Colorado Springs is booming for business
Colorado Springs has been buzzing in recent months with stories of its booming real estate market, affordability, and low unemployment. These are all key pieces of the puzzle in Colorado Springs’ economic boom, driven by a wave of business and industry growth, new residents moving to the city, a burgeoning reputation for culture and dining, and major infrastructure projects like expansions to the Colorado Springs Airport.
Need proof of the city’s recent surge? Here are a few of the national rankings Colorado Springs has earned in 2016-17:
- #1 housing market for upcoming home sales, ATTOM Data Solutions
- #3 best large city for first-time homebuyers, WalletHub
- #6 best economic comeback in the nation, Realtor.com
- #9 best downtown area, Livability
- #12 best city for business and careers, Forbes
With a mid-sized population of 445,000—poised to become the state’s largest city over the next 15 years—Colorado Springs created nearly 8,000 jobs in 2016 alone, boasts a low unemployment rate of 3 percent and has a median home price of roughly $250,000. The city is gaining a reputation as a millennial hipster hotspot as breweries, food halls, tiny homes, and tech startups reign. Plus, as Denver’s cost of living skyrockets, Colorado Springs remains below the national average and is seeing an influx of new residents. In January, Forbes declared the region one of the “10 Hottest Real Estate Markets to Watch” this year.
Other recent projects are putting Colorado Springs in the national spotlight, including the following multi-million-dollar developments:
- The National Cybersecurity Center opened in Colorado Springs in 2016.
- U.S. Olympic & Paralympic Museum, a $75 million project, broke ground this June.
- Colorado Springs Airport recently completed $22.6 million in development and expansion projects. The airport also added brand new Frontier Airlines flights to Chicago, Los Angeles, San Diego, San Francisco, and Washington D.C.
- The William J. Hybl Sports Medicine and Performance Center, a state-of-the-art complex at the University of Colorado-Colorado Springs, is scheduled to open in 2019. UCCS is one of the fastest-growing universities in the state.
- Local tech startup Cherwell Software secured a $50 million round of funding after adding 200 employees in 2016 alone.
- Pikes Peak Market, a new 3,000 square-foot public market on downtown South Weber Street, and just opened on Nov. 2. The market includes space for 20 local vendors.