Colorado Springs Population Age Structure and Relations
Introduction
The data collected in this report was intended to aid in the increased understanding of the age structure of Colorado Springs, Colorado in order to determine the best type of business to invest money in. A few general business fields were being considered: accommodating to a growing population of young children, catering to retirees, or using the Hispanic surge for revenue. In order to answer this question, population and industry data was collected from Colorado Springs city, El Paso county, and the state of Colorado. This data was used to create a population pyramid, calculate dependency ratios, and calculate location quotients. The following report analyzes the population and industry data, as well as examines the connections and comparisons between different geographies in order to draw a conclusion for which business is appropriate for Colorado Springs, Colorado.
Population Pyramid and Dependency Ratios
The first thing to notice on this population pyramid (Figure 1) is the narrow top and thick base. There are very few elderly people compared to the number of children in Colorado Springs. This is an indication that there are more children to look after than retirees. The wide base also indicates a pattern of rapid growth instead of complete stability.
( Figure 1)
Figure 1 shows a population pyramid for the city of Colorado Springs, CO
The dependency ratio is almost exactly the same for Colorado Springs when compared to the entire state of Colorado (Figure 2). A higher dependency ratio means that there are more people to look after. A dependency ratio of 46 is relatively high, and it is mostly due to the amount of ages 0-14. There are double the youth when compared to the elderly in Colorado Springs and the state of Colorado (Figure 2). This means that the youth are putting more pressure on the productive population (ages 15-65) than the retirees are. In this case, a business related to children would be ideal because it is in more demand than a facility accommodating the needs for the elderly. A business related to children would also take pressure off the productive population more than a retiree related business.
(Figure 2)
Figure 2 shows the dependency ratios of Colorado Springs as well as the entire State of Colorado. The math for the dependency ratio is as follows:
Colorado Springs: (20.60% + 10.90%) / 68.40% *100 = 46.05263
State of Colorado: (20.10 + 11.50%) / 68.50% *100 = 46.13139
Population comparisons and Location Quotients of Age and Ethnicity
Figure 3 relates to Figure 4 in which the percentages of the various categories were used to calculate location quotients for ages 0-14, ages 65+, Hispanic, and White populations.
(Figure 3)
Figure 3 shows the population data for Colorado Springs, El Paso County, the state of Colorado, and the United States
The location quotient is below 1 for the 65+ age group in Colorado springs, El Paso County, and the state of Colorado (Figure 4). This means that not only are there less than average retirees in Colorado springs, there are less than average in the whole county and state. Children in Colorado springs are slightly above average. Again, the location quotient shows that the population of children in Colorado springs is above average and the population of retirees is below average. Hispanics are right on point for the average in Colorado Spring, but over average for the entire state.
(Figure 4)
Figure 4 shows the location quotients calculated from Figure 3's population percentages
Location Quotients of Service Industries
(Figure 5)
Figure 5 shows the percent of the total state of Colorado service industries on the left and the percent of total Colorado Springs service industries on the right
The location quotients of the service industries show us that the only industry below average in Colorado springs is finance (Figure 6). When looking at this data, the best opportunity is likely choosing finance, insurance, real estate, and leasing.
(Figure 6)
Figure 6 shows the location quotients of the service industries
Conclusion
After analyzing the data, the age structure and comparisons, it seems that Colorado Springs has many children, but not many retirees. Hispanics are at a normal population. After reviewing service industries, the only industry lacking from Colorado springs is finance. Based on the age structure, fitting the needs of the growing population of children would likely be best because the youth dependents are putting more pressure on the productive population than the elderly dependents. When it comes to industries, the location quotient of educational industries is high, but so is the location quotient of the population of 0-14 year olds. One option could be the business model fitting the growing youth population. Another possible option could be looking into combining the finance industry with a model for children. Overall, the main priority seems to be the high population of youth dependents.
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