NewsCovering Colorado


An economic outlook for Colorado Springs moving forward

While supply chains are having issues nationally during the holiday season, Colorado Springs is actually attracting businesses to the area.
Posted at 7:34 PM, Dec 09, 2022
and last updated 2022-12-09 21:34:36-05

COLORADO SPRINGS, CO — Economic leaders in Colorado Springs say the Pike Peak Region is well positioned to ride out supply chain and inflation issues.

"We're really fortunate in Colorado Springs to have industries like aerospace, cybersecurity, and some manufacturing of products that people need in order for national security, for their cell phones to work, and those sorts of things," said Colorado Springs Chamber and EDC, Chief Economic Development Officer, Cecilia Harry.

Inflation and supply chain issues are economic realities that cannot be ignored.

"Obviously inflation is a concern," said Harry, "That's a real thing to be paying attention to in the community."

But, the types of industries feeding the economy in the Pikes Peak region offer some stability.

An economy is about all kinds of business both big and small.

The success of small local retailers is one part of the economic puzzle.

Retail space vacancy in downtown Colorado Springs is currently around 3% which is considered very low.

"Our locally owned small businesses add so much vibrancy to the quality of life that we all experience," said Harry.

The success of Southwest Airlines since it arrived just under two years ago is another indicator.

Hotels are going in at multiple locations across the city.

Housing sales may have slowed but people are still looking for homes.

And, all sides of the city still show growth and redevelopment.

"We're seeing lots of interest in Colorado Springs, lots of companies, lots of different industry sectors, some companies that are already here, some that are looking to come here for the first time," said Harry.

Local ties to military, aerospace, and businesses with government contracts are a big help.

They help counter economic variables causing uncertainty.

"We're very fortunate as a region that we've had very positive growth indicators over an extended period of time," said Harry, "So whether we're talking about new businesses coming in or expanding, new people coming in for population growth, all of those indicators are something that we've been able to build off of."

The evidence of all this will be seen over the next couple of months.

Approaching the new year there are several business expansion announcements in the works.


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