Hardware and Springs Manufacturing
Strong and Diverse Industry Offerings
Colorado Springs has a robust Hardware and Springs Manufacturing industry with growth potential in industrial hardware, and spring and wire products. The city’s strong clusters present opportunities for further growth. The region’s post-secondary institutions produce a highly skilled and educated workforce increasing the reliable pool of talent that supports the industry. In addition, Colorado Springs enjoys strong regional support for policy and promotion.
Estimations hold that local businesses would consume up to 30% of the city’s industry products. By 2023, there were 54 Hardware and Springs Manufacturing establishments in the region, creating more room for investment. The city’s lower wages and incentives have inspired companies such as dvault, Springs Fabrication, and WCM Industries, to launch in Colorado Springs, in a sector that has grown annually by 7.0% locally and at a rate of 1.3% in the nation, in the last 10 years.
Hardware Manufacturing focuses on the production of hinges, handles, keys, and locks, among others. Springs and Wire manufacturing engages in the production of springs from purchased wire.
Thriving Industry Clusters
Home to five military installations and over 200 companies that support critical missions in the commercial and government sectors, Colorado Springs presents great opportunities for investment in Hardware and Springs Manufacturing. The city’s military, aerospace, medical supplies and equipment and Information Technology sectors provide a ready market for industry supplies.
Primary metal and fabricated metal products were ranked as top exports from Colorado to Canada and Mexico, under the new United States-Mexico-Canada Agreement (USMCA, in 2018. Combined, these products generated $376.8 million in exports revenue that year.
In 2021, Colorado Springs’ Hardware and Springs Manufacturing industry generated $0.2 billion in GDP to the city’s economy representing 0.5% industry share of the city’s total GDP and 0.2% share of the national GDP. The industry employed 142,471 people in 2021.
Colorado Springs has a very high industry concentration of hardware and springs manufacturing activities, which provides further room for growth. The city’s industry subsector employment forecast signifies immense growth potential in the next five years. Machine Shops, Turned Product, and Screw, Nut, and Bolt Manufacturing subsector has an 8.5% job growth projection, ranking first among all subsectors. Boiler, Tank, and Shipping Container Manufacturing will grow by 6.2% in the next five years. The subsector employs 668 people with an annual average wage of $57,592.
A head of the Pack
The Hardware Manufacturing subsector is ahead of the pack, employing 619 people with an average wage of $72,373. The subsector is expected to grow by 2.5% in the next 5 years. Similarly, the Spring and Wire Product Manufacturing subsector is expected to grow at the same rate. It currently employs 151 workers whose pay is averaged at $65,826 per year.
The existence of a strong labor pool, industrial building for expansion, lower wages and cluster concentrations presents great opportunities for investment.