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Colorado - Tue. 12/05/23 |
A Free Business Publication from Alpine Bank
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CU FORECAST PREDICTS SLOWER ECONOMY, STILL ADDING JOBS
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The University of Colorado Boulder Leeds School of Business has produced "The Outlook" which predicts a slower economy next year, but one that continues to add jobs. The Outlook forecasts employers in the state will add 42,000 nonfarm jobs. The state’s unemployment rate will average 3.4 percent, not far off the 3.3 percent rate reached in October. Adding 42,000 jobs translates into a job growth rate of 1.4 percent, below the 2.2 percent growth rate estimated for this year. Initial employment reports through October put Colorado at a 1.1 percent annual pace, so reaching the expected rate will depend on some big revisions.
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OUTDOOR REC ECONOMY REACHES TRILLION-DOLLAR MILESTONE
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Outdoor recreation has become a trillion-dollar industry in the U.S., according to recent data from the Bureau of Economic Analysis. Spending on outdoor recreation hit $1.1 trillion in 2022, a 19 percent increase from 2021. Outdoor companies earned nearly $564 billion, 2.2 percent of the GDP, and employed five million workers. Colorado is the sixth fastest growing outdoor recreation economy. Snow activities, such as skiing, snowboarding and snowmobiling, increased 39 percent across the U.S. Snow sports account for $7 billion in the outdoor recreation economy, with Colorado providing the largest contribution at $1.4 billion. Colorado ski resorts saw 14.8 million visitors in the 2022-2023 winter season, up from 14 million the year before. Ski areas in the state comprise 20 to 25 percent of national ski visits.
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NUMBER OF COLORADANS WITHOUT HEALTH INSURANCE HITS ALL-TIME LOW
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Colorado’s uninsured rate, the percentage of people without health care coverage, hit an all-time low this year. The uninsured rate dropped in 2023 to 4.6 percent, down from 6.6 percent when it was last measured in 2021. The figures come from the every-other-year Colorado Health Access Survey, administered by the Colorado Health Institute, a nonpartisan health policy think tank. The survey polled 10,000 households and is widely seen as the gold standard for tracking changes in insurance coverage in Colorado. Despite the good news statewide, Colorado’s uninsured rate remained higher in mountain resort communities. The health statistics region that includes Summit, Grand, Eagle, Pitkin and Garfield counties had an estimated uninsured rate of 12 percent. That’s up from 10 percent in the 2021 survey.
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COLORADO GIVES TODAY
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This year, Colorado Gives Day, Dec. 5, includes an incentive fund, worth more than $1 million. The fund is proportionally allocated to each nonprofit that receives donations. If a nonprofit receives 1/10 of the total giving on Colorado Gives Day, it will get 1/10 of the incentive fund, meaning every nonprofit that receives a gift on Colorado Gives Day gets an added boost. From domestic violence centers to youth baseball teams, foster children’s programs, hospice centers, small-town orchestras and penguin conservation, Coloradans may choose from thousands of charities today for Colorado Gives Day. Colorado Gives Day has raised more than $415 million since it launched in 2010, including more than $70 million in 2022. Visit online at coloradogives.org.
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ASPEN-SOPRIS RANGER DISTRICT REDEVELOPMENT BEGINS
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Work to redevelop the Aspen-Sopris Ranger District compound in Carbondale begins this week with staff moving to a temporary office in Carbondale. The existing location will be temporarily closed to the public from Dec. 6-8 during the move, reopening Dec. 11-15, and then closed beginning Dec. 18 until the new office opens in 2025. The nearest Forest Service location open to the public is the Supervisor’s Office in Glenwood Springs, at 900 Grand Ave. Christmas tree permits are available on recreation.gov as well as from local vendors listed on fs.usda.gov/whiteriver, and many other services are available online. Demolition of three buildings on the compound is scheduled to begin in February.
