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Colorado - Tue. 12/10/24 |
A Free Business Publication from Alpine Bank
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COLORADO'S ECONOMY EXPECTED TO SLOW IN 2025
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Colorado's GDP fell to No. 41 in the nation in 2024, a stark contrast from the state's high performance in prior years. The 2025 Colorado Business Economic Outlook shows slowing in nearly every metric of growth. From 2008-2023, the state ranked No. 5 in the nation for GDP. Next year, economists predict the Colorado economy will grow but at a slower pace, threatening to end Colorado's run among the top spots in state GDP, income and population growth. The 2025 forecast for Colorado businesses predicts 1.2 percent job growth, which would mark a slowdown from the anticipated 1.6 percent growth this year and the 2.5 percent growth reported in 2023. The report identifies the sectors that will post the strongest gains next year as education and health services, government and construction. In 2024, the sectors that reported fewer jobs were information, construction and manufacturing.
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TAYLOR SWIFT'S ERAS TOUR ENDS BY SHATTERING OWN RECORD, GROSSING $2.2 BILLION
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According to data collected by Pollstar across 149 shows, Taylor Swift’s Eras Tour brought in $2.2 billion in its nearly two-year run, making it the highest-grossing tour of all time for a second year in a row. The new numbers were provided to The Associated Press on Monday, the morning after Swift wrapped the Eras tour with its final show in Vancouver, Canada. Last year, Swift’s landmark tour became the first to cross the billion-dollar mark. In North America, Swift’s tour earned an estimated $1.04 billion over its run. Globally, that number jumps to an estimated $2.2 billion. The second biggest tour is Coldplay’s ongoing “Music of the Spheres” run, currently at an estimated $1.14 billion since March 2022, with more dates to come in 2025. Coldplay has sold more than 10.3 million tickets; Swift’s tour sold just over 10 million, which means she’s sold the most tickets of any solo performer.
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MERRIAM-WEBSTER 2024 WORD OF THE YEAR: POLARIZATION
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Is it any surprise that the Merriam-Webster word of the year is “polarization”? “Polarization means division, but it’s a very specific kind of division,” said Peter Sokolowski, Merriam-Webster’s editor at large, in an exclusive interview with The Associated Press ahead of Monday's announcement. “Polarization means that we are tending toward the extremes rather than toward the center.” The Merriam-Webster entry for “polarization” reflects scientific and metaphorical definitions. It’s most commonly used to mean “causing strong disagreement between opposing factions or groupings.” Merriam-Webster, which logs 100 million pageviews a month on its site, chooses its word of the year based on data, tracking a rise in search and usage. It’s notable that “polarization” originated in the early 1800s — and not during the Renaissance, as did most words with Latin roots about science.
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DENVER BUSINESS LEADER TAPPED TO BE CEO OF AURORA INNOVATION CAMPUS
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A longtime Denver-area business leader Kelly Brough, formerly CEO of the Denver Metro Chamber of Commerce and a candidate for Denver mayor in 2023, will serve as the next CEO of Fitzsimons Innovation Community in Aurora beginning next year. The news comes less than one week after current CEO Steve VanNurden said he will retire at the end of the month. Fitzsimons is a joint effort between the city of Aurora and the adjacent University of Colorado Anschutz Medical Campus meant to bolster bioscience research and attract industry to the area. The life sciences campus, next to three major hospitals, has more than 80 companies and over 600,000 square feet of space built or in development for bioscience research. Brough, who has once served as chief of staff to former Denver Mayor John Hickenlooper, has a three-year contract with Fitzsimons that pays an annual base salary of $320,000.
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DENVER INTERNATIONAL AIRPORT CLOSES BRIDGE SECURITY
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The Transportation Security Administration will no longer operate Bridge Security at Denver International Airport. This will allow TSA to redirect resources to more efficient screening equipment at the West Checkpoint. The screening equipment will remain in place in case there is an urgent need, but the lanes will not be staffed, and the checkpoint will no longer be operational. Travelers can still use the A-Bridge to get from Concourse A to the terminal, except during overnight construction hours between 6 p.m. and 4 a.m. Monday through Thursday nights. During the closures, all travelers must use concourse trains to get to and from the terminal. The overnight closures are expected to last through the opening of the East Checkpoint in 2025. In the second half of 2025, the new East Security will open. The current Bridge Security area will be converted to a post-security area that can be used by arriving passengers and by departing passengers who have been screened at the East or West checkpoint.
