Colorado - WED. 10/09/19 A Free Business Publication from Alpine Bank Print Version Print View Online Webpage
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NATION'S TOP ECONOMISTS MEET IN DENVER, GIVE 2020 OUTLOOK
 
 
 

The annual meeting of the National Association for Business Economics was in Denver this week and the NABE released its NABE Outlook, a collection and combining of 54 separate forecasts for 2020. The Outlook calls for an inflation-adjusted GDP growth of 1.8 percent, down from 2.3 percent this year. It would be the slowest growth for the U.S. since 2016. The Outlook doesn’t forecast an imminent recession, but it puts the odds of a recession by late 2020 at 47 percent and by mid-2021 at 69 percent.

 
- Denver Post, 10.09.19
 
30-FOOT TALL POLES TO DELIVER CELL SERVICE IN DENVER
 
 
 

Cell phone companies have erected 163 freestanding cell poles around Denver in recent years and there are permits requested for another 350 more. The 30-foot tall "small site" cell poles are placed on the city rights of way between sidewalks and the street. The poles are meant to improve current cell service and serve as the backbone for 5G and other higher-speed technologies. Verizon is the biggest cell server in Denver, but AT&T has filed for permits, as have Crown Castle, Mobilite and Zayo Group.

 
- Denver Post, 10.09.19
 
SOME EVACUATIONS LIFTED IN DECKER FIRE AREA
 
 
 

Residents of the Methodist Estates and Boot Hill subdivision outside of Salida were permitted to return home as evacuation orders were lifted in some areas affected by the Decker Fire, burning about two miles south of Salida. Returning residents still have to check in with sheriff's personnel and those returning will remain under a pre-evacuation alert. The fire has burned more than 6,400 acres and has destroyed at least two structures. More than 890 firefighters are battling the blaze, which is 14 percent contained.

 
- Denver Post, 10.09.19
 
KEEP DRONES AWAY FROM WILDFIRE AREAS!
 
 
 

Winds were down Tuesday and conditions were ideal for aircraft to deploy water and fire retardant on the Middle Mamm Creek Fire. However, firefighting aircraft was grounded because of a drone flying in the area. Tuesday was a critical day for fighting the fire and for protecting structures near the fire because of the calm conditions and the anticipated winds coming on Wednesday with the cold front that is forecast to arrive. The firefighting aircraft generally fly under 150 feet, making collisions with drones possible. The Garfield County Sheriff's Office issued a pre-evacuation notice Tuesday evening and more roads were closed in the area.

 
- GS Post-Independent, 10.09.19
 
NOBEL PRIZE IN CHEMISTRY GOES TO 3 SCIENTISTS FOR LITHIUM BATTERY DISCOVERY
 
 
 

The Royal Swedish Academy of Sciences awarded the Nobel Prize in Chemistry to three scientists for their work developing lithium-ion batteries that provided access to a technological revolution including mobile phones. John B. Goodenough, born in Germany, M. Stanley Whittingham of the U.K. and Akira Yoshino of Japan shared the prize awarded by the Royal Swedish Academy of Sciences.

 
- Wall Street Journal, 10.09.19
 
ASPEN MOVES FORWARD WITH $11M LAND PURCHASE
 
 
 

The Aspen City Council Tuesday approved a contract for an $11 million land purchase of the Aspen Mini Storage property at the Aspen Airport Business Center. The 3-acre property is adjacent to the city-owned lumberyard, which was acquired in 2008 as a site for affordable housing. City officials say the mini storage property, sharing a property line with the lumberyard, affords more options for the potential development. Under the contract terms, the city can back out of the purchase contract dependent on results of an appraisal and environmental inspection.

 
- Aspen Daily News, 10.09.19
 
HALLIBURTON TO LAY OFF 178 WORKERS IN GJ
 
 
 

Energy services giant Halliburton announced it is laying off 178 workers in its Grand Junction office. Halliburton made the announcement in a letter to the Colorado Department of Labor and Employment and the layoffs were effective Monday, the day the letter was issued. Although the letter stated the layoffs were "permanent," the company said the facility at 3199 D Road would remain open. Halliburton said that about 650 employees in total were laid off in the Rocky Mountain region, including Colorado, Wyoming, New Mexico and North Dakota.

 
- GJ Daily Sentinel, 10.09.19
 
COLD FRONT, HARD FREEZE ON THE WAY
 
 
 

After reaching a temperature of 76 degrees Tuesday in Grand Junction, a cold front will bring a big change, with temperatures expected to drop into the mid-teens by Thursday night. Temperatures Wednesday are forecast to be warm again and daytime temperatures Thursday will drop to the 40s while Thursday night the low temperatures are expected to be in the teens. That will result in a season-ending freeze. There is not expected to be any measureable snow with the cold front in the Grand Valley.

