Colorado - FRI. 01/28/22 A Free Business Publication from Alpine Bank Print Version Print View Online Webpage
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U.S ECONOMY GREW IN 2021 AT FASTEST RATE SINCE 1984

 
 
 

Following the downturn in 2020 due to the pandemic, the U.S. economy grew at the fastest rate in 2021 since 1984. The gross domestic product in the U.S., which measures all goods and services produced, expanded by 5.7 percent last year, including a whopping 6.9 percent in the fourth quarter, according to the U.S. Dept. of Commerce. Analysts project a much slower rate of growth this year as inflation and continuing problems from COVID slow growth. Economists have already cut back their forecasts for the first quarter. The primary driver of GDP is consumer spending and it was bolstered last year with stimulus payments and other pandemic-era emergency relief.

 
- NBC News, 01.28.22
 

FEDERAL JUDGE INVALIDATES SALE OF GULF OF MEXICO DRILLING LEASES

 
 
 

A federal judge of the U.S. District Court in Washington, D.C. Thursday invalidated the lease sale of 80 million acres in the Gulf of Mexico, ruling that the U.S. Dept. of Interior used a flawed environmental analysis, which the judged referred to as "a serious failing." The lease sale, which was the largest offshore oil-and-gas lease sale in U.S. history, was held Nov. 17, with some of the leases to take effect as early as Feb. 1. Environmental groups sued over the lease sale in August, saying the Interior Dept.’s Bureau of Ocean Energy Management failed to properly consider the environmental impacts of its decision to open up federal lands for oil-and-gas leases under the National Environmental Policy Act.

 
- Wall Street Journal, 01.28.22
 

CRUSH FROM PANDEMIC CAUSES A SHORTAGE OF HOOTCH

 
 
 

Diageo PLC is the world's largest liquor maker, but Diageo officials said this week that the soaring demand from the pandemic has caused a shortage of its primary brands in the U.S., including Crown Royal whisky, Lagavulin Scotch and Don Julio tequila. The problem is these liquors take years to produce so it is very difficult to increase production to meet the shortage. These brands rely heavily on barrel aging, a process used to mature spirits like whiskey and some types of tequila before they go out for sale. That makes it difficult to ramp up production to meet surging demand. Compounding the problem is Diageo has not had enough bottles to package its Bulleit bourbon to meet demand.

 
- Wall Street Journal, 01.28.22
 

ASPEN'S HISTORIC RED ONION TO OPEN AGAIN BY THANKSGIVING

 
 
 

Mark Hunt, the owner of the Red Onion in downtown Aspen, said this week the historic bar will open by Thanksgiving. The operators of the historic restaurant and bar permanently closed the establishment in December 2020 as a result of the restrictions in place due to the COVID pandemic. Hunt had originally intended to demolish the Red Onion kitchen and rebuild the building adjacent to become a jazz performance center for Jazz Aspen Snowmass. Hunt later decided to remodel the Red Onion separately and the remodel includes adding bathrooms, booths, light fixtures and a fireplace. When it reopens, Hunt says, "It will be a bar. It will be a better version of itself."

 
- Aspen Times, 01.28.22
 

THE HILLS ARE ALIVE THIS SUMMER IN ASPEN WITH "THE SOUND OF MUSIC"

 
 
 

This week, the Aspen Music Festival and School announced that it will collaborate with Theatre Aspen to present "The Sound of Music in Concert" at the Benedict Music Tent on July 25 and 26. Theatre Aspen and the Aspen Music Fest also collaborated on “The Sweetest Sounds: The Music of Richard Rodgers” in 2021 and a concert rendition of “South Pacific” in 2019, with orchestration from Music Fest instrumentalists and marquee names from the musical theater scene coordinated by Theatre Aspen. Tickets will go on sale in April by phone or online, including a number of limited $500 tickets for premier seating and a post-show cast party on July 25. The Music Fest will announce its full summer season on Feb. 2.

 
- Aspen Times, 01.28.22
 

FOOD BANK OF THE ROCKIES BUILDING $10 MILLION WAREHOUSE IN GJ

 
 
 

The Food Bank of the Rockies has a 28,600-square-foot warehouse in Palisade. Now, the nonprofit is building a 50,400-square-foot warehouse and distribution center in Grand Junction. The $10.8 million facility will be named the Western Slope Etkin Family Distribution Center, in honor of longtime supporter, donor and board member Bruce Etkin. The new distribution center will support the Food Bank's collaborative efforts with organizations such as the Western Colorado Community Foundation and St. Mary’s Medical Center’s Meals on Wheels Mesa County.

