Colorado Springs’ growth is unstoppable and has shown resiliency throughout the pandemic. The region’s appeal to millennials and young active professionals is showing no signs of stopping according to a new report released by the Colorado Springs Downtown Partnership. The annual State of Downtown report looks at economic indicators and development trends for the greater downtown Colorado Springs area. The report, produced by the Downtown Development Authority, shares the data, trends, and analysis to inform key stakeholders including investors, brokers, developers, retailers, civic leaders, and property owners. Unlike many metro areas, you can get from the office door to the mountain trails in less than 20 minutes, or simply cycle to the other side of town via the Legacy Loop 10-mile trail around the downtown corridor.
State of Downtown Colorado Springs
New investment in downtown Colorado Springs is skyrocketing. The downtown district averages around 3,800 millennials – 16% more than the average for an area of the same size. A 2018 report from the Brookings Institution revealed Colorado Springs is the #1 metro for millennial growth, with separate projections predicting that the population of the city and its surrounding county is on track to outpace Denver by 2050.
Colorado Springs has a job recovery rate of 69% as of January 2021 – significantly higher than other nearby metros. Although downtown sales tax revenue in Colorado Springs was down 20% in 2020, more storefront businesses opened last year than closed – further illustrating Colorado Springs’ resiliency. Overall investment in downtown projects grew by 18% year-over-year from 2013-2020 to $1.7 billion.
The entire state of Colorado lists in the top 10 states for 2020 growth, as those fleeing the coasts continue to migrate to the Rocky Mountain region. Attracted by the city’s robust outdoor assets, newcomers to Colorado Springs typically have a passion for outdoor adventure. The city boasts a plethora of opportunities for hiking, biking, climbing, and skiing.
Attractions Bringing Young Professionals to Downtown Colorado Springs
An $8 million Pedestrian Bridge to America the Beautiful Park opened to the public this spring and connects visitors to the new U.S. Olympic and Paralympic Museum and additional downtown amenities. Plus, the brand-new Weidner Field, home to the Switchbacks, opens this spring with the first game this May. The stadium sits at 6,600 feet above sea level complete with stadium seats with a view of the mountains and 100% cashless concession stands.
230 arts-related businesses (including makers, artists, architects, designers, and performers) are in the state-certified Creative District of Downtown Colorado Springs, with numbers on the rise. The city’s largest ever permanent work of public art was installed in summer 2020 – The Conejos Mural Project which engaged more than 200 community volunteers under the direction of artist Mauricio Ramirez to enliven 320 linear feet of the Colorado Avenue underpass.