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Colorado - Wed. 02/05/25 |
A Free Business Publication from Alpine Bank
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NUGGETS & AVS GAMES RETURNING TO COMCAST AS DEAL ENDS ALTITUDE BLACKOUT
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After almost six years, the Denver Nuggets and Colorado Avalanche are back on Comcast. Altitude Sports and Comcast have reached a new carriage agreement, Kroenke Sports and Entertainment announced Tuesday, ending a bitter contract dispute that caused local blackouts of Nuggets and Avalanche games dating back to September 2019. Since then, both teams have won championships in their respective leagues, signifying a golden era of professional sports in Colorado, where Comcast is the largest cable provider. Altitude, the Kroenke-owned regional sports network that broadcasts Denver’s NHL and NBA franchises, will begin airing on Comcast’s Xfinity cable service Tuesday evening, when the Avs play the Vancouver Canucks.
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JBS ANNOUNCES $50M EXPANSION AT GREELEY MEATPACKING PLANT
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The JBS USA meatpacking plant in Greeley is investing $50 million in a distribution center that could increase the plant’s production. The expansion at the Greeley plant is part of $200 million in projects announced Tuesday by JBS, a wholly owned subsidiary of the Brazilian multinational company JBS S.A. The company, the largest employer in Weld County, plans to build a new fabrication floor at its plant in Cactus, Texas. The work will start this year. JBS said the Greeley plant has more than 3,800 employees and partners with more than 175 producers. The company said it pays $3.1 billion annually for livestock. JBS USA is headquartered in Greeley.
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COLORADO BUSINESS LEADERS TO BE INDUCTED INTO COLORADO BUSINESS HALL OF FAME THURSDAY
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Walter Isenberg, hotelier, restaurateur and real estate investor who renovated historic Denver landmarks including Union Station, and who partnered with famed Denver preservationist Dana Crawford to redevelop the Oxford Hotel, is among six inductees into the Colorado Business Hall of Fame in 2025. He joins business leaders Kim Jordan, Charles S. McNeil, Anita Padilla-Fitzgerald, Earl L. Wright, and the sole historic laureate to be inducted this year, Winfield Scott Stratton, a mining baron and benefactor of the Myron Stratton home in Colorado Springs. The winners will be inducted at the annual Colorado Business Hall of Fame dinner on Thursday at the Hyatt Regency Denver at Colorado Convention Center. The inductees were selected "for their enduring and innovative professional contributions to Colorado, inspirational and ethical acumen and philanthropic endeavors.”
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FEWER AMERICANS ARE QUITTING THEIR JOBS
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Americans quit 39.6 million jobs in 2024, down 11 percent from the year before and down 22 percent from a recent peak in 2022, according to Labor Dept. data published Tuesday. The share of employees who quit their jobs each month has fallen below the pre-pandemic level, and some economists expect more decreases ahead. It wasn’t long ago that a revved-up U.S. labor market kicked off a frenzy of job switching. People jostled for better pay, better perks and more flexibility. Businesses obliged because they were eager for workers as the economy reopened from the pandemic. The supercharged effect of the pandemic largely wore off this past summer, ending the hottest job market in a generation.
- Unemployment remains modest and the economy is still creating jobs. Layoffs are limited. The Labor Dept. will release its latest monthly jobs report on Friday, and economists expect another month of decent job growth and a steady unemployment rate at 4.1 percent.
- There are now just 1.1 job openings per unemployed worker, down from a high of 2 in March 2022. For workers who do get laid off or who want a new role, the path to an offer is far more challenging.
- Hiring, along with quitting, has slowed, too. The share of workers hired into new jobs every month fell to an average of 3.5 percent in 2024, a decline from a recent peak of about 4.4 percent in 2021. Last year, Americans heard “you’re hired” about 66 million times, down from 71 million in 2023.
- In the Conference Board’s latest monthly survey released last week, far fewer people are now saying that jobs are plentiful compared with during the early 2020s. More complain that they are hard to get.
