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Colorado - Wed. 03/05/25 |
A Free Business Publication from Alpine Bank
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MICROCHIP TECHNOLOGY SLASHES MORE JOBS AS SALES SPUTTER
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Microchip Technology is reducing its workforce across manufacturing and corporate operations by about 2,000 as the embattled chip maker looks to cut costs amid declining sales. The Arizona-based semiconductor company said Monday that the cuts will be at its Fab 4 facility in Gresham, Oregon and its Fab 5 facility in Colorado Springs, as well as at a facility in the Philippines. Microchip also said it will slash jobs in various business units and support groups. It expects to incur about $30 million to $40 million in severance and benefits costs. In December, Microchip said it would close its Fab 2 facility in Tempe, Arizona. It expects to shut down those manufacturing operations in May and the facility and equipment will be sold.
Microchip expects the latest cuts to save the company about $90 million to $100 million every year once fully implemented. In its most recent quarter, the company reported net sales of $1.03 billion, down nearly 12 percent sequentially and down 42 percent from the prior-year period. The company also swung to a third-quarter loss of $53.6 million from a profit of $419.2 million a year earlier.
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EPIC PASS PRICE INCREASE; NOW ON SALE FOR 2025-26 SKI SEASON
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Vail Resorts announced early-bird Epic Pass prices for next season on Tuesday that reflect 7 percent increases over last year, with passes available now through the Epic Pass website. The unrestricted adult Epic Pass for next season is $1,051, as compared to an early-bird price of $982 a year ago for the current season. The adult Epic Local pass is going for $783. It was $731 last year. Last year’s Epic Pass prices increased 8 percent over the year before. The Epic Pass offers unlimited access to all 42 resorts owned by Vail Resorts while offering access to dozens of partner resorts. The Epic Local pass offers unlimited access to 29 resorts and access to others with restrictions. Epic Day passes (available in increments of one to seven days) are selling for $47 to $100 per day.
Indy Pass, an alternative to Epic and Ikon that serves more than 200 independent ski areas, announced its prices Saturday with renewals going for $349 and new passes costing $369. Colorado ski areas that participate in the Indy Pass include Loveland, Powderhorn, Sunlight, Granby, Echo, Howelsen Hill in Steamboat Springs and Hoedown Hill in Windsor.
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RTD RIDERSHIP FAILS TO GROW IN 2024
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RTD ridership barely increased despite efforts to promote public transit, newly released numbers show, raising concerns that continued rail maintenance “slow zones” and security problems are causing people to rely on their cars. Metro Denver residents boarded Regional Transportation District buses and trains 65.23 million times in 2024, up 0.1 percent from the 2023 ridership (65.17 million) and 38 percent below the pre-pandemic 2019 ridership of 105.8 million.
RTD director Chris Nicholson said lagging ridership is a problem and that lawmakers have suggested a goal of doubling the number within a decade. “Massive disruptions on light rail” as RTD contractors work to fix and replace deteriorating tracks is largely to blame, Nicholson said. “The disruptions to light rail have harmed how the public sees us. We’ve lost customers who used to trust us with their travel,” he said. “It’s going to take work to get those people back or get new people to try the service.” While the overall numbers remained flat, ridership increased on the RTD’s Access-on-Demand program that gives qualified people with disabilities up to 60 rides a month to locations they choose using Uber, Lyft, Metro Taxi, or zTrip.
- Bus ridership increased from 40,747,000 in 2023 to 42,584,000.
- The ridership on light rail decreased from 12,740,000 to 11,162,000.
- The number of people riding on RTD’s A-Line commuter rail between Denver Union Station and Denver International Airport also decreased, along with ridership on RTD’s free MallRide shuttles downtown, where mall reconstruction and an RTD track overhaul last year impeded transit.
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COLORADO SCHOOL OF MINES PROJECT HOPES TO WARM HOUSES, LOWER BILLS
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It gets cold in Lake County’s high country, and getting warm when you live in a mobile home is expensive. That bill is dropping thanks to a pilot project spearheaded by the Colorado School of Mines aimed at bolstering energy efficiency across the community through a combination of improvements to the units and a switch to electric appliances. The upgraded homes are going through their first winter in the three-year project, with more retrofits to follow in the spring. One of the updates is a smart thermostat that enables a cell phone to turn down the temperature when residents are out and turn it up before they get home — saving natural gas. The goal of the project is to bring energy efficiency to low-income families and communities.
