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Colorado - Fri. 04/26/24 |
A Free Business Publication from Alpine Bank
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SOUTHWEST TO EXIT FOUR AIRPORTS
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Dallas-based Southwest Airlines is pulling out of some airports and cutting costs as it grapples with lackluster earnings and delays of new Boeing planes. Southwest said it now expects to receive just 20 new Boeing planes this year, less than half the number it had been expecting as recently as March and well below the 79 total 737 MAX deliveries it had expected before that. Southwest had already said it would stop bringing on more pilots and flight attendants as it adjusts to the jet delivery setbacks. It is offering voluntary unpaid time-off programs to workers and expects to end this year with 2,000 fewer employees than it had at the end of 2023. The airline is closing its operations at four airports in August: Cozumel International Airport in Mexico; airports in Bellingham, Wash., and Syracuse, N.Y.; and Houston’s George Bush Intercontinental Airport. Southwest announced the moves as it reported a quarterly loss of $231 million, or 39 cents a share.
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CSU $25M GRANT TO BOOST METHANE DETECTION WORK
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The largest and most active methane emissions detection test bed in the world is located in Colorado. It just landed a $25 million grant from the U.S. Dept. of Energy to expand its methane leak simulator site in Fort Collins. The Methane Emissions Technology Evaluation Center is part of a collaboration between Colorado State University and the oil and gas industry to provide an advanced testing facility for new types of methane detecting equipment. While CSU has been working on methane since 2011, the eight-acre facility outside of Fort Collins started in 2017 and operates more than 200 days per year testing equipment needed to find leaks in natural gas extraction and transmission systems. There are more than 200 independently controlled leak points in the simulator that can be combined to set up scenarios typical of production systems. The facility tests everything from fixed fence line monitoring sensors to hand-held and vehicle mounted systems.
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COLORADO BREWERIES WIN 21 MEDALS AT WORLD BEER CUP 2024
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On Wednesday, beermakers from around the globe celebrated their accolades in what’s billed as the industry’s largest and most prestigious competition. This year, World Beer Cup judges evaluated 9,300 beers from 2,060 breweries. Colorado made out with an impressive 21 medals, including nine gold. River North Brewery in Denver and The Post Brewing Co. in Lafayette were the night’s biggest winners with two medals each. River North brought home gold for its Nightmare Fuel in the coffee stout/porter category and bronze for its Pumpkin Spice Bucket of Bolts in the pumpkin beer category. Meanwhile, The Post garnered silver for East County Fine Malt Liquor in the other strong beer category and bronze for Top Rope in the American-style cream ale category. See the full list at worldbeercup.org.
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BRONCOS SELECT OREGON QB BO NIX AT NO. 12 IN NFL DRAFT
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With the No. 12 pick in the NFL draft in Detroit, the Broncos selected Oregon quarterback Bo Nix. After playing his first three years at Auburn before going to Oregon in 2022, Nix in 2023 completed 77.4 percent of his passes for 4,508 yards with 45 touchdowns and only three interceptions. He will compete with Jarrett Stidham and recently acquired Zach Wilson for the starting job. It marked the first time the Broncos have had a first-round draft pick since they selected cornerback Pat Surtain II No. 9 in 2021. Nix became the second-highest drafted quarterback in Denver history, following Jay Cutler going No. 11 in 2006. Quarterbacks were taken with the top three picks in the draft in USC's Caleb Williams going No. 1 to Chicago, LSU's Jayden Daniels No. 2 to Washington and North Carolina's Drake Maye No. 3 to New England. At No. 8, Atlanta pulled off a shocker by taking Washington quarterback Michael Penix Jr.
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ROARING FORK SNOWPACK NUMBERS LEANING BELOW-AVERAGE
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In late March, the Roaring Fork Basin snowpack measured 115 percent of the median annual snowpack water equivalent. As of April 23, snowpack is at 95 percent of normal. Snowpack from the Roaring Fork Watershed, once melted, can enter the Roaring Fork, Fryingpan, and Crystal rivers — all of which drain to the Colorado River in Glenwood Springs. On April 6, the date considered the “median peak” for the Roaring Fork Watershed based on the last 30 years of data, the figure for snow water equivalent sat at 17.6 inches, half an inch over the median. Several factors have caused the snowpack water equivalent to dip down to 12.2 inches as of April 24, which is only 71 percent of its median peak. Colorado is expected to experience warmer-than-average seasonal temperatures throughout the summer (and even heading into fall) according to April 18 temperature maps from the National Weather Service’s Climate Prediction Center.
