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Colorado - Fri. 10/04/24 |
A Free Business Publication from Alpine Bank
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AMAZON PLANS TO HIRE 250,000 WORKERS FOR THE HOLIDAYS
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Amazon plans to hire 250,000 transportation and warehouse workers this holiday shopping season, the same number as last year as e-commerce spending is expected to outpace overall holiday sales in the final quarter of 2024. It was unclear what percentage of the 250,000 seasonal workers, which include staff in sort centers, fulfillment centers and delivery stations, would be in fulfillment centers or transport employees. The transport employees will not include delivery service partners or their teams. Online holiday shoppers are expected to spend a record $240.8 billion, up 4.9 percent from last year. Broader holiday spending is expected to rise modestly at 3.2 percent, according to a Mastercard forecast. While Amazon’s hiring plans remain flat compared to last year, the company is still outpacing big box competitor Target, which will tack on 100,000 workers for the season.
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STRONG SEPTEMBER JOBS REPORT
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The Employment Situation report was strong for September. It showed a drop in the unemployment rate to 4.1 percent, strong net payroll gains of 254,000, and strong upward revisions to payrolls by 72,000 for the previous two months. This was a much stronger report than economists and analysts had been forecasting, and it reduces the perceived downside risks to the U.S. labor market and economy. Initial and continuing jobless claims are very low. Continuing claims are at 1.826 million, which is only around 1.1 percent of the labor force. Initial Jobless Claims are also very low, at just 225,000. Strong Job Openings and Labor Turnover Survey data showed that there were over 8 million open jobs in August 2024. While this is around 4.2 million fewer open jobs than the U.S. historic high in March 2022 of 12.2 million, 8 million is still around 1 million more open jobs than before the COVID pandemic.
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U.S. PORT WORKERS AGREE TO END STRIKE
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U.S. dockworkers agreed to return to work after port operators sweetened their contract offer, ending a three-day strike that threatened to disrupt the American economy. The breakthrough Thursday came after port employers offered a 62 percent increase in wages over six years. The agreement ends a strike that had closed container ports from Maine to Texas and threatened to disrupt everything from the supply of bananas in supermarkets to the flow of cars through America’s factories. The new offer, up from an earlier proposed raise of 50 percent, came after the White House pressed the large shipping lines and cargo terminal operators who employ the longshore workers to make a new offer to the union. The International Longshoremen’s Association and port operators, in a joint statement, said they had reached a tentative agreement on wages and union members would return to work while the two sides negotiate on other issues, including automation on the docks.
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NORTHERN LIGHTS COULD RETURN TO COLORADO SKIES TONIGHT
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A burst of geomagnetic storms this week could return the northern lights to Colorado skies on Thursday and Friday night, according to the National Oceanic and Atmospheric Administration. The Space Weather Prediction Center on Wednesday issued a G3 geomagnetic storm watch for strong solar storms expected to peak on Friday. Space weather officials said Thursday night could see minor, G1-level geomagnetic activity that could bring the northern lights as low as Nebraska and Wyoming. The lights will stretch even further down Friday as the solar storms increase in severity. Coloradans can use their phones to boost the view. A phone’s camera can pick up the light’s wavelengths better than the human eye. Those who want a better chance at seeing the aurora with their own eyes should drive to the Wyoming border, which is much closer to the “green zone” for tonight's light show. The drive from Denver usually takes less than two hours.
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PITCO OKS AGREEMENT WITH HABITAT FOR HUMANITY FOR GLENWOOD AFFORDABLE HOUSING
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The Pitkin County Board of Commissioners unanimously approved on Thursday an emergency resolution authorizing an agreement with the Roaring Fork Valley Habitat for Humanity to support an affordable housing project. The agreement authorizes a $450,000 funding request from the Roaring Fork Valley Habitat for Humanity to Pitkin County to support Habitat’s purchase of an existing apartment building in Glenwood Springs. The emergency resolution was needed to provide funds to Habitat for Humanity in advance of the property purchase close date, Oct. 10. The $450,000 will be taken out of the county’s general fund. Pitkin County commissioners allocated $5 million of general fund dollars toward housing initiatives in 2023. Of that allocation, $4.5 million remains available to use toward this project. The Habitat for Humanity L3 Condominium Project is located at 253 Wulfsohn Road in Glenwood Springs.
