The past decade has been an immense period of growth for our community. On a state level we are now the second largest city in Colorado. Nationally, Colorado Springs ranks #4 in U.S. News and World Report’s 150 Best Places to Live in the U.S. in 2020-21. In 2010 our city was recovering from a gripping recession, and now in 2020, we continue to show resiliency during this unrelenting pandemic. During this time, our city’s economy has diversified even more with a stronghold around tourism in addition to a thriving economic development department securing businesses such as the most recent Southwest expansion at the Colorado Springs Airport.
Colorado Springs throughout the years
When the Brookings Institute studied cities with the highest growth rate of millennials, Colorado Springs topped the charts. In fact, Colorado Springs is even on track to surpass Denver by 2050. Additionally, health care, construction, and professional & technical services, have all shown double-digit growth in the past five years.
- 2010: Median Household Income was $51,227
- 2020: The average household income in Colorado Springs is $80,755
One reason wages are rising in Colorado Springs is the demand for tech workers. Software developers top the list of job postings, at an average salary of over $91,000; computer system engineers are offered an even higher wage. These salaries are designed to lure workers from elsewhere into the Springs’ talented workforce.
Media House Value
- 2008: Average Sales Price of an Existing House in Colorado Springs in 2008: $243,000
- 2020: Median house value is $380,000
Due to the huge demand in housing, Colorado Springs was one of the nation’s top housing markets in 2019— ranking No. 5 out of 300 metro areas in Realtor.com’s monthly (Jan 2019) hotness index. Realtor.com’s index was based on the number of online views received by homes for sale in each market, which indicates demand.
LinkedIn’s Workforce Confidence Index is based on a quantitative online survey distributed to members via email every two weeks. More than 4,000 U.S.-based members respond each year. Colorado Springs leads the way, coming out on top as the city with the most confident workers. This ranking measures how workers feel about their job security, financial situation, and career outlook. Workforce confidence is calculated on a scale of +100 to -100, based on participants’ views of their current job security (or ability to land a new position), their finances, and their longer-term career prospects. As the chart below shows, confidence levels are +37 or better for the top 10 cities, topping the national average of +31. The Broadmoor has had 120 groups come for face-to-face meetings since July; president and CEO Jack Damioli states, “I believe there’s pent-up demand for travel…everyone I talk to can’t wait until we get back to face-to-face contact.”
This third installment of the CompTIA Tech Town Index® provides IT workers, as well as professionals working in the business of technology, some guidance on where opportunity intersects with affordability and quality of life. Median home prices in Colorado Springs are around $340,000 as opposed to $472,000 in Denver and $800,000 in Boulder. Colorado Springs climbed up one spot from last year (and five spots from 2018), coming in at No. 15 in 2020! This accolade is garnering the attention of tech’s biggest players, along with small startups. Today, IT professionals earn a median salary of $96,553, and if you want to settle down in this mountain state—Colorado Springs is a more budget-friendly choice.
Our region’s success and growth since 2010 is enough to explore Colorado Springs as a possible new home, place to visit, or to start a business. Contact us for more information on rankings, industries, and more.