Colorado Springs Economy: Top Industries, Biggest Employers, & Business Opportunities

Nestled near the Pikes Peak area of the Southern Rocky Mountains, Colorado Springs is large enough to provide interesting options for people seeking excitement in their lives, but not so large that it is intimidating. With both Air Force and Army bases nearby, the region regularly has new faces. For those considering a move to Colorado Springs, it is a good idea to consider the following information about Colorado Springs' economy.

Colorado Springs Industries

The largest employer in the Colorado Springs area is the US military. There are three Air Force facilities within the community, including Peterson Air Force Base, Schriever Air Force Base, and the United States Air Force Academy. Additionally, the Fort Carson Army base is found within the area.

In addition to the US military, the city is also home to some of the largest technology companies in the country. Companies like FedEx, Hewlett Packard, and Oracle house software and engineering resources in Colorado Springs.

Tourism and sports industries lend support to visitor-based entities like hospitality and restaurants. Additionally, tourism offers a number of opportunities for tour guides and souvenirs shops. Tourism alone in the region is responsible for around 16,000 jobs, serving more than 20 million yearly visitors.

Top Employers in Colorado Springs

While the United States military is the largest employer in the area, there are a few other top employers as well. UC Health is one of the largest medical service organizations in the region, with multiple locations throughout Colorado. As a full-service organization, UC Health provides a number of specialties, including cancer care, community health, emergency care, and sports medicine.

With more than two thousand employees, Martin Senour Paints supplies a catalog of paint, varnish, and other supplies. The company operates as a brand under the Sherwin-Williams umbrella.

Microchip manufactures a number of tech components and creates products that support industries like aerospace, high-speed networking, and data storage.

Colorado Spring's Economy: Facts and Figures

Colorado Springs is a jewel of a city with something for everyone to discover. Those who love the outdoors will enjoy adventuring in the mountains or camping at nearby Cheyenne Mountain State Park. Sport fans will love supporting college or professional teams like the Rockies, Broncos, and Nuggets. Creative types will appreciate hanging out at one of the city's coffee shops or artist coops.

Perhaps this diverse mix of industries and experiences is why the unemployment rate for the city has generally been slightly below the national rate for the last decade. The cost of living in Colorado Springs is very close to the national average, and the median household income is $67,819. In 2018, job growth was reported at 2.2%.

Ready to Move to Colorado Springs?

In economic terms, Colorado Springs is a great city for newcomers. The city has a solid economy, based on a good mix of government agencies and private companies, and there's a wide range of homes, from affordable to luxury homes, or even new construction homes. Opportunities abound for potential employees and entrepreneurs alike.

If you're inspired by the opportunities in Colorado Springs, contact The Military Home Search Team of eXp Realty at (719) 338-7294 to get in touch with a local real estate agent and find the ideal Colorado Springs home for you today.