We just got word that the Space Force Command will most likely be leaving Colorado Springs. It was announced recently that Huntsville, Alabama, will be housing the permanent headquarters for Space Command.
This development has been upsetting to local politicians due to the $450 million economic impact this will have on our community, including 1,400 jobs, 40 of which are active duty and 60 are civil service. On top of that, there are likely going to be hundreds, if not thousands, of jobs tied to the contractors that service the military for Space Command here in Colorado.
The good news is that we’ll still serve as a temporary location for at least three to five more years; the final decision won’t be made until 2023. When the new administration takes over, they may change their minds and keep Space Command headquarters right here. With our five military installations, this is a great place for it.
So what does this mean for the housing market? For one, the developer Flying Horse East was planning to build 3,500 homes in the area around Schreiver Air Force Base, a decision which may be put on hold. However, In-N-Out Burger has brought several hundred jobs to us, and they’re bringing even more into the distribution. We’ll also see an influx of jobs for Amazon, which developed a four-million square foot building to house the more than 1,000 employees they’ll need. Scheels Sporting Goods is bringing 300 to 400 jobs within the next couple of months, as well.
Ultimately, we’ll be fine if Space Command does relocate, but that doesn’t reduce the potential impact of losing $450 million to $800 million a year.
If you have any questions about the real estate market or how these developments will impact the economy, don’t hesitate to reach out to us.