This blog is one in a series of four end of year “Celebrations” marking the past year for the City of Colorado Springs.
As the nation continues to wrestle with the impacts of the current COVID-19 Pandemic, the City of Colorado Springs has fared significantly better than cities across the nation. The success is due largely to public-private-non-profit partnerships, and economic development efforts preceding and continuing through the pandemic.
Economic Markers
Over 24,000 New Jobs Created
After losing over 7,500 jobs in 2020 at the height of the pandemic, El Paso County rebounded quickly with the creation of 24,421 new jobs between the second quarter of 2020 and the second quarter of 2021. There are now 27,110 job openings locally, and 17,235 people looking for work. The most in-demand job remains Registered nurse, with 880 openings, followed by Software developers with 753 openings. (Courtesy UCCS Economic Forum)
Construction Boom Continues
As an essential business, construction activity never stopped in Colorado Springs during the pandemic and the shut down. In 2019, 2020 and 2021, building permits in Colorado Springs consistently topped 50,000 each year. Single family residential permits in the city limits increased by 28% between 2019 (2,095) and 2021 (2,680).
Further, building material sales tax added to the city’s strong returns, up 24.20% over 2020 (as of September 30).
Sales Tax Booms, Tourism Returns
Consumer sentiment remains strong in Colorado Springs, as evidenced by spending. Sales and use tax combined was up 26.55% year to date as of the end of September (most recent report). Tourism also contributed mightily with LART tax up an incredible 94.74% year-to-date. The increase was driven by an extremely strong tourist season in May, June and July, where LART revenue came in at two-to-three times the rates of 2020.
Community Support
Exponential Impact partners with City to help small businesses “survive and thrive” through innovative assistance program
As the business community continued to struggle under the negative effects of the COVID-19 crisis, the City of Colorado Springs and Exponential Impact partnered to bring financial relief and mentoring to small business in low- and middle-income neighborhoods. Launched in the spring of 2021, the Survive and Thrive 2.0 program provided 23 businesses across seven industries with an average grant of about $15,000. Ninety-one percent of the businesses were minority, women or veteran owned.
The funds were used to help pay employees and cover rent, utilities, and other maintenance costs during what was for many businesses their most challenging time. The City financially supported the grant program run by Exponential Impact through $500,000 in Federal CARES Act dollars.
Targeted at new businesses with fewer than five employees, these micro-enterprises also received community support through a two-month mentorship program covering financial foundations, bookkeeping, marketing, and storytelling. Designed to work in tandem, the funding and workgroups helped ensure the small businesses not only received immediate financial relief but were set up for long-term success.
“We are transitioning out of the pandemic restrictions as a community, and programs like Survive & Thrive and the work of our small businesses are elements that make Colorado Springs a resilient and vibrant community,” Mayor John Suthers said at an event in June to celebrate the successful conclusion of the program.
City, non-profit partners help residents remain housed
Metro area received over $26 million in rental assistance in 2021
Over $26 million of emergency rental and utilities assistance funding has been paid out to Colorado Springs and El Paso County residents since March. The city has been working with Pikes Peak United Way and other partners to effectively target this program to residents with the most need. These funds have been a critical tool in preventing evictions since the eviction moratorium enacted by the Centers for Disease Control and Prevention (CDC) expired earlier this year. Funds are still available in the program to help residents and is expected to continue operating into 2022.
The City also partnered with the Colorado Division of Housing to administer the program. Colorado Springs residents can apply at through the DOH website. Residents can also contact Pikes Peak United Way by calling 211 to get help applying for rental assistance.