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Colorado - Fri. 02/21/25 |
A Free Business Publication from Alpine Bank
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TECH JOBS 10% OF COLORADO EMPLOYMENT & GROWING
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Colorado’s technology industry employs 10 percent of workers in the state, produces 20 percent of its gross state product and its executives expect tech to only get bigger in coming years, a new industry study finds. The study projects significant growth for the tech industry over the next decade, with the majority of polled tech companies saying they are either filling jobs at normal rates or increasing hiring, according to the Colorado Tech Association, which commissioned the study. The industry generated $106 billion in gross state product in 2023, an increase of 2 percent from 2021. Over the past five years, the tech industry added more jobs than any other industry in the state to the tune of 47,440 new positions as part of steadily increasing growth after the lows hit during the Great Recession.
Colorado ranked as the third-most concentrated tech market in the country, behind Massachusetts and New Mexico. Using the past fifteen years as data, the study projected 11.5 percent growth in the tech industry over the next five years. Colorado also ranked fifth nationwide between 2018 and 2023 in venture capital funding rates and third in small business innovation research and small business technology transfer funding.
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CPW TO OPEN BIG GAME HUNTING PRIMARY DRAW APPLICATIONS MARCH 1
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Big game hunting licenses for 2025 will open for the Colorado Parks and Wildlife agency’s primary draw application period March 1, running through April 1 at 8 p.m. CPW encourages hunters to submit applications early to avoid complications or delays. “We encourage all hunters to apply early and check their online accounts to ensure their contact information and credit card information is up to date and valid through May 2025,” said CPW License, Reservations and Customer Operations Manager Danielle Isenhart. “Hunters will receive email updates on their draw results and the status of their payments.” Those with questions about setting up accounts, planning hunts or applying for licenses, call center agents are available 8 a.m. to 5 p.m., Monday through Friday, at 303-297-1192. Other hunting resources can be found at cpw.state.co.us/hunting/big-game.
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ART SHOW IMAGINES WHAT CASA BONITA MIGHT LOOK LIKE IN 2074
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A tradition that actually precedes the South Park takeover and the unlikely resurrection of the world’s favorite Mexican restaurant theme park is NEXT Gallery’s annual Casa Bonita Art Show, which is now entering its eighth year. NEXT Gallery, located in the same shopping center as Casa Bonita, at 6501 W. Colfax Ave, asked artists to imagine what the iconic restaurant might look like in 2074, which would be its 100th birthday. Artists from around the country took the challenge and produced paintings, sculptures, videos and more, which have all gone into a free, family-friendly event that is open to the public on weekends through March 2. The exhibit includes a kids’ gallery. Casa Bonita is already sort of an art show, given that it sports an 85-foot-tall pink stucco tower, a 30-foot indoor waterfall, cliff divers, mariachi music, puppet shows, a haunted cave and the arcade.
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ASPEN ART MUSEUM LAUNCHES DECADE-LONG $20 MILLION INITIATIVE
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The Aspen Art Museum announced a 10-year, $20 million initiative called “Art in Relation.” AIR will fund research, performances and artwork. It will also host an artists’ retreat in Aspen with participants in the arts, sciences, industry, technology and multi-disciplinary fields. AIR will culminate in a public festival, called “a major new international summit,” that will take place every summer in Aspen. The inaugural edition of AIR is called “Life As No One Knows It” and will take place from July 26 to Aug. 1. An interdisciplinary group of artists will participate including Paul Chan, Aria Dean, Álvaro Enrigue, Zoë Hitzig, Glenn Ligon, Maya Lin and Francis Kéré. The artist-led retreat will create a space where artists, thinkers, and leaders across multiple disciplines will exchange ideas and discuss possibilities for the future. The public component of AIR will take place all over Aspen with a series of keynote speeches, art installations and gatherings.
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893 JOBS COMING TO GJ THROUGH MORGAN MINING EXPANSION
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Morgan Mining is expanding to Grand Junction and bringing 893 net new jobs with it. On Thursday, the Grand Junction Economic Partnership (GJEP) announced that the construction, mining, engineering and management company would expand to Grand Junction and Mesa County. The nearly 900 new jobs marks, by far, the most new jobs GJEP has ever secured for Mesa County through the recruitment of a company. The average wage of these positions will be $92,447, substantially above Mesa County’s median income. The Colorado Economic Development Commission approved more than $10 million through a performance-based Job Growth Incentive Tax Credit over eight years, dependent on its ability to meet job creation and salary requirements. Morgan Mining is based out of Knoxville, Tennessee, but 196 of its 226 current employees live in Colorado.
