For media inquiries, please contact Cynthia Eveleth-Havens at [email protected] or Teresa Busk at [email protected].
DENVER – The Colorado Chamber Foundation today released a new report documenting company relocations out of Colorado to assess the state’s competitiveness. The 2025 Relocations Tracker chronicles corporate decisions to relocate or expand operations out of state, including full headquarters relocations, moving critical facilities, scaling back Colorado investment in favor of other states, and missed site selection opportunities.
“The Chamber Foundation remains focused on implementing our strategic vision for Colorado to improve our economic climate and ensure we are on a strong path forward,” said Foundation Executive Director Rachel Beck. “While Colorado has significant strengths as a state, we are also becoming increasingly vulnerable in our competitiveness and are seeing a slow burn of companies looking elsewhere to invest and grow. This report highlights that certain policy approaches are creating a less favorable business climate in Colorado, and we’re starting to see this become a factor in corporate relocation and expansion decisions.”
The relocations report documents and sources specific companies that have left Colorado, where they went, and when available, how many jobs they took with them. In developing this report, the Chamber Foundation utilized publicly available data from official news sources, quarterly financial statements with the U.S. Security and Exchange Commission (SEC), corporate press releases, and Worker Adjustment and Retraining Notification Act notices filed with the state.
“While several sources track corporate relocations into Colorado, companies don’t typically announce their departure when they leave,” said Cynthia Eveleth-Havens, chief strategy officer and senior vice president of communications for the Chamber. “This data confirms much of what we’ve been hearing from the business community; our regulatory climate is becoming increasingly burdensome and driving companies out of state. These trends present a real risk to our workforce strength, future job growth, capital investment and Colorado’s overall economic vitality.”
Key findings from the Chamber Foundation’s 2025 Relocation Tracker include:
- Since 2019, the Chamber found reports of 98 company relocations or lost opportunities from Colorado to other states – 27 of those were last year alone.
- When jobs data was available, the report directly links over 13,600 lost Colorado jobs to these company decisions.
- Texas is by far the biggest winner when it comes to attracting Colorado businesses. Overall, 21 companies chose Texas to expand or relocate to.
- California was second with 10 companies, North Carolina and Arizona tied for third and fourth with six companies, and Florida was fifth with five companies.
- In an analysis of federal SEC filings, the report found that since 2022, Colorado has experienced a net loss of 34 public company headquarters (which includes a total gain of 36 headquarters, but a loss of 70 in that same period).
- 2024 alone experienced a net loss of 20 headquarters from the prior year (a gain of 9 headquarters with a loss of 29).
- 2025 has seen the lowest number of total public company headquarters based in Colorado in the years covered in the report (2019 to 2025).
- Companies don’t always share why they’ve chosen to relocate, but when further context was given in public news reports, the Chamber included them in this report. Factors mentioned as to why relocations occurred include more favorable business climates in other states, specific tax or regulatory policies, and talent pool availability.
This report follows several years of Chamber studies assessing the state’s business climate, including a 2022 Competitive Landscape Report and three separate polls of Colorado business leaders. In the Chamber’s most recent poll, more than a quarter of businesses (26%) said they are choosing other states to invest over Colorado, up from 17% in the previous year.
The data included in the 2025 Relocations Tracker does not reflect every company that has left Colorado, but provides a high-level picture of basic trends based on best available information from public reports and sources. It should be considered alongside other competitiveness metrics and trends, including information presented in the Chamber’s Colorado Scorecard, which tracks more than 80 competitiveness rankings and data points annually.
To view the full 2025 Relocations Tracker report, please click here.
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The Colorado Chamber Foundation is a non-profit educational foundation whose purpose is to support programs, research, educational opportunities and other initiatives that encourage and enhance a healthy business climate. The organization works collaboratively in partnership with state business leaders to advance Colorado’s economy and local communities through forward-thinking solutions.