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GRANT TO ALLOW BURYING OF POWER LINE IN MESA LAKES AREA
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Grand Valley Power plans to use a federal grant of nearly $2 million to bury 4.1 miles of existing power line serving the Mesa Lakes area to reduce wildfire-related dangers and boost system reliability. The local not-for-profit rural electric cooperative has received $1,947,204 from the U.S. Dept. of Energy through the Wildfire Assessment and Resilience for Networks project or WARN. WARN funding comes from the department’s Grid Resilience and Innovation Partnerships program created by the 2021 Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Bill. Grand Valley Power is a member of a consortium of 38 electric co-ops and other rural utilities selected to receive federal funding. It will provide matching funds for the Mesa Lakes project. Work is expected to begin in late spring. Altogether, WARN will provide more than $145 million in wildfire mitigation funding to co-ops in 16 states in the central and western U.S.
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BLM COLORADO OFFERS WILD HORSES & BURROS FOR ADOPTION IN FLORENCE
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The Bureau of Land Management will host a wild horse and burro adoption Oct. 11-12, at Pathfinder Regional Park in Florence. The horses and burros will be available for adoption to individuals who are eligible and can provide good homes. Viewing opportunities will be available from 9 a.m. to 4 p.m. on Friday, Oct. 11, and from 8 a.m. to 10 a.m. on Saturday, Oct. 12. The competitive bid will take place at 10:30 a.m. on Saturday, Oct. 12. BLM staff will be onsite to provide more information and assist with the adoption application process. The BLM’s Adoption Incentive Program allows adopters to receive $1,000 when they receive title to their animals after successfully caring for the horse for one year. To learn more about BLM’s Wild Horse and Burro program, visit blm.gov/whb.
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FOREST SERVICE REESTABLISHES HERMOSA CREEK TRAIL AFTER 2022 MUDSLIDES
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The San Juan National Forest announced that the Hermosa Creek Trail, from the Lower Hermosa Trailhead northwest wrapping up behind Purgatory Resort, has been rerouted, rehabilitated and reestablished. Severe damage from the 416 Fire in 2018 left downed trees across many parts of the trail, and 2022 landslides left a 30-foot-deep hole in a section of the trail. The trail is a single-track pathway open to hikers, horse riders, mountain bikers and motorcyclists. Over two months this summer, about 25 people put in a total 2,700 hours of work to reroute a quarter-mile section of the trail around the blowout and removed over 200 downed trees. Trail crews had to use livestock to transport materials, gear, food and fuel 10 miles to the site of the blowout. Dead snags will continue to fall across the trail, and San Juan NF employees and volunteer groups are working out plans to revisit the trail system on a regular basis.
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VR, TOWN & DEVELOPER PLAN NEW SKI VILLAGE
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The Town of Vail and Vail Resorts announced a partnership to develop a fourth base village at the Vail ski area where the ski area operator a decade ago planned to build its own luxury village with condos and hotel rooms. Avon-based East West Partners will develop the new base village on the 12-acre Ever Vail parcel on Gore Creek. The partnership deal includes workforce housing and the ski area company agreeing to drop its appeal of the town’s April 2022 condemnation and eminent domain acquisition of the 23-acre property in East Vail where Vail Resorts planned housing for 165 employees. The Vail Town Council on Tuesday unanimously approved the new partnership and the master planning process with a promise to prioritize the West Lionshead village project. Vail Resorts first began planning for Ever Vail in 2005 and the 2009 and 2010 approvals for the project expired at the end of 2020 without any work on the parcel.
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SUMMIT COUNTY CAN NOW ASK FOR REMOVAL OF UNLICENSED SHORT-TERM RENTAL LISTINGS
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The Summit County government can now ask vacation rental services like Airbnb and VRBO to remove listings for properties that don’t have a short-term rental license. The Summit Board of County Commissioners voted unanimously Sept. 24, to approve Ordinance 22. The ordinance does not amend or revise the county’s short-term rental regulations but is “just another tool to help staff enforcing on properties that are advertising without a license.” A law passed by the state legislature last year, House Bill 23-1287, allowed for counties to obligate vacation rental services to require a rental license number in any listing on their websites. The state law also allows the vacation rental services to remove a listing from their website if the county notifies them that a short-term rental license has been suspended, revoked or has been issued a notice of violation for not having a license. Ordinance 22 adopts these regulatory provisions.
