Infrastructure Investments Prime Pueblo, Colorado, for Growth
The future looks bright in Pueblo, CO, and not just because the sun shines more than 300 days a year.
“We’re very optimistic about Pueblo’s future,” says Jeff Shaw, president and CEO of Pueblo Economic Development Corp (PEDCO). “We have infrastructure in place that can handle growth. We can triple our population with related industries and not run into water issues.”
Pueblo also offers a ready workforce, strong infrastructure and incentives that are helping to attract business.
Ready Workforce
In June 2023, workers at the Pueblo Chemical Agent-Destruction Pilot Plant finished its mission of destroying the remaining mustard agent stockpile at the U.S. Army Pueblo Chemical Depot. This brings over 1,000 workers back into Pueblo’s labor shed. Helping them find new jobs is a task for which Pueblo is uniquely qualified.
“When the steel industry crashed in the late ‘70s, we had to take roughly 5,000 steel workers and put them in different industries,” Shaw says. “And so, we have been reskilling our workforce for over 40 years. We have programs in place and a culture to support this.”
PuebloPlex, an organization responsible for redeveloping the former Pueblo Chemical Depot, is a partner in supporting those workers.
“The ultimate goal is to backfill the jobs that are going to be lost with new jobs here at the Depot, and then to get this property back on the tax rolls so it’s generating property taxes for Pueblo County,” says Russell DeSalvo, president and CEO of PuebloPlex.
“We can provide certainty to industry that they can construct their facility on this site, and we can provide them utilities.”
Russell DeSalvo, PuebloPlex
Business Incentives
Within Pueblo’s tool belt, as Shaw says, is access to local, state and federal dollars. Pueblo is an enterprise zone, meaning businesses that want to locate and expand in the area have access to state income tax credits. It’s also a Rural Jump-Start community, which offers tax relief, plus grants for new and growing businesses.
But what truly separates Pueblo from the rest of the state is its Pueblo Capital Development Fund, known as the half-cent fund.
“Since 1984, our citizens have been taxing themselves a half cent of all nonexempt items to put into a fund to incentivize companies to relocate or expand in Pueblo for capital purposes,” Shaw says. “In our world, where incentives are an important part of the conversation, certain states are more aggressive than Colorado. This allows us to compete with them on incentives.”
Turnkey Sites
That fund allows Pueblo to build spec buildings that are ready to quickly personalize when a business comes in.
“The most recent one we did was for a company called Fomcore,” Shaw says. “Because we had space available, we were able to finish out their building and have them operational in six months. We move faster than anyone else.”
The development organization operates three major industrial parks in the region.
“We have the infrastructure in place, whether it’s water, sewer, electric, gas and roads,” Shaw says. “We have land square footage and buildings ready to go with incentive dollars to help a company move into the community.”
PuebloPlex recently took ownership of over 5,000 acres from the U.S. Army and is working to transfer an additional 11,000 acres for redevelopment. And as the Army works to surplus the Pueblo Chemical Agent-Destruction Pilot Plant, PuebloPlex will acquire that property as well.
They currently have 400+ individual tenants, anchored by MxV Rail. With the proximity to Highway 50 and Interstate 25, an airport undergoing improvements nearby and a single site ownership, the property will be attractive to businesses.
“We’ll eventually own the full 23,000 acres,” DeSalvo says. “We can provide certainty to industry that they can construct their facility on this site, and we can provide them utilities.”
With recent players like T-Mobile Fiber and Comcast RISE, the rural area offers fast internet as well.
“T-Mobile Fiber expanded to Pueblo to help meet the growing demand for fast, reliable broadband,” says a T-Mobile spokesperson. “With limited fiber options in the area, we saw an opportunity to provide additional choice and real value.”
Along with supporting businesses, Pueblo offers a place where workers want to be.
“It’s a great place to live, work and play,” Shaw says. “Our housing market has the ability to grow, and the price point is lower than the Denver-Colorado Springs market. We offer great outdoor recreation opportunities, with the best winter mountain biking. You can ski on Saturday and play golf on Sunday.”
Get to Know Pueblo, CO
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