This week marks the fourth annual Economic Development Week (EDW), an international event with goals to increase awareness for local programs that ultimately create jobs, advance career development opportunities, and increase the quality of life in local communities. To highlight the importance of economic development in the Colorado Springs region, let’s look at some areas of growth from job opportunities, to high-quality talent and recent investments.
High-quality jobs and a strong local talent pool fuels economic momentum
Colorado Springs ranks in the top three most desirable places to live, according to U.S. News & World Report, so it is no wonder the business community is thriving. Local businesses continuously work together to strengthen the city’s economy with a growing cybersecurity workforce, an active entrepreneurial community, and the growing attraction of high-level investments from local and national organizations. We have a continuous influx of highly-skilled veterans entering the civilian workforce, thanks to the region’s five military installations. In addition, millennials are moving to Colorado Springs at a higher rate than anywhere else in the country, according to Brookings Institution, citing outdoor quality of life, a desire to live in a manageable, mid-sized city, and military career opportunities as leading reasons for moving here.
Colorado Springs is a hot job market, ranking fifth among the nation’s top cities with mentions in Forbes and ManpowerGroup.
Quick economic development snapshots for Colorado Springs
Highlights from the region include job growth, new investments, and an overall outlook of the city’s success: 1,500+ new jobs; $7 million in state incentives to the region; $750 million invested in downtown; and a $78K median salary for posted jobs (statewide $55K).
Current investments throughout Colorado Springs
In 2018, Colorado Springs saw $750 million invested in the downtown corridor. Recent developments include:
- The Hybl Sports Medicine and Performance Center broke ground in October 2018. The 104,000-square foot center will be comprised of lecture halls, classrooms, medical care, and sports performance work.
- The new U.S. Olympic & Paralympic Museum is set to open to the public in spring 2020. The museum will encompass 1.7 acres of land in the city’s Southwest Downtown Urban Renewal District.
- Trisco Foods, a family-owned food manufacturer, is establishing their new U.S. headquarters and production operations in Colorado Springs to supply potential future export markets in Europe and South America.
- Colorado’s leading credit union, ENT Credit Union, will develop a new 300,000+ square-foot headquarters in Colorado Springs which will increase their workforce from approximately 500 employees to more than 1,100 over the next 7-10 years.
Thank you to the Chamber & EDC Members
From startups to Fortune 500 companies, resident businesses benefit from a community rich with investment, talent, and experience. The Chamber & EDC Board of Directors is leading the way with various efforts such as increased investments by the directors themselves resulting in more than $700,000 of new and sustainable funding to the economic development program.
Opposite to national chamber of commerce membership trends, the Colorado Springs Chamber experienced membership growth greater than 10% over the past two years and increased long-term investment in the organization, earning state and nation-wide awards.