The project got jump-started with a grant from the Alfred P. Sloan Foundation but has drawn support from the Colorado Energy Office and Energy Outreach Colorado, which helps low-income households pay their utility bills, as well as a grant from the U.S. Dept. of Energy. Last summer, the first upgrades were made. These included low-flow shower heads and LED lighting. The floors were insulated, and the homes were air sealed. The gas furnaces were replaced with high-efficiency gas furnaces. In some cases, doors and windows were replaced or a new refrigerator was added. Next spring, the electric installations will be done, including new 100-amp electric panels, a 16.4-kilowatt battery, induction stoves, electric water heaters and cold-climate mini-split heat pumps.
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BACKPACKING PERMITS NOW ON SALE FOR THE INDIAN PEAKS WILDERNESS
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Backpacking permits for the popular Indian Peaks Wilderness, required for overnight camping from June 1 to Sept. 15, went on sale Tuesday. The spectacular Indian Peaks Wilderness, administered by the Arapaho and Roosevelt National Forests, is located along the Continental Divide south of Rocky Mountain National Park and north of Nederland. It includes a string of 13,000-foot peaks, six passes over the divide, 50 lakes, and 28 trails covering 133 miles. Some of the peaks overlook the picturesque Brainard Lake Recreation area. Backcountry permits cost $5 and are available through recreation.gov.
Thorough planning for backcountry trips and knowing the rules is important:
- Campfires are prohibited at all times on the east side of the divide. West of the divide, campfire restrictions apply when in effect due to fire danger.
- Visitors are encouraged to pack food in bear-safe storage containers or hang their food out of the reach of hungry bears.
- Visitors should be equipped to pack out trash and be familiar with Leave No Trace principles.
- Dogs must be leashed.
Day use reservations for Brainard Lake will be available on a rolling basis beginning in mid-May. The Brainard Lake entry station will open June 14 if conditions allow. Upper trailheads and parking areas should open in July. The road to the summit of Mount Blue Sky, typically managed by CDOT and the Arapaho National Forest with a reservation system, will remain closed this summer for repairs.
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COLORADO 14ER REOPENS THROUGH WAIVER REQUIREMENT
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Legal access is returning to a 14,000-foot peak in Colorado. Mount Lindsey is reopening to individuals through an online waiver, which the Colorado Fourteeners Initiative (CFI) announced in a Facebook post Tuesday. The post included a link to the website, mountlindseywaiver.com, where the waiver can be electronically signed and kept before one embarks to the privately owned fourteener. The nonprofit reportedly spent the better part of four years negotiating a return to access. A "no trespassing" sign had been planted along the approach to Lindsey, which sits on Trinchera Blanca Ranch. Owned by billionaire and conservationist Louis Bacon, the ranch sprawls about 172,000 acres in southern Colorado's San Luis Valley. Lindsey's closure nearly four years ago came amid heightened liability fears among private landowners who had been allowing public access.
The cluster of 14,000-foot summits along the popular DeCaLiBron loop was another flashpoint; mounts Democrat, Cameron, Lincoln and Bross had been closed before a public acquisition and reopening in 2023. Democrat reopened thanks to the acquisition, while Lincoln and Cameron are open to hikers who sign a waiver via a QR code posted at the trailhead. A QR code will be posted as well for Lindsey.
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RICHARDS DEFEATS FRISCH IN ASPEN MAYORAL CONTEST
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Aspen voters elected Rachel Richards as their next mayor on Tuesday, granting the longtime public servant another term in office. Richards, who had served 30 years in public office in the Roaring Fork Valley, garnered 1,435 votes, or 54.7 percent of the ballots cast, defeating first-time mayoral candidate Katy Frisch. Frisch garnered 1,189 votes, or 45.3 percent, according to complete but unofficial results. Richards will helm a city council with several major decisions ahead of it, including a search for a new city manager. When she is sworn in on April 8, she will take the lead on a council that will decide whether to ask the Colorado Dept. of Transportation and the Federal Highway Administration to reopen a 1998 record of decision on the entrance to Aspen. She also will lead the council through decision-making for the Armory Hall redevelopment.
