Doing Business
City Comparisons
High Elevation, Low Cost
Colorado Springs may be nestled below the towering Rocky Mountains, but compared to other cities, it’s a step above the rest. Colorado Springs is home to world-class innovation, accessibility, and opportunity — all at a much lower cost than neighboring markets and cities across the country. Here’s how Colorado Springs stacks up against other regions.
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Source: C2ER - COLI 2019 Annual Average; *Source: C2ER - COLI 2nd Quarter 2019
Based on: A newly built home of approximately 2,400 square feet with 3 bedrooms, 2 full baths, living room, dining room, one fireplace, utility room, fully finished basement and attached 2-car garage on 8,000 square foot lot.
Housing Cost Comparison
| House Price |
|
|---|---|
| Washington, DC | $1,041,970 |
| Los Angeles, CA | 816,438 |
| Seattle, WA | 813,440 |
| Boston, MA | 716,119 |
| Portland, OR | 616,272 |
| Chicago, IL | 517,211 |
| Denver, CO | 515,298 |
| Reno, NV | 463,121 |
| Las Vegas, NV | 447,464 |
| Spokane, WA | 399,028 |
| Salt Lake City, UT | 396,378 |
| Dallas, TX | 389,520 |
| NATIONAL AVERAGE | 366,058 |
| Boise, ID | 349,211 |
| COLORADO SPRINGS, CO | 343,668 |
| Phoenix, AZ | 334,870 |
| Albuquerque, NM* | 314,593 |
| Raleigh, NC | 284,183 |
Based on: A newly built home of approximately 2,400 square feet with 3 bedrooms, 2 full baths, living room, dining room, one fireplace, utility room, fully finished basement and attached 2-car garage on 8,000 square foot lot.
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Source: RS Means Construction Cost Index, July 2019
Construction Costs
| Cost Per Index | |
|---|---|
| Chicago, IL | 277.2 |
| Boston, MA | 268.2 |
| Los Angeles, CA | 259.4 |
| Seattle, WA | 253.0 |
| Las Vegas, NV | 244.0 |
| Portland, OR | 237.8 |
| NATIONAL AVERAGE | 232.2 |
| Washington, DC | 221.5 |
| Reno, NV | 219.9 |
| Spokane, WA | 215.1 |
| Boise, ID | 213.8 |
| Denver, CO | 212.1 |
| Salt Lake City, UT | 209.1 |
| COLORADO SPRINGS, CO | 205.8 |
| Phoenix, AZ | 205.8 |
| Albuquerque, NM | 203.4 |
| Dallas, TX | 198.4 |
| Raleigh, NC | 196.3 |
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Source: Federal Tax Administrators Internet, January 2019
Corporate Tax
| State | Corporate Tax Rate |
|---|---|
| Nevada | N/A |
| Washington | N/A |
| Illinois | 9.50% |
| California | 8.84% |
| District of Columbia | 8.25% |
| Massachusetts | 8.00% |
| Oregon | 7.60% |
| Idaho | 6.925% |
| New Mexico | 5.90% |
| Utah | 4.95% |
| Arizona | 4.90% |
| COLORADO | 4.63% |
| North Carolina | 2.50% |
| Texas | .75% Franchise Tax on $1,110,000+ Revenues |
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Rate Reported per $100 of Payroll - Advisory Loss Costs
Source: HUB International, July 2015
Rate Reported Manual Premium for $1,000,000 Payroll- These are not manual premium rates.
Insurance companies increase by a factor which is filed per-state.
