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Colorado - Tue. 11/26/24 |
A Free Business Publication from Alpine Bank
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COLORADO WEATHER & THANKSGIVING TRAVEL
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Another storm is expected to blanket Colorado’s mountains with a foot or more of snow, and lighter snow is likely across metro Denver ahead of Thanksgiving. Folks traveling for the holiday can expect heavy snow in the mountains continuing through Wednesday night, with 2 feet of snow or more forecast for Vail Pass, Eisenhower Tunnel, Berthoud Pass and Rabbit Ears Pass. Colorado’s mountains will start seeing the heaviest snow and difficult road conditions starting Tuesday afternoon. Snow is expected to fall at a rate of 1 to 2 inches per hour in the mountains through Tuesday night. “Widespread travel impacts can be expected for all mountain routes, as well as road closures,” NWS forecasters said in a Hazardous Weather Outlook. “Any wet roads Wednesday afternoon across the urban corridor and plains will freeze overnight, leading to slick roads Thanksgiving morning.” A Winter Storm Warning will be in effect from 3 a.m. Tuesday to 11 p.m. Wednesday.
Total expected snowfalls include:
- Up to 2 inches in Denver
- Up to 3 inches in Boulder
- Up to 8 inches in Evergreen
- Up to 6 inches in Castle Rock
- Up to 4 inches in Colorado Springs
- Up to 12 inches in Granby
- Up to 24 inches in Vail
- Up to 18 inches in Breckenridge
- Up to 12 inches in Fairplay
- Up to 16 inches in Leadville
Cold weather will continue for the rest of the week after Thanksgiving, with temperature highs in the mid-30s across the Denver area and in the teens across the mountains.
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CU'S ECONOMIC IMPACT UP 7%: FOUR CAMPUSES GENERATED $11.6 BILLION LAST YEAR
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The University of Colorado system’s four campuses generated $11.6 billion in terms of economic impact across the state last year, according to a study of the 2023-2024 fiscal year completed by the Business Research Division of CU Boulder’s Leeds School of Business. The total economic impact was $19.3 billion when factoring in CU’s two affiliate hospitals – UCHealth University of Colorado Hospital and Children’s Hospital Colorado – at the CU Anschutz Medical Campus. The base CU total of $11.6 billion is up 7 percent over the previous year, while the $19.3 billion that includes the hospitals is up 12 percent.
A top five employer in Colorado, CU employed 57,161 faculty, staff and student workers at some point during the fiscal year; a snapshot during fall 2023 indicated total employment of more than 27,000 faculty and staff. Total salaries, wages and benefits of $4.1 billion represented 72 percent of the university’s total spending. CU’s campus-by-campus economic impact is led by the CU Anschutz Medical Campus in Aurora, with $5.3 billion, followed by CU Boulder, $4.6 billion; CU Denver, $771 million; UCCS, $690 million; and the Denver-based CU system administration, $246 million.
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DENVER-BASED CONSTRUCTION GIANT SOLD FOR $9.2 BILLION IN CASH
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A Denver-based construction materials company has agreed to be acquired for $9.2 billion in cash by Atlanta-based packaged concrete giant Quikrete. The board of Summit Materials Inc. has unanimously approved the sale. Summit Materials sells aggregate, cement and ready-mix concrete material. It employs about 5,300 people nationwide. Privately held Quikrete Holdings Inc. agreed to pay $52.50 per share to buy Summit Materials’ stock. With 175.6 million shares available, the share purchase is a $9.2 billion cash deal. The overall transaction values Summit Materials' business at $11.5 billion, when its debt is included. That represents a 29 percent premium above the price Summit’s shares traded at last week. The deal is expected to close in the first half of 2025. Summit Materials booked $289.6 million in profit on $2.62 billion in revenue in 2023. That ranked it as Colorado's 28th-largest public company by revenue.
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FINAL CONCOURSE EXPANSION PLANNED AT DIA
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After building dozens of new gates over the past four years, Denver International Airport is starting to plan the last possible gate expansion for its existing concourses. DIA is seeking a program manager for a 400,000-square-foot expansion at Concourse C-West, which will add as many as 11 gates and update the airport's de-icing facility. The project should be complete by 2030 or 2031, which would be just in time to accommodate DIA's projected 100 million passengers per year. The airport broke ground in 2018 on a $2.5 billion project that added 39 gates across Concourses A, B and C. The airport estimates the projects increased overall capacity by 30 percent. All of the newly expanded areas enhance customer experience with features like outdoor areas, nursing rooms, pet relief areas and a basement. DIA is searching for a small business to lead the program management team as a part of the airport's mission to extend opportunities to smaller players.
