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

Our Mission

Grow diverse economic opportunities that enhance quality of life.

Great Falls Region Community Vision

The Great Falls Region will be a proud, positive, and vibrant community, which welcomes new people, new investments, and innovative opportunities while celebrating its authentic and diverse Montana culture. Our community will be a safe and inclusive place to raise families and will offer opportunities for individual growth and quality of life, which retains and grows our population.

GFDA Organizational Vision

Great Falls Development Authority will be a change agent, catalyst, and facilitator in the Great Falls region, fostering collaboration and partnerships to support diverse economic opportunities, innovation, and growth. Our economic development organization will be a high performing leader in attracting new investment and talent. Our work providing access to capital, consulting, training and resources for entrepreneurs, businesses, developers, and nonprofits will transform Great Falls and the surrounding 13-county trade area into a thriving regional economy that enhances the standard of living for our people.

GFDA is a certified Community Development Financial Institution and a 501(c)3 charitable organization. High Plains Financial is a certified Community Development Corporation that offers SBA 504 loans statewide. GFDA and High Plains Financial are Equal Opportunity Employers and Lenders.

GFDA is proud to host a Montana Small Business Development Center, a Montana Procurement Technical Assistance Center, and a Montana Food & Ag Development Center. We are also proud to provide office space for MSU’s Montana Manufacturing Extension Center and an SBA Women’s Business Center in partnership with the University of Montana and the Montana Native Growth Fund.

GFDA was the first economic development organization in the Rocky Mountain West to earn accreditation from the International Economic Development Council.

For more info, click to our website.

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Great Falls Development Authority | 405 3rd St NW, Suite 203, Great Falls, MT 59404

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