In May 2024, the Global Business Development division of the Colorado Office of Economic Development and International Trade (OEDIT), together with the Governorís office, announced that 34 Colorado companies and eight researchers had been awarded Proof of Concept and Early-Stage Capital and Retention grants through OEDITís Advanced Industries Accelerator Program. These grants help promote the growth and sustainability of advanced industries in Colorado by driving innovation, commercialization and public-private partnerships that move this vital aspect of Coloradoís economy forward in communities across the state.
Spectrum AMT Expands in Colorado Springs
In April, Governor Jared Polis and the Global Business Development Division of the Colorado OEDIT announced that Spectrum Advanced Manufacturing Technologies had chosen Colorado Springs for expansion. The company creates products that are integral to advanced manufacturing and assembly and provides quick-turn product development and manufacturing services for aerospace, medical, industrial and commercial marketplaces. In Colorado Springs, Spectrum AMT will expand its existing facility by 3,000 square feet and add a new 12,000-square-foot building dedicated to manufacturing and assembly spaces. The company expects to create over 100 net new jobs at an average annual wage of $85,407, which is 135 percent of the average annual wage in El Paso County. The positions will include marketing and sales, engineers, inspectors, accountants, production associates, administrative support and technicians.
Scythe Robotics Announces Expansion in Colorado
Scythe Robotics, a producer of advanced, commercial-grade autonomous solutions for the landscape industry, announced in March that it had chosen Longmont, Colorado for an expansion of its operations. The company has expanded its Boulder County headquarters and manufacturing facility to meet growing demand for its all-electric, fully autonomous commercial mower, and is expected to create 394 jobs. Scythe Robotics selected Longmont for expansion because of its proximity to top universities, a vibrant and expanding robotics community and the state’s outdoor recreation lifestyle. At 28,000 square feet, the expanded facility is more than double the original size. A unidirectional production line will increase output of the company’s mowers while prioritizing comfort and productivity for the company’s technicians.
Cyber Security Company Invictus International Consulting Chooses Colorado Springs for Expansion
Invictus International Consulting, a veteran-owned cybersecurity and technology integrator, announced in February that it had chosen Colorado Springs for expansion. Invictus will provide cybersecurity and Internet Service Provider (ISP) engineering and operations support for government agencies, defense organizations and private sector clients. The company expects to create 130 net new jobs at an average annual wage of $168,923, which is 280 percent of the average annual wage in El Paso County. The positions will include administrators, analysts, engineers, managers, technicians and other roles.
OEDIT Secures Funding for Small Business Development Center Office
In February, the OEDIT announced Coal Transition Community funding to establish a Northwest Small Business Development Center (SBDC) satellite office in northwest Colorado. The new office will serve Moffat, Rio Blanco and Routt counties, supporting the creation and growth of small businesses as local communities look to diversify their economies and create new jobs. The funding is part of an ongoing effort by the Polis Administration, OEDIT and the Office of Just Transition (OJT) to help communities that have relied on coal mines and coal-fired power plants for employment find new sources of jobs and property tax income.
Toro Opens Center of Excellence in Frederick
Early in 2024, Toro, a worldwide provider of innovative solutions for the outdoor environment, chose the Town of Frederick in Weld County, Colorado for relocation. Toro designs, manufactures and markets lawn mowers, snow blowers, irrigation system supplies and other products for commercial, residential, agricultural and public sector uses. These products are distributed through a global network of professional distributors, dealers, rental stores and retailers in more than 125 countries. In Frederick, the company is opening a new center of excellence for the research and development functions of their robotics division. At the Frederick site, Toro expects to create up to 45 net new jobs. The positions will include engineers, customer support and technicians.
Microchip to Modernize and Expand Chip Facility in Colorado Springs
Microchip, a leading producer of semiconductor devices, together with U.S. Department of Commerce, announced in January a historic preliminary memorandum of terms (PMT) resulting in $90 million to modernize and expand a Microchip fabrication facility in Colorado Springs as part of $162 million in overall direct funding to support the company’s semiconductor supply chain. Microchip, which employs nearly 1,000 Colorado workers, is the second semiconductor company to be identified for federal funding through the CHIPS and Science Act and the first in Colorado. This is the largest federal investment in CHIPS manufacturing announced by the Department of Commerce to date. The investment will enable Microchip to significantly increase its U.S. production of microcontroller units and other mature-node semiconductors critical to America’s defense, aerospace, auto, commercial and industrial industries. Together with an expansion at a Microchip fabrication facility in Gresham, Oregon, the Colorado Springs expansion is estimated to nearly triple the share of semiconductors the company produces at these sites.
Colorado Announces the First Three Businesses to Join the Rural Jump-Start Program
In April, Governor Polis and the OEDIT announced the first three businesses to join the Rural Jump-Start (RJS) program in Pueblo County: AMCON Distributing Company, Ask Oracle and Fomcore. Collectively, these companies expect to create 59 full-time jobs above the average annual wage in Pueblo County. The RJS program fosters economic development in many areas across the state by encouraging businesses to start in or move to economically distressed, rural counties of Colorado. By expanding local business communities, the program supports the development of new jobs and stronger, more diversified local economies. New businesses accepted into the RJS program can qualify for tax incentives and grant benefits, including relief from the state business income tax, the sales and use tax, and county/municipal business personal property taxes. Qualified employees also receive relief from their state personal income tax. Additional benefits are available for designated coal transition communities. T&ID
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