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 1st Quarter 2018; *Source: C2ER - COLI 2017 Annual Average
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 | $932,333 |
| Los Angeles, CA | 818,428 |
| Seattle, WA | 711,670 |
| Boston, MA | 646,567 |
| Portland, OR | 540,000 |
| Chicago, IL | 497,450 |
| Denver, CO | 469,938 |
| Las Vegas, NV* | 375,990 |
| Reno, NV | 380,493 |
| Spokane, WA | 354,415 |
| NATIONAL AVERAGE | 345,678 |
| Salt Lake City, UT | 343,850 |
| Boise, ID | 319,699 |
| Dallas, TX | 319,179 |
| COLORADO SPRINGS, CO | 318,306 |
| Phoenix, AZ | 316,523 |
| Albuquerque, NM | 308,417 |
| Raleigh, NC | 262,807 |
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, January 2018
Construction Costs
| Cost Per Index | |
|---|---|
| Chicago, IL | 261.1 |
| Boston, MA | 248.4 |
| Los Angeles, CA | 247.5 |
| Seattle, WA | 230.9 |
| Las Vegas, NV | 228.0 |
| NATIONAL AVERAGE (30 city average) | 217.7 |
| Portland, OR | 217.5 |
| Washington, DC | 207.2 |
| Reno, NV | 207.0 |
| Spokane, WA | 205.3 |
| Boise, ID | 200.1 |
| Denver, CO | 197.6 |
| Salt Lake City, UT | 195.7 |
| COLORADO SPRINGS, CO | 193.4 |
| Phoenix, AZ | 192.4 |
| Albuquerque, NM | 192.1 |
| Dallas, TX | 185.0 |
| Raleigh, NC | 183.3 |
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Source: Federal Tax Administrators Internet, January 2018
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 | 7.40% |
| New Mexico | 5.90% |
| Utah | 5.00% |
| Arizona | 4.90% |
| COLORADO | 4.63% |
| North Carolina | 3.00% |
| 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 1st Quarter 2018; *Source 2017 Annual Average
Utility Comparison
| City | All Electric | Part Electric | Other Energy | Total Monthly Energy |
|---|---|---|---|---|
| Boston, MA | $0.00 | $103.13 | $127.49 | $230.62 |
| Washington, DC | 0.00 | 150.55 | 65.12 | 215.67 |
| Los Angeles, CA | 0.00 | 136.29 | 60.87 | 197.16 |
| Phoenix, AZ | 195.88 | 0.00 | 0.00 | 195.88 |
| Seattle, WA | 191.01 | 0.00 | 0.00 | 191.01 |
| Dallas, TX | 0.00 | 131.23 | 57.21 | 188.44 |
| NATIONAL AVERAGE | 170.14 | 98.54 | 66.43 | 165.86 |
| Las Vegas, NV* | 0.00 | 123.20 | 35.79 | 158.99 |
| Albuquerque, NM | 0.00 | 96.05 | 52.70 | 148.75 |
| Portland, OR | 0.00 | 76.55 | 67.36 | 143.91 |
| Raleigh, NC | 0.00 | 82.32 | 59.71 | 142.03 |
| Boise, ID | 0.00 | 70.01 | 69.67 | 139.68 |
| Salt Lake City, UT | 0.00 | 74.86 | 62.46 | 137.32 |
| Chicago, IL | 0.00 | 87.02 | 47.43 | 134.45 |
| Spokane, WA | 0.00 | 57.79 | 75.50 | 133.29 |
| COLORADO SPRINGS, CO | 0.00 | 80.71 | 52.51 | 133.22 |
| Denver, CO | 0.00 | 75.13 | 47.27 | 122.40 |
| Reno, NV | 0.00 | 67.31 | 43.25 | 110.56 |
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Percent of those 25 and older.
Source: U.S. Census Bureau, 2012 - 2016 American Community Survey
Education Levels Comparison
| City | Percent Completed College | Percent Completed High School |
|---|---|---|
| Seattle, WA | 60.4 | 93.9 |
| Washington, DC | 55.4 | 90.0 |
| Raleigh, NC | 49.2 | 91.3 |
| Portland, OR | 47.0 | 91.6 |
| Boston, MA | 46.4 | 85.7 |
| Denver, CO | 45.7 | 86.4 |
| Salt Lake City, UT | 44.4 | 87.5 |
| Boise, ID | 40.6 | 94.4 |
| COLORADO SPRINGS, CO | 37.8 | 93.4 |
| Chicago, IL | 36.5 | 83.1 |
| Albuquerque, NM | 33.8 | 89.1 |
| Los Angeles, CA | 32.5 | 75.9 |
| Dallas, TX | 31.0 | 75.3 |
| Reno, NV | 30.7 | 86.2 |
| NATIONAL AVERAGE | 30.3 | 87.0 |
| Spokane, WA | 28.8 | 91.9 |
| Phoenix, AZ | 27.4 | 80.9 |
| Las Vegas, NV | 22.4 | 83.5 |
Source: U.S. Census Bureau, 2012 - 2016 American Community Survey
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(Bureau of Labor Statistics, April 2018)