December 22, 2023

The Brightest Days are Ahead: New Colorado Springs Developments for 2024

An airplane at the Colorado Springs airport, where acres of new Colorado Springs developments are set to take place
An airplane on a runway in Colorado Springs.

Colorado Springs is on the move with a host of new business wins for 2023 and big plans for 2024.  

In late July it was announced that Colorado Springs would retain the U.S. Space Command headquarters. A few weeks later, Boecore announced its expansion in the city, making a capital investment of $7.8 million and promising 600-plus high paying jobs. And during his 100 days in office address in September, Mayor Yemi Mobolade noted that additional growth should be expected in Colorado Springs’ aerospace, cybersecurity, defense, and technology industries.  

Through the Colorado Springs Chamber & Economic Development Corporation, approximately 20 new expansion and capital attraction projects are in the works — creating opportunities for high wage job growth. As the city looks forward into 2024, several infrastructure developments, community defining events, and new business expansions sit on the horizon.  

Here are just a few of the developments, expansions, and small business openings that create confidence in Colorado Springs’ economic outlook for 2024. 

Infrastructure Improvements and Developments  

With an almost 100,000 population increase in just over a decade, Colorado Springs provides more opportunities for business growth, development, and quality of life than ever before.  

Colorado Springs Airport, which gained two new hotels and a conference center in 2022, is now working to expand even further with a $38 million investment to acquire 562 acres adjacent to the airport’s eastern boundary. The land is zoned for light industrial manufacturing and mixed commercial use and will expand the Peak Innovation Park to over 2,000 acres. 

Set to open in 2024 and enrich the Colorado Springs lifestyle is the new Sunset Amphitheater — an 8,000-seat open-air facility that could hold more than 50 performances each year. Sunset Amphitheater is expected to provide a luxurious, state-of-the-art concertgoing experience, offering 60 VIP firepit suites, 4-to-5-star restaurants, and sunset views over Pikes Peak. 

New Business Investments 

In 2023, the Chamber & EDC’s Foundation for Colorado Springs Future launched the Titans Capital Campaign to enhance, grow, and diversify the city’s economy. The three-year strategic plan has provided a roadmap to the continued growth of the region and an opportunity for investors to build their legacy in Colorado Springs.  

Meyer Burger Solar is helping to grow Colorado Springs’ advanced manufacturing and emerging technologies industries. The Germany-based solar panel manufacturer announced plans for its new facility in July, receiving federal incentives from the Advanced Manufacturing Tax Credit and the Inflation Reduction Act as well as incentives from the state of Colorado and the city of Colorado Springs. The company expects the project will create 385 well-paid jobs. 

Over $2 billion in projected capital investments and nearly 3,000 new jobs are expected in Colorado Springs in the coming year, with several companies planning new or expanded operations in Colorado Springs. One of the latest to announce its commitment to the city is Frontier Technology Inc.  

The leading provider of deep data expertise for the U.S. Department of Defense will expand by 46,000-square feet in Colorado Springs in 2024 with an expected $15 million investment. The investment goes toward FTI’s new ORBIT Center, which is a space for collaboration and knowledge transfer with the DOD and its mission partners. FTI currently employs 60 individuals in the Pikes Peak region, but the expansion will create an additional 200 jobs with an average annual salary of $131,000. 

High tech developments continue in the Pikes Peak region as Colorado Springs welcomes Infinity Labs to the city. The modeling, simulation, cybersecurity, and advanced R&D company expects to create over 60 software analyst and developer jobs with an average annual wage of $130,253.  

Small Business Openings 

Small business success is a strong indicator of economic advancement for any city. In Colorado Springs an estimated 74,287 small businesses exist, comprising over 98% of the region’s businesses in 2023. It goes without saying that small businesses are a major contributor to the local economy in Colorado Springs — and those contributions only stand to grow in the coming year.  

  • Healthy alternative eatery Treehouse Café is expected to open in 2024, offering Colorado Springs residents a space for community gatherings, workshops, and events. The coffee house will host local artisans and offer menu options such as bagels, waffles, bowls, sandwiches, and wraps.  
  • Nine new restaurants are also coming to Colorado Springs Airport, including a new food concept called Street Eats from Chef Brother Luck. The new restaurant and full-service bar will offer street food the esteemed chef has enjoyed from all over the world.  
  • NAVSYS — a growing GPS hardware, software, and systems engineering firm — was also awarded a  $250,000 grant from the Colorado Office of Economic Development and International Trade (OEDIT) to develop a positioning, navigation, and timing solution that addresses the loss of GPS position and timing. 

As Colorado Springs looks to the new year, abundant opportunity awaits. Contact us to learn how your business can grow in the Pikes Peak region.