Colorado - MON. 08/08/22 A Free Business Publication from Alpine Bank Print Version Print View Online Webpage
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METCO LANDSCAPE LAYS OFF 343 WORKERS

 
 
 

Metco Landscape is acknowledged as the largest privately-owned landscaping firm in Colorado. At the end of last year, Atar Capital, a Los Angeles investment firm, acquired Metco Landscape. This week, Metco Landscape informed the Colorado Dept. of Labor and Employment that it had laid off 343 workers at its locations in Aurora, Arvada, Englewood and Colorado Springs. The release of workers was "highly unusual," according to John McMahon, CEO of the Associated Landscape Contractors of Colorado, an industry trade group, because there is more work than landscaping companies can handle and there is a worker shortage.

 
- Denver Post, 08.06.22
 

UNITED, FRONTIER, OTHER AIRLINES MAKE PREEMPTIVE CUTS IN FLIGHTS

 
 
 

United Airlines is making preemptive cuts in its fall flight schedule in an attempt to reduce cancellations and delays. United has cut 707 total flights in and out of Denver International Airport in September alone. That represents some 160,000 fewer seats for Denver, with the Denver – San Francisco route being one of the hardest hit. United has cut 12 percent of its domestic schedule out of Newark International Airport this summer. Denver-based Frontier Airlines has cut about 4,000 flights from its schedule from November 2022 to February 2023, which represents some 800,000 seats. Frontier cut its schedule to Fort Myers, Florida by about 40 percent between December and February. Cuts to Tampa International Airport were cut by 18 percent over the same period.

 
- Denver Business Journal, 08.05.22
 

U.S. EMPLOYERS ADDED 528,000 NEW JOBS IN JULY

 
 
 

The U.S. Dept. of Labor Friday announced that U.S. employers added 528,000 new jobs last month. As a result, after two and a half years, the 22 million positions lost due to the pandemic have been restored. The unemployment rate dropped to 3.5 percent last month, which was the rate just before the pandemic hit in early 2020. Almost all sectors saw an increase in hiring, led by leisure and hospitality, as well as healthcare, professional and business services. Wage growth was stronger than economists anticipated in July, with average hourly earnings rising 0.5 percent from June and 5.2 percent from a year ago.

 
- Wall Street Journal, 08.06.22
 

AFTER MARATHON SESSION, U.S. SENATE PASSES CLIMATE, HEATHCARE, TAX BILL

 
 
 

With Vice President Kamala Harris casting the tie-breaking vote, the U.S. Senate Sunday afternoon passed the climate, healthcare and tax bill, on a 51-50 vote. The bill, at an estimated cost of $740 billion, offers tax incentives for reducing carbon emissions, seeks to allow Medicare to negotiate the price of some prescription drugs, allots roughly $80 billion to the Internal Revenue Service and extends subsidies for health insurance under the Affordable Care Act. Almost half the money raised, $300 billion, will go toward paying down federal deficits. Much of the funding for the bill will come from a new 15 percent corporate minimum tax. The bill now goes to the U.S. House of Representatives, with a vote scheduled Friday.

 
- Wall Street Journal, 08.08.22
 

MORATORIUM ON RESIDENTIAL DEVELOPMENT IN ASPEN ENDS TODAY

 
 
 

Last December, the Aspen City Council passed an emergency ordinance which placed a moratorium on residential development in the city. In the eight months the ordinance was in place, the council enacted changes in the land-use code and other measures designed to create more affordable housing options and placed controls on redevelopment of residential properties, including the requirement that only six demolition permits be allowed each year. Today, Aug. 8, the moratorium ends and city officials are expecting an onslaught of applications for the six demolition permits.

 
- Aspen Times, 08.08.22
 

MONTROSE REGIONAL AIRPORT RACKING UP RECORD NUMBERS, NEW TERMINAL COMING

 
 
 

The Montrose Regional Airport has tallied a record number of passengers every month this year and through June, the airport has recorded 133,940 departing passengers and 127,365 passenger arrivals. That puts the airport on track for 240,000 total enplanements this year, according to MTJ officials. To accommodate the growth in passengers, the airport is in the final stages of a $33 million expansion. The expansion adds a second-level concourse on the northern side of the terminal and expands the south side adding counter space and offices for airlines. There is also a new parking area on the north side of the airport. The new terminal space is expected to be completed by the winter season.

