Colorado Springs is exiting 2016 with a healthy economy bolstered by a strong jobs market, according to a recent city report.
In the report, Colorado Springs Economic Development Director Bob Cope (with help from UCCS Economic Forum Director Tatiana Bailey) cited strong economic markers including low unemployment rates, increased job creation, higher pay and population growth — all of which are continuing to make a positive impact on home prices, regional tourism and real estate development.
“Between a number of new businesses choosing to move or expand their operations here, and the healthy growth of Colorado Springs’ existing economy, the outlook for job-seekers in our city is very positive,” Cope said last week in a news release announcing the report’s findings.“We look forward to another great year in 2017, with expected growth in the medical and cyber sectors as highlights.”
Here are some of the report’s findings:
- the city’s unemployment rate as of October was 3.5 percent while the U.S. national average was 4.7 percent;
- there were 7,776 new jobs created in Colorado Springs between Q2 2015 and Q2 2016;
- the median salary in October for the Colorado Springs MSA (metropolitan statistical area) was over $66,000;
- the jobs in most demand were registered nurse (876 openings), customer service representative (724 openings) and software engineer (718 jobs);
- the population of El Paso County has continued to grow 1.9 percent annually, compared to the U.S. average of .7 percent; and
- home values in Colorado Springs increased 8.9 percent in Q3 2016, compared to the national average of around 5 percent.
The entire report can be viewed here.
Read the Dec. 30 edition of the Colorado Springs Business Journal for more information on the Colorado Springs real estate market in 2016.