January 18, 2022

Colorado Springs Continues its Growth in 2022

Colorado Springs growth in 2022

If you thought 2021 was a big year for openings in Colorado Springs, just wait until you see what is coming in 2022. Hospitality, aerospace, sports medicine, and other industries are expanding in the Pikes Peak region — adding to last year’s successes and furthering growth through strategic planning.

Here are just a few of the investments that are strengthening the city’s economy in 2022 and beyond.

Supply for Colorado Springs’ Housing Demand

Colorado Springs has been witnessing unprecedented growth over the past decade, and was ranked as one of the top ten U.S. cities to live in 2021. To keep pace with the increase in population, almost 4,000 apartment complexes and more than 5,000 single-family houses were permitted by the Pikes Peak Regional Building Department (PPRBD) last year, many of which are moving forward in the downtown area. PPRBD estimates the total value of house construction equates to more than $4.3 billion in 2021.

550 commercial projects were also approved — a 34% increase from 2020. These developments come as a major boost to the local economy after a hit by the pandemic in 2020.

Laying the foundation for future economic prosperity

Though the pandemic has continued to affect the hospitality industry, Colorado Springs’ increased activity in adjacent sectors has kept hotels in the region optimistic. Southwest Airline’s service to and from Colorado Springs Airport began in 2021, spurring strong demand for accommodations in the area.

After a brief delay, construction is once again picking up on a $62 million project at the Peak Innovation Park at the Colorado Springs Airport. The project will progress in phases. The first phase includes a four-story, 139-room Residence Inn south of the airport’s passenger terminal. The second phase will consist of a 127-room, four-story Courtyard by Marriott. Additional opportunities are being explored based on demand, such as a 12,000 square-foot conference center.

With the increase of business travelers and people working from home, Colorado Springs Utilities is also beginning construction of a next-generation fiber network that will extend throughout the city. The project has an expected completion in 2028 and will help Colorado Springs become one of the largest gig-cities in the U.S.

Some fun openings from last year include AirCity360, a 30,000-square-foot fun center for kids; Topgolf, offering more than 70 hitting bays open year-round; and Scheels All Sports, a 220,000-square-foot shopping experience.

Colorado Springs growth in 2022


Expansions happening sooner rather than later

More than 250 aerospace companies exist in Colorado Springs, including California-based defense and security nonprofit Aerospace Corp. In 2007 the company opened a 78,000 square-foot office building, employing approximately 240 scientists, engineers, and analysts. The company now expects to hire an additional 200 technical employees over the next five years to help with the launch of a new research facility opening in spring of 2022. The $100 million, 90,000 square-foot research complex at Peak Innovation Park will include a Space Analysis and Collaboration Center, allowing military and contractors to simulate a war in space and develop tactics and procedures.

Catalyst Campus continues with big growth plans with construction expected to begin early this year in the 12-acre business park on the eastern edge of downtown Colorado Springs to house its growing collection of space-focused startups and defense contractors. Catalyst Campus is also expanding into new locations beyond Colorado, opening a satellite office near the University of Maryland-College Park campus in February and a third Catalyst Campus location in Ogden, Utah. One of the newest tenants of Catalyst Campus is ONE Dev, a defense contracting company set up by the O’Neil Group. ONE Dev will strategically buy defense companies and move them to Colorado Springs.

To care for the health needs of Colorado Springs’ growing population, a new outpatient medical center is being built on the east side of the city. Currently, the area does not have any facilities for women’s health and maternity services, so the addition of the three-story complex will offer convenient access to imaging, outpatient surgery, rehabilitation services, and access to a wide range of medical and surgery specialists. The $109 million project spans 24 acres at the northwest intersection of North Carefree Circle and Powers Boulevard and is expected to open mid-2022.

Business travelers will also soon have their pick of two new lodgings in downtown Colorado Springs, including a seven-story, 120-room Hyatt Place located at Kiowa Street and Nevada Avenue and the soon-to-open 8-story, 259-room Marriot Element and SpringHill Suites — complete with two restaurants, an indoor pool, and fitness center.

The Pikes Peak region continues to grow because of its forward-thinkers, innovative companies, and a community of interdependent industries. Contact us to learn more about growing your business in Colorado Springs.