Colorado Springs: More Than Rising to the Occasion in 2021
Many of us started out 2021 with our own idea of how much better the year would be than 2020. In Colorado Springs, we’re excited to report that we’ve achieved much of the success we’d hoped for, thanks to the resilience, innovation, and strategic planning of businesses and community partners throughout the city.
From some of the most prestigious accolades in economic development and growth, the Pikes Peak region continues to grow as an attractive home for employees, businesses, and entrepreneurs. Here are a few of the awards and successes realized by Colorado Springs in 2021.
Colorado Springs’ 2021 Rankings Overview
- Pandemic Recovery – 2020 put businesses across America in a tailspin, but Colorado Springs managed to have one of the quickest recoveries in the state with finance, transportation, warehousing, utilities, company management, and retail all bouncing back with a 69% job recovery in the latter half of the year. And according to a LinkedIn study, Colorado Springs had the highest worker confidence amongst all U.S. states at the beginning of 2021 during the loosening of COVID-19 restrictions.
- Economic Development – While the official awards ceremony occurred in late 2020, Colorado Springs has been celebrating all year over the city’s three state-presented awards in 2020, including a designation as “Large Community of the Year” for projects like the U.S. Olympic and Paralympic Museum and the William J. Hybl Sports Medicine and Performance Center.
- Livability – U.S. News & World Report ranked Colorado Springs as the #6 best city to live in the U.S. A separate study ranked the city as the #2 most desirable place to move, and TripAdvisor ranked the region as one of the world’s top 25 ’emerging’ destinations for 2021. Rounding out the rankings list was Livability’s analysis of over 1,000 small to mid-sized cities, which positioned Colorado Springs in the top 10 cities for safety, outdoor recreation, accessibility, and affordability.
- Workforce – Colorado recently tied with Kansas for the #4 ranking in CNBC’s Best States for Remote Work, citing good broadband access and home appreciation values. For singles not confined to a single location, RentHop ranked Colorado Springs #12 among 50 of the most populous cities for the lowest rent cost as a percentage of average income. The city is also one of the best places to find a job, according to WalletHub.
Economic Development Success in 2021
Colorado Springs’ economy has been growing due to low operating costs, a highly educated population, and a pro-business climate initiated by the city’s collaborative spirit. These factors have invited businesses to invest in development opportunities that are positioning the region for even greater success.
Olympic City USA is known for its concentration of sports businesses, medical centers, and product manufacturers. Both the Ed Robson Arena and Weidner Field had their grand openings in 2021, and have quickly become economic drivers for downtown. The C4C led initiatives are expected to generate $1 billion in revenue for the city over the next three decades.
Several companies experienced breakout successes over the past year as well, such as Quantum Metric’s elevation to unicorn status. The real-time digital analytics company landed $200 million in venture capital in early 2021 — the largest investment ever for a Colorado Springs startup. Quantum’s staff has grown from 40 employees in 2018 to over 200 in 2021, and company leadership has no plans to leave the Pikes Peak region.
PteroDynamics chose Colorado Springs as the site of its new R&D headquarters this year, furthering the Pikes Peak region as a destination for innovative companies. The aircraft design and manufacturing company chose the location for its world-class talent amongst other business advantages. Companies are also expanding, with Swire Coca-Cola USA building an eco-friendly distribution center near the Colorado Springs airport that will open in 2022.
The city has been steadfast in expanding its public services as well. In a partnership with Underline, Colorado Springs acquired the first open-access 10-gigabit network in the nation in 2021, supporting the growth of remote work and learning, and facilitating the upward mobility of families. The first phase of the project will serve approximately 24,000 homes and 4,000 businesses.
Companies throughout Colorado Springs are tapping into the area’s resilient talent and innovative expertise, facilitating economic growth across industries. Contact us to learn more about growing your business in the Pikes Peak region.