Living In Colorado Springs

Population

• Approximately 590,000 for the metropolitan area
• Over the long-term, population in the Colorado Springs metro area has increased at a rate of approximately 3% per year
• Growth continues to be a key factor in maintaining a reasonable level of activity in the local housing market
• Baby boomer generation (roughly ages 40 to 60), defines a large part of the local population
• This generation is currently in their peak earning years providing opportunity for a move-up buyer market
• Growth in owner households in the 60+ year old age group will increase by an estimated 10,000 in Colorado Springs over next 5 years, providing local builders an opportunity to meet a growing need for the move-down buyer.

Industries

The economic base consists of a broad mix of industries including:

• High tech manufacturing
• Software development
• Call centers
• Defense contractors (about 120 high-tech firms)
• Information processing
• Back office
• Olympic Sports
• National Associations
• Military - The military and defense contractor sector make up a significant part of the economic basis.

Job Growth

• Colorado Springs jobs grew at an annual rate of 1.8% in Q1 of 2008 and slightly higher than 1% for 2007
• Colorado Springs has posted only 2 negative growth years since 1991.
• Job growth has been consistent since 2004 showing positive rates at or below 2% annually.
• Once again, this growth demonstrates the ability of the local economy to absorb significant diversity as it had with the 2001 U.S. recession, events of 9/11, the stock market melt-down, the corporate accounting scandals and troop deployments to the Middle East.
• The Economic Development Corporation announced the expansion / relocation of 19 companies and 2,462 primary jobs in 2007, and 3 companies and 420 primary jobs in the first three months of 2008.
• The Defense contractor sector is expected to see significant growth. A Colorado Springs division of Northrop-Grumman Corporation landed a government contract worth as much as $2.5 billion over the next 10 years to continue work on a broad range of Missile Defense Agency projects. The company is building a 30 acre campus facility at the Airport Business Park. Lorson Ranch is approximately 6 miles from this Business Park.
• The Fort Carson Expansion has been announced as well as its expectance of 12,000 more troops over the next 5 years
• Fort Carson planners estimate construction needs totaling well over $1.0 billion which will include the following projects. This construction spending is expected to have a big one-time impact on the local economy, increasing construction and related jobs over the next 5 years.
• Warehouse buildings
• Office buildings
• Training facilities
• Roads