(CAÑON CITY, Colo.) — Cañon City is quickly becoming more than just a spot for tourists–local leaders are focused on diversifying the economy by expanding into different sectors. However, with this growth comes a pressing demand for more housing.
In the heart of Cañon City, I Cubed Machining Technologies, a family-owned manufacturing facility, is transforming the region. I Cubed is one of several businesses currently operating out of the Fremont Economic Development Corporation incubator program.
“It’s hard to put into words exactly how impactful the individuals at the incubator have been for us,” said James DiOrio, Co-owner of I Cubed Machining Technologies. “Largely, without them, this would not be what it is today. They allowed us to get into an opportunity where we could chase our dream and actually expand.”
Fremont County economic leaders believe Cañon City is up next on the list for growth in Colorado, and businesses like I Cubed are helping the region expand from just a tourism economy.
“Well, you know, if you’re not growing, you’re certainly not improving the economy whatsoever, and in rural Colorado, resiliency is a big deal,” said Rob Brown, Executive Director at the Fremont Economic Development Corporation. “We have to be resilient. We have to be able to continuously reinvent ourselves and improve our economic picture here.”
To diversify the economy, leaders are implementing a strategy called economic homesteading to attract new industries such as manufacturing, technology, and agriculture.
“Economic homesteading really means creating a micro-ecosystem or an environment that is suitable for business startups and job creating and in businesses of all types,” Brown said.
Brown explained one of the keys to economic development in rural Colorado is the ability to create a startup community, an environment that’s good for creating new businesses.
“We don’t have the capacity to go compete for a Tesla plant where it’s going to be a multi-billion dollar facility,” Brown said. “What we do have the capacity to do are start businesses and create small businesses that create jobs.”
Economists have developed a strategy they call a profit cluster, a micro-ecosystem set up to support an individual industry, business, and sometimes even an individual entrepreneur.
“Kind of our cornerstone was the first one that we did, it’s called Tech Start, and that’s creating tech-based businesses and we’ve grown over 300 jobs in Fremont County, the tech-based sector.”
With growth comes the need for housing, and leaders have a plan for that as well. The Four Mile project is a 1,562.7-acre mixed-use planned development at the east end of Cañon City.
“There’s room for thousands of homes, as well as commercial and retail spaces, this represents a huge opportunity for development,” said Rick Harrmann, Economic Development Manager for Cañon City.
The new zoning for the Four Mile project has just been approved, and the city is now beginning the minor subdivision process to bring the vision to life. But that’s not the only vision economic leaders have for the area.
“I see this as a land of opportunity,” Harrmann explained. “The challenge right now is that many people aren’t fully aware of the potential here.”
