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Colorado - Wed. 10/18/23 |
A Free Business Publication from Alpine Bank
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FOUR MOST EXPENSIVE HOUSING MARKETS IN THE U.S. ARE IN COLORADO
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When it comes to noncoastal metro areas with the most expensive home prices, Colorado takes spots one to four, with Greeley now on the highest-cost list, according to a study from the real estate research firm Zonda. Zonda set out to identify the five most expensive noncoastal markets with a population of 250,000 or more. Boulder tops the list with a median home price of $833,622. Denver came in next at $636,651. Fort Collins was third at $593,282, and for the first time ever, Greeley showed up in fourth place with a median price of $573,957.
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USFS PROPOSES FIRST-OF-ITS-KIND HIKING PERMIT
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The Blue Lakes, located in the San Juan Mountains between Telluride and Ouray, have become an international destination for hikers and mountaineers seeking to enjoy the Instagram-worthy alpine lakes and scale Mount Sneffels’ 14,150-foot summit. They’ve become so popular over the last decade that the U.S. Forest Service is proposing a plan to limit the number of visitors who can go to the lakes each summer, in hopes of reducing the environmental impact of recreation. The plan, unveiled Tuesday, would require not only that overnight campers secure permits May through September, but daytime hikers as well. The day-use permit would be the first of its kind instituted in a national forest in Colorado.
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PALANTIR RECEIVES $30M GRANT
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The University of Colorado Anschutz Medical Campus announced Friday that the National Institutes of Health awarded it $30 million to form the Center for Linkage and Acquisition of Data. The NIH is building one of the most diverse health databases in history, and it’s recruited a Denver-area university, and local technology company Palantir, to help. The partnership and new funding could provide greater insight into what influences human health, and advance precision medicine. In fiscal year 2022, CU Anschutz received a total of $324.25 million from the NIH, the most money a Colorado institution received from the NIH that year.
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PEOPLE ARE USING THEIR SICK DAYS
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The number of sick days Americans take annually has soared since the pandemic. Covid-19 and a rise in illnesses such as RSV, which can require days away from work, are one reason. Workers are also using up sick time often for reasons such as mental health. And unlike older workers, who might have been loath to call in sick for fear of seeming weak or unreliable, younger workers feel more entitled to take full advantage of the benefits they’ve been given, executives and recruiters say. That confidence has only grown as record low unemployment persists. So far this year, 30 percent of white-collar workers with access to paid leave have taken sick time, up from 21 percent in 2019. Employees between ages 25 and 34 are taking sick days most often. Some employers complain such worker absences are driving up costs.
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BIG HIKE THIS YEAR FOR HEALTH INSURANCE
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A family’s health insurance costs nearly $24,000 this year after the biggest increase in more than a decade. The cost of employer health insurance rose this year at the fastest clip since 2011, according to an annual survey from KFF, a healthcare research nonprofit. The 7 percent jump in the cost of a family plan brought the average tab to nearly $24,000. Workers’ average payment of $6,575 for those plans was nearly $500 more than last year. Inflation hit health coverage this year because hospitals tend to renegotiate fees with insurers only every few years, so the increases they sought to cover their own costs are now in turn affecting premiums.
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AI WILL CHANGE WHAT IT MEANS TO HAVE A JOB
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Artificial intelligence will likely lead to seismic changes to the workforce, eliminating many professions and requiring a societal rethink of how people spend their time, prominent tech leaders said Tuesday at Wall Street Journal’s Tech Live conference. Artificial intelligence is expected to transform the global economy by driving gains in both productivity and growth. But economists and tech entrepreneurs are divided on how quickly this shift could, and should, happen. The surprise success of OpenAI's chatbot ChatGPT last November has launched significant debate around the best way for governments and people to prepare for the potentially sweeping changes wrought by AI.
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FRCC FIRST IN STATE TO OFFER BUSINESS DEGREE FOR CREATIVE INDUSTRIES
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Front Range Community College announced the launch of its third bachelor’s degree program in business for creative industries, making it the only college in the state to offer this degree. The new program "provides the business skills students need to start their own company in a creative field or to advance within the industry." The program provides skills including marketing, project management, creative strategy and organizational leadership. With a bachelor’s degree, creative professionals are more likely to get hired and qualify for higher-paying creative and management positions. The new degree will prepare students for careers in fields including graphic design, digital animation, interior design, creative writing and arts management.
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CITY OF ASPEN MOVES TO SUPPORT REGIONAL HOUSING PROGRAM
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The Aspen City Council has given tentative support for the city’s 2024 contribution toward a valley-wide affordable housing program, the West Mountain Regional Housing Coalition. Council discussed a proposed $450,000 contribution to the program during work-session budget discussions. The program, expected to launch as a pilot next year, seeks to help working locals purchase free-market housing in the Roaring Fork and Colorado River valleys and ultimately converts those homes into deed-restricted units. West Mountain includes eight member organizations, including the cities of Glenwood Springs and Aspen, the towns of Carbondale, Basalt and Snowmass Village, Eagle and Pitkin counties, and Colorado Mountain College.
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MESA COUNTY HOME SALES CONTINUE TO TREND DOWN
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The September Bray Report showed there have been 2,110 homes sold so far in Mesa County in 2023, down 20 percent from the 2,639 sold at this point of 2022:
- There are currently 525 homes on the market compared to 607 last September.
- A total of 220 homes were sold in September, down from the 282 sold in September 2022.
- In June, there were 313 homes sold with 434 homes on the market.
- In July, there were 214 homes sold and 459 listed.
- In August, there were 256 homes sold with 491 homes on the market, which is the highest mark in 2023.
- The median price for a home is now $396,250, which is slightly down from September 2022.
