How Collaboration Grows Colorado Springs Businesses and Jobs
Business-friendliness. Pro-enterprise. Market-oriented ecosystems. A lot of words get tossed around when it comes to a region’s business acumen and savvy. But what it all comes down to is how conducive a city is to a business’ interests and concerns.
Colorado Springs has matured into one of the most pro-business cities in the U.S. In 2022, WalletHub ranked it the No. 9 Best Large City to Start a Business, while the state of Colorado ranked No. 6 Best State Economy. Colorado Springs also landed Milken Institute’s No. 9 ranking for Best Performing Large U.S. Cities.
Several factors and initiatives contribute to the Pikes Peak region’s high levels of success for businesses, but one of the main reasons is its supportive environment for companies of all sizes. Agencies throughout Colorado Springs offer an array of programs that attract talent to the region and boost workforce development. Leadership has also implemented economic development strategies with a far-reaching focus — including collaborative initiatives to stimulate innovation and incentives for job growth.
State and Local Incentives
Moving to any city is a tremendous financial undertaking. Colorado Springs makes it easier by not collecting business personal property taxes and providing access to upskill funding and incentives for job growth. By doing so, the city facilitates grand openings while offsetting some of the costs associated with an expansion.
The state of Colorado also invests in the future of the economy. In 2022, the Colorado Economic Development Commission provided three expanding companies in Colorado with a total of $13 million in economic development incentives — opening the potential for more than 750 new jobs across the state over the next eight years.
As important contributors to the state and regional economy, small businesses receive attention in Colorado, too. The Colorado Office of Economic Development and International Trade (OEDIT) announced it had awarded 56 grants to small businesses in the state through their Small Business Accelerated Growth Program. Five of the grant recipients were from Colorado Springs.
A plethora of economic development incentives are available to qualifying companies through OEDIT, helping them build workforces and increase jobs in Colorado:
- Strategic Fund Job Growth Incentive: A performance-based incentive for companies that create new, permanent jobs in the state that are maintained for at least a year.
- Skills Advance Colorado Job Training Grant: This job training program provides funding to support the upskilling of relocating, expanding, and existing companies in Colorado.
- Advanced Industries Accelerator Program: Designed to accelerate the growth and success of Colorado’s advanced industries, this program provides funding, resources, and collaboration opportunities to startups and small businesses.
In the Pikes Peak region, the Colorado Springs Chamber & EDC launched a local Deal Closing Fund in 2022. The fund provides a performance-based incentive for new and existing businesses that create new full-time jobs in Colorado Springs. The city also offers a Business Personal Property Tax Incentive (BPPT), a Commercial Aeronautical Zone sales tax rebate, and Enterprise Zone Contribution Projects that help boost the near and long-term visions of qualifying companies.
State and Local Support Resources
Colorado Springs is a collaborative environment suitable for any venture, from corporate headquarters to tech startups to small businesses. Catalyst Campus is a unique ecosystem for public-private partnerships, venture capital, research and academic institutions to work together in solving some of the world’s most complex challenges while driving economic growth in the Pikes Peak region. With a focus on technology and defense, the campus is a hub for cutting-edge innovations.
Businesses throughout the city receive support as well, with several programs and initiatives from the Chamber & EDC. COSOpenforBiz is the Chamber & EDC’s step-by-step online guide for the small business development process. The Chamber & EDC also began hosting the Pikes Peak Small Business Development Center in 2023, providing a centralized location for small businesses to receive free counseling and no-cost training.
Statewide, Colorado offers a variety of resources to catalyze business growth:
- Startup Colorado: Offers a free entrepreneur network, scholarships, event programming, and collaborations with local businesses and support organizations for startups in rural Colorado.
- Good Business Colorado: This grassroots organization of employers and entrepreneurs is dedicated to promoting sustainable and ethical business practices while advocating for state legislation that supports equitable and inclusive policies.
Global leaders and trusted service providers choose Colorado Springs because of the numerous benefits the region offers to companies. In the past four months alone, both Entegris and Microchip have announced expansions in the region, increasing Colorado Springs’ reputation for both up-and-coming and well-established tech businesses. The city has become a thriving center for industries like aerospace, defense, and tech — earning it CBRE’s No. 3 ranking among emerging markets in North America for tech talent.
Home to stable infrastructure for businesses, top-tier higher education institutions, and programs and incentives to boost business success, Colorado Springs fills many of the company needs that are unique to 2023 and beyond. Read more about sites & properties and contact us to see how your business can accelerate growth in the Pikes Peak region.