 
- GJ Daily Sentinel, 01.28.22
 

NATURITA GETS $2 MILLION REVITALIZATION GRANT

 
 
 

The Colorado Creative Industries, a division of the Colorado Office of Economic Development and International Trade, provided a series of Colorado Revitalization grants totaling more than $49 million. Included in those receiving revitalization grants was the town of Naturita, which received a $2 million grant. The grant will be used to restore historic cabins, the water system and create RV spots and other tourist amenities by CampV at the site of the town of Vancorum, which was built by the Vanadium Corporation of America in 1942 to house the engineers that worked at the nearby uranium mill.

 
- GJ Daily Sentinel, 01.28.22
 

DURANGO-LA PLATA COUNTY AIRPORT SETS RECORD FOR PASSENGER NUMBERS IN 2021

 
 
 

A total of 397,293 passengers departed from the Durango-La Plata County Airport last year. That is more than twice the number that flew out of the airport in 2020 and a record number for the airport. The record numbers did not continue into the new year, however, as January traffic was down 10 percent to 15 percent from pre-pandemic numbers. The downturn was due to airlines cutting flights because of staffing problems as a result of the impact of the surge in COVID cases from the omicron variant.

 
- Durango Herald, 01.28.22
 

SKIJORING COMES BACK TO SILVERTON

 
 
 

Skijoring will return to Silverton this winter, with racing on Blair Street, downtown, on Feb. 19 and 20. The popular event was canceled last year due to the pandemic. Skijoring attracts as many as 5,000 spectators to Silverton and has even been labeled as Silverton's "winter Fourth of July." In 2022, there will be a purse of $15,000, up from the $10,000 in prize money in the past and it could go higher. There also will be more things going on for spectators as there will be tents on 11th and 12th from the 10 vendors supporting the event. The "Party Zone," which offers alcohol, will also return to 12th Street.

 
- Durango Herald, 01.28.22
 

MORE HOTELS COME TO SILVERTHORNE AND DILLON

 
 
 

Three new hotels have opened off Interstate 70 in Silverthorne and Dillon, with the Hotel Indigo opening in Silverthorne; The Pad, a boutique hostel-hotel hybrid also opening in Silverthorne; and the Homewood Suites by Hilton opening in Dillon. While serving to support the tourism industry, each of the new properties has elements for locals as well. The Homewood Suites has a restaurant with a local flavor, as well as serving guests. The Hotel Indigo has artwork from local Summit County artists which is also for sale for guests. The Pad has the A-Bar to serve locals as well as guests and a store front for the Graze & Torreys eatery.

 
- Summit Daily, 01.28.22
 

YEAR OF THE TIGER: FEB. 1, 2022

 
 
 

新:Xīn, 年:nián, 快:kuài, 乐:lè! That is Happy New Year in Chinese and the Lunar New Year begins Tuesday, Feb. 1:

  • It is the Year of the Tiger
  • The Year of the Ox ran from Feb. 12, 2021 to Jan. 31, 2022
  • The Lunar New Year begins with the second new moon following the winter solstice
  • Preparations for the New Year began this week
  • The first seven days of the New Year are the official holiday
  • The New Year celebrations culminate with the Lantern Festival on Feb. 15
 
- Chinesenewyear.net, 01.27.22
 
 
 
 
 
 
 
 
MARKET UPDATE - 01/27/2022 Close
 
(Courtesy of Alpine Bank Wealth Management*)
 
 
Close
Change
Dow Jones Industrials
 
34160.78
 
-7.31
 
S&P 500
 
4326.51
 
-23.42
 
NASDAQ
 
13352.78
 
-189.34
 
10-year Treasury yield
 
1.80
 
-0.04
 
Gold (CME)
 
1793.30
 
-36.60
 
Silver (CME)
 
22.67
 
-1.13
 
Oil (NY Merc)
 
86.61
 
-0.74
 
Natural Gas ($/MMBtu)
 
6.26
 
+1.98
 
Cattle (CME)
 
137.82
 
-0.22
 
Prime Rate
 
3.25
 
NC
 
Euro (per U.S. dollar)
 
0.89
 
+0.01
 
Canadian dollar (per U.S. dollar)
 
1.27
 
+0.01
 
Mexican peso (per U.S. dollar)
 
20.76
 
+0.02
 
30-year fixed mortgage rate (Freddie Mac 01/27/2022)
 
3.55
 
-0.01
 
*Not FDIC insured. May lose value. Not guaranteed by the bank.
 
 
 
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