The Pikes Peak region represents a small geographic section of the state – but a proportionally larger share of the state’s population and earnings, according to a University of Colorado at Colorado Springs study.
The report, which was commissioned by the Colorado Association of Realtors, details the statewide and regional economic impact of the real estate industry.
Colorado Springs’ regional statistics include both El Paso and Teller counties, which comprise 2.33 percent of state’s area. At the same time, it contains 12.44 percent of the state’s population and 9.54 percent of its related earnings and profit.
In total, 8.32 percent of the total assessed value of property statewide is located in the Colorado Springs region, but due to lower than average mill levies, the region generates only 7.48 percent of total property tax revenue, the report said.
More than one in 10 jobs in the Pikes Peak region are real-estate related, and slightly more than $1 out of every $10 in earnings and profit are real-estate related. During 2005 alone, real estate industries accounted for more than $1.5 billion in direct earnings and profits for the local area.
Randy Reynolds, chairman of the Issues Mobilization Committee and a broker with Colorado Springs’ Prudential Professional Realtors, said the real estate industry in Colorado is a key component to the overall success of the state’s economy.