Economic Development Data for Boise

Boise Population

Approximately 143,000 employees reside in city limits

Approximately 325,794 employees reside within 45-minute drive

Median Age, 2008: 34.5

Average household income, 2008, est.: $58,236
Median household income, 2008, est.: $74,005
Average home price, 2008: $230,000
Per capita income, 2008: $31,328
Cost of living index, 2007: 97.7

Educated Workforce

Boise State University

Nearly 2,400 baccalaureate and associate degrees conferred per year
Nearly 500 graduate degrees conferred per year
$26.8 million in research grants/contracts

Top Undergraduate Majors for 2008
Business Management
Psychology
Elementary Education
Accountancy
Criminal Justice
Communication
Biology

University of Idaho - Boise

28 graduate degree or executive certificate programs
100 faculty in its graduate degree programs

College of Western Idaho - Regional Community College

Opened January 2008

Market Access

Freeways - I-84 provides quick access to downtown Boise, surrounding cities and airport facilities

Rail - City intends to activate rail going past airport and into industrial-zoned properties by end of 2009

BOI - Boise Airport

Less than 10 minutes from downtown Boise
Less than 1 hr, 30 minutes by air to Seattle, Portland, Bay Area, Reno, Salt Lake City
Less than 2 hr, 30 minutes by air to Denver, Los Angles, Phoenix
9 major airlines, with direct flights to several major cities

Low Cost of Business

Energy

Second lowest in energy costs in the western states
Hydropower is dominant source of electricity in the region
Much of downtown Boise is heated by geothermal energy

Taxes

Corporate income tax rate 7.6
Individual income tax is graduated from 1.6 to 7.8%
Average property tax rate is 1.9% (one of the lowest in the US)
Retail sales are taxed at 6%
Unemployment taxes

Development Project Permitting

On average, less than 5 days for small- and medium-sized projects
On average, under 4 weeks for major projects

Project Management

The city has implemented a project management program for certain qualifying projects in which a specialist is assigned to the project to help the company smoothly navigate the permitting process.

Boise Facts

Area: 64.0 sq. mi
Elevation: 2512 feet above sea level
Sunny Days: 210

Average summer high temp: 90.6 F
Average winter low temp: 36 F
Annual precipitation: 12.11

Amenities

Parks

137 parks
22.5 miles of greenbelt pathways

Trails

125 miles of trail in the foothills are available for mountain biking and hiking

Downtown

Parking

First Hour Free in the Central Parking District
6 covered parking garage locations near shopping and restaurants
Over 1.5 million annual parking visits
Monthly parking rates $100
Available parking

Business Climate

Largest dynamic, prosperous, vibrant urban center within a 300-mile radius
Center of government, business, culture and entertainment for over 460,000 people
Employs 33,700 people
Home to more than 700 businesses that range from major employers to the entrepreneur
Business incubators focus on entrepreneurship and innovation in high-tech
Home to over 300 retail and service businesses - 81% locally owned, 90 restaurants - 76% locally owned
Home to Boise State University; 19,540 students
The technology sector contributes more to Idaho's gross economy than agriculture, timber and mining combined

Development

123 new residential units completed since 2007, 137 to be completed in 2009
96,609 of new office square footage since 2005
143,909 of new retail square footage since 2005
Idaho's first LEED Platinum office building - Banner Bank Building
Renovated 112-room luxury boutique hotel and an ultra-modern remodeled 1960s motel

Office and Retail

Downtown Boise had the second highest submarket absorption rate in the Boise Valley in 2008
41% of office inventory of 10,000+ SF is in downtown
Lower vacancy rates than the overall Boise Valley 9.5 to 4.6%
Average full service asking rents in 2008 were:
- Class A - 19.92
- Class B - 16.97
- Class C - 12.07
- Overall - 17.56
12% retail vacancy rate downtown
10 national retailers downtown

National Retailers
Ann Taylor
Anthropologie
Chico's
Helly Hansen
Jos A. Bank
Office Depot
The North Face
Title Nine
Urban Outfitters
White House - Black Market

Visitors & Tourism

85,000-foot convention center hosts close to 250,000 event participants each year
5,000-seat event center is home to 3 professional sports teams and hosts latest touring concert artists
1,469 downtown hotel rooms
20 golf courses within 20 miles of downtown
45 minutes from Bogus Basin Ski Resort
45 minutes from whitewater rafting on the Payette River

Quotes

"Boise is a vibrant market, and its downtown is one of the exceptional urban cores in America for its energy, safety, great employments base and university," says BoDo developer Mark rivers, a principal with Brix & Co.
Horizon Air Magazine, April 2005

"Downtown Boise has been following a pattern common to cities as they revitalize their cores: offices by day, dining and nightlife after hours and on weekends," says Michael Gifford, executive director of Idaho Associated General Contractors. "The market has figured out there's a demand for these cool old buildings to be used for brew pubs, boutiques and housing."
Horizon Air Magazine, April 2005

"The range of dining options was another surprise about this multi layered city." Andrew Nelson.
National Geographic Traveler, March 2006

"In Washington people ask where you work or went to school," say Adrienne Swain smith, 36, who moved to Boise with her husband and two daughters from the East Coast a year ago. "Here it's 'what type of dog do you have?' or 'where did you get your bike?'"
CNNMoney. com Best Places to Live 2006

"Boise's connection to nature runs deep," says historian Cort Conley, author of Idaho for the Curious.

"I don't think it's overstatement to suggest that our town represents everything that remains great about America: potential, youth, natural beauty, quality of life. When we visit friends who live elsewhere, they ask, 'Boise? Really? Why do you live there?' But when friends visit us, they say, 'Oh, wow, now I see.'" Anthony Doerr, Smithsonian magazine, April 2009.