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INTEL GETS UP TO $7.9 BILLION AWARD FOR U.S. CHIP-PLANT CONSTRUCTION
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The U.S. government is granting Intel up to $7.87 billion to help fund new chip plants in four states. The grant money, set aside under 2022’s Chips Act, aims to fund a resurgence of U.S. manufacturing to counteract Covid-era supply-chain disruptions and address growing geopolitical tensions with China. Much of the world’s chip production has shifted to Asia in recent decades, leaving the U.S. with around 12 percent of the world’s manufacturing in 2020. The funds will be disbursed to Intel based on specific milestones, and Intel will get at least $1 billion in funds later this year. Under the funding agreement, Intel has agreed to not engage in stock buybacks for five years. Intel, the largest U.S. chip manufacturer by revenue, no longer plans to draw on up to $11 billion in government loans under the program but still plans to apply for related tax credits. The money will go toward new factories and expansion projects in Arizona, New Mexico, Ohio and Oregon.
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'WICKED' SOARS WITH $114 MILLION DOMESTIC OPENING
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“Wicked” is expected to snare $114 million during its domestic opening, the highest debut of a Broadway adaptation in cinematic history. Globally, the film is set to take in $164.2 million. At its $114 million tally, the film will earn the third-highest domestic opening of 2024 behind Disney and Marvel’s “Deadpool & Wolverine,” which took in $211 million in July, and Disney and Pixar’s “Inside Out 2,” which grabbed $151 million in June. “Gladiator II” is expected to open with $55.5 million in ticket sales domestically. This is lower than box office expectations, which called for a haul between $60 million and $80 million. Globally, the film is set to reach $221 million by the end of the weekend, after opening in international locations earlier this month. Disney’s “Moana 2” is expected to haul in $100 million over the five-day Thanksgiving period.
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INTENSE WINTER WEATHER SET TO LAST AT LEAST THROUGH WEDNESDAY NIGHT
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Thanksgiving week travel in Colorado’s mountain region could be the most dangerous Tuesday and into Wednesday night as a second round of intense snowfall pummels high-elevation areas. Coming on the heels of a winter storm Sunday, Nov. 24, that brought multiple inches of snow and resulted in several closures along Interstate 70 east of Vail Pass, icy, windblown conditions are expected to return starting early Tuesday morning. It comes as AAA predicts a record number of drivers will descend on roads across the country during the Thanksgiving holiday period.
The National Weather Service, warning of “difficult to impossible” travel conditions at times, issued a Winter Storm Warning for much of the High Country and Western Slope from 3 a.m. Tuesday through 11 p.m. Wednesday. Travel impacts could persist through Wednesday night, with wind gusts reaching as high as 22 mph in some mountain areas. Anyone attempting to travel Tuesday or Wednesday should ensure they’re taking a vehicle that adheres to state traction laws, which can be found online at CODOT.gov/travel/winter-driving/tractionlaw.
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FRESH AIR FRIDAY: FREE ENTRY TO COLORADO STATE PARKS
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Colorado Parks and Wildlife's Fresh Air Friday offers free entry to the state parks the day after Thanksgiving. It's the 10th year of the tradition in Colorado, providing a chance to hike off the holiday feast and relieve the seasonal stress. Not to mention a chance to save on the cost of entry to the 42 state parks. Some closest to Denver are known to get busy, including the red rock wonderland of Roxborough State Park and the scenic forests and meadows of Golden Gate Canyon State Park. Staunton State Park, the granite-filled mosaic near Conifer, sees comparatively less visitation.
A similarly rocky mosaic surprises on the plains between Denver and Colorado Springs: Castlewood Canyon State Park. The Pikes Peak region is home to two other state parks: Cheyenne Mountain State Park and Mueller State Park in Teller County. Colorado Parks and Wildlife's online calendar lists some special events on the day, with mention of hot soup while it lasts at Barr Lake State Park. The Great Waddle Walk-Off is set for the lake northeast of Denver. As the day is a state holiday, some visitor centers might not be open or fully staffed.
