Colorado’s aerospace sector saw a record $23 billion in federal contracts last year, boosting the state’s economy and job market.

Colorado: The state is really making waves in the aerospace industry. Last year, it raked in nearly $23 billion in federal contracts, which is a huge deal. This is the highest amount ever recorded for the state, according to the Colorado Office of Economic Development and International Trade.
Robert Beletic, who manages the aerospace and defense sector for OEDIT, mentioned that this year could match that impressive figure. He believes the $23 billion might even be an underestimate since they only counted contracts worth $7.5 million and up. Smaller contracts? Too many to track!
Interestingly, this report is a first for OEDIT, but Beletic is confident it reflects a record year based on past data. The report covered 138 contracts awarded to about 50 companies, with military bases in Colorado pulling in $12.3 billion and research labs getting $3.4 billion.
Colorado boasts the highest number of private aerospace employees per capita in the U.S. Around 55,000 people work directly in the industry, with another 184,000 in related jobs. There are about 2,000 companies involved, from big names to startups.
The industry is spread across four metro areas and at least eight rural counties, contributing a whopping $12.7 billion to the state’s economy annually. Employment in this sector has grown by over 32% in the last five years.
Beletic attributes this success to what he calls Colorado’s “full-spectrum aerospace ecosystem.” The state is home to a mix of established firms and innovative startups working on everything from satellites to rocket engines.
Plus, the presence of top-notch federal labs and universities helps fuel this growth. Colorado is also recognized as a hub for quantum technology, receiving significant federal funding to support this initiative.
Even with a new administration in D.C., Beletic is optimistic about continued support for the aerospace sector, especially given the Defense Department’s focus on maintaining a competitive edge in space.
Dan Jablonsky, CEO of Ursa Major, echoed these sentiments, highlighting the collaborative environment among aerospace companies, federal labs, and universities. Ursa Major, which specializes in rocket propulsion systems, has grown significantly since its founding in 2015.
From just 30 employees in a small building, Ursa Major now has around 250 working in a much larger facility. They’re also working on hypersonic engines, which is pretty exciting!
Lockheed Martin Space is another big player in Colorado, employing over 11,000 people and working on important projects like NASA’s Artemis mission. They built the Orion capsule that orbited the moon last year.
Newer companies like True Anomaly are also thriving. They recently expanded to a manufacturing facility in Centennial, focusing on satellite security for other spacecraft. Their team is growing rapidly, and they’re primarily working with the U.S. Space Force.
Overall, Colorado’s aerospace industry is on a roll, and it looks like it’s only going to keep growing!