COLORADO — As 2023 comes to a close, we're counting down the top five business headlines in Southern Colorado from last year.
These major announcements will have long-term impacts on the economy here in Southern Colorado for years to come.
CS WIND Expansion
CS WIND's tower manufacturing plant in Pueblo underwent a major expansion this year. The South Korea-based company more than doubled its workforce in Pueblo from fewer than 400, to more than 900.
Mayor Nick Gradisar told News5 that the company's investment will help fulfill his vision to see Pueblo become the renewable energy capital of Colorado.
WATCH: PUEBLO PLANT EXPANSION DRIVEN BY INFLATION REDUCTION ACT
"With what we've got going with our solar farms, obviously with what we have going here with CS Wind and the production of wind towers, I'm hopeful that we can get some solar panel manufacturers here in the not-too-distant future." said Gradisar. "I think we just have a bright future in renewable energy."
That economic engine matches the city's vision to also become 100% renewable by 2035.
Microchip Expansion
In February, the Phoenix-based company "Microchip" announced an expansion at its semiconductor manufacturing plant in Colorado Springs.
The company said it was investing $880-million in Colorado Springs, and that long term, they plan to hire more people in their effort to make Colorado Springs a hub for tech manufacturing and development.
WATCH: MICROCHIP EXPANDING IN COLORADO SPRINGS
The company said that over the next decade, they plan to create around 400 high paying jobs in Colorado Springs, which would be in addition to the 850 people that they already employ.
Apartment Building Boom
The view in several Colorado Springs neighborhoods changed in 2023 as new apartment buildings rose from the ground.
The apartment building boom was especially noticeable in the southern and eastern parts of Downtown Colorado Springs, the Powers Blvd. corridor, and in the fast growing north end of the city.
WATCH: NEW LIMIT PROPOSED TO LIMIT THE HEIGHT OF BUILDINGS BUILT DOWNTOWN
In November, a developer announced plans to build a 36-story apartment building in Downtown Colorado Springs, which sparked a conversation in the community about how tall, is too tall.
As a result, City Councilmember Dave Donelson proposed a new restriction on height. This would prevent the construction of buildings that are taller than the tallest building Downtown. Right now, the tallest building is the Wells Fargo building at Colorado and Cascade Ave.
The city says it will be a long process before anything is set in stone.
Housing Market Slowdown
Interest rates climbed in 2023 as the Federal Reserve worked to curb inflation. It had a negative impact on the housing market in Colorado Springs, with more houses staying on the market, and taking a longer time to sell.
Data from the Pikes Peak Association of Realtors showed 426 fewer homes sold in June of 2023, compared to the same month in 2022.
According to the Pikes Peak Regional Building Department, the issuance of new building permits in El Paso County plummeted to 127 in July, which is a five year low.
November saw the number of homes sold in our region drop to the lowest level in the last two years. Despite the higher rates, home prices remained high due to strong demand.
Space Command Headquarters
The most impactful business story of 2023 came on July 31st when the Biden administration announced that the headquarters for U.S. Space Command will remain in Colorado Springs.
That decision came after two years of political back-and-forth, following then President Donald Trump's decision to move the headquarters to Huntsville, Alabama in 2021.
A bipartisan delegation of lawmakers from Colorado fought the move, saying it was politically motivated because President Trump lost in Colorado in the 2020 election.
The decision to keep Space Command here is good news for the future of our local economy.
WATCH: U.S. SPACE COMMAND IMPLICATIONS
December brought another major development as U.S. Space Command announced that it has reached full operational capability.
The Chamber and EDC says that the announcement means more certainty for national security and for defense companies who are looking to expand to the area.
WATCH: GENERAL JAMES DICKINSON: USSPACECOM REACHES FULL OPERATIONAL CAPABILITIES
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