Denver continues to grow thanks to an increase in job growth incentive tax credits. Every Fortune 250 company is a welcome sight for Denver.
It takes a lot of hard work to make the Fortune 250 company, and VF Corporation accomplished the feat this last year. VF is the holding company of outdoor brands such as The North Face, JanSport, and Timberland as well as other brands like Vans, Lee, and Wrangler. The company had nearly $11.8 billion in revenue last year and has a market share valuation of nearly $36.45 billion.
So What Does This Mean for Us?
Jobs, jobs, and -- you guessed it -- more jobs. VF currently employs 65,000 people in 170 countries. The company was given a $27-million job growth incentive by the Colorado Economic Development Commission to be paid over the next eight years, which is the second largest incentive ever and, in my opinion, a fantastic decision by the Commission.
VF could be the start of a number of corporations moving to the Mile High City -- the outdoor clothing holding company is a perfect fit for the unpredictable climate of Colorado. There are expected to be 800 high paying jobs added to the Denver economy thanks to this move.
Some people might be concerned about the city getting even more crowded, however, Denver transportation is always on top of the ball. Just look at Denver's recent launch of the electric scooters and bike sharing programs as well one of the best public transportation systems in the country.
Another concern might be about the tax incentive and what the company plans to give back. President and CEO of VF Corporation quelled those worries in the recently released quote, "for every dollar of job growth tax credit that we receive and use, we will match that dollar in a donation to the VF Foundation and designate those funds to support the charitable interests of the citizens of Colorado."
VF will be moving its headquarters from Greensboro, North Carolina, in a move to bring its many corporate offices into the same building. It's unknown if VF will be bringing manufacturing to Denver immediately. Though, the company states it has plans to be here in early 2019 and just released plans to open another denim brand. This makes me believe they could be looking to build that facility near the new headquarters.
Are you excited for Denver to keep growing in size? Share your thoughts in the comments below.
In other news, check out these real estate photos gone horribly wrong ...