State of the Colorado Springs Economic Chamber
(COLORADO SPRINGS, Colo.) — Colorado Springs leaders are celebrating the economic success the City saw in 2023.
On Wed. Jan. 24, the Colorado Springs Chamber & EDC held its second annual State of the Chamber to highlight trends that impacted the business landscape in 2023 and celebrate the Chamber & EDC accomplishments for the past year. The UCCS College Business also shared important data that define growth, commerce, and economic development in the Pikes Peak Region.
Colorado Springs economic experts tell FOX21 that the number one challenge the city is currently facing is growing pains. In the last five years, El Paso County grew nearly 7% making it the most populous county in Colorado. State projections show Colorado Springs is expected to surpass Denver’s population by 2050. The Colorado Springs Chamber said with growth comes housing challenges, both supply and cost.
“I think the state of the economy is strong, but it’s no different than anywhere in the country at this point,” Johnna Reeder Kleymeyer, President & CEO, of Colorado Springs Chamber & EDC said. “We’re facing inflationary challenges, we’re facing workforce challenges. Any growing community is facing talent gaps.”
In 2023, Colorado Springs became the permanent home of the U.S. Space Command. The city also launched the Titans of Economic Development Campaign and Council and has raised $5 million to assist in economic development efforts. Colorado Springs also closed deals on nine economic development projects, creating 2,200 high-paying jobs and more than $1.3 billion in capital investments.
“Talent wants to be in our region, it’s a great place to live, to work, and to play,” Reeder Kleymeyer explained. “Where talent goes, business goes.”
As Colorado Springs continues to grow, economic experts are working to ensure there is enough affordable and attainable housing for all.
“Our challenges are all about our growing pains,” Reeder Kleymeyer said.
Experts said while the city experiences growing pains, they are also celebrating success.
“We’re doing quite a bit of infill in some of our old buildings or in old parts of town that had unused infrastructure, buildings, utilities, and that’s how we create a greater tax base,” Reeder Kleymeyer explained. “None of us want to see our taxes increased, but we all want good services”
Dr. Bill Craighead, the Program Director of the University of Colorado Colorado Springs was at Wed. (1/24) the State of the Chamber and presented data on building permits in the Pikes Peak Region.
“We did see a surge in building permits in 2021 and 2022, which will help with the supply situation, but with higher interest rates last year and 2023 permitting fell back,” Craighead explained. “One of the key questions to watch going forward will be, you know, as interest rates start to fall, do we have more building permits that will refill that building pipeline.”
FOX21 asked the chamber about new jobs coming to the region in 2024, while they couldn’t give us any specifics, they said some announcements are coming in the future.
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