 
- Montrose Daily Press, 08.07.22
 

U.S. HWY. 50 TRAFFIC STILL STALLED BY CONSTRUCTION, BUSTANG DROPS PRICES

 
 
 

The Colorado Dept. of Transportation construction project at the Little Blue Canyon on U.S. Hwy. 50 has caused delays for east-west motorists this summer and the delays will continue through Labor Day with heavy summer traffic. The project is not expected to be completed until next summer and except for winter when construction is halted there will be single-lane alternating traffic Monday through Friday, with full closures at night, 7:30 p.m. to 6:30 a.m. As part of the state legislation creating an "ozone season," which funds transit associations allowing rides at lower fares, all tickets on the Bustang Outrider are 50 percent off.

 
- Telluride Daily Planet, 08.07.22
 

THE NEW HOUSING OPTION FOR WORKERS: SOS

 
 
 

Virtually all businesses across Colorado have "Help Wanted" or "Now Hiring" signs on doors or in their windows. Finding workers is very difficult. The difficulty gets ratcheted up considerably in the mountain towns and resorts on the Western Slope where there are limited housing units to begin with and the cost of buying or renting far exceeds the paychecks of workers. The latest solution to worker housing is "safe outdoor space," (SOS), which basically is a location where workers can safely park vehicles and live in them. Salida and Breckenridge have provided the latest wrinkle, by designating spaces in town where workers can live out of their own vehicles.
In Salida, workers pay $100 a week or $300 a month for a spot in a designated SOS lot in Centennial Park. Background checks are done and parking stickers are issued. Leaders in Salida are also purchasing camping trailers, for workers to rent for $650 a month. In Breckenridge, the Good Bridge project has been launched using a church parking lot that provides space for 14 local workers living out of their vehicles. In Crested Butte town leaders are considering an overnight parking zone and other support. Town officials created a program where workers can park in driveways and sleep “if you have a willing landowner.”

 
- Denver Post, 08.07.22
 

2022 COLORADO PUBLIC COMPANIES, RANKED BY 2021 REVENUE

 
 
 

Ranked using data gathered from the U.S. Securities and Exchange Commission:

  1. Arrow Electronics Inc., Centennial: $34.48 billion
  2. Dish Network Corp., Englewood: $17.88 billion
  3. Pilgrim's Pride Corp., Greeley: $14.78 billion
  4. Qurate Retail Inc., Englewood: $14.04 billion
  5. Ball Corp., Westminster: $13.81 billion
  6. Newmont Corp., Denver: $12.22 billion
  7. Davita Inc., Denver: $11.62 billion
  8. Liberty Media Corp., Englewood: $10.83 billion
  9. DCP Midstream LP, Denver: $10.83 billion
  10. Molson Coors Brewing Co., Denver: $10.27 billion
 
- Denver Business Journal, 07.29.22
 
 
 
 
 
 
 
 
MARKET UPDATE - 08/05/2022 Close
 
(Courtesy of Alpine Bank Wealth Management*)
 
 
Close
Change
Dow Jones Industrials
 
32803.47
 
+76.65
 
S&P 500
 
4145.19
 
-6.75
 
NASDAQ
 
12657.55
 
-63.03
 
10-year Treasury yield
 
2.83
 
+0.16
 
Gold (CME)
 
1772.90
 
-15.60
 
Silver (CME)
 
19.81
 
-0.28
 
Oil (NY Merc)
 
89.01
 
+0.47
 
Natural Gas ($/MMBtu)
 
8.06
 
-0.06
 
Cattle (CME)
 
137.87
 
+0.17
 
Prime Rate
 
5.50
 
NC
 
Euro (per U.S. dollar)
 
0.98
 
+0.01
 
Canadian dollar (per U.S. dollar)
 
1.29
 
+0.01
 
Mexican peso (per U.S. dollar)
 
20.42
 
+0.08
 
30-year fixed mortgage rate (Freddie Mac 08/04/2022)
 
4.99
 
-0.31
 
*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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