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COLORADO RIVER WATER MANAGERS IN THE UPPER BASIN WANT MONTHLY DROUGHT MEETINGS WITH FEDS
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Water managers are preparing for another potentially lackluster runoff this year in the Colorado River Basin. At a meeting Tuesday, water managers from the Upper Colorado River Commission agreed to write a letter to the U.S. Bureau of Reclamation asking for a monthly meeting to monitor drought conditions. Officials from the four Upper Basin states (Colorado, New Mexico, Utah and Wyoming) are hoping to avoid a repeat of 2021 when emergency reservoir releases caught them off guard.
From July through October of that year, Reclamation made emergency releases from three Upper Basin reservoirs: 20,000 acre-feet from Navajo, on the San Juan River; 125,000 acre-feet from Flaming Gorge, on the Green River; and 36,000 acre-feet from Blue Mesa, on the Gunnison River. The goal was to boost water levels at Lake Powell, which had fallen to a critical elevation, and ensure that Glen Canyon Dam could still produce hydroelectric power. The three reservoirs are part of the Colorado River Storage Project, and the federal government can authorize emergency releases from them without permission from the states or local entities.
Colorado water managers were unhappy about the timing or lack of notice from the bureau when the emergency releases happened in 2021. Drawing down Blue Mesa, Colorado’s largest reservoir, during the height of the summer boating season forced marinas to close early for the year. It was a blow to the state’s outdoor recreation economy.
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TRAVEL ALERT: LENGTHY CLOSURES BEGIN TODAY ON U.S. 550 RED MOUNTAIN PASS
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The Colorado Dept. of Transportation will perform safety-critical winter maintenance operations on U.S. Hwy. 550 between Ouray and Ironton, today, Friday, Feb. 21. Beginning at 8 a.m., traffic will be stopped in both directions (Mile Points 87 to 91) and the closure is expected to last for much of the morning with no estimated time of opening. CDOT officials are not allowing parking within the work zone, including any access roads or pullouts beside US 550. Backcountry users must move their vehicles and vacate the area before work begins at 8 a.m. Motorists should plan ahead, allow for extra travel time, or arrive and drive through the closure points before the designated closure time. Drivers may consider an alternate route via CO 145 through Lizard Head Pass. This westerly route will add approximately one hour of additional driving time, taking approximately three hours to travel between Durango and Ridgway (approximately 150 miles).
- U.S. 160 Durango to Mancos
- CO 184 Mancos to Dolores
- CO 145 Dolores to Placerville
- CO 62 Placerville to Ridgway
Visit COtrip.org for the latest information on road closures and conditions.
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MONTROSE REGIONAL HEALTH LANDS ON TOP 100 RURAL & COMMUNITY HOSPITALS LIST
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For the ninth time, Montrose Regional Health has been recognized among the Top 100 Rural & Community Hospitals by the Chartis Center for Rural Health. Chartis’ Top 100 award program honors outstanding performance among the nation’s rural hospitals based on the results of the Chartis Rural Hospital Performance INDEX. The INDEX is the industry’s most comprehensive and objective assessment of rural hospital performance. The INDEX is utilized nationwide by rural hospitals, health systems with rural affiliates, hospital associations, and state offices of rural health to measure and monitor performance across a variety of areas impacting hospital operations and finance. Montrose Regional Health was chosen as a Top 100 Rural & Community Hospital based on the results of this assessment. Metrics assessed include 36 independent indicators across eight pillars of performance including market share, quality, outcomes, patient perspective, cost, charge, and financial efficiency.
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PRESIDENTS' DAY WEEKEND SNOWSTORM LED TO 149 VEHICLE ASSISTS ON I-70
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A snowy Presidents Day weekend led to road closures, crashes and traffic jams throughout the Interstate 70 mountain corridor and Summit County. The two back-to-back storms that lasted from Thursday, Feb. 13, through Tuesday, Feb. 18, dropped feet of snow on the Colorado High Country, resulting in “extremely treacherous” driving conditions. Road conditions through the holiday weekend were especially bad between Frisco and the Eisenhower-Johnson Memorial Tunnels and on Vail Pass. Closures and slowdowns on I-70 occurred from Friday evening through Tuesday morning due to crashes, vehicle recoveries, winter maintenance operations and safety closures for adverse conditions. The Colorado State Patrol responded to 149 vehicle assists, 23 property damage crashes and three crashes that resulted in injury on I-70 between Friday and Tuesday.
