No matter the life circumstance, there is no greater comfort than having someone with you to walk through it. It’s a lesson many of us discovered during the pandemic, and no different here in Colorado Springs – where resilient businesses and universities quickly pivoted to accommodate community needs by manufacturing PPE and shopping locally.
Colorado Springs is among the top 10 metros in the U.S. for mood of confidence, a measure of how workers feel about their financial situation, job security, and career outlook. Industries like IT & cybersecurity, which account for a workforce of over 3,000, had such strong prospects that the industry pushed the city to the number two spot on LinkedIn’s 10 Cities Where Tech Strength Defied the Pandemic.
Colorado Springs is where bold business and limitless living intersect. With an established sector of innovative companies, strong opportunities for business growth, and side-by-side business support from the Chamber & EDC, the city offers prime positioning for expansion.
Here are just a few reasons Colorado Springs is the perfect place to start your business.
Business Incentives in Colorado Springs
When conducting business in Colorado Springs, companies gain access to substantial opportunity and resources without the high cost of other metropolitans like Salt Lake City, and Portland. The municipally owned Colorado Springs Utilities offers some of the lowest costs for energy and water along with a 99.9% electric reliability rate. Home and rental prices remain low, oftentimes beneath national averages. In fact, WalletHub ranked Colorado Springs in the Top 25 Real Estate Markets of 2021.
Some incentives in Colorado Springs are designed for small businesses and specific sectors. The Colorado Springs manufacturing industry receives state and county sales tax exemptions for the purchase of machinery, machine tools, and parts. Additionally, those involved in the aerospace industry within the Commercial Aeronautical Zone at the Colorado Springs Airport realize tax abatements for certain local sales and use taxes. Adding icing to the cake, companies moving to Colorado Springs don’t need to be concerned with business personal property taxes, as they are not collected by the city or county.
While navigating the complexities of starting or expanding a business, it is always helpful to have someone to guide you through the process. The Rapid Response Team, made up of business development experts from agencies across the region, are not only knowledgeable about the planning, permitting and approval processes, but about the uniqueness of doing so in Colorado Springs.
A Talented Workforce
The engine behind Colorado Springs’ businesses is the people. Close to 40% of the city’s population have a bachelor’s degree or higher – 6% more than the national average. With over 40,000 local university students, it’s no wonder Colorado Springs was named one of the most educated cities in the U.S. Many of these students join the regional workforce upon graduation.
The Pikes Peak Workforce Center offers a range of services for employers and employees, including hiring events, job fairs, pre-employment assessments, jobs postings, and transition resources. For those looking to work in Colorado Springs, the Chamber & EDC offers a career page with opportunities in everything from sports & outdoor recreation to finance & business services.
Businesses that are looking for a specific kind of talent may be eligible for a training tax credit which partially reimburses wages used to hire a candidate. Colorado Springs also offers Employee Development Grants to help upskill current employees, allowing them to earn higher wages and opening the pipeline for new hires.