Economic Indicators

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he economic indicators for PlanCOS include the following measures, each of which are available from existing data sources and are easily comparable with other jurisdictions:
These measures are chosen because together they reflect a combination of the economic outcomes PlanCOS is intended to support as well as the economic activity that will be needed to allow many of the recommendations in the Plan to be fiscally sustainable with private and public sector resources. From another perspective, many of the other recommendations of PlanCOS are intended to encourage the conditions that will be necessary to attract the economic development and workforce that will contribute to a sustainably strong economy. Although the importance of these interrelationships between high quality and attractive physical development, and a strong economy are implicitly understood, we also recognize that it will be challenging to directly tie progress with economic indicators to progress related to physical development.

City-wide New Residential Units Added Annually

Goal: Increase or maintain the proportion of new units added in the city compared with the overall County increase; overall a long term goal to increase dwelling units added in the city.

Table: Residential Units Added Annually

  2016 2017 2018 2019 2020
Total added countywide residential units 4954 4854 5585 5388 6808
Total added city residential units 3442 3230 3585 3220 4561
single family city 1952 2121 2208 2110 3080
multifamily city 1490 1109 1377 1110 1481
City proportion to county (of total added units) 69% 67% 64% 60% 67%

Source: Pikes Peak Regional Building Department

Unemployment Rate

Goal: The goal of the Unemployment Rate indicator is to maintain a low annual unemployment rate.

Table: Unemployment Rates (Annual Average)

  2016 2017 2018 2019 2020
COS Annual Unemployment Rate 3.7% 3.3% 3.7% 3.35% 6.97%
Colorado Unemployment Rate 3.3% 2.9% 3.5% 3.04% 6.95%

Source: US Bureau of Labor Statistics

Note: These estimated rates are calculated with data collected from employers in all industry sectors in Colorado Springs, a metropolitan statistical area (MSA) including Colorado Springs, El Paso County, and Teller County.

Median Household and Wages compared with State

Goal: The goal of this indicator is to increase local median wages and decrease the gap between local and state wages.

Table: Median Household Income for family of four (HUD)

  2016 2017 2018 2019 2020
COS Only $70,954 $73,608 $77,675 $81,376 $81,629

Table: Median Hourly Wage City and State (BLS)

  2016 2017 2018 2019 2020
COS Median Wage $17.90 $18.15 $18.61 $19.11 no data
Colorado Media Wage $19.09 $19.65 $20.34 $21.28