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ANDERSON RANCH CELEBRATES INDIGENOUS ARTISTS IN NEW EXHIBITION
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Anderson Ranch Arts Center will kick off its holiday season Thursday with an opening reception for Indigenous artists Terrance Guardipee and Terran Last Gun’s exhibition “Last Eagle / Last Gun: Modern Recordings of Ancient Blackfoot Symbolisms.” This exhibition is the first time the father-and-son duo have shown work together. The exhibit celebrates Piikani (Blackfeet) heritage through the infusion of historical ledger art with a unique paper collage technique utilizing historical documents such as maps, stock records, inventory dockets, and war ration tickets. The Patton-Malott Gallery is located on the Anderson Ranch campus. The gallery reception will be from 4:30 to 6:30 p.m. on Thursday, Dec. 12, during the Anderson Ranch Holiday Open House. The artists will give a small presentation in the Gallery at 5:30 p.m.
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SHOP WITH A COP RETURNS TO MESA COUNTY FOR 32ND YEAR
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The 32nd annual Shop with a Cop event will bring local law enforcement officers and students together for a day of holiday shopping and fun. Today, Dec. 10 and Thursday, Dec. 12, law enforcement officers from the Colorado State Patrol, Fruita Police Dept., Palisade Police Dept., Mesa County Sheriff’s Office, and Mesa County School District 51 will join the Grand Junction Police Dept. for the Shop with a Cop event. This year, law enforcement officers from the Colorado Bureau of Investigation and De Beque Marshal’s Dept. will also participate in the event. The kids and officers will have breakfast donated by McDonald’s, shop for gifts and essentials for family members at Rimrock Walmart and Mesa Mall, eat lunch donated by Chick-Fil-A, and pick up their purchased gifts wrapped by volunteers who partner with the GJPD. The Shop with a Cop program is fully funded by donations and business sponsorships. To learn more, visit online at gjcity.org/1471/Shop-with-a-Cop.
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NONPROFIT FOCUSED ON SERVICE INDUSTRY WORKERS NAMES NEW LEADER
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In the Weeds, a nonprofit dedicated to supporting the mental health and well-being of restaurant and hospitality workers in Southwest Colorado, has appointed Emilia Majewski to take the place of Blaine Bailey as its executive director. Before stepping into the role, Majewski spent a year serving as a program manager for the organization. Prior to joining In the Weeds, Majewski worked in behavioral health at San Juan Basin Public Health, where she focused on supporting youths and young adults in La Plata and Archuleta counties. Her role included facilitating the La Plata County Suicide Prevention Collaborative and leading local initiatives to prevent substance use. In the Weeds addresses substance use prevention, provides workforce development opportunities, and creates a sustainable and healthy restaurant community.
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VAIL RESORTS' EPIC PASS SALES ARE DOWN FOR 2024-25
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Vail Resorts officials on Monday said the company sold 2 percent fewer pre-purchased lift passes than last year, but the total sales dollars on those passes was 4 percent higher due to the rising cost of passes. Vail Resorts CEO Kirsten Lynch told investors at the company’s 2025 first-quarter earnings call that despite the decline in new pass holders, the company’s Epic Day Pass achieved unit growth driven by the strength in renewing pass holders. Vail Resorts operates 42 ski resorts in nine different states in the U.S. and four countries, including Canada, Australia and Switzerland. Vail Resorts has previously stated that across all of its properties last season, challenging weather conditions resulted in a 9.5 percent decline in visitation.
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LOOKING FOR HOLIDAY FESTIVITIES IN SUMMIT COUNTY?
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Summit County has a calendar full of holiday events leading up to Christmas, catering to everyone from children to adults. Whether you’re in search of family-friendly activities or the opportunity to do a shot-ski with more than 1,000 other people in hopes of breaking a world record, there’s something for everyone. Here’s a list of holiday-related happenings taking place in Summit during the next couple weeks:
- Breckenridge’s beloved Ullr Fest, where locals pay homage to the Norse god of snow in hopes of a ski season full of powder, kicks off Dec. 12. Festivities begin with the crowning of the Ullr King and Queen in the Blue River Plaza at 3 p.m. followed by an attempt to break the unofficial record for world’s longest shot-ski at 3:30 p.m. The record is currently held by Park City, Utah, with the bar set at 1,385 participants. Breckenridge is shooting for 1,401 participants. For more information, visit GoBreck.com/event/ullr-fest.
- Keystone’s Goods in the Woods holiday market will set up shop Saturday, Dec. 14 at Warren Station in River Run. The market is full of Summit-made local goods available from 1 to 5 p.m. set to the backdrop of live music by Summit local Randall McKinnon. For more information, visit WarrenStation.com.
- PlayGarten and Bluebird Market will jointly host a holiday party on Dec. 18 from 4-8 p.m. at the Bluebird Market in Silverthorne. Santa will make an appearance from 5:30 to 7:30 p.m., and there will also be carols, crafts and discounted play passes for the PlayGarten.
