A Californian company that has designed an aircraft capable of vertical takeoffs and landings will open its new research and development headquarters in Colorado Springs.
Governor Jared Polis said Thursday that the new PteroDynamics facility will also focus on assembly, capitalizing on the skilled workforce in El Paso County and across the state.
“Colorado continues to be the leader in the aerospace and defense industries, so this new announcement and the 186 good jobs that come with it further solidify our reputation as the best place in the nation for aerospace,” said Polis in a statement.
Once fully operational, the new headquarters is expected to generate 186 jobs with an average annual salary of $120,645, according to the Colorado Office of Economic Development and International Trade.
The state provided PteroDynamics with approximately $1 million in performance-based tax credits over eight years for creating 85 new full-time jobs.
State officials said Colorado was competing with Texas for the facility. The company recently won a contract with the federal government.
Matthew Graczyk, CEO of PteroDynamics, said the company believes the Colorado Springs location will allow it to attract world-class engineering talent.
The company calls its design Transwing. The craft folds and unfolds its wings during flight to convert from a “multicopter” to a fixed-wing aircraft, according to the PteroDynamics website.
Colorado’s 33,460 private sector aerospace employees represent the industry’s largest per capita total nationally. An analysis by the Metro Denver Economic Development Corp. reported that there were 290 aerospace companies in Colorado in 2020 and more than 500 companies and suppliers providing aerospace-related products and services.
A total of 62,270 private and military aerospace workers support an additional 170,340 workers across all industries in Colorado, according to the report. Aerospace employment in Colorado has grown 30.1% over the past five years, outpacing national growth by nearly 12 percentage points.