Complete but unofficial results show four of six city council candidates will go to a runoff: Incumbent councilman John Doyle, Mayor Torre, who was term-limited from running for re-election and decided to seek a seat on council; and newcomers Emily Kolbe and Christine Benedetti. This cycle, 2,718 people cast votes, about 100 fewer than the 2,810 votes cast in the last city election in 2023. Frisch lost the race by just 246 votes.
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CELEBRATING 20 YEARS OF THE DURANGO INDEPENDENT FILM FESTIVAL, MARCH 5-9
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Join in the celebration of the 20th Anniversary of the Durango Independent Film Festival (DIFF) from March 5-9. DIFF boasts a reputation as a “Filmmaker’s Festival.” DIFF champions the art of independent filmmaking, showcasing films in the best possible way: with the active engagement of a film-fanatic community combined with the warm hospitality of a beloved southwest Colorado town. DIFF welcomes all genres of independent film – adventure, music, nature, comedy, shorts, documentaries, Native cinema, feature films and offers many opportunities for networking among filmmakers and festival attendees.
Festivalgoers will enjoy films at two downtown venues (3 screens) located within an easy walking distance to restaurants, shops, and lodging – hosted at The Durango Arts Center and the Gaslight Twin Cinemas. Festival attendees are invited to attend panels, workshops, coffee talks with filmmakers, nightly parties, and the Gala Awards presentation. The Awards ceremony is “Durango Black Tie” – which means pretty much anything goes! For more information, visit the link below.
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IRS 2025 “DIRTY DOZEN” TAX SCAMS’ LIST
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The IRS has published its “Dirty Dozen” tax scams for 2025. Ranging from email schemes to misleading tax credits, many of the scams increase during filing season as individuals prepare their tax returns. However, these crimes can occur throughout the year as fraudsters look for ways to steal money, personal information and data. A growing concern this year involves incorrect tax information on social media platforms that can mislead taxpayers with bad advice, potentially leading to identity theft and tax problems. Rather than turning to social media, the IRS is urging taxpayers to follow trusted advice from tax professionals. Here’s the full list: https://bit.ly/41p38dn.
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MARY RYERSON RECOGNIZED BY THE COLORADO BANKERS ASSOCIATION
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Alpine Bank Aspen Branch President Mary Ryerson has been named a recipient of the 2025 Bankers of Distinction Award. This prestigious honor, given annually by the Colorado Bankers Association (CBA), recognizes individuals who have demonstrated exceptional leadership and a commitment to both their organization and their communities. Ryerson began her community banking career in 1978 at the Bank of Aspen. In 1992, she joined Alpine Bank Aspen, where she has held nearly every role within the organization, from customer service representative to commercial lender.
Throughout her career, Ryerson has worked tirelessly to support the financial well-being of her community, eventually being promoted to branch president. “Thank you to the Colorado Bankers Association for this incredible honor. This recognition is about more than my efforts, it’s a reflection of the amazing team I have the privilege to work with and the vibrant community we serve,” said Ryerson. “Banking is about more than numbers—it’s about people, relationships and making a meaningful impact.”
A dedicated volunteer, Ryerson has made significant contributions to the Aspen community over the years. She and her husband, Loren, raised four sons in Aspen, where Ryerson’s leadership extends beyond banking into a variety of local causes. In recognition of her outstanding contributions, she was inducted into the Aspen Hall of Fame in 2024. “We are honored to recognize Mary Ryerson for her exceptional service to both Alpine Bank and the Aspen community,” said Jenifer Waller, president and CEO of the Colorado Bankers Association. “Mary’s dedication to community development and her exemplary leadership in banking make her a deserving recipient of the Bankers of Distinction Award.”
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FEDERAL FUNDING PAUSE INCLUDES 17 WATER PROJECTS ON WESTERN SLOPE
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In January, the Orchard Mesa Irrigation District was promised $10.5 million from the U.S. Bureau of Reclamation to pipe the open canal, which has crumbling chunks of concrete and rebar poking out along its sides, and install more-efficient valves instead of headgates. In addition to delivering water more easily to the 6,700 users in the district, a goal of the project is to improve the irrigation system’s efficiency, so more water could be left for endangered fish in a critical 15-mile stretch of the Colorado River. But the future of the project is uncertain because about $151 million in funding for projects aimed at conservation and drought resilience on the Western Slope has been frozen by the Trump administration.
