The majority of the new residents are between the ages of 20 and 35. The 8,000 seat Colorado Springs World Arena, funded primarily by private contributions, opened in February, 1998. The multipurpose facility has the capability of hosting sporting events, concerts, meetings and trade shows. Forbes magazine ranked Colorado Springs as one of its 25 Cities of the Future - cities likely to have the country's highest job growth over the next five years.
Growth is forecasted to be in the telecommunications, semiconductor and software industries.
Colorado Springs has been dubbed one of the 30 Best Cities for Small Business in Entrepreneur magazine and Dun and Bradstreet Information Service's third annual ranking of the nation's top cities for small business. Multi-family housing construction also advanced. There are nearly 12,500 sleeping rooms available in Colorado Springs and the Pikes Peak region and over 137 first class properties. Much of those gains have been fueled by booming manufacturing construction. Construction has started on 11 new industrial buildings.