The city of Aspen is bracing for a loss in sales tax revenue over the next few years, largely due to global economic factors, but some industries will be spared the biggest losses.
Interim City Manager Pete Strecker spoke about the city’s economic outlook to a crowd of hundreds at the top of Aspen Mountain Wednesday as part of Afternoon Blend, an annual event organized by Aspen Skiing Company and the Aspen Chamber Resort Association.
“There's a linked global economy that we all live in today,” Strecker said. “There's geopolitical things that we have no control over. We have federal policy that's very dynamic right now to say the least.”
Strecker said factors that will affect the local economy include weather, climate change, potential recessions and ongoing inflation.
In 2027, he’s expecting an 11 to 15% drop in tax revenue, but some industries could still thrive in the next two years.
While various lodges around town will close for scheduled remodels, affecting occupancy rates, Strecker said the construction industry is expected to see healthy growth.
“The construction industry is going to inevitably see a fairly healthy period of growth, maybe during 2027, as we have all of these projects going on at once,” Strecker said.
The city of Aspen’s Lumberyard affordable housing project is underway, and the redevelopment of the Armory building is in planning stages. City staff expect to break ground sometime next year for both projects.
SkiCo is also planning several projects on and off the ski hills, including potential infrastructure improvements on Aspen Mountain, like a new “Nell Bell” lift that would replace the Little Nell and Bell Mountain lifts.
They have also nearly finished the new Elk Camp and Cirque lifts at Snowmass Ski Area, which will be unveiled in November for the 2025-2026 winter season. The ski lift towers for both were dropped off last weekend.
Celebrations ahead
Hundreds of business leaders, government officials and community members also heard from SkiCo executives about what to expect in the upcoming winter season.
SkiCo CEO Geoff Buchheister said the countdown is on for ski season, with less than 50 days left until opening day.
“We're ready, and we've got more looking ahead," he said. “We've got some massive milestones in the next year.”
Next year will be a special banner year as the Aspen Skiing Company will celebrate 80 years, Winterskol will celebrate 75 and Aspen Gay Ski Week will celebrate 50.
In early January, U.S. Ski & Snowboard will select local athletes for the nation’s Olympic team at the 2026 Toyota Grand Prix — just in time for the 25th annual X Games. Snowmobile competitions will also return to the X Games for the first time since 2020.
Aspen Skiing Company plans to continue its partnership with Belly Up Aspen for the new Up in the Sky Music Festival next summer.