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SNOWSTORM FORECAST: UP TO 40 INCHES OF SNOW FOR WOLF CREEK PASS
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An atmospheric river was set to wash over Colorado beginning Monday night, which is likely to blanket Southwest Colorado mountain passes with snow in advance of the Thanksgiving holiday. “The fire hose is getting turned on,” said Dennis Phillips, a meteorologist with the National Weather Service in Grand Junction. A hazardous weather outlook warning is in effect for most of Colorado and a winter storm warning is in effect in the San Juan Mountains, including the communities of Telluride, Ouray, Silverton and Hesperus. The NWS is predicting up to 36 inches of snow on Red Mountain, Coal Bank and Molas passes; up to 40 inches is possible locally on Wolf Creek Pass. The Colorado Avalanche Information Center is warning that the avalanche danger is likely to spike later in the week in the southern mountains thanks to the rapid accumulation of new snow in some places atop a weak, unsupportable layer.
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IN-TOWN DURANGO MEDIAN HOME PRICES NEARING $1 MILLION MARK
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The median price for an in-town Durango home is pushing ever closer to the $1 million mark, according to Durango Area Association of Realtors’ third quarter statistics. In-town homes experienced a 17.8 percent increase in median price during the third quarter, rising to $932,000, despite an 8.6 percent decrease in total number of homes sold. The price surge was primarily driven by a single high-value sale of an in-town home exceeding $3 million. In-town homes have been inching closer to the $1 million median price over the course of 2024. Since the first quarter of 2024, median prices are up 17.2 percent. The county’s median home price rose to $670,000, a 2 percent increase from the previous year, while the number of homes sold declined by 3.1 percent to 626. In the Durango Mountain Area, the condo and townhome market experienced a sharp 34.4 percent increase in median price, reaching $689,000, despite a 30.5 percent decrease in the number of units sold.
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BLACK FRIDAY EXPECTATIONS 2024
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Black Friday is just around the corner, and about 36 percent of shoppers are planning to make a purchase during the event. With growing excitement and awareness about the sale, Black Friday spending is expected to reach $10.8 billion this year. Additionally, 71 percent of consumers are planning to shop via their smartphones. This highlights the importance of mobile-optimized websites for a seamless shopping experience.
Black Friday Statistics: Top Picks (2024)
- Black Friday sales in 2024 are projected to reach $10.8 billion, a 9.9 percent increase from 2023.
- Black Friday Sales in 2023 totaled $9.8 billion.
- 71 percent of U.S. consumers intend to shop online during Black Friday 2024.
- 76.2 million people made in-store purchases on Black Friday 2023.
- 90.6 million people made online purchases on Black Friday 2023.
- Repeat purchases during Black Friday 2023 saw a 180 percent increase from 2022.
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"BUSIEST THANKSGIVING EVER"
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Airports and highways are expected to be jam-packed during Thanksgiving week, a holiday period likely to end in another record day for air travel in the United States.
Thanksgiving, by the numbers:
- Auto club and insurance company AAA predicts that nearly 80 million Americans will venture at least 50 miles from home between Tuesday and next Monday. Most of them will travel by car.
- Drivers should get a slight break on gas prices. The nationwide average price for gasoline was $3.06 a gallon on Sunday, down from $3.27 at this time last year.
- The Transportation Security Administration expects to screen 18.3 million people at U.S. airports during the same seven-day stretch. That would be 6 percent more than during the corresponding days last year but fit a pattern set throughout 2024.
- The TSA predicts that 3 million people will pass through airport security checkpoints on Sunday; more than that could break the record of 3.01 million set on the Sunday after the July Fourth holiday. Tuesday and Wednesday are expected to be the next-busiest air travel days of Thanksgiving week.
- Thanksgiving Day takes place late this year, with the fourth Thursday of November falling on Nov. 28. That shortens the traditional shopping season and changes the rhythm of holiday travel. With more time before the holiday, people tend to spread out their outbound travel over more days, but everyone returns at the same time.
- Airport security officials are pleading with passengers to arrive early, not to put lithium-ion batteries in checked bags in case they overheat, and to keep guns out of carry-on bags. TSA has discovered more than 6,000 guns at checkpoints this year, and most of them were loaded. TSA has a list on its website of items that are banned or restricted.
- Tuesday and Wednesday afternoons will be the worst times to travel by car, but it should be smooth sailing on freeways come Thanksgiving Day, according to transportation analytics company INRIX. On the return home, the best travel times for motorists are before 1 p.m. on Sunday, and before 8 a.m. or after 7 p.m. on Monday.
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MARKET UPDATE - 11/25/2024 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 11/21/2024)
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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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