The Rocky Mountain high is poised to get even higher. On Thursday, Gov. John Hickenlooper signed the "Spaceflight Entity Limited Liability" bill (SB12-035) to help grow Colorado's spaceflight industry.

Fox31 reports that the bill, sponsored by Sen. Mary Hodge and Rep. Bob Gardner, provides the legal protections necessary for spaceflight companies to operate without fear of excessive lawsuits from participants in spaceflight activities.

Colorado has the second largest aerospace workforce in the U.S. and is "uniquely positioned to become a national and international leader in horizontal take-off commercial spaceflight," the bill states. Additionally, eight of the nation's top aerospace contractors already have operations in Colorado and Denver alone has the highest concentration of private sector aerospace employment in the country.

Read the full text of the bill here.

Hickenlooper has big hopes for Colorado's commercial spaceflight industry. Toward the end of 2011, he began working with the Federal Aviation Administration to arrange for a spaceport designation in the Front Range, the Associated Press reported.

The spaceport plan would transform the Front Range Airport, just six miles from DIA, into a spaceport where space craft could launch tourists and other commercial passengers into space, according to the Denver Business Journal. Hickenlooper made the spaceport announcement in December 2011 at the Denver Museum of Nature & Science and said this to to the audience comprised of aerospace industry members:

These are the opportunities, like cell phones in the early 1990s, that seem far fetched but may not be all that far away. The potential here is huge.

Although it does sound very future-forward, some states like New Mexico have already built a similar facility in Spaceport America. And the FAA is expecting big things from space tourism as well, predicting that it will become a billion-dollar industry within a decade.

Emerging technology like rocket powered space craft that launch vertically, rather than horizontally, would allow for relatively affordable space tourism as well as extraordinarily fast trips to points on Earth, The Denver Post reports. "In an hour and a half, you can be in Singapore," executive president of the Metro Denver Economic Development Corp Tom Clark said.

Colorado is viewed as a good fit due to it being the home to over one hundred aerospace companies, programs and military aerospace command centers. In terms of a state space economies, Colorado just passed Florida, and is now second only to California.

LOOK: Space travel of the future:

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  • Bloon - Zero2Infinity's Balloon

    The bloon, <a href="http://www.huffingtonpost.com/2011/08/24/bloon-space-balloon-pictures-video_n_935415.html" target="_hplink">a helium-filled balloon</a>, will take a capsule with as many as six people to 118,000 feet -- not quite outer space, but near space. The company expects to make its first commercial flight in 2013. The cost? €110,000, or about $147,000.

  • NASA

    NASA announced in September that <a href="http://www.huffingtonpost.com/2011/09/14/nasa-space-launch-system-sls_n_962051.html" target="_hplink">it's developing the Space Launch System (SLS)</a>, a heavy-lift rocket that will one day take humans farther than ever before. The 34-story rocket will carry six astronauts aboard the <a href="http://www.nasa.gov/exploration/systems/mpcv/" target="_hplink">Orion Multi-Purpose Crew Vehicle</a>. <a href="http://www.pcmag.com/article2/0,2817,2392960,00.asp" target="_hplink">According to PC Mag</a>, NASA will spend $18 billion over the next five years developing the SLS. With <a href="http://www.huffingtonpost.com/2011/05/14/space-shuttle-program-qa-_n_861994.html" target="_hplink">the retirement of the space shuttle program</a>, NASA currently pays Russia around $60 million per person to get American astronauts into space. Remember, there's still time <a href="http://www.huffingtonpost.com/2011/11/15/nasa-to-hire-new-astronauts_n_1095686.html" target="_hplink">to apply to be an astronaut</a>.

  • Virgin Galactic

    Over 450 "astronauts" have already booked a $200,000 spot on Sir Richard Branson's SpaceShipTwo, a craft that will take passengers to an altitude of 110 km (68.3 miles). Branson hopes to begin commercial flights in 2013, but that date could get pushed back. "We want to be sure we've really tested the craft through and through before turning it over to the astronauts who bought tickets to go up," he said in October, <a href="http://www.huffingtonpost.com/2011/10/18/richard-branson-dedicates_n_1017226.html" target="_hplink">according to the Associated Press</a>. "If it takes a bit longer, we'll take a little bit longer." Passengers will experience about five minutes of weighlessness during the 2 1/2 hour sub-orbital spaceflight.

  • SpaceX

    In December 2010, SpaceX <a href="http://www.huffingtonpost.com/2011/08/16/spacex-international-space-station_n_927916.html" target="_hplink">became the first private company</a> to have a spacecraft re-enter orbit, <a href="http://www.spacex.com/press.php?page=20101208" target="_hplink">when its Dragon spacecraft</a> orbited earth twice and then landed in the Pacific Ocean. Next stop? The International Space Station. A representative from SpaceX told HuffPost that a Dragon capsule carrying supplies to the ISS will launch in early 2012. It will be the first commercial company to berth a spacecraft with the space station. But you're going to have to be a NASA astronaut to hitch a ride to space with SpaceX, as the company doesn't have any plans in the near future for space tourism.

  • Blue Origin

    Blue Origin, the notoriously-secretive company underwritten by Amazon.com founder Jeff Bezos, is developing both orbital and sub-orbital launch vehicles to take people into space. <a href="http://www.huffingtonpost.com/2011/09/03/blue-origin-spaceship-fai_n_947731.html" target="_hplink">The company recently released video</a> of a test of its New Shepard rocket, a three-person capsule and launch vehicle that the company is planning to use to take space tourists "to the edge of space." The cost and timeline of the completion of the New Shepard is unclear. <a href="http://www.prnewswire.com/news-releases/nasa-awards-next-set-of-commercial-crew-development-agreements-120113774.html" target="_hplink">In April, Blue Origin was awarded</a> $22 million from NASA "to advance commercial crew space transportation system concepts and mature the design and development of elements of their systems, such as launch vehicles and spacecraft."

  • Space Adventures/Armadillo Aerospace

    Space Adventures, a company that has sent seven private citizens to the International Space Station, <a href="http://www.spaceadventures.com/index.cfm?fuseaction=news.viewnews&newsid=791" target="_hplink">announced in 2010</a> that it would partner with Armadillo Aerospace to provide suborbital spaceflights. The <a href="http://www.spaceadventures.com/index.cfm?fuseaction=suborbital.Vehicle_Design" target="_hplink">two-passenger rocket</a> will land and take-off vertically and allow for a 360-degree view of the earth below. According to Jaunted, the rocket will travel 62 miles above the earth. <a href="http://www.engadget.com/2010/05/13/space-adventures-undercuts-virgin-galactic-announces-100-000/" target="_hplink">Engadget reports</a> that a flight to space will set you back $102,000.

  • Orbital Technologies' Space Hotel

    Of course, you'll need somewhere to put your bags once you're in space. Orbital Technologies, a Russian company, <a href="http://www.huffingtonpost.com/2011/08/21/space-hotel-pictures-video_n_931951.html" target="_hplink">is building a space hotel</a> where 7 guests will be able to dine on veal cheeks and wild mushrooms at 217 miles above the earth. The company is planning to open the hotel in 2016. <a href="http://www.reuters.com/article/2011/08/19/russia-space-tourism-idUSLDE77F0PF20110819" target="_hplink">According to Reuters</a>, a five-day stay will set you back a cool $1 million.

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