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HIKERS COULD GET $25,000 FINE AFTER GETTING "TIRED" & REQUESTING EMERGENCY ASSISTANCE
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A group of eight hikers may be facing charges under the 'Canada Parks Act' after violating a closure order. Canadian officials were made aware of the situation after two of the hikers in the group requested emergency services because they were too "tired" to continue. Visitor safety technicians found no injuries justifying the call for assistance, with the hikers merely being too tired to complete their hike up Pyramid Mountain on Sept. 10, where access had been closed by officials. The hikers were airlifted by a helicopter, pulling one of two helicopters in the area from its work to stop a wildfire for about three hours. The maximum fine for violating an area closure is $25,000 per person.
This fine is quite a bit higher than those stemming from similar national park violations in the United States, with Rocky Mountain National Park noting that entering closed areas can result in a fine of $5,000, and six-months imprisonment. While this case took place abroad, it touches on an important issue that matters in Colorado, too.
- Hikers and other outdoor recreators should avoid entering closed spaces for a number of reasons outside of potential legal ramifications, including those related to safety, wildlife protection, and preservation.
- Colorado Search and Rescue is free to call and those who may be in need of help should not hesitate when it comes to asking for assistance.
- Search and Rescue encourages requesting help sooner than later, as waiting may further complicate a given situation.
- While search and rescue response is free, charges may be associated with transportation from the scene, be it in an ambulance or an aerial asset.
- If you're interested in supporting Colorado's volunteer-powered search and rescue operation, one way to do so is through the purchase of a CORSAR card. It's cheap, at only $5 per year.
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COLORADO FOOD FESTIVALS THIS WEEKEND
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Fall has come, and with it, pumpkin spice, apple cider and fresh pies. The flavors of the season are being celebrated around Colorado. Here’s a look at the delicious festivals coming up:
- Steamboat Food & Wine Festival, Thursday-Saturday: The Steamboat Food & Wine Festival will host seminars and tastings featuring notable chefs and renowned winemakers. Tickets for the festival range from about $100 to $350. steamboatfoodandwine.com
- Potato Days in Carbondale, Friday-Sunday: Carbondale’s Potato Days return this weekend, starting the celebration with a barn dance Friday evening. Saturday will be filled with activities around town for the whole family. On Sunday, there will be a youth gymkhana at Gus Darien Rodeo Grounds and a “Party in the Pasture” at Coffman Ranch. carbondalerec.com/event/potato-day
- Cedaredge Applefest, Friday-Sunday: Since 1977, Cedaredge has hosted Applefest as a way to celebrate local farmers and the fall harvest. During the weekend at Cedaredge Town Park, there will be live music, more than 200 artisan and food vendors, a chili cookoff, beer garden, antique car show, pinup competition and a 5K run. cedaredgeapplefest.com
- Denver Bake Fest, Saturday: This community bake competition is for bakers and lovers of baked goods. The family-friendly festival will also have live music, baking demonstrations and games, kitchen tours and more. Tasting tickets start at $1.25. The Denver Bake Fest goes from 10 a.m. to 1 p.m. Saturday at Rebel Bread, 675 S. Broadway in the Denver Design District. rebelbreadco.com/bakefest
- Cider Days in Lakewood, Saturday-Sunday: With more than 50 apple-themed foods, drinks and activities, Lakewood Cider Days celebrates the town’s agricultural heritage. The festival runs from 10 a.m. to 5 p.m. Saturday and Sunday at Heritage Lakewood Belmar Park, 801 S. Yarrow St., Lakewood. Tickets range from $8-$15 (infants under 1 are free). lakewood.org
- Penrose 79th Annual Apple Day, Saturday: Penrose will be celebrating the 2024 Apple Day with a parade, market and lots of treats. From noon-9 p.m. at Penrose Park, there will be a slew of activities, including vendors, a car show, bounce houses, a cake walk, a wine and cider garden, games, live music and a fireworks show in the evening. penroseparkrec.com/apple-day
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MARKET UPDATE - 10/03/2024 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 10/03/2024)
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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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