- Breckenridge Backstage Theatre will be hosting its “Every Christmas Story Ever Told (And Then Some)” daily starting Dec. 11. The production runs through Dec. 30. For ticket prices and show times, visit BreckCreate.org/events/every-christmas-story-ever-told-and-then-some.
- Theater SilCo is putting on performances of a “Christmas Carol” through Dec. 15 with nightly showings at 7 p.m. Tickets start at $47, and the show is for ages 6 and over. For more information, visit TheSilco.org/event/2024season-a-christmas-carol/2024-12-03.
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MASSIVE WEALTH TRANSFER WILL GIVE WOMEN $34 TRILLION BY 2030
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Women are controlling ever-greater sums of money around the world, setting the stage for major shifts in wealth management and philanthropy. In the U.S. alone, McKinsey & Co. expects women to control $34 trillion, or roughly 38 percent, of investable assets by 2030, close to double last year’s total. The figure was just $7.3 trillion, or 29 percent, 10 years ago. The biggest driver of those gains is a simple demographic trend: Women of the Baby Boomer generation outlive men by five years on average, and rich husbands are increasingly leaving their wives in control of family fortunes. The shift is helped along by greater numbers of women pursuing lucrative careers.
It’s a colossal change for women in the U.S., who couldn’t open a bank account or credit card by themselves 50 years ago. Now, there are hundreds of ultra-high net worth women around the world, including at least 62 billionaires, who control some 11 percent of the $9.9 trillion tracked by Bloomberg Billionaires Index. Of course, sizable gender gaps still exist. As more women join the ranks of the world’s richest, the wealth management industry, known for being primarily male and catering to men, is racing to reshape how it attracts and retains this new group of clients. And since women of all ages tend to donate more to charity than men, philanthropic organizations are slated to receive a new influx of donations.
- The percentage of female ultra-high-net-worth individuals worldwide, defined as those having wealth of $30 million or more, rose to 11 percent in 2023 from just 6.5 percent in 2010.
- In Western Europe, women currently hold about a third of total assets under management at about 4.6 trillion euros ($4.85 trillion.) That’s expected to grow to 45 percent by 2030. During that period, women’s assets are slated to compound at 8.1 percent annually, compared to just 2.7 percent for men.
- Many women, though certainly not all, prefer a female wealth manager, and firms are stepping up their hiring efforts. In 2024, only 24 percent of certified financial planners were female.
- Just 71 percent of women reported having stock holdings in Fidelity’s 2024 Women and Investing Study, compared to 80 percent of men. That figure is up from just 60 percent in 2023 and 44 percent in 2018.
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GOLDEN GLOBE NOMINATIONS
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Jacques Audiard’s audacious musical “Emilia Pérez,” about a Mexican drug lord who undergoes gender affirming surgery to become a woman, led nominations to the 82nd Golden Globes on Monday, scoring 10 nods to lead it over other contenders like the musical smash “Wicked,” the papal thriller “Conclave” and the postwar epic “The Brutalist.” The nominations for the Globes, which will be televised by CBS and streamed on Paramount+ on Jan. 5, were announced on Monday morning. Zendaya, Timothée Chalamet, Angelina Jolie, Daniel Craig, Denzel Washington, Ariana Grande, Cynthia Erivo, Glen Powell and Selena Gomez all scored nominations.
- Netflix, which acquired “Emilia Pérez” after its Cannes Film Festival debut, dominated the nominations, leading all studios in both film nods (13) and in the TV categories (23).
- Brady Corbet’s “The Brutalist” landed seven nominations, including best picture, drama, and acting nods for Adrien Brody and Guy Pearce. The soon-to-be-released film, from A24, is uncommonly ambitious, with a runtime of three-and-a-half hours, including an intermission.
- A24 narrowly trailed Netflix in the film categories, scoring 12 nominations overall, including best actor, drama, for Hugh Grant’s darkest turn yet in the horror film “Heretic.”
- Close behind it was Edward Berger’s “Conclave,” starring Ralph Fiennes as a cardinal tasked with leading the conclave to elect a new pope. It landed six nominations, including best picture, drama, and acting nods for Fiennes and Isabella Rossellini.
- Sean Baker’s Palme d’Or-winning “Anora,” starring Mikey Madison as a Brooklyn sex worker who marries the son of a Russian oligarch, was nominated for five awards, including best picture, comedy or musical, and best female actor for Madison and best supporting actor for Yura Borisov.
- The nominees for best motion picture drama are: “The Brutalist”; “A Complete Unknown,”; “Conclave”; “Dune: Part Two”; “Nickel Boys;” “September 5.”
- The nominees for best film musical or comedy are: “Wicked”; “Anora”; “Emilia Pérez”; “Challengers”; “A Real Pain”; “The Substance.”
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MARKET UPDATE - 12/09/2024 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 12/05/2024)
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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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