Economists say Nevada-based company will have huge impact on economy
Economists said Sierra Nevada Corporation’s decision to open a subsidiary site in Colorado Springs would have huge benefits for the local economy.
Sierra Nevada Corporation says it’s one step closer to bringing new jobs to Colorado Springs after local and state economic incentives were approved.
Plans call for Sierra Completions, a newly-created subsidiary of Sierra Nevada, to build a high-end aircraft completion complex in the Colorado Aerospace Park at the Colorado Springs Airport.
The facility will be at the intersection of Aviation Way and Astrozon Boulevard.
The $88 million complex would be built in four phases and will house more than 2,100 employees within five years. Sierra Nevada says the complex would have a multi-billion dollar impact on the local economy.
Economist Fred Crowley said this will create many more local jobs. Increased business could be more employees hired in the retail industry. Demand for construction jobs could also increase as people chose to build more home.
Realtor Jack Gloriod said these jobs will have a big impact on the local housing market.
“Prices are going to go up, and I think we will find a lot more people thinking it’s time to sell,” said Gloriod.
The average salary for employees at the company will be $85,000.
“When you have 2,100 jobs at that price point, they generate about 3 or 4 more jobs in the city. I don’t care if you’re a dry cleaner or a pizza shop, you’re going to be doing a lot of business,” said Gloriod.
The announcement comes as one of the pillars of Colorado Springs’ economy, Fort Carson, may downsize under government cuts.
Colorado Springs Director of Aviation Dan Gallagher said this could open up job opportunities for those leaving the military.
“A lot of people who are separating from the military fall right into this category,” said Gallagher.
Gallagher said construction of the facility will start in the next several months. Gallagher said initially, the company will bring in employees from other locations to work at the facility. In a year or two, Gallagher said the company will hire more people locally.
