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Colorado - Thu. 08/10/23 |
A Free Business Publication from Alpine Bank
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LOCKHEED MARTIN CREATES SATELLITE PRODUCTION FACILITY IN JEFFERSON COUNTY
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Lockheed Martin Space has created a 20,000-square-foot small satellite production facility by retrofitting part of an existing building at its headquarters campus in Jefferson County. The new production facility will be able to turn out 180 satellites or more each year. The factory is now poised to begin making 42 of the washing machine-sized satellites that Lockheed Martin is under contract to produce for the Space Development Agency. Those satellites are due to be launched next year. The facility has the capability to produce satellites of a variety of designs across its six production lines. The small satellite production facility was created after Lockheed Martin Space was awarded a $700 million contract from the Space Development Agency to produce 42 Tranche 1 satellites.
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WILDFIRES RAVAGE MAUI, LAHAINA AND THE BIG ISLAND
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High winds driven by Hurricane Dora blew wildfire flames across upland Maui and burned through Lahaina, causing the destruction of, or damage to, at least 270 structures and causing the death of at least 36 people with more feared dead. Fires also raged across the Kohala region of the Big Island. Flyovers of Maui indicated major damage to the town, harbor and surrounding area. The main street of Lahaina sustained damage, the historic Pioneer Inn is gone, and flames scorched, if not killed, the famous banyan tree in Lahaina, which is the biggest banyan tree in Hawaii, with 16 trunks and standing 60 feet tall.
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PENN ENTERTAINMENT SELLS BARSTOOL SPORTS, MAKES $2 BILLION DEAL WITH ESPN
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Penn Entertainment, a casino company, sold Barstool Sports back to its founder David Portnoy. Penn bought full control of the company from Mr. Portnoy this year, after acquiring a partial stake in 2020. And the Barstool Sportsbook brand was the name of Penn’s online sports book, which was struggling to compete with rivals like DraftKings and FanDuel. Penn Entertainment then announced it entered into a 10-year agreement with ESPN to rebrand Penn’s Barstool Sportsbook gambling assets, including the sportsbook, its web and mobile betting sites and its app in the 16 states in which Penn has a sports betting license. Penn will pay ESPN $1.5 billion in cash for the use of ESPN's name, marketing, "access to ESPN talent" and other promotional tools. The gambling operation will be branded as ESPN Bet.
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PITCO COMMISSIONERS TURN AWAY FROM BIKE PATH TO MAROON BELLS, TOO EXPENSIVE
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At a work session Tuesday, the Pitkin County commissioners reviewed the results of a $50,000 study of the feasibility of creating a four-foot-wide bike path in the uphill lane of the Maroon Creek Road. Consultant SGM presented the commissioners with the study which pegged the estimate to build the 8-mile bike path at $16.6 million. After reviewing the proposal, the commissioners decided there was not enough money available in the county’s road and bridge budget to pay for the proposed bike path. The commissioners agreed that if there were federal funding available, applying for those funds would be the best way to build the bike path.
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GRAND VALLEY HOME PRICES REMAIN STEADY AND HIGH IN JULY
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The July Bray Real Estate Report showed that although active listings and sales were down in Mesa County, the median home price for July was $408,000, which is actually slightly higher than the $400,000 reported in July 2022. The market currently has around two months of inventory available, which is tighter than the six months of inventory that is more typical for the local housing market. Overall sales are down around 22 percent compared to 2022. The inventory of homes $500,000 or less is even more tight, with just two months of homes available. Homes in the $200,000-$299,000 range had only one month of inventory, according to the report.
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BLM SEEKING NOMINATIONS FOR ADVISORY COUNCILS
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The Bureau of Land Management is seeking nominations to fill vacancies on its Colorado advisory councils. The BLM has advisory councils for its Northwest, Southwest and Rocky Mountain regions. Each council has 15 members who provide their input on issues such as land use planning, fire management, off-highway vehicle use, recreation, oil and gas exploration, noxious weed management, grazing issues, and wild horse and burro herd management.
The BLM is looking for candidates to fill spots in three categories: Category One, with persons holding federal grazing permits or leases, representatives of energy/mineral development, timber or transportation interests; Category Two, representatives of national or regional environmental, archaeological and historical organizations; Category Three, elected officials, representatives of Native American tribes. BLM is accepting nominations through Sept. 8. More information is available at blm.gov/get-involved, under resource advisory council, near you, Colorado.
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TORONTO HAS BECOME GLOBAL LEADER IN BUILDING AI CAPACITY
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Ten years ago, Toronto was recognized for having entrepreneurs and high-tech expertise, but those talented people in Toronto were eager to leave Toronto for Silicon Valley and other locations for high-tech. That has had a dramatic reversal, and now Toronto is a global leader in developing capacity for artificial intelligence. AI has been at the forefront of development across Canada, as Canada, in 2017, became the first country in the world to have a stated strategy on artificial intelligence.
Much of the AI boom in Toronto comes from the underwriting of the Toronto-based venture fund Radical Ventures. Radical has raised nearly $1 billion and counts AI expert and Stanford computer science professor Fei-Fei Li among its partners.
The recognized leader in Toronto’s resurgence is groundbreaking AI researcher Geoffrey Hinton, who first came to Toronto in 1987 from Carnegie Mellon University to continue his research in artificial neural networks, processes that teach computers how to learn rapidly.
Reflective of the development of AI in Toronto is the venture capital that has flowed into the province of Ontario. For the year ended in March, about $2.86 billion, of venture capital came into Ontario. For that same period, an estimated 22,458 AI jobs were created in Toronto and Ontario.
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MORE SIGNS OF THE REBOUND IN INTERNATIONAL TRAVEL
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The National Travel and Tourism Office (NTTO) released data this week that showed for June 2023:
- International visitors spent nearly $17.4 billion on travel to, and tourism-related activities within, the U.S.
- That is a 25 percent increase over June 2022
- For the month, Americans spent nearly $17.0 billion traveling abroad
- That resulted in a balance of trade surplus of $404 million
- For the year-to-date period, January through June 2023, international visitors have spent more than $102.1 billion on U.S travel and tourism-related goods and services
- That is an increase of nearly 38 percent over 2022
- In terms of overall economic impact, international visitors have injected, on average, more than $564 million a day into the U.S. economy YTD
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MARKET UPDATE - 08/09/2023 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 08/03/2023)
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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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