By Jackie Burhans
The Tri-Lakes Chamber of Commerce (TLCOC) hosted the State of the Tri-Lakes Region and Economic Update on Jan. 9 at the Colorado Springs Marriott Hotel. The event, subtitled “From Fed to Front Door,” highlighted an economics professor from the University of Colorado, Colorado Springs (UCCS), a county commissioner, and two mayors, as well as the president and CEO of TLCOC.
Economic update
TLCOC board Chair Mark Bittle of Connectionmark LLC welcomed attendees, followed by remarks from presenting sponsor Pinnacle Advanced Primary Care.
Program Director Dr. Bill Craighead said the UCCS Economic Forum serves as a community resource providing weekly economic forecasts and analysis. He said U.S. economic growth is expected to slow due to population decline and immigration policies. Growth depends largely on workers ages 25 to 64, and low turnover and staffing shortages signal weak confidence in job availability. Labor supply and demand have both declined, unemployment has risen, and job seekers—including recent high school and college graduates—face challenges.
Consumer spending remains strong, but warning signs include rising loan delinquencies, the loss of Affordable Care Act subsidies, and cuts to SNAP and Medicaid, Craighead said. On the positive side, the federal H.R.1 bill is expected to reduce tax withholding and boost refunds, oil and gas prices should remain low, and tariff-related inflation pressures should ease, though prices will not fall. He also noted tension at the Federal Reserve between controlling inflation and unemployment, concerns about its independence, and signs of AI-driven exuberance in the stock market, even as productivity growth remains solid.Regionally, Craighead described Tri-Lakes as an affluent area within an affluent state. Colorado continues to attract college-educated residents and has a high share of military members and veterans, along with a relatively low percentage of foreign-born residents. The Pikes Peak region ranks 10th nationally for veterans who have higher education and income. Monument’s population is growing rapidly, while Palmer Lake’s growth is slower. El Paso County is expected to see gradual improvement over the next two years, with slower growth statewide and nationally. A high concentration of residents in their 30s and a surge in young children will affect future childcare and school needs.
The local economy has added only about 100 jobs per month in recent years, largely due to boom-and-bust cycles in residential construction. Building permits began to rebound in 2025, while the median age of first-time homebuyers remained steady at 31 to 36. Immigration-related workforce constraints and tariffs on materials such as copper, aluminum, steel, and kitchen cabinets continue to pressure construction. Housing affordability has shown modest improvement, with rents declining and housing costs flattening.
Craighead concluded that the economy is slowing, but consumers remain resilient, though with a persistent sense of fragility. He said the region remains prosperous but is experiencing a temporary slowdown tied to construction cycles, with cautious optimism for a modest rebound this year.
El Paso County
El Paso County Commissioner Bill Wysong, who represents District 3, including the Tri‑Lakes region, said the county takes a long-term approach to growth and resilience. He outlined business, community, and housing incentives available to support the area.
Wysong highlighted the Pikes Peak Enterprise Zone, which offers tax credits for donations and investments in economically distressed areas with high unemployment, low per capita income, or slow population growth. Projects in the zone include Fox Run Park and Lewis‑Palmer School District’s Career Innovation Center. He encouraged businesses to take advantage of the program.
The county also offers a Business Loan Fund that provides up to $50,000 for private, for‑profit small businesses and startups. Wysong cited a Palmer Lake business that received $37,000 for vehicles, equipment, and other fixed assets. He also discussed the Colorado Small Business Development Center, which serves the Pikes Peak region by providing free consulting, training, workshops, and resources to entrepreneurs and small businesses.
In addition, the county acts as a conduit for Community Development Block Grants, directing about $550,000 in federal funds to Tri‑Lakes nonprofits, including Forge Evolution, Project Angel Heart, Tri‑Lakes Cares, and Mt. Carmel Veterans Service Center. The grants also helped fund Americans with Disabilities Act upgrades to the Heart of Monument Play Park, now under development.
Wysong closed by highlighting housing programs available through the county, including the Pikes Peak Down Payment Assistance Program, which offers up to 5% in forgivable loans for home purchases and 1% grants for healthcare workers, teachers, and first responders. He encouraged residents and businesses to contact Crystal LaTier, executive director of the county’s Economic Development Department, to learn how the county can help.
Town of Monument
Monument Mayor Mitch LaKind said 2025 brought national and regional economic uncertainty, requiring the town to slow down and remain disciplined. Despite the challenges, Monument moved forward by making midyear adjustments, adopting a three‑year strategic plan, and maintaining reserves at 32%. He also noted the work of a citizen‑led advisory committee focused on self‑sustaining growth.
The town continued efforts to expand its retail and sales tax base, including a public‑private partnership between the Triview Metropolitan District and the Legacy at Jackson Landing project. LaKind said the Falcon Commerce Center is emerging as a logistics and service hub that generates jobs while incorporating on‑site open space. Monument is a finalist for Project Cobalt, a proposed fabrication facility that could bring 135 high‑wage jobs, supported by $450,000 in state Economic Development Commission‑approved incentives. On the housing front, the Conexus Lot 2 project will offer custom single‑family homes with trail access, dark‑sky lighting, and low‑water landscaping.
LaKind said the town’s focus extends beyond buildings and balance sheets to the quality of place. He described Monument as a regional destination and cited the town’s investment in a public restroom to support tourism, events, and downtown activity. Downtown continues to see incremental reinvestment through new local retail, maker spaces, business expansion, and rebranding.
He thanked the Town Council and town staff for their professionalism and care, led by Town Manager Madeline VanDenHoek, and said progress happens when people show up, work together, and stay engaged over time.
Town of Palmer Lake
Palmer Lake Mayor Dennis Stern opened by addressing what he called the “elephant—or beaver—in the room”: Buc‑ee’s proposal to annex into the town and build a 74,000‑square‑foot travel center at the southwest corner of Interstate 25 and County Line Road. Stern said he would not “bet a bag of nuggets” that Buc‑ee’s will ultimately locate in Palmer Lake, noting the outcome remains uncertain.
Stern said Palmer Lake made national headlines this year during what he described as a contentious and noisy period that tested leadership. What matters most, he said, is what comes next. He emphasized that the board’s primary responsibility is fiduciary and that it must take seriously the opportunity to strengthen the town’s future and create long‑term stability.
He said residents care deeply about Palmer Lake, and the challenge now is channeling that care into productive outcomes. Surrounded by natural beauty and defined by a distinct character and scale lost in many other communities, Palmer Lake draws strong support for authentic events such as the Outdoor Classic hockey tournament and the Festival on the Fourth, which demonstrate community pride and support local businesses.
Stern said there are no easy answers, but the town is taking a hard look at how it can thrive amid easing inflation, improving supply chains, and renewed attention on rural America. Solutions will take time, he said, but Palmer Lake remains committed to responsible, measured growth rooted in community values. The town is open to business and will evaluate every opportunity carefully, he said, adding that Palmer Lake’s future is worth building.
Conclusion
Chamber President and CEO Terri Hayes ended the meeting thanking the sponsors, presenters, and attendees, as well as the TLCOC staff who put on the events, manages memberships, and coordinates communications. She invited attendees to come to the Chamber’s Annual Awards Dinner on April 2.
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Find more information about the Tri-Lakes Chamber of Commerce at www.trilakeschamber.com.
Jackie Burhans can be reached at jackieburhans@ocn.me.