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YAMPA RIVER FUND GRANT APPLICATIONS DUE APRIL 1
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The Yampa River Fund is accepting applications through April 1 for grants for conservation and restoration activities that positively impact Yampa River flows and support natural resource-based livelihoods, including agriculture and recreation, throughout the basin. The fund established in 2019 is a community-based collaboration dedicated to identifying and funding activities that protect the water supply, aquatic habitat and multi-beneficial opportunities provided by the Yampa River. The river fund was created through a partnership of 21 public, private and nonprofit entities representing the entire Yampa River Basin coming together to create the board that governs the fund. Projects prioritized for funding include:
- Enhancing water security for communities, agriculture, economy and the natural environment
- Supporting a healthy, flowing river and enhancing critical low flows through water leases from reservoirs
- Maintaining or improving river function through a holistic approach to restoration of riparian and/or in-channel habitat
Eligible grant applicants include:
- State and local governments
- Public districts
- Irrigation entities
- Mutual ditch companies
- Homeowner associations
- Nonprofit organizations
Technical support is available to help applicants develop grant proposals. Yampa River Fund grant application and guidelines are available online at YampaRiverFund.org/grants. For more information, contact mike@friendsoftheyampa.com.
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BEST STATE CAPITALS TO LIVE IN
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State capitals aren’t just for lawmaking and memorization. Often, they’re thriving cities with a lot of economic and cultural value. In fact, they can be some of the best places to live in America. In order to determine which state capitals make the best homes, WalletHub compared all 50 across 48 key indicators of affordability, economic well-being, quality of life, education and health care. The data set ranges from the cost of living to the quality of K–12 school systems to the crime rate.
Best State Capitals in 2025:
- Austin, TX
- Madison, WI
- Raleigh, NC
- Boise, ID
- Atlanta, GA
- Lincoln, NE
- Salt Lake City, UT
- Denver, CO
- St. Paul, MN
- Columbus, OH
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EIGHT COMPANIES ARE SEEKING COLORADO EXPANSIONS
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Eight companies sought job growth tax credit incentives from the state this month to potentially expand into or within Colorado. The Colorado Economic Development Commission approved nearly $25 million in incentives at its monthly meeting for companies in industries spanning from mining, dietary supplements, quantum and even hyperloop technologies. Here’s a breakdown of all the companies seeking to move to Colorado, from the largest to smallest incentives awarded.
- The EDC awarded its largest incentive Thursday to a project dubbed as “WesCo Mining Operations” for nearly $11 million. (Company names are kept private during the competitive bidding process against other states.)
Incentive: $10.9 million
Possible location: Mesa County
Competing states: Tennessee
Jobs: 893
- The second largest incentive went to ProCaps Laboratories, a dietary supplements company. The EDC granted the company more than $5 million in job growth tax credit incentives for a potential expansion in Jefferson County.
Incentive: $5.1 million
Possible location: Jefferson County
Competing states: Arizona
Jobs: 564
- A quantum company is looking to expand to Colorado’s federally designated quantum tech hub. The EDC awarded the unnamed company dubbed as “Project Q-Chips” about $4.3 million in job growth incentives. The company with 538 employees, with about half based in Colorado already, is growing and looking to scale its operations.
Incentive: $4.3 million
Possible location: Broomfield County
Competing states: Minnesota
Jobs: 195
- A German manufacturer of polymers is seeking to expand into the Western U.S. and is considering Colorado Springs. The EDC awarded the unnamed company under the codename “Project Helix” nearly $1.9 million in job growth incentives with the expectation of 145 jobs created with an average wage of $65,000.
Incentive: $1.9 million
Possible location: El Paso County
Competing states: Utah, Arizona
Jobs: 145
- A hyperloop company is also considering expanding within Colorado. Denis Tudor, CEO of Swisspod, was virtually in attendance at the EDC meeting for “Project Chocolate” seeking about $918,000 in job growth tax incentives. Swisspod has a hyperloop testing facility in Pueblo. It unveiled its first 650 feet of hyperloop infrastructure in November at its Colorado site.
Incentive: $918,000
Possible location: El Paso County
Competing states: New Mexico
Jobs: 107
- An outdoor recreation and military-grade backpack designer is seeking to make an expansion in the Denver metro area. The EDC awarded the unnamed company “Project Skyline2025” about $679,000.
Incentive: $679,000
Possible location: Denver metro
Competing states: Montana
Jobs: 50
- The EDC awarded a material extraction and recycling company labeled as “Project Dragon” with more than $631,000 in job growth tax credits. The company, based in Colorado, plans to build a plant to recycle magnets and batteries to create materials for clean energy initiatives.
Incentive: $631,500
Possible location: Weld County
Competing states: Oklahoma
Jobs: 35
- The last company to get incentives received nearly $400,000 from the EDC. An unnamed semiconductor and fabless manufacturing company titled “Project Kokua” is looking for a new headquarters and research facility for a new product. It’s considering expanding to the Colorado Springs area.
Incentive: $399,000
Possible location: El Paso County
Competing states: California, Arizona
Jobs: 20
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MARKET UPDATE - 02/20/2025 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 02/20/2025)
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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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