COLORADO SPRINGS, Colo. (KRDO) — Despite the hard hit businesses are taking during the COVID-19 pandemic, new state numbers show the amount of emerging businesses is up from this same time last year.
According to the Colorado Secretary of State's 2020 business report filings, the state is experiencing growth despite the pandemic.
"I mean everybody says your first year is your hardest, but it's definitely forced me to be really creative about what I'm doing and the type of goods that I'm offering," Rebecca Moon, owner of Moonbeam Clothiers in Downtown Colorado Springs, said.
Following a slower than expected start during the height of the pandemic in April, Moon said support from surrounding businesses played a key role in resiliency for the area.
"It's been really cool to see the community of just businesses Downtown right now. I've gotten a ton of support from other businesses and, you know, other small business owners and that's been really encouraging."
Economic Development Specialist for the Downtown Partnership of Colorado Springs, Alex Armani-Munn, said current retail vacancy is fairly healthy, averaging in the 6% range.
"We've actually seen more businesses, more street level businesses open up downtown this year than close. I've been certainly impressed with the level of retention we've had for our street level businesses, specifically through this crisis," Armani-Munn said.
New business filings statewide are up by about 25 percent from the same time last year and up a little less than a quarter from just a few months ago.
"I think that something important to recognize with this crisis, and this event if you will, is that it was an interruption of an otherwise very strong and robust economy, not like a meltdown like we saw in 2008, where the whole system kind of crumbled and had to rebuild."
He said at least two new businesses will be opening this month, and more on the way before the end of the year.
"In terms of Downtown, the outlook is positive right now and, big picture, we're still very healthy."
For the entire month of November, the Downtown Partnership of Colorado Springs has launched a 'Small Business Saturday' campaign to support businesses in the area.
To learn more, visit their website.