Site-selection experts say speed, infrastructure and intentional collaboration are key to attracting new businesses to the Grand Valley.

Brandon Leuallen, The Business Times

As Grand Junction eyes future economic growth, a panel of national site-selection professionals said the region’s natural beauty, strategic location and new leadership could give it a competitive edge. That’s if it can overcome significant hurdles, such as slow speed to market, limited commercial inventory and high housing costs.

Speaking at the annual Western Colorado Economic Summit, following a two-day tour of the area, representatives from four site-selection firms outlined the challenges and opportunities for attracting new companies in today’s market.

The panel, “Attracting Investment: A Conversation with Site Selection Professionals,” was hosted by Brad McCloud, area manager of Xcel Energy.

On speed to market, Savannah Jermance of Ryan LLC, a Dallas-based corporate tax consultancy, said, “Taking two years to develop a 50,000-square-foot commercial space is surprising — and not in a good way. It would have taken longer in California, but that’s not the benchmark you want.”

Other panelists agreed a quicker turnaround time is essential because of a lack of available inventory.

“There is a lack of inventory of sites and commercial buildings,” said Chris Lloyd of McGuireWoods Consulting, noting this is a common issue, but a critical one for Grand Junction to address.

Housing affordability also emerged as a key challenge, particularly for young professionals.

“Housing is 14 percent above the national average,” said Jeff Pappas of Newmark, adding, “Young people are asking: Can I survive in this market? Can I own a home? Can I afford to stay?”

Jermance underscored the economic pressures, saying, “We heard a story that each new home in this market would cost an additional $9,000 to build. You have to do something to offset those costs.”

Pappas noted that utilities are 7 percent below the national average, which could offset some housing-cost concerns.

Jermance addressed the role of environmental mandates in economic development, noting sustainability matters deeply to some companies, but not to all.

“For some companies it’s vital; others don’t care,” she said.

Jermance warned against rigid requirements, adding, “Mandating anything is always going to cause friction, because people don’t like to be told what to do.”

Instead, she advocated for flexible solutions, such as repurposing existing buildings, which can “increase speed to market” while also advancing sustainability goals.

Panelists urged the community to streamline permitting processes, increase commercial inventory and address housing costs to compete globally.

“You’re competing globally,” Lloyd said. “Grand Junction doesn’t yet have the brand awareness it needs. Every resident and leader here is an ambassador. It’s your job to tell the story.”

Building on strengths

Despite challenges, the panelists praised Grand Junction’s scenic environment and outdoor lifestyle, calling them major assets in appealing to younger workers and companies seeking a better quality of life for employees.

They also highlighted the strategic location and the critical role of aligning the education system – School District 51, Colorado Mesa University and CMU Tech – with the business community to create opportunities for students to work and stay in the region.

Jermance emphasized the potential for industries like gaming and multimedia, which may seem unlikely to locals, but could thrive due to the area’s recreational appeal.

“Gaming and multimedia industries are often drawn to adrenaline-based activities,” she said. “That lifestyle balance can be a real draw. You might say gaming and multimedia wouldn’t work here, but these companies have employees who enjoy outdoor activities after work, like mountain biking or whitewater rafting.” 

Pappas said companies prioritize employee investment in the community.

“Companies want to see their employees invested in the community, not just commuting through it,” he said.

The panelists underscored CMU and CMU Tech as unique assets that set Grand Junction apart from other communities.

“I’m impressed with the university. For a market this size to have a university like this is remarkable,” Pappas said, praising the leadership and programs that prepare students for local careers.

Sabrina Champagne, a senior incentives and tax advisor with Strategic Location Services, highlighted the university’s dual pathways.

“It is unique to have a university like CMU with both a traditional path to a degree and other paths for certification,” she said. “What you’ve created here is a path for both blue- and white-collar jobs, with a community of businesses able to bring them in, train them and be part of their education process so that it’s applicable.”

To ensure students stay in the community, Champagne emphasized collaboration between educators and businesses.

“Key HR directors of both private and public sectors should meet consistently to align on what companies need,” she said, stressing this helps tailor training programs to local job opportunities, reducing the need for graduates to leave.

Lloyd reinforced the need for this partnership, saying, “You need clear alignment between the education system and businesses. Ensuring that alignment is critically important to your economic future.”

He said the community’s resilience further bolsters its appeal.

“There is a great deal of pride in this community. Everyone here wants to see it move forward and is invested with their time and treasure,” Lloyd said. “This community has been wiped out, either economically or physically, multiple times and re-established itself. That says a lot about the ethos and determination of the people here.”

Opportunities for Innovation

The panel urged Grand Junction to think creatively about attracting investment and fostering entrepreneurship. Jermance recommended developing early-stage coworking spaces for businesses that are past the startup phase but not yet large-scale operations. She also highlighted sectors like ag tech, gaming and AI-enhanced entertainment as potential targets, alongside the region’s logistical advantages.

“Grand Junction’s location being an equal distance between Salt Lake and Denver supports logistics, as evidenced by the Amazon logistical center,” Jermance said, underscoring its strength as a distribution hub.

The region’s tourism is another asset.

“The success of your outdoor amphitheater, selling out over 5,000 seats for big-name shows, is impressive and indicative of great demand in this area,” Jermance said, highlighting the region’s opportunity to be a destination for tourists with the increased influence of artificial intelligence on the culture.

She said immersive, in-person experiences, such as outdoor recreation and cultural attractions, offer unique value that AI cannot replicate.

Jermance noted the area could seek investment from foreign companies with similar landscapes and lifestyles, particularly from Western Europe, where “this has very French, German vibes.”

Other examples from across the country offered inspiration: A community in South Carolina repurposed a large warehouse, with Pappas noting, “Every company that commits to our community and signs a lease can use any part of this building for free. If you need a warehouse, you have a warehouse.”

Another in Kentucky used a $2 million to $3 million incentive fund, partly funded by local hospitals, to attract businesses that offered robust medical benefits as a requirement to use the space.

“They are mandated to provide a certain percentage of coverage for employee benefits,” Pappas said.

Champagne emphasized the importance of supporting companies already rooted in the Grand Junction region, particularly those that naturally align with its character and strengths.

“Foster smaller local companies that already identify with your region,” she advised.

Rather than focusing solely on attracting outside firms, she encouraged local leaders to invest in homegrown businesses that understand and reflect the area’s values and workforce. By doing so, the community can build sustainable growth from within and retain talent that’s already committed to the region.

Ensuring infrastructure readiness and streamlining processes are critical to attracting businesses.

“If a site does not have the infrastructure in place, companies are not patient. They want a site today, and if we don’t have it here locally, they will increase their search radius,” Jermance said, urging Grand Junction to prioritize ready sites to stay competitive.

She added that recent leadership changes offer an opportunity, saying, “A new city council gives you a chance to streamline processes in the planning and building department, which is critical for speed to market.”

“Growth and prosperity don’t just happen,” Lloyd said. “They require strategy, speed and a willingness to tell your story before someone else tells it for you.”