Mid-Year Roundup: Colorado Springs Investment Soars to New Heights
By Theresa Metcalf, Vice President of Economic Development
From semiconductor maker Microchip announcing an $880 million expansion to a new co-working space for classified workers, Colorado Springs’ business investment and growth opportunities continue to take flight as we enter the second half of 2023. As the Colorado Springs Chamber and EDC’s new Vice President of Economic Development, I am thrilled to continue working with our President and CEO Johnna Reeder Kleymeyer and team to attract new business and investment to the Pikes Peak region. I previously served as Director, Business Attraction where I played a critical role in managing business development initiatives to attract new companies to our region. As VP of Economic Development, I look to continue leveraging my experience in economic development to increase the Pikes Peak region’s competitiveness, create new jobs and enhance economic growth.
Colorado Springs’ space economy continues to see tremendous momentum. In April, 20,000 space leaders from around the world gathered here to discuss, address and plan for the future of space and defense at the 38th Annual Space Symposium. The region continues to lead the way in these industries – including two recent announcements below. Additionally, our leadership continues to strongly advocate for U.S. Space Command’s rightful home in Colorado Springs, as noted in a recent Washington Post op-ed.
Recent News & Highlights
Aerospace Firm INTUITIVE Announces 71 High-Paying Jobs
In March, Intuitive Research and Technology Corporation (INTUITIVE), an aerospace engineering and analysis firm announced an expansion in Colorado Springs, where it will support the state’s aerospace and defense industry. The city’s role as a leader in aerospace, research and innovation made it an attractive location for INTUITIVE to grow and create an expected 71 new jobs. Colorado Springs’ strategic location, dynamic business growth atmosphere, cutting-edge technology and highly educated workforce create a fertile environment for innovation opportunities, making it a logical place for space companies to expand and support military and commercial space missions.
“Classified-Space-as-a-Service” Company Nooks Expands in Colorado Springs
Defense industry startup Nooks, a veteran-owned classified-space-as-a-service leader, announced in April that it had selected Colorado Springs for expansion. Nooks will open its third and largest national location offering flexible access to classified facilities and associated networks for use by industry and government partners. By providing classified facilities and networks, the company seeks to increase the pace of innovation and technology adoption within the nation’s defense sector. Colorado Springs provides a central location for Nooks to service data centers across the country while also focusing on the western U.S.
Microchip Invests $880 Million in Colorado Springs
Microchip Technology, whose products are found in everything from coffee makers and cars to NASA’s James Webb Space Telescope and Mars Rover Vehicle, announced an $880 million expansion of its silicon carbide (SiC) and silicon (Si) production capacity at its Colorado Springs manufacturing facility over the next several years. The investment is projected to add more than 400 new high paying jobs and grow the region’s economy by $1.4 billion over the next decade. Microchip was approved for state and local incentives of approximately $47 million for the expansion.
Colorado Springs Ranks Among 15 Unexpected Cities Perfect for Entrepreneurs
Colorado Springs entrepreneurial spirit and assets earned it a place in Livability’s recent ranking of “unexpected” small and mid-sized cities that are great hubs for entrepreneurship. “With an innovative business climate, it’s no wonder Colorado Springs has been dubbed ‘Silicon Mountain,’” stated editor Amanda Ellis. Resources such as Start-up Support Center and the Catalyst Campus for Technology and Innovation offer young entrepreneurs in Colorado Springs a running start by providing affordable and accessible entrepreneurial training and support programs.
Interested in learning more about investment opportunities here? I’d be delighted to connect. Please don’t hesitate to reach out to me directly at firstname.lastname@example.org or 719-575-4304.