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PUPPY BOWL ADOPTION EVENT AT DIA
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Puppies are landing at Denver International Airport for the 9th annual Puppy Bowl, and this year, Huskies are joining the team for the first time. The Jeppesen Terminal will host the gathering, inspired by Animal Planet’s wildly popular Puppy Bowl and its alternative Super Bowl programming, from 11 a.m. to 1 p.m. on Friday, Feb. 7. The free, adoption-focused event is a partnership with Denver Animal Shelter and all puppies are adoptable. This will also be the first time the event has included Huskies. There will be cats for adoption as well. The Puppy Bowl is also available to watch on Facebook, in case you can’t make the adorable gridiron match. Follow the event by searching #DENPuppyBowl on social media. Visit flydenver.com/event/den-puppy-bowl for more information.
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HISTORIC UTAH PICTOGRAPH PANEL VANDALIZED
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The Bureau of Land Management is seeking information and investigating vandalism on a pictograph site in Utah. The Buckhorn Draw Pictograph Panel, northwest of Green River, Utah, was vandalized with graffiti etched into the panel. The graffiti reading “Silvia P.” was etched across four ancient petroglyphs of bighorn sheep. “A tragic act of destruction to a site that has stood for up to 3,000 years,” the BLM Facebook page posted. The BLM Price (Utah) Field Office is investigating the incident, which is a significant prehistoric cultural resource within the San Rafael Swell protected under the Archaeological Resources Protection Act of 1979. Law enforcement discovered the vandalism on Jan. 17. It has caused permanent damage to this irreplaceable archaeological site. Anyone who has information related to this incident, is asked to contact BLM Price Field Office Law Enforcement at 435-636-3600 or MLMorningstar@blm.gov.
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COLORADO SPENDS LESS ON TOURISM THAN NEIGHBORING STATES
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Leaders in Colorado’s tourism industry are appealing to lawmakers to keep dollars flowing to local initiatives as the state prepares to pull back spending across departments and sectors. Representatives for tourism offices across Colorado met in Denver on Tuesday to hear industry updates and connect with legislators as they advocate for more ways to entice visitors to all four corners of the state. Tourism remains an economic powerhouse in Colorado, with the state seeing 93.3 million visitors who spent a total of $23.8 billion in 2023.
Yet the state spends less on tourism initiatives compared to its neighbors and competitors. Utah, Wyoming and New Mexico’s tourism budgets were between $25.5 million and $29.4 million in 2022, while Colorado’s was $20.3 million. Now, lawmakers are eyeing major cuts to state spending to dig out of a nearly $1 billion deficit this legislative session. It’s unclear how that may impact the tourism office, which uses state dollars to help with local tourism groups’ needs.
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VAIL PARKING STRUCTURE, NOW 50, REACHING END OF ITS USEFUL LIFE
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The expected life of a parking structure is five decades, and the Vail Village parking structure is now 50 years old. The Lionshead Structure is 45 years old. Even though the two structures are near the end of their useful life, “it does not mean they are in disrepair,” Vail Public Works Director Greg Hall told the Town Council in a recent memo. “What it does mean is like an older automobile or house, the maintenance costs are going to be more expensive going forward.” But that’s better than the alternative. Replacing the town’s parking structures, which are valued at $200 million to $300 million, would require a level of investment that’s not feasible at the current time, Hall said.
The best option at this point, Hall said, is to set aside ample funding for the maintenance of the facilities. A structural assessment performed on the Vail Village and Lionshead structures recommended an estimated $12,421,228 in capital structural repairs. Suggested maintenance includes topping slab repairs, precast/prestressed concrete member repairs, bearing pad replacement, material testing, replacement of joint sealant, traffic coating replacement, expansion joint repair and replacement, and the application of penetrating sealer.
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GRAND JUNCTION TO HOST SYMPOSIUM FOR VETERANS
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The Veterans Aging and Survivors Benefits Symposium will take place from 1 to 3:30 p.m. on Thursday, Feb. 13 at the Western Region One Source in Grand Junction. The symposium aims to empower veterans by providing essential information regarding available resources and benefits. This event was organized by the Dept. of Veterans Affairs, the Colorado Dept. of Military and Veteran Affairs, the Mesa County Veterans Service Office, the Rifle Veterans Assisted Living Center and the Area Agency on Aging of Northwest Colorado.
Key topics to be addressed include living wills and caregiver support, offering guidance on future planning, Veterans Benefits Association survivor benefits, and providing an overview of benefits available to veteran families. Topics will also cover ways to ensure families are informed about important details, insights into the Rifle Veterans Assisted Living Home and available assisted living options, along with support services offered by the Area Agency on Aging of Northwest Colorado. For further information, call 970-248-2733.