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FRUITA'S MIKE BENNETT WINS MANAGER OF THE YEAR AWARD
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Fruita City Manager Mike Bennett was selected the 2023 Manager of the Year for medium-sized communities by the Colorado City and County Management Association at its annual conference last week. Bennett said he was surprised to win but honored to be chosen for the award. He said he was nominated by a member of the city staff but was unaware. Bennett said nothing the city has accomplished could be done by a single person. He credited the city’s staff, including “rock star” Assistant City Manager Shannon Vassen. Some of the accomplishments highlighted by the award included the creation of a housing authority in Fruita, the creation of the North Mulberry Street Outdoor Plaza and starting an in-housing building inspection program, among others.
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USPS TO MOVE MAIL PROCESSING FROM GRAND JUNCTION TO DENVER
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The U.S. Postal Service announced that it will transfer some of its mail processing operations from Grand Junction to Denver. The move is part of their 10-year strategic plan, Delivering for America, which aims to modernize the country’s postal network. USPS has already put $40 billion into reviving postal services. As part of the plan, USPS will transform the Grand Junction service from a regional processing center to a local one—sending some local mail to Denver and back again before delivery. Any mail from the 814, 815 and 816 postal codes sent from a USPS retail counter will first go to Denver. Rural towns like Telluride could experience significant delays for mail delivery with processing going out to Denver. USPS said that there will be no layoffs of career employees, but the Postal Service will reassign more than 30 career positions. The move will also affect non-career employees.
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DURANGO ARTS CENTER NAMES NEW EXECUTIVE DIRECTOR
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The Durango Arts Center announced that Artistic Director Jason Lythgoe has been tapped to replace outgoing Executive Director Brenda Macon. He officially starts Wednesday. Macon, who served as the DAC head, left the position after six years to move home to Michigan, the DAC said in a news release. Lythgoe studied theater at California State University, Fullerton. He was a founding member of three storefront theater companies in Long Beach and Orange County, California, before moving to Colorado in 2009. Lythgoe has worked and taught at the Colorado Springs Conservatory, Colorado Springs Fine Arts Center and the Denver Center Theater Academy. He moved to Durango in 2015 to perform at a summer production at the Henry Strater Theatre, where he also served as its theater manager until the venue closed in 2020.” He’s been in numerous productions with Merely Players.
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VAIL HEALTH EVENT FOR WOMEN OVER 40
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On May 7, from 6 to 8 p.m., Vail Health will host its first-ever women’s specific wellness event for women over the age of 40. The free event, which the hospital is calling, “Flourish: A Springtime Celebration of Women’s Wellness," will feature local speakers, informational and interactive tables with local experts as well as opportunities to network and connect. “This event is going to give a comprehensive overview of health and wellness for women and what resources exist in our community,” said Sally Welsh, Vail Health’s director of public relations. “We have a plethora of resources, and raising awareness of them and ensuring that women feel supported using them is a huge goal of this event.” RSVP by emailing VHEvents@VailHealth.org.
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ROUTT CO. COMMISSIONERS NAME TWO SITES TO REGISTER OF HISTORIC PROPERTIES
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The Historic Preservation Board presented two applications for Routt County Historic Designation to the Board of County Commissioners on Wednesday. The Minneapolis Moline Parts and Service building, constructed in 1928 at 108. S. Walnut Street in Hayden, and the Mangione Cabin, located at the upper end of Routt County Road 36, both met the Statement of Significance criteria and were approved. Commissioner Tim Corrigan commented, “In light of this accelerating change that we are seeing in Routt County, this work just becomes more and more important, so thank you.” The HPB encourages property and building owners to nominate their buildings to the local register on a countywide basis by providing technical assistance for the application process and public education programs, as well as public recognition for those buildings designated to the Routt County Register of Historic Properties.
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MOST EXPENSIVE VACATION DESTINATION IN THE U.S.? ASPEN
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The average cost of a one-week vacation in the U.S. for just one person hit nearly $2,000 in 2023, up by more than $400 over the previous year, according to a study by Bankrate. And this is just for a basic trip. But if you're hoping to go to places like New York City, you're going to spend a pretty penny, as it was just named the eighth most expensive destination in America. The travel experts at OptimosTravel analyzed more than 100 vacation spots in the U.S., assessing each on the price of a daily meal, public transit, accommodation rates, and attraction fees, all in an effort to uncover the ten most expensive vacation destinations in the nation. Top ten most expensive U.S. vacation destinations, and total daily cost per person:
- Aspen, Colorado, $761
- Park City, Utah, $710
- Maui, Hawaii, $682
- Montauk, New York, $613
- Santa Monica, California, $592
- Key West, Florida, $537
- Charleston, South Carolina, $535
- New York City, $511
- Martha's Vineyard, Massachusetts, $496
- Jackson Hole, Wyoming, $490
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MARKET UPDATE - 04/25/2024 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 04/25/2024)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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