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New Economic Developments to Bring More Businesses to Colorado Springs

An In-Depth Look at the New Businesses Coming to Colorado Springs
Colorado Springs Chamber & EDC with Executives from the Company Microchip. [1]

Over the last year, Colorado Springs has seen an influx of new companies investing into Colorado Springs. These investments include money for expanding their local footprint along with new companies from all over the country, and some from out of the country, setting up new facilities in the city.

As with any business venture, new locations include a need for new jobs, and with most of these businesses being tech companies, these jobs are highly paying. On the contrary, these companies will not hire an entire new staff for a building, meaning they will be bringing over employees from their corporate offices and other branches in order to fully flesh out the new facility.

The increase in population might bring more woes to a city already experiencing an explosion in population, or it may bring a shining future to what might be the upcoming technological center of America.

Concept image of the planned Meyer Burger solar cell production facility.[9]

A major draw in some of these expansions has been because in 2023, the Mayor’s office and City Council approved economic incentives for nine companies, encouraging their expansion into Colorado Springs. Over two-billion dollars have been put into capital investments, with the new economic output for the Springs estimated at an additional one-billion USD. Most extensive expansions are expected to be completed by the end of 2024, with around 7,000 new jobs expected to be created.

Mr. Yeh, a Math and AP Computer Science teacher at Coronado High School, gives an insight on the pros and cons of the investments, stating that “On one hand, having these kinds of companies choose to set up shop in Colorado Springs keeps us on the map as a technological location and enhances our image as a desirable place to be.”

Business expansions include local small businesses, large tech. firms, and more. Some new facilities are Frontier Technology inc. with a $15 million investment into a 46,000-square-foot facility that will provide 200 new jobs, Boecore with a $7.8 million investment expansion with more than 600 new jobs, Microchip, Infinity Labs, and other various smaller businesses. There also has been some international expansions, with a new facility by the Switzerland-based Meyer Burger Solar announcing a new solar cell production facility to open in 2024. The Colorado Airport modernization project is also being worked on and is expected to be completed by the end of 2024.

Frontier Technology Inc. officials review the plans for the new Colorado Springs center.[4]
Colorado Springs has been a high tech. city since the 1990s and the reason investments are so eagerly sought by the city is to keep the Springs technologically advanced and to keep up with modern technology. In addition to this, the 2023 decision by the US Space Force to keep Space Command in Colorado Springs has only accelerated expansion of aerospace and technology companies in the city.

Along with the new job creation and technological advances, there has been some uncertainty in the entire change. “It won’t be too much of a big change, unless it becomes a trend,” Mr. Schottler, a Coronado High School economics teacher, claims about the impact of the investments. This view outlines some of the effects of expansion, as the city will not change that unless there is a constant trend of companies investing in Colorado Springs, which without, negatives might stack up. Mr. Yeh mentioned this possibility, asserting, “With all of those positives, however, come some potential drawbacks. Will the cost of living increase and will residents be priced out of the location? What will more people moving to the Springs do to a real estate market that has already experienced unbalanced supply and demand in recent years?” With each positive trend, a negative one can also pop up, side-effects that could seriously do harm to the city as well as the residents of Colorado Springs, a side-effect that is largely-ignored.

So what does the future hold for Colorado Springs? There seems to be a bright future, but only if the other serious side-effects are dealt with. Which path will the Springs go down, a shining technological center for America, or an overpriced, (more) overpopulated, and more unstable city? Only time will tell.

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Hello, I am Zach. I'm a senior this year and I play lead guitar for MANEETRR.

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