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 2017; *Source: C2ER - COLI 2016 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 | $846,000 |
| Los Angeles, CA | 775,567 |
| Seattle, WA | 598,150 |
| Boston, MA | 585,100 |
| Portland, OR | 492,625 |
| Chicago, IL | 479,617 |
| Denver, CO | 432,828 |
| Las Vegas, NV | 370,789 |
| Reno, NV | 335,058 |
| NATIONAL AVERAGE | 332,959 |
| Albuquerque, NM | 322,132 |
| Phoenix, AZ | 317,206 |
| COLORADO SPRINGS, CO | 315,599 |
| Spokane, WA | 312,865 |
| Salt Lake City, UT | 309,778 |
| Dallas, TX | 308,508 |
| Boise, ID | 286,171 |
| Raleigh, NC* | 216,165 |
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 2017
Construction Costs
| Cost Per Index | |
|---|---|
| Chicago, IL | 251.7 |
| Boston, MA | 240.0 |
| Los Angeles, CA | 237.8 |
| Las Vegas, NV | 220.1 |
| Seattle, WA | 219.3 |
| Portland, OR | 209.5 |
| NATIONAL AVERAGE (30 city average) | 209.4 |
| Reno, NV | 199.8 |
| Washington, DC | 199.1 |
| Spokane, WA | 198.8 |
| Boise, ID | 192.5 |
| Salt Lake City, UT | 188.8 |
| Denver, CO | 187.8 |
| COLORADO SPRINGS, CO | 187.3 |
| Albuquerque, NM | 185.9 |
| Phoenix, AZ | 183.8 |
| Dallas, TX | 180.0 |
| Raleigh, NC | 175.8 |
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Source: Federal Tax Administrators Internet, January 2017
Corporate Tax
| State | Corporate Tax Rate |
|---|---|
| Nevada | N/A |
| Washington | N/A |
| District of Columbia | 9.00% |
| California | 8.84% |
| Massachusetts | 8.00% |
| Illinois | 7.75% |
| Oregon | 7.60% |
| Idaho | 7.40% |
| New Mexico | 6.20% |
| 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 2017; *Source: C2ER - COLI 2016 Annual Average
Utility Comparison
| City | All Electric | Part Electric | Other Energy | Total Monthly Energy |
|---|---|---|---|---|
| Boston, MA | $0.00 | $125.87 | $125.35 | $251.22 |
| Washington, DC | 0.00 | 149.63 | 66.86 | 216.49 |
| Los Angeles, CA | 0.00 | 128.82 | 69.26 | 198.08 |
| Phoenix, AZ | 196.93 | 0.00 | 0.00 | 196.93 |
| Seattle, WA | 189.37 | 0.00 | 0.00 | 189.37 |
| Dallas, TX | 0.00 | 116.40 | 57.85 | 174.25 |
| NATIONAL AVERAGE | 170.43 | 96.57 | 68.20 | 164.77 |
| Las Vegas, NV | 0.00 | 123.20 | 35.79 | 158.99 |
| Albuquerque, NM | 0.00 | 95.47 | 54.10 | 149.57 |
| Boise, ID | 0.00 | 68.33 | 77.86 | 146.19 |
| Portland, OR | 0.00 | 76.08 | 69.16 | 145.24 |
| Raleigh, NC* | 0.00 | 88.76 | 50.72 | 139.48 |
| Salt Lake City, UT | 0.00 | 74.68 | 63.55 | 138.23 |
| Denver, CO | 0.00 | 83.09 | 53.11 | 136.20 |
| COLORADO SPRINGS, CO | 0.00 | 80.60 | 53.91 | 134.51 |
| Spokane, WA | 0.00 | 60.96 | 74.41 | 135.37 |
| Chicago, IL | 0.00 | 75.56 | 52.89 | 128.45 |
| Reno, NV | 0.00 | 72.78 | 44.40 | 117.18 |
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Percent of those 25 and older.
Source: U.S. Census Bureau, 2011 - 2015 American Community Survey
Education Levels Comparison
| City | Percent Completed College | Percent Completed High School |
|---|---|---|
| Dallas, TX | 30.2 | 74.5 |
| Seattle, WA | 58.9 | 93.4 |
| Washington, DC | 54.6 | 89.3 |
| Raleigh, NC | 48.2 | 90.5 |
| Portland, OR | 45.5 | 91.3 |
| Boston, MA | 45.3 | 85.2 |
| Denver, CO | 45 | 86.1 |
| Salt Lake City, UT | 43.1 | 87.4 |
| Boise, ID | 39.8 | 94.3 |
| COLORADO SPRINGS, CO | 37.2 | 93.1 |
| Chicago, IL | 35.6 | 82.3 |
| Albuquerque, NM | 33.5 | 89 |
| Los Angeles, CA | 32 | 75.5 |
| Reno, NV | 30.3 | 85.7 |
| NATIONAL AVERAGE | 29.8 | 86.7 |
| Spokane, WA | 28.8 | 91.6 |
| Phoenix, AZ | 26.7 | 80.7 |
| Las Vegas, NV | 22.3 | 83.3 |
Source: U.S. Census Bureau, 2011 - 2015 American Community Survey
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(Bureau of Labor Statistics, April 2017)