Colorado Springs named a top city in North America for tech talent growth
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A new report from commercial real estate firm CBRE ranked Colorado Springs the No. 2 up-and-coming market for tech talent in North America.
Why it matters: Colorado's second-largest city continues to rival Denver and Boulder for attracting tech talent from coastal hubs.
By the numbers: More than 20,000 tech workers were employed in Colorado Springs in 2023 — a 12% increase over the last five years, per CBRE's report.
- Wages have jumped 20% in the same period, with the average salary nearing $117,000.
- Meanwhile, software developer wages have grown nearly 16%, to about $126,000.
Zoom in: Roles in Colorado Springs fueling this growth include in-house software development and systems engineering operations from major players like FedEx, Hewlett Packard Enterprise and Oracle.
- Quantum Metric became Colorado Springs' first unicorn in 2021, securing $200 million in VC funding and hitting a $1 billion valuation.
What they're saying: Colorado Springs' tech and cyber scene is shaped by the convergence of talent that streams out of its higher-ed system and, especially, its five military installations, Jessie Kimber, Colorado Springs' economic development director, tells us.
- There's "an enormous amount of talent and also an enormous amount of need, so it's kind of a beautiful clash of the titans between the two — and it really creates a unique ecosystem," she says.
State of play: To help bring in new businesses, the city offers performance-based tax breaks that essentially halve the general fund portion of local sales tax, which is 2%.
- The city also has a program called the Rapid Response Team that helps companies fast-track the permitting process, Kimber tells us.
Zoom out: Other up-and-coming markets for tech talent include Huntsville, Alabama (No. 1); Dayton, Ohio (3); London, Ontario (4); and Halifax, Nova Scotia (5), per CBRE.
- "Increased demand for specialized skill sets in artificial intelligence has fueled tech talent job growth across all sectors," Colin Yasukochi, executive director of CBRE's Tech Insights Center, said in a statement.
How it works: CBRE's annual report ranks 75 U.S. and Canadian markets based on their ability to attract and grow tech talent, using data from the U.S. Bureau of Labor Statistics, including tech talent supply, growth and wages.
What we're watching: Colorado Springs' tech industry is positioned to continue its growth, with more tech hiring expected nationwide through at least 2025 as more companies develop and adopt AI, Yasukochi said.