The Space Symposium highlights Colorado as the second largest “space economy” in the United States

COLORADO SPRINGS, Colo. — The total solar eclipse wasn't the biggest space-related event to take place in Colorado this week.

The 39th Space Symposium is in full swing at Broadmoor and Cheyenne Mountain Resort through April 11. 12,000 people from 40 countries gather in Colorado Springs to learn about all things space.

Hosted by the Colorado Springs-based Space Foundation, the event highlights the importance of Colorado and the Pikes Peak region to the aerospace and defense industries.

WATCH: SPACE SYMPOSIUM OPENING DAY

Powerful companies like Lockheed Martin, Boeing, Ball Aerospace, Sierra Nevada Corporation and United Launch Alliance all call Colorado home or have a large presence in the state.

According to the Colorado Office of Economic Development and International Trade (OEDIT), Colorado is the second largest aerospace economy in the United States due to its sheer number of space companies and jobs.

“Colorado is the space state,” said Rich Cooper, vice president of strategic communications and public relations at the Space Foundation. “When you look at the military installations that exist here across the state, what strikes you is the incredible caliber of research facilities here, then the number of aerospace companies, both well-known and emerging players.”

The aerospace and defense industries are closely intertwined, which is one of the reasons Colorado has become such a center for the aerospace industry. The state has several military installations and is the permanent home of Space Command. Over the years, this has created a space “ecosystem,” as Cooper and others put it.

WATCH: US Space Command remains in Colorado Springs

According to recent data from OEDIT and the Metro Denver Economic Development Corporation (EDC), there are 350 aerospace and defense companies in Colorado that collectively employ approximately 37,000 people. The workforce in these industries grew by 32.5% from 2017 to 2022.

The industry generated $12.7 billion in output in 2022, OEDIT found in a 2023 cluster study.

The Pikes Peak region is home to more than 149 commercial aerospace and defense companies, according to the Colorado Springs Chamber and EDC. These companies employ over 18,000 people and experienced 28% job growth from 2018 to 2023.

These companies generated $2.7 billion in economic output in 2022, the chamber and EDC said.

WATCH: Space symposium boosts local economy

It should be noted that these economic figures can change and vary depending on the source. The way the Chamber and EDC collect data has changed over the past year. As a result, they said it is now more difficult to track the economic and employment data outside of the commercial sector. But in the past, the chamber has said aerospace and defense companies account for over 40% of the local economy.

“Look at the ecosystem we have here, from the Space Foundation to the Catalyst Campus, there are so many others that drive the business we do here,” said Jim Lovewell, Colorado Springs chief operating officer Chamber and EDC. “It is therefore natural that large companies, medium-sized companies, small companies and small start-ups like to come here. Because they can identify the elements that will drive their success.”

Lovewell said each year at the space symposium some conversations begin that continue throughout the year, bringing Colorado Springs and the state as a whole to the forefront of the aerospace and defense industry's top players. This, in turn, can lead to increased economic output in the region and across Colorado.

“If you are someone who works in this industry and is not in Colorado Springs, we want to let you know how many things are going on here,” Lovewell said. “And also looking at that ecosystem, this is a place where you can not only do business, but you can really accelerate your business.”

Email senior reporter Brett Forrest at [email protected]. Follow @brettforrestTVon X and Brett Forrest News on Facebook.

____

News Tips

What should KOAA5 cover? Is there a story, theme or issue we should revisit? Do you have a story that you think should come to light? Inform our newsroom using the contact form below.

____
Watch KOAA News5 anytime, anywhere with our free streaming app, available for your Roku, FireTV, AppleTV and Android TV. Just search for KOAA News5, download and watch.