The City of Colorado Springs saw several economic achievements in 2023, including record breaking investments that indicate a bright future for continued vitality and opportunity across the city.
Record number of businesses agree to invest, bring jobs to Colorado Springs
Thanks to a record number of Economic Development Agreements approved by the City, Colorado Springs is set to receive thousands of new, high paying jobs in technology, defense, aerospace and manufacturing. After working with a host of local partners, City Council approved financial incentives for nine companies to invest in Colorado Springs, six of which are small businesses. The state’s Colorado Economic Development Commission approved incentives for eight projects in the county.
Those promised investments are estimated to bring over $2 billion in projected capital investments and approximately 3,000 projected new jobs. That is also nearly $1 billion in estimated economic output for the Pikes Peak Region — and could mean an additional 4,000 new indirect and induced jobs that will be needed across the city to support these new businesses and their staff.
COS Airport elevating to new heights
The Colorado Springs Airports (COS) elevated to new heights in 2023, breaking several records, along with sharing exciting announcements about new destinations and terminal improvements. In 2023, COS is expected to have over 2 million total passengers – the highest number in more than 20 years. On Nov. 26, the Transportation Security Administration (TSA) recorded the highest traffic in a single day since the commencement of tracking in 2020, with nearly 5,000 people passing through the checkpoint.
New nonstop flight options were added to the COS schedule this year, including Atlanta (Delta), Minneapolis/St Paul (Sun Country and Delta), Burbank (Avelo), and Long Beach (Southwest). Next year, COS is excited to introduce nonstop daily service to Baltimore/Washington International Airport.
COS’s terminal modernization project, known as "ElevateCOS,” kicked off its three-year renovation project, providing users enhancements in sustainability, accessibility, updated infrastructure, and improved amenities. The project started in September and is expected to be completed in May 2026. In coordination with the modernization project, airport concessions will also bring in new local food and retail options.
Peak Innovation Park success signals economic growth in Southeast
As Colorado Springs and its airport grows, so too does Peak Innovation Park (Peak), a 1,600-acre master-planned business park. While the groundbreaking of the Frito-Lay distribution center was the first new construction in 2023, there are currently five other projects in either lease negotiations or discussion stages.
Peak also added over 500 acres of land, bringing its total size to 2,162 acres. This new land means substantial growth potential, with the possibility of constructing 10-15 million more square feet of space over the next 20-30 years, accommodating approximately 25,000 employees. It is estimated that by 2025, Peak will generate $1.8 billion in total economic impact to the community. That’s equivalent to nearly 5% of the region's total economic output, and it is anchored by the existing Aerospace campus, Amazon facilities and Northrop Grumman.
Colorado Springs continues to be the most Military Friendly community
U.S. Space Command announced last week that it has reached full operational capability at Peterson Space Force Base, just a few short months after it was announced that Colorado Springs would remain its permanent home. Colorado Springs is prepared to help support the continued investment from businesses across the world who are excited by the premier talent that the city brings from its support of military partners.
The city is recognized as the national standard for public-private partnerships like Mt. Carmel Veteran Service Center, the El Paso County Veteran Service Office and the Homefront Military Network, which provide full-spectrum support for servicemembers, military families, and veterans. Colorado Springs was named by LinkedIn as the No. 1 city in America where veterans are most successful in post-military careers and by Wallethub as the No. 7 best place for veterans to live.
The city is home to five military installations that contribute to a $7 billion economic impact, and over 45,000 active-duty military, Guard and Reserve members. The aerospace and defense industry accounts for more than 40% of the Colorado Springs economy with more than 200 space, aerospace, cybersecurity and defense companies employing 111,000 people, with an annual economic impact of more than $10.2 billion in 2022. The sector grew by 16% from 2017 through 2022.