On Jan. 17, the U.S. Bureau of Reclamation announced it had awarded $388 million in funding through the Inflation Reduction Act for projects throughout the Colorado River’s Upper Basin (Colorado, New Mexico, Utah, and Wyoming). But three days later, the Trump administration issued an executive order, “Unleashing American Energy,” which said, “all agencies shall immediately pause the disbursement of funds appropriated through the Inflation Reduction Act of 2022.” The Trump administration has not appointed a new Bureau of Reclamation commissioner. “Officially, from Reclamation, we have not heard a thing,” said Steve Wolff, general manager of the Durango-based Southwestern Water Conservation District, which was awarded $26 million for drought mitigation.
Seventeen of the 42 Upper Basin projects are in western Colorado and include things such as almost $3 million for dam removal and wetlands restoration at Fruita Reservoir; $1.9 million for studying the effectiveness of beaver dam analogs in the headwaters of the Roaring Fork River; and $4.6 million for drought resiliency on conserved lands. The funding pause also affects six tribal water projects in the Upper Basin, including $16 million for the Southern Ute Indian Tribe for drought mitigation on the Pine River.
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ANNUAL BUSINESS AWARDS HONOR LOCAL ECONOMIC CONTRIBUTORS
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Last Friday, the Grand Junction Area Chamber of Commerce announced its annual “Business Awards” to celebrate the community contribution of local companies and individuals. Five awards were handed out:
- The Christi Reece Group was named “Small Business of the Year.” The local real estate group largely earned the award for its philanthropic venture: the Circle Fund. The fund, which includes 2 percent of every professional fee charge and was established alongside the company in 2019, has grown with each sale. Since its creation, the fund has yielded more than $421,000 in donations to 28 nonprofit organizations.
- Innovative Textiles, a locally founded fishing line and supplies manufacturer, is 2025’s “Large Business of the Year.” The decision was attributed to Innovative Textile’s commitment to Grand Junction despite becoming a global brand.
- Grand Junction Economic Partnership’s marketing & communications director, Selena Sanchez, was awarded “Young Professional of the Year.” Sanchez is a Grand Junction native and Colorado Mesa University alumnae.
- FCI Constructors President Shane Haas, who recently announced he will retire in January 2026, earned the “Citizen of the Year” award for the legacy of his 43-year construction career. Beyond Haas’s “pivotal” role in regional development, the chamber said his efforts in education, health care and workforce development have bolstered critical community services.
- Business Times Editor Phil Castle received the “Spirit of Business” award for his 25-year career with the organization.
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EMERGENCY SAVINGS SURVEY
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Having emergency savings is important because it prevents your finances from unraveling due to unexpected life events, such as hospitalization, auto repairs, or sudden unemployment. Ideally, your emergency fund should be able to cover at least three to six months’ worth of expenses. However, saving that much money can be very difficult in the current economic environment. For example, in a new, nationally representative survey conducted by WalletHub, 44 percent of respondents said that inflation prevents them from saving for emergencies. WalletHub’s survey asked a variety of questions about people’s emergency savings, their ability to handle unexpected expenses, and the impact of inflation. Key Stats:
- No Room to Save: 51 percent of Americans say their income prevents them from saving for emergencies, while 44 percent blame inflation and 34 percent point to their debt.
- Skipping the Safety Net: More than 1 in 4 Americans never contribute to their emergency fund.
- No Savings to Save the Day: Nearly 1 in 5 Americans say they couldn’t come up with $1,000 in cash within 24 hours to save a loved one’s life.
- Debt First, Savings Later: Nearly 2 in 5 Americans say paying off debt is their top financial goal, prioritizing it over things like building an emergency fund and contributing to their retirement savings.
- Hoping for a Bailout: 22 percent of people expect someone else to bail them out if they run out of money.
- Shrinking Savings Ahead: Nearly 1 in 4 people say their emergency savings will decrease in the next year.
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MARKET UPDATE - 03/04/2025 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 02/27/2025)
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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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