Colorado Springs Economy

Colorado Springs' economy is driven primarily by the military, the high-tech industry, and tourism, in that order. The city is currently experiencing some growth mainly in the service sectors. The unemployment rate for the city as of October 2015 was 3.9%, a decrease from 4.8% in October 2014 and 7.3% in November 2013 and compared to 3.8% for the state and 5.0% for the nation.

Defense industry

The defense industry plays a major role in the Colorado Springs economy, with some of the city's largest employers coming from the sector. A large segment of this industry is dedicated to the development and operation of various projects for missile defense. With its close ties to defense, the aerospace industry has also influenced the Colorado Springs economy.

Although some defense corporations have left or downsized city campuses, a slight growth trend is still recorded. Significant defense corporations in the city include Boeing, General Dynamics, Harris Corporation, SAIC, ITT, L-3 Communications, Lockheed Martin, and Northrop Grumman.The Space Foundation is based in Colorado Springs.

High-tech industry

A large percentage of Colorado Springs' economy is based on manufacturing high tech and complex electronic equipment. The high tech sector in the Colorado Springs area has decreased its overall presence from 2000 to 2006 (from around 21,000 down to around 8,000), with notable reductions in information technology and complex electronic equipment. Current trends project the high tech employment ratio will continue to decrease in the near future.