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CONTROLLED BURNS PLANNED THROUGHOUT SUMMIT COUNTY THIS WEEK
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Local fire officials intend to burn slash piles in multiple locations in Summit County this week. The pile burns are expected near Ophir Mountain, with ignitions expected around 10 a.m. today, Feb. 5, and Thursday, Feb. 6. Smoke and flames may be visible from I-70, Colorado Hwy. 9, Breckenridge, Silverthorne, Dillon, Frisco and surrounding areas. People are asked not to call 911 to report smoke or flames associated with the pile burns. Fire management personnel will be on scene during the day to monitor potential smoke impacts and fuel consumption.
Ventilation rates are forecast to be highly favorable throughout the week, which helps to limit smoke impacts to the community. Monitoring will also take place periodically over the next few days until the piles are out. The purpose of the burning is to reduce fuel loading that occurred during hazardous tree and wildfire hazard fuels reduction. Smoke from prescribed fires has the potential to impact human health. Smoke sensitive individuals can contact AlexS@TownOfBreckenridge.com or call 970-547-4318 to receive future notifications.
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REPORT ALL TAXABLE INCOME
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When gathering your tax records, it’s easy to overlook smaller amounts of income. However, taxpayers who are employees must generally include all income, not just the amount they find on an employer-generated W-2 form. For example, did you make goods and sell them on an online marketplace or at a craft fair? Did you sell products or provide services through mobile apps? Don’t forget to report dividends, investment gains and interest earned on a bank account. Gambling winnings are also taxable. And, of course, self-employment income must be reported as well. Learn more about what is taxable income at https://www.irs.gov/filing/taxable-income.
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AMERICANS WILL BET A RECORD $1.39 BILLION ON SUPER BOWL LIX
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At least $1.39 billion is expected to be legally wagered on Super Bowl LIX between the Philadelphia Eagles and the Kansas City Chiefs, taking place Sunday, Feb. 9, according to new data from the American Gaming Association. That would break the previous record of $1.25 billion set at last year’s Super Bowl. The AGA said it uses $1.25 billion as its official 2024 Super Bowl betting figure. While yearly total legal sports betting has hit record highs every year as more states have legalized wagering on sports, there’s another betting milestone that may be reached: the dethroning of Nevada as the state with the most Super Bowl betting activity.
Las Vegas, renowned as the U.S. gambling capital, has long kept Nevada handily atop the roster of states by Super Bowl betting activity. But that seems set to change this year. That’s because, ever since the Supreme Court struck down the U.S. ban on sports betting in 2018, New York and New Jersey have at times accepted more money in sports bets than Nevada has. And the Empire State could possibly overtake Sin City’s home state when it comes to Super Bowl wagers this year. LegalSportsReport estimates Super Bowl LIX betting will reach $183 million this year in New York state alone, followed by $170 million for Nevada and $147 million from New Jersey.
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SUPER BOWL LIX TICKET PRICES PLUMMETED 58% IN A WEEK
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Fifty-yard-line tickets to the Super Bowl cost nearly 60 percent less on the resale market as a week ago, indicating that this year’s championship game between the Kansas City Chiefs and the Philadelphia Eagles will not be the priciest in NFL history after all.
Key Facts:
- On Gametime, the cheapest seats to the 2025 Super Bowl in New Orleans are available for $4,627, down from $6,492 last week—with the highest-priced tickets now going for $23,693 instead of $56,409 each.
- StubHub prices for Super Bowl tickets currently range from $3,307 to $21,123.
- On Vivid Seats, Super Bowl tickets are available for $3,152 to $21,004. In 2024, Gametime's cheapest Super Bowl ticket tumbled from $9,400 two weeks out to $7,100 the day of the game—a 24 percent drop.
- Gametime predicts ticket prices will bottom out on Wednesday, Feb. 5, and on Feb. 9, game day, with prices bumping up slightly on Feb. 7 and Feb. 8.
- In previous Super Bowls, the average resale ticket ranged between $4,000 and $6,000, according to Ticketmaster, where tickets are currently running between $3,495 and $15,510.
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MARKET UPDATE - 02/04/2025 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 01/30/2025)
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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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