People are flocking from urban areas to Western Colorado. The expanding accessibility of modern high speed internet to previously “rustic” areas combined with employers relocating and offering remote work is causing a migration to the region. Enjoying an outdoor recreation-driven lifestyle is no longer a fantasy for people, which is expected to drive a +67% increase in Western Colorado’s population.
Urban Amenities Off the Beaten Path
Living outside of Colorado’s major metropolitan towns is no longer the “rustic” experience imagined by many. Colorado’s West Slope is now well equipped with all of the typical “urban” amenities including high speed internet, airports, health food grocery stores, coffee shops, childcare, and co-working spaces. Previous urban-dwellers can now cultivate quality of life focused on outdoor recreation without sacrificing urban conveniences.
Towns with the best “base” amenities such as schools, housing, healthcare, food, and transportation will look the most appealing to young families and location neutral employees. These drivers have only been accelerated by Coronavirus, which has allowed more employees than ever before to become location neutral, and seek the respite of non-urban areas.
Western Colorado is Open for Business
Not only are families and individuals flocking to Western Colorado, but so are small businesses and corporations. Manufacturing and service based businesses can utilize lower labor rates compared to metropolitan areas and a lower cost of office and industrial space. Opportunity Zone incentives further motivate the development of new and necessary businesses in these areas.
Several companies have created recent success stories moving their headquarters, manufacturing facilities, and workforce to Western Colorado. To name a few of many examples: RockyMounts recently moved from Denver to Grand Junction to take advantage of more affordable warehouse space and to have a larger community impact. Manna Tree Partners just closed a $141.5M first fund to invest in sustainable food systems from Vail. AppOmni, headquartered in San Francisco, has developed an Innovation Center in Carbondale, CO as the focus geography for their expanding workforce. Even social giants such as Facebook and Twitter are allowing their employees to indefinitely work remotely following the recent global pandemic.
Supporting this Migration Requires Significant Investment
These migration factors combined with Colorado’s pre-existing housing shortage means that high quality housing stock will be in greater demand than ever before. Colorado’s West Slope is now a rich market with extensive opportunities for investors. Four Points Funding is focused on building needed multi-family and workforce housing in these areas, such as the Bell Rippy multi-family housing development in Glenwood Springs, and The Eddy in Grand Junction. In addition to these projects, we also believe in supporting outdoor-focused hospitality and new developments that nurture growing communities.