Colorado Springs is open for business, and the world knows it. The latest company to announce an expansion in Olympic City USA is Frontier Technology Inc., a leading provider of deep data expertise and mission-tailored services and solutions to the United States Department of Defense and the Intelligence Community.
This is just one of several companies this year that have committed to start new operations or expand in Colorado Springs. That means over $2 billion in projected capital investments and almost 3,000 projected new jobs. That is also nearly $1 billion in estimated economic output for our community — and could mean an additional 4,000 new service jobs that will be needed across the city to support these new businesses and their staff.
These are real numbers, backed by real partnerships formed between your local City government and the thriving business community. And Colorado Springs is incredibly proud to play our part in these efforts.
These companies’ decision to expand their presence means job opportunities, economic growth, and the promise of a brighter, technologically advanced future. It also speaks volumes about the thriving business environment and the talented workforce in Colorado Springs.
From solar and semiconductor manufacturing to aerospace and defense engineering, these companies are focused on growing in critical economic sectors and could see continued growth over the coming years. Together, they are shaping the future of technology, business, and our city.
Much of this promised investment can be attributed to Colorado Springs being one of the most desirable places to live in the country, our strong connection to the military, and our uniquely skilled workforce. But much credit should also be given to the economic incentives that made the decision to invest easier.
Both the Mayor’s Office and the City Council have understood the importance of these economic incentives and approved them for nine companies in 2023, six of which are small businesses. The state’s Colorado Economic Development Commission approved incentives for eight projects in the county.
The key partners who play a role in helping get these companies to our city include the Colorado Springs Chamber & Economic Development Corporation, the City’s Economic Development Team, the City Council, the Colorado Office of Economic Development and International Trade, Colorado Springs Utilities, and El Paso County’s Office of Economic Development. There are also many other key partners who work in collaboration to help ensure we are working to bring high quality jobs to our community.
Securing jobs for the community, attracting new talent and forging innovative solutions for the most pressing issues of our time requires great team effort, and it takes our community coming together to make it happen.
Colorado Springs is opening the door to endless possibilities and collaborations. And this is just the start…let’s see what 2024 has in store!