In recent years and across the country, there has been a major tech boom. This trend is especially evident in the aerospace sector, one of the largest sectors in the entire country. The aerospace sector helps supply resources for various related aviation fields, including space, commercial, and military. Concentrated on research and innovation, the tech sector has witnessed explosive growth, especially in recent years. As a result, the aerospace sector has contributed immensely to the American economy, so much as $151 billion in 2018 alone. Despite the pandemic, the aerospace sector was one of the very few businesses that continued to flourish amid last year’s pandemic. Self-reliant and self-resilient, this business shows no signs of stopping. Instead, the tech sector shows promising growth, a stable economy, and unlimited job growth.
Denver’s Growing Aerospace Technology Hub
No place in the country has fostered growth and innovation quite like Denver, Colorado has. Origins trace back to the mid-1900s, with legacy corporations like Ball Aerospace and Boeing’s putting down roots in the area. These companies paved a road for fresh start-ups and a younger wave of scientists to break into the scene as well. Today, the Denver aerospace hub remains the second-largest aerospace economy in the country and shows no signs of slowing down. In the last five years alone, the Colorado aerospace sector has grown faster than any other hub in the country. Currently, the state houses over 33,000 employees at nearly 300 aerospace companies, and in total, employs over 190,000 individuals in space-related jobs. These jobs are also coming from major institutions, including the U.S. Department of Defense (DoD) and the National Aeronautics and Space Administration (NASA), which have facilities in Colorado. Denver is set to continue making history with two major projects scheduled for completion in 2021 – the Sierra Nevada’s Dream Chaser and the James Webb Space Telescope.
Denver’s aerospace hub draws individuals and businesses from around the world who hope to contribute to the booming industry. But what makes Denver so special? From well-qualified candidates to Denver culture, many things draw employers and employees to the city. One of the most logistical reasons is Colorado’s unique position as it is in the country’s center, which allows hubs to bounce off satellites in Europe and Asia all in the same day. But beyond that, talent, culture, and an environment that fosters growth all help to contribute to the business boom.
Colorado has some of the most qualified individuals in the entire nation, all in one place. Featuring a diverse population with the experience and the education to address all of the aerospace sector’s needs, it’s no wonder people are flocking here. As a whole, Colorado features the second most educated workforce in the country and ranks seventh out of all fifty states for individuals with degrees in science and engineering. All of this, paired with Colorado’s highly-ranked university aerospace programs, make for an all-in-one shop for prospective businesses. Denver is number 7 in the country for tech talent, just behind places like Seattle, New York, and the Bay Area. Denver is the fourth most concentrated millennial market with a rising tech-related degree percentage of over 36% between 2014 and 2018. Denver has proven resilient time and time again, with more tech companies to come.
Culture and Community
Colorado is deemed one of the best places to live in the country, ranked number two by U.S. News, just behind Boulder, CO, for the best places to live. It’s also worth noting out of the entire top 5 of best places to live, Colorado cities make up 4 of the 5. Another major draw, Denver is one of the sunniest cities in the country, ranking in the top 20 across the country, with its long days from sunrise to sunset. “Deemed SF in the mountains,” many bay area residents have flocked to the area for its similar innovative feel minus dense city living.
Resources for Start-ups and Entrepreneurs
Denver has developed policies and a support system for both start-ups looking to set roots in the area and long-standing institutions to keep them in the area. Denver’s support is aimed at helping businesses “start up, scale up, and grow up.” And their infrastructure is designed to foster this growth with a low corporate tax rate compared to other states, a job growth incentive tax program, an excellent transportation system, multiple airports, and a highly promoted work-life balance. Colorado also has a lower cost of living when compared to comparable employment arenas, such as the Bay Area. With a low cost of living and a low cost of doing business, it’s clear why so many are settling down in the state rather than any other tech hub in the country.
Companies That Set Up Shop in Denver
There is a long list of aerospace companies in the Denver area and Colorado as a whole, including legacy corporations and new businesses hoping to make a name for themselves. Major institutions include Ball Aerospace, Lockheed Martin, Raytheon Technologies, Sierra Nevada Corp., and smaller ones, including Blue Canyon, Astroscale U.S., and York Space Systems. In addition, more businesses continue to emerge every year, specializing in different aspects of aeronautics and aviation, proving that this fast-growing sector is here to stay.
One America Works is ready to help individuals and companies thinking of setting up in Denver and other growing tech hubs across the country. Learn more about what makes Denver a great place to grow a company, start a career, and more. Stay up-to-date on other growing cities through One America Works and follow us for more trends worth your attention.