 
- GJ Daily Sentinel, 10.09.19
 
LA PLATA COUNTY BUDGET LOOKING BRIGHTER
 
 
 

In 2010, La Plata County's property tax revenue totaled $29.4 million. By 2018, the county's property tax revenue had declined nearly 50 percent to $14.9 million, primarily because of a drop in natural gas production in the county. As a result, county officials made steep budget cuts which included reductions in staff and cutting county services. For the 2020 budget, county officials see a "healthy position" and modest increases in staff and services. The county has also budgeted for 11 capital improvement projects, totaling about $7.1 million.

 
- Durango Herald, 10.09.19
 
GET READY FOR SOME SNOW
 
 
 

A cold front blowing down from the North is expected to bring snow to Steamboat Springs and Vail Wednesday night and Thursday and the Colorado Department of Transportation and the town of Vail are gearing up for snow and the potential of snowpacked and slick roads. Motorists are advised that the state's new traction law is now in effect which requires all two-wheel-drive vehicles to have specialized winter tires or traction devices such as chains or Auto Socks. All vehicles, including those with all-wheel or four-wheel drive, must have tires with a minimum of 3/16-inch of tread.

 
- www.vaildaily.com, 10.09.19
 
RAISE YOUR SPIRITS…TAKE A TOUR OF THE BEST CRAFT DISTILLERIES
 
 
 

There were 100 craft distilleries in the U.S. in 2010; by the end of last year, there were more than 1,800. 10Best surveyed its readers to generate its list of the best craft distilleries of 2019:

  • Best Craft Brandy Distillery: Long Road Distillers, Grand Rapids, Mich.
  • Best Craft Gin Distillery: Great Women Spirits, Geyserville, Calif.
  • Best Craft Mixer: Strongwater, Denver
  • Best Craft Rum Distillery: Wicked Dolphin, Cape Coral, Fla.
  • Best Craft Specialty Spirits Distillery: Desert Door Texas Sotol, Driftwood, Texas
  • Best Craft Vodka Distillery: 619 Spirits in San Diego, Calif.
  • Best Craft Whiskey Distillery: Ironroot Republic, Denison, Texas
 
- USA TODAY, 10.04.19
 
THE WORK OPPORTUNITY TAX CREDIT
 
 
 

If you’re looking to hire for your Colorado business and could use a generous federal tax credit, check out the Work Opportunity Tax Credit (WOTC). It’s available to employers that hire from targeted groups of job seekers, including welfare recipients, veterans who receive food stamps or are unemployed, ex-felons, and more. (Requirements vary by group.) The WOTC can reduce your employer federal tax liability, by $2,400 to $9,600 per new hire. You must apply with the Colorado Dept. of Labor and Employment (CDLE), within 28 days of the worker’s start date, to verify that your new hire is eligible. For details, including upcoming webinars, visit the CDLE at https://bit.ly/2E83k9L.

 
- Dalby, Wendland & Co., P.C., www.dalbycpa.com
 
BANFF MOUNTAIN FILM FESTIVAL WORLD TOUR IN STEAMBOAT TONIGHT
 
 
 

Join Mountain Gear and Alpine Bank for an evening of adventure at Colorado Mountain College in Steamboat Springs. The World Tour of the Banff Mountain Film Festival takes place tonight in the Allbright Family Auditorium at CMC Steamboat at 7 p.m. Tickets are available at the link below.

 
- Banff Mountain Film Festival
 
 
 
 
 
 
 
 
MARKET UPDATE - 10/08/2019 Close
 
(Courtesy of Alpine Bank Wealth Management*)
 
 
Close
Change
Dow Jones Industrials
 
26164.04
 
-313.98
 
S&P 500
 
2893.06
 
-45.73
 
NASDAQ
 
7823.78
 
-132.52
 
10-year Treasury yield
 
1.53
 
-0.02
 
Gold (CME)
 
1497.20
 
-0.50
 
Silver (CME)
 
17.61
 
+0.16
 
Oil (NY Merc)
 
52.63
 
-0.12
 
Natural Gas ($/MMBtu)
 
2.28
 
-0.02
 
Cattle (CME)
 
108.17
 
-0.08
 
Prime Rate
 
5.00
 
NC
 
Euro (per U.S. dollar)
 
0.91
 
NC
 
Canadian dollar (per U.S. dollar)
 
1.33
 
+0.01
 
Mexican peso (per U.S. dollar)
 
19.62
 
+0.05
 
30-year fixed mortgage rate (Freddie Mac 10/03/2019)
 
3.65
 
+0.01
 
*Not FDIC insured. May lose value. Not guaranteed by the bank.
 
 
 
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