Workers Compensation
| Description | Class Code | AZ | CA | CO | IL | MA | NM rate | TX rate | UT rate |
|---|---|---|---|---|---|---|---|---|---|
| Accountant - Traveling | 8803 | $0.09 | $0.27 | $0.09 | $0.06 | $0.05 | $0.12 | $0.05 | $0.05 |
| Clerical | 8810 | 0.23 | 0.52 | 0.16 | 0.12 | 0.08 | 0.34 | 0.09 | 0.11 |
| Computer Manufacturing | 3574 | 0.97 | 4.16 | 0.80 | 1.65 | 1.70 | 1.16 | 0.55 | 0.64 |
| Electrical Apparatus | 3179 | 2.02 | 5.54 | 1.48 | 2.41 | 1.48 | 2.26 | 1.27 | 1.12 |
| Electroplater | 3372 | 3.52 | 9.45 | 2.75 | 3.50 | 2.19 | 3.19 | 1.90 | 1.76 |
| Engineers | 8601 | 0.51 | 0.56 | 0.41 | 0.51 | 0.29 | 0.58 | 0.16 | 0.31 |
| Equipment Manufacturing | 3681 | 0.60 | 1.52 | 0.91 | 1.15 | 0.71 | 0.94 | 0.56 | 0.36 |
| Inspectors | 8720 | 2.09 | 3.75 | 1.74 | 1.40 | 0.91 | 1.40 | n/a | 0.91 |
| Outside Sales (Buyer) | 8742 | 0.44 | 0.67 | 0.30 | 0.27 | 0.16 | 0.55 | 0.15 | 0.26 |
Source: HUB International, July 2015
Rate Reported Manual Premium for $1,000,000 Payroll- These are not manual premium rates.
Insurance companies increase by a factor which is filed per-state.
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Source: C2ER - COLI 2019 Annual Average; *Source: C2ER - COLI 2nd Quarter 2019
Utility Comparison
| City | All Electric | Part Electric | Other Energy | Total Monthly Energy |
|---|---|---|---|---|
| Boston, MA | $0.00 | $67.96 | $163.66 | $231.62 |
| Washington, DC | 0.00 | 144.17 | 77.49 | 221.66 |
| Phoenix, AZ | 199.93 | 0.00 | 0.00 | 199.93 |
| Dallas, TX | 0.00 | 135.82 | 52.18 | 188.00 |
| Seattle, WA | 185.14 | 0.00 | 0.00 | 185.14 |
| Los Angeles, CA | 0.00 | 110.55 | 72.55 | 183.10 |
| Las Vegas, NV | 0.00 | 123.79 | 46.71 | 170.50 |
| NATIONAL AVERAGE | 171.34 | 100.49 | 67.55 | 168.04 |
| Raleigh, NC | 0.00 | 104.27 | 62.24 | 166.51 |
| COLORADO SPRINGS, CO | 0.00 | 99.43 | 62.28 | 161.71 |
| Spokane, WA | 0.00 | 59.63 | 95.19 | 154.82 |
| Portland, OR | 0.00 | 80.65 | 60.06 | 140.71 |
| Albuquerque, NM* | 0.00 | 92.07 | 40.97 | 137.42 |
| Chicago, IL | 0.00 | 80.25 | 52.14 | 132.39 |
| Reno, NV | 0.00 | 102.75 | 28.51 | 131.26 |
| Salt Lake City, UT | 0.00 | 74.86 | 55.23 | 130.09 |
| Boise, ID | 0.00 | 66.23 | 58.58 | 124.81 |
| Denver, CO | 0.00 | 54.25 | 54.96 | 109.21 |
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Percent of those 25 and older.
Source: U.S. Census Bureau, 2013 - 2017 American Community Survey
Education Levels Comparison
| City | Percent Completed College | Percent Completed High School |
|---|---|---|
| Seattle, WA | 61.7 | 94.2 |
| Washington, DC | 56.6 | 90.3 |
| Raleigh, NC | 50.0 | 91.5 |
| Portland, OR | 48.2 | 91.8 |
| Boston, MA | 47.4 | 86.1 |
| Denver, CO | 46.5 | 86.7 |
| Salt Lake City, UT | 45.1 | 88.5 |
| Boise, ID | 40.9 | 94.4 |
| COLORADO SPRINGS, CO | 38.4 | 93.2 |
| Chicago, IL | 37.5 | 83.8 |
| Albuquerque, NM | 34.3 | 89.5 |
| Los Angeles, CA | 33.0 | 76.4 |
| Reno, NV | 32.0 | 87.0 |
| Dallas, TX | 31.6 | 75.9 |
| NATIONAL AVERAGE | 30.9 | 87.3 |
| Spokane, WA | 29.5 | 92.3 |
| Phoenix, AZ | 27.8 | 81.2 |
| Las Vegas, NV | 23.2 | 84.0 |
Source: U.S. Census Bureau, 2013 - 2017 American Community Survey
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(Bureau of Labor Statistics, March 2020)