Today, the city of Colorado Springs is the very definition of an urban metropolis. High tech companies can be found all over the city, the military has some of its most cutting edge operations in several locations within and on the borders, and the tourist industry thrives. The affluent come here to enjoy winter ski vacations at nearby resorts or to spend their summers at a luxury resort hotel. WiFi connections make fast communications possible even over long distances, so business owners need not worry about missing out on critical happenings while enjoying the city.
Many of the economic structures in place in Colorado Springs today are the direct result of the principles upon which it was founded. Back in 1871, General William Palmer planned the city as a premiere resort location for the rich and famous. Its dry climate and many natural attractions quickly made it a popular location for European tourists.
The Colorado gold rush in 1891 would see many of the affluent people who made their money off of gold bullion prices locate their homes in the Colorado Springs area. The influx became even more pronounced when gold was found at nearby Pike's Peak. Eventually, the gold rush was to come to an end, with many of the miners who actually dug the money out of the ground going broke. Experts at picking through the bones of the irresponsible, bankruptcy attorneys, southern California businessmen who had previous experience in rushes, and so on were left with the problem of creating a new economic structure.
They found this by advertising the city as a haven to the even more unfortunate, those struck with diseases which were sometimes chronic. Tuberculosis patients in particular flocked to the city because of its dry climate, which alleviated many of their symptoms for a time. A few of the asylums set up would become international businesses themselves, with operations from Arizona to Alberta. Franchise opportunities in the health field were nothing new, and helped to grow the fortunes of local Colorado Springs tycoons.
Colorado Springs was one of many locations in the United States to benefit from the United States' true entry as a military force on the world scene during World War II. The first military base in Colorado was opened here right after the attack on Pearl Harbor, and the military presence here continued to expand throughout the Cold War. Today, the US military continues to be the most important contributor to the economy of the city.
Although not as visible as it was 15 years ago, the high tech industry in Colorado Springs is also very important. Verizon, Intel, and SNIA all have a significant presence in the area.
And, of course, as the population of Colorado Springs has grown, so too has its economic base. The service sector is currently one of the fastest growing parts of the economy, with businesses opening to assist locals with everything from investing to finding the best mortgage rate. Toronto may have a bigger population, but Colorado Springs can certainly boast a unique story of economic development.
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