Advancing Colorado Springs’ Strategic Growth in 2023
In 2022, Colorado Spring businesses made many notable developments and business expansions, including Aerospace Corp.’s 90,000 square-foot Space Warfighting Center, several defense contracts awarded to local aerospace companies, and Entegris’ $600 million planned investment for a high-tech manufacturing plant that is expected to bring 600 jobs to the city.
With the city nearing a population of 500,000, Colorado Springs is looking forward to even further growth and prosperity in 2023. Several media outlets have recently recognized the Pikes Peak region as an attractive place for individuals and businesses, including a No. 2 ranking for Best Place to Live by U.S. News & World Report and the Milken Institute’s No. 9 Best Performing Large U.S. City.
With so many high rankings, Colorado Springs looks to continue its progress as a leading city for business by supporting new growth through infrastructure and new developments.
Growing From the Roots
To witness Colorado Springs’ growing economy, one only needs to look at the record-breaking 15% increase in passenger travel at Colorado Springs Airport in 2022. The airport expects to continue seeing high traffic levels in 2023 and plans to support the growth through its master plan for new construction and additional flights. Both Sun Country Airlines and Delta Airlines will begin offering service to Minneapolis in June, while Delta plans to resume flights to Atlanta later this year.
Infrastructure investments at the airport include the Airport Business Park — the first phase of which is already complete. More than $55 million in outside investments helped fund the construction of three buildings at the business park, while $50 million in grants over the past five years have supported infrastructure developments at the airport.
New housing developments are also creating space for new talent. According to the 2022 HomeCOS update released by the Community Development Division, Colorado Springs has 1,703 multi-family units either under construction or awarded. Over 1,200 units are expected to be completed before 2025, including 133 units Panorama Heights in southwest Colorado Springs for low- to moderate-income households and the Village at Solid Rock — a four-story, 77-unit development in Southeast Colorado Springs. In 2023, the city also plans to move forward with the construction of more than 600 new homes and a luxury hotel at Flying Horse North.
Last week, Microchip Technology Inc., a leading provider of smart, connected, and secure embedded control solutions, announced plans to invest $880M to expand its silicon carbide and silicon production capacity at its Colorado Springs manufacturing facility over the next several years, spurring an estimated growth in the local economy of $1.4B over the next 10 years and the creation of 400 new high-paying jobs for those living in the Pikes Peak Region.
At the end of 2022, global semiconductor and tech industry supplier Entegris Inc. announced plans for a $600 million facility in Colorado Springs which would create more than 600 jobs. Zivaro, a Denver-based information technology company, also expects to open a new business unit in Colorado Springs, adding 304 jobs to El Paso County.
Entertainment is also growing in the Colorado Springs region, adding to the city’s high quality of life. A new 8,000 capacity state-of-the-art open-air amphitheater called The Sunset will open at the Polaris Pointe development in 2023. The $40 million investment was designed by award-winning BCA Studios and will play host to some of the biggest touring acts in the country while overlooking gorgeous sunset views above the Pikes Peak summit.
Several businesses exemplify the diversity of businesses expanding in the Pikes Peak region as well. Lemon Lodge Ski Bar will add to the entertainment in Colorado Springs with a new high-tech ski and snowboarding simulator set to open this month on Pikes Peak Avenue. Illegal Pete’s, a Boulder-based burrito chain that was founded in 1995, plans to open its 13th location in downtown Colorado Springs in June or July. Mexican dessert shop Fruitlandia opened its first brick-and-mortar store on Pikes Peak Avenue in January, serving more than 130 treats from shaved ice to tamales.
Burger lovers can also rejoice — Whataburger is opening three more restaurants in Colorado Springs while the New York-based Shake Shack will open its first restaurant at the InterQuest Towne Center near the Sunset amphitheater.
The Pikes Peak region continues to establish itself as a business-friendly community where companies can find great success. Contact us to learn how your business can grow with Colorado Springs.