- Building permits continue to be down, currently at 361, an increase of 56 since August and 97 from July.
- In 2022, there were 608 building permits issued.
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SEPP KUSS HOMECOMING AT BUCKLEY PARK
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A homecoming celebration for professional cyclist Sepp Kuss is expected to draw big crowds to downtown Durango on Thursday, Oct. 19, prompting the city to close parking spaces around Buckley Park where most of the festivities will take place. Kuss made history when he won the Vuelta a España’s general classification in September. Kuss’ victory with his cycling team, Jumbo-Visma, marked the first time in cycling history the team won all three grand tours in the same season. A bike parade down Main and East Second avenues is scheduled to start at 4:30 p.m. Thursday at Buckley Park. The parade will travel down Main Ave., take Fifth St. to East Second Ave. and loop back around to Buckley Park. Speakers, including Kuss, are scheduled to take to the stage at Buckley Park at 3:30 p.m. before the bike parade.
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NEW LOFTS AT STEAMBOAT BASECAMP
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The Lofts at Steamboat Basecamp is in the process of leasing residential units including studios, one-bedroom units and three-bedroom suites. Residents are expected to start moving into their units this November. The retail portion of the building, which will include a café, bike shop, fitness center and an extension of the M3 Golf Lab, are all expected to be finished and open for business as residents begin arriving. The 73 units, which will all be leased, start at $1,950 for a studio, $2,400 for a one-bedroom unit or $1,400 a person for a three-bedroom suite that was designed as three separate locking bedrooms with a shared kitchen and living area.
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2023 PHILANTHROPY AWARD-WINNERS ANNOUNCED
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The Summit Foundation unveiled the winners of the 2023 Philanthropy Awards. “Through the Philanthropy Awards, we’ve had the privilege of honoring over 300 remarkable individuals and businesses who have left an indelible mark on our community. Nominations play a vital role in spotlighting those who contribute to making Summit County an even more vibrant and caring place to call home,” said Jeanne Bistranin, executive director of The Summit Foundation. The 2023 Philanthropy Award winners are:
- Outstanding Business: Breckenridge Grand Vacations
- Spirit of the Summit: Dr. Don Parsons
- Outstanding Citizen: Dr. Charles Lackey
- Outstanding Educator: Oakley Van Oss
- Dr. Oliver Stonington Outstanding Philanthropists: Trish and Steve Shapiro
- Outstanding Professional in a Nonprofit: Jen Schenk
- Outstanding Volunteer: Javier Gaspar Guiterrez
- Outstanding Youth: Julissa Espinoza Saenz
- David Olbright Outstanding Youth Mentor: Ian McCluskie
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ALPINE BANK'S MELISSA KNUTSON AWARDED ELITE FINANCIAL DESIGNATION
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Melissa Knutson, vice president of Alpine Bank, was recently awarded the Certified Trust and Fiduciary Advisor (CTFA) designation by the American Bankers Association, joining a select group of 115 CTFA holders in the state of Colorado. The CTFA designation is awarded to individuals who demonstrate excellence in the field of wealth management and trust. Knutson has been with Alpine Bank since 2016 and has been involved in all aspects of trust and investment work. She currently manages a team that provides investment management and trust services for clients whose total assets with Wealth Management are more than $150 million.
The team of professionals at Alpine Bank Wealth Management (ABWM) represents over 300 years of combined experience in banking, tax accounting, trust and investment management services. In addition to full service stand-alone offices in Grand Junction and Denver Tech Center, Alpine Bank Wealth Management has officers located in Durango, Montrose, Telluride, Glenwood Springs, Aspen, Vail, Breckenridge and Steamboat Springs. *Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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HOW IRS AUDITORS LEARN ABOUT YOUR BUSINESS INDUSTRY
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Ever wonder how IRS auditors know about different industries so they can audit businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). These guides are available on the IRS website so businesses can use them to gain insight into what the IRS is looking for in terms of compliance. Many ATGs target specific industries, such as architecture, art galleries, retail and veterinary medicine. Others address issues that frequently arise in audits, such as executive comp and passive activity losses. The IRS has revised or added new guides in recent years. For a complete list of ATGs: https://bit.ly/2rh7umD
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SELLOUT CROWDS FOR WOMEN'S SPORTING EVENTS
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Women’s sports are exploding and taking over every corner of the sports world, but in Iowa, which has long been a women’s basketball hotbed, filling a football stadium with hoops junkies has become, if not normal, at least not surprising. That’s because Caitlin Clark, the reigning national player of the year, the darling of the 2023 NCAA Tournament and the best passer in college basketball regardless of gender, continues to draw fans to the game.
- Last season, Iowa finished second in overall women’s attendance, behind only South Carolina and the house Dawn Staley built.
- In Brooklyn, 17,143 hungry fans witnessed the New York Liberty upend the Las Vegas Aces for their first playoff win since 1999
- On Sunday — an NFL Sunday, no less — two rabid crowds showed up in two very different parts of the country to cheer for their favorite women athletes. Iowa and its 55,656 fans shattered the previous all-time women’s basketball attendance record as the Hawkeyes won 94-72 behind 34 points, 11 rebounds and 10 assists from Clark, who has become the first college athlete to secure an NIL deal with State Farm.
- Meanwhile, Brooklyn and its sellout crowd lifted the Liberty to a much-needed 87-73 Finals win, staving off elimination for at least three more days.
- This comes just six weeks after Nebraska, a powerhouse in NCAA women’s volleyball, held an outdoor match at its football stadium, as 92,003 screaming fans set the record for the largest crowd to ever watch a women’s sporting event in the U.S.
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MARKET UPDATE - 10/17/2023 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 10/12/2023)
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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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