
Index 4th Quarter 2022
New workforce apartment developments announced during quarter: 755 units
New affordable senior apartments in Carter Commons project: 24 units
Blackfeet Nation and Confederated Salish and Kootenai Tribes broadband grant won during quarter: $74.8 million
Number of species of produce and herbs produced by new Ever Westward organic farm: 50+
Number of impressions Great Falls Tourism’s paid media placements generated in 2022: 27 million
Impressions Great Falls tourism’s owned media efforts generated: 5 million
Local business partners in new Great Falls College MSU CDL training program: 15
Gross Domestic Product (GDP) growth in Great Falls MSA in 2021: 10.3%
2021 GDP in Great Falls MSA (Cascade County): $3,976,509,000
2021 increase in personal income in Great Falls MSA: 6.5%
Total personal income growth in Great Falls MSA in 2021: $279 million
Increase in per capital personal income in Great Falls MSA in 2021: 6.3%
Dollar amount of per capital personal income increase in 2021: $3,189
Growth in employment in 12 months ending 2022Q3: 3.1%
Biggest industry employment growth: Construction 19%
Number of online job postings for Great Falls MSA at end 2022Q3: 2,763
Estimated new labor demand to fill jobs in Great Falls MSA in 2023: 4,274
Projected employment growth in Great Falls MSA by 2025: 3,580
Projected growth in annual wage earnings by 2025: $212 million
Annual total retail sales projected growth: $158 million
Increase in average annual wage in Great Falls MSA in 12 months ending 2022Q3: 7.9%
Average annual wage growth in 12 months ending 2022Q3: $3,647
Average annual wage in 2022Q3: $49,728
Growth in total wages in Great Falls MSA earned in 12 months ending 2022Q2: 10.2%
Dollar amount of annual total wage growth Great Falls MSA in 12 months ending 2022Q2: $192 million
Cost of living in Great Falls in 2022 compared to national average: 87.4%
Salt Lake City cost of living in 2022: 108.3%
Bozeman cost of living in 2022: 122.1%
Additional acres GFDA purchased during quarter for Great Falls AgriTech Park: 28
Total new companies added to our CRM during quarter: 180
Companies we actively engaged with during quarter: 488
Target activity this quarter (companies and developers we have targeted to try to attract into Great Falls trade area): 68
New leads generated this quarter (companies and developers with planned investments that are considering Great Falls trade area): 42
New projects generated this quarter (investments in Great Falls trade area planned by companies and developers): 25
Site selection consultants networked with face-to-face during quarter: 18
Business Pitch events we hosted across region during quarter: 4
Entrepreneurs, future entrepreneurs, and businesses in Great Falls trade area advised by GFDA during quarter: 121
Of these, number of new advising clients: 44
Entrepreneur and business training sessions offered during quarter: 8
Number of training participants: 62
Number of businesses active with our Procurement Technical Assistance Center during quarter: 175
Amount of government contracts won by clients during quarter: $7,105,477
GFDA gap and bridge loans closed during quarter: $282,500
Additional private investment leveraged by GFDA loans: $363,560
GFDA gap and bridge loans approved during quarter: $2,190,835
Additional private investment to be leveraged: $5,275,549
Loan participations submitted to state for approval: $1,229,249
Additional private investment to be leveraged: $2,672,762
Current SBA 504 fixed 25-year effective loan interest rate with 10% down: 6.31%
Current 10-year equipment effective fixed rate: 6.433%
Free Brownfield assessments completed during quarter: 2
Downtown Great Falls businesses opened during quarter: 4
Montana net migration rate in FY 2021: 19.2%
In FY 2022: 16%
Share of Montana in-migrants working from home in 2020-2021: 22%
Nonresident travel spending in Montana in 2021: $5.15 billion
Nonresident travel spending in central Montana region in 2021: $621 million
Bioscience industry jobs in United States: 1.6 million
Average bioscience salary: $107,000
Montana bioscience job growth from 2015-2020: 30%
Number of biotech jobs in Montana: 3,200
Number of biotech jobs in Utah: 34,000
For info contact Jolene Schalper at [email protected] or 1-406-750-4481
PDF of GFDA 2022Q4 Index
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