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SNOWMASS HOMEOWNERS MUST REGISTER ALARM SYSTEMS WITH POLICE
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Snowmass Village homeowners with security systems that are designed to call the local police must apply for a new permit or face a $250 fine each time the police are called to their home. The permits will cost $50 annually and require the homeowner to provide their name, contact information, and the property manager’s contact information. It will allow the police department to contact the homeowner and property manager while responding to the alarm to determine if they are responding to an actual threat. Fines for responding to false alarms will also increase to $100 per call, up from $50. The first three false alarms do not require homeowners to pay a fee. But homeowners that do not apply for an online permit will be charged $250 for each false alarm that police respond to.
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VOLUNTEERS/DONATIONS NEEDED FOR HAVEN HOUSE EVENT
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On Dec. 22, Haven House Transitional Living Center residents will exchange hard-earned tickets for entry into the Shepherd’s Shopping Spree. Those who live at Haven House in Olathe are transitioning out of homelessness. Seventy men, women and children are currently at Haven House. Knowing that, Haven House’s staff have for years staged the shopping spree: a time when clients can “shop” from many donated items and give what they choose as gifts to others. Access to the shopping spree requires in-kind work; this year, all the families raked up leaves. Haven House is seeking volunteers to help with the event. To add your name to the volunteer list, call 970-323-5280. Haven House is also still collecting items for the spree, including gift cards, or cash for those who prefer to make that kind of donation. There are collection boxes at several locations, including Murdoch’s and Great Clips in Montrose, Ace Hardware in Delta and Montrose, and Mesa Rentals in Delta.
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COTTONWOOD PASS CLOSES FOR WINTER SEASON
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Cottonwood Pass in Eagle County from Gypsum to the Roaring Fork Valley is now closed for the remainder of the winter season from mile marker 2.5 in Gypsum to mile marker 12.5, according to a release from Eagle County Government. The road will reopen in April 2024 or when conditions allow. For more information, contact the Eagle County Road & Bridge Dept. at 970-328-3540 or road@eaglecounty.us.
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DURANGO-BASED STONEAGE MAKES LIST OF BEST PLACES TO WORK
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Durango’s StoneAge Inc. was named to Outside Magazine’s list of top 50 workplaces in the U.S. Ranking at No. 37, the water-blasting tool manufacturer was credited for its paid volunteer time off, as well as quarterly local charity donations decided on by employees and leadership coaching. According to the article, the average salary for StoneAge employees is $86,000 and the company allows for 10 to 20 days of paid time off. StoneAge became fully employee-owned through an employee stock ownership plan in February, but it started this method in 2015. An employee stock ownership plan is an ownership model similar to a 401(K) plan, but instead of investing in the stock market, the ESOP trust buys company stock and holds its assets in a trust fund for employees. The company has 120 Durango employees and 185 total employees worldwide.
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MOVING MOUNTAINS, BIG AGNES GET HONORABLE MENTION ON OUTSIDE LIST
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Two companies based in Steamboat Springs, Moving Mountains and Big Agnes, have received honorable mentions for the 2023 Outside’s Best Places to Work awards. The Best Places to Work list honors 50 companies across the U.S. as best places to work while awarding a number of honorable mention recognitions. Moving Mountains works in the vacation rentals industry while Big Agnes is a well-known outdoor gear manufacturer. For a complete list of 2023 award-winners, go to OutsideOnline.com.
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WHO GOT THE MOST SNOW OVER THE WEEKEND?
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December and winter arrived with a bang in Colorado. Over the weekend, snow shut down Vail Pass and Rabbit Ears Pass near Steamboat Springs, caused accidents on roadways across the mountains, and canceled all three days of World Cup competitions at Beaver Creek. It also piled up. Here’s how the snow stacked up at mountains across the state as of Monday morning, according to OpenSnow.com. Storm totals:
- Steamboat Resort, 33 inches
- Winter Park Resort, 26 inches
- Copper Mountain Resort, 23 inches
- Vail Mountain, 22 inches
- Breckenridge Ski Resort, 21 inches
- Keystone Resort, 15 inches
- Loveland Ski Area, 14 inches
- Arapahoe Basin Ski Area, 12 inches
- Beaver Creek, 11 inches
- Aspen Highlands, 11 inches
- Aspen Mountain, 11 inches
- Buttermilk, 11 inches
- Snowmass, 11 inches
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MARKET UPDATE - 12/04/2023 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 11/30/2023)
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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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