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Colorado - Thu. 05/01/25 |
A Free Business Publication from Alpine Bank
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DENVER IS A VERY STRONG MARKET FOR HOTELS
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A study from luxury travel platform and booking website Luxury Link, based on data from the U.S. Bureau of Labor Statistics, found that the Denver metro market, which included Aurora and Centennial, had a 16.4 percent growth in the number of hotels between 2019 and 2023, with the metro area adding 71 new hotels. That ranked Denver as No. 12 on a list of large metropolitan areas that added the most new hotels. Colorado ranked slightly higher in a list of states adding the most hotels between 2019 and 2023, coming in at No. 11, with a 10.3 percent increase based on opening 152 new hotels. The study counted hotels, motels, bed and breakfasts, casino hotels and other “similar establishments.”
Denver’s number of hotel employees decreased by 9.8 percent, or by about 1,800 employees, between 2019 and 2023, the study said. From 2019 to 2023, Colorado lost over 3,200 hospitality jobs, shrinking the industry's workforce by 7 percent overall. After the pandemic, Denver was one of many cities that struggled to recruit adequate numbers of hospitality workers.
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DIA: $150 MILLION CONTRACT TO BUILD NEW CONSOLIDATED RENTAL CAR FACILITY
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Officials at Denver International Airport are seeking approval from the Business, Arts, Workforce, Climate and Aviation Services Committee of the Denver City Council, as well as the city council, for a $150 million contract with Dallas-based Jacobs Engineering Group to construct a new consolidated rental car facility at DIA, which would also include a “people mover” that would transport rental car customers from the terminal to the facility.
Currently, car renters take shuttles to surface parking lots along 78th Avenue that are operated by five on-site rental car companies: Avis, Enterprise, Fox, Hertz and Sixt. DIA officials project the "people mover" alternative mode of transportation would save over 250,000 annual trips by rental car companies that pick up passengers from the airport terminal in their own branded shuttles. The new facility will be located at the site of the current DIA employee parking lot, which is also along 78th Avenue, north of Peña Boulevard and east of Jackson Gap Road. That location is less than one mile from the airport terminal.
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NEW $160 MILLION APARTMENT PROJECT IN CAPITOL HILL HAS GROUND-BREAKING
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Trailbreak Partners, a Denver-based commercial real estate investment and development firm, had a groundbreaking ceremony Tuesday for a new 295-unit apartment complex, located in the Capitol Hill neighborhood at 808 N. Lincoln Street. The Kaia Residences will feature studio, one-, two-, and three-bedroom apartments and is the first multifamily project in the area in over a year. Inspired by its name Kaia, meaning “pure” and “life,” the building will feature wellness amenities, including a fitness center, a Nordic-inspired spa featuring a cold plunge and sauna with massage and acupuncture services, an infinity pool and a two-story rooftop lounge. The over 460,000-square-foot property will also have 8,500 square feet of street-level retail, a 4,000-square-foot wellness marketplace and 290 parking spaces. Trailbreak Partners has completed or is currently working on over $1 billion worth of real estate development and investments in Colorado and the Mountain West.
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U.S. ECONOMY DECLINES IN FIRST QUARTER, PRIVATE JOBS GROWTH SLOWS
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The U.S. Dept. of Commerce Wednesday reported U.S. gross domestic product, the value of all goods and services produced across the economy, fell at a seasonally and inflation adjusted 0.3 percent annual rate in the first quarter. That was the first contraction since the first quarter of 2022. The GDP reading fell short of the 0.4 percent growth that economists, surveyed by the Wall Street Journal, expected. A separate report from the Commerce Dept. on Wednesday, just for the month of March, showed consumer spending rose at the strongest pace this year, with a big jump in vehicle sales as households sought to get ahead of tariffs.
Private sector payrolls rose by just 62,000 for the month, the smallest gain since July 2024, down from 147,000 in March and missing the Dow Jones consensus estimate for an increase of 120,000. Leisure and hospitality posted the biggest gain, adding 27,000 jobs. Others that showed increases included trade, transportation and utilities (21,000), financial activities (20,000), and construction (16,000).
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THERE IS A SHORTAGE OF LARGE-ANIMAL VