May 4, 2020

May 4 – 9 Marks Economic Development Week 2020

While the world continues to face unprecedented challenges as the result of the COVID-19 pandemic, we join communities across the country in celebrating Economic Development Week. We’re pausing to recognize all the hard work our Chamber & EDC Board of Directors and business members are doing to keep Colorado Springs thriving.

This week marks the fifth annual Economic Development Week (EDW), an international event to increase awareness for local programs that create jobs, advance career development opportunities, and increase the quality of life in local communities. Now more than ever, it’s important to take a moment to celebrate the strength of our enduring community and recognize the projects that will be key to our recovery, raise up our local business community, and create new jobs and opportunities for those who call Colorado Springs home.

To highlight Economic Development Week, we have compiled a few examples to show off just some of the incredible projects currently underway in Colorado Springs.

Investments in Colorado Springs produce high-quality jobs and a strong local talent pool

Building on the dynamic culture of Olympic City USA, the City for Champions initiative highlights four venues that will strengthen and diversify the impact of regional and state attractions for the Colorado Springs economy.

Details on these projects and more:
  • To highlight the rich aerospace history in Colorado Springs, a brand new United States Air Force Academy Gateway Visitor Center will be constructed with plans to open in 2022. The center will be part of a 60-acre development with hotels, offices, and new businesses.
  • A Downtown Stadium is under construction with an open date slated for spring 2021. The new outdoor venue will serve as the permanent home of the Colorado Springs Switchbacks Football Club soccer team and consist of 8,000 seats, expandable to 15,000 for concerts and other special events.
  • The new Edward J. Robson Arena is forecasted to have an economic impact of $32 million annually and estimated to generate $1 million in new city sales tax revenue each year. The arena will host professional, Olympic and Paralympic, and amateur sporting events as well as entertainment and cultural events.
  • The William J. Hybl Sports Medicine and Performance Center broke ground in October 2018 and is expected to reach fruition in the spring of 2020. The $61-million project integrates sports medicine and performance with academics.
  • Construction at the S. Olympic & Paralympic Museum will be completed this summer and will be one of the most accessible and interactive museums in the United States. Highlighted in the New York Times, “52 Places to Go in 2020,” the 60,000 square-foot museum will be a must-see attraction.
  • California-based burger chain In-N-Out is on schedule to open in Colorado Springs in late 2021, early 2022. The area is home to an emerging mixed-use development which is attracting a lot of new businesses including new stores, shops, offices, residential housing units, and even a youth sports complex. This will be In-N-Out’s first restaurant in Colorado.
  • A four-story tall Amazon fulfillment center is coming to the Peak Innovation Park in Colorado Springs, adding 1,000 full-time jobs. Amazon hopes to have this facility up and running by June 2021. Crews are already laying the groundwork.
  • YMCA announced the first phase of a $100 million rebuild project for a new mixed-use facility in downtown Colorado Springs with a goal to open by 2022.

Economic development snapshots for Colorado Springs

Highlights from the region include 1,800+ new jobs; nearly $1.5 billion invested in downtown; and a $66K median salary for posted jobs.

“I am excited to report that our total investment figure for 2013-2019 has reach nearly $1.5 billion ($1,455,828,015 to be exact).” – Alex Armani-Munn, Downtown Partnership, March 2020

Looking to the future

While there is so much to look forward to, we know that many are struggling right now. If you are a business in need of assistance, please visit our dedicated COVID-19 business resources webpage to view the growing list of resources available. In the coming weeks, we will also launch a new jobs resources page for those who have been displaced during the pandemic and are looking for open positions that fit their experience and skills set.

Colorado Springs continues to foster a positive business climate for small businesses, entrepreneurs, and legacy industries. Learn more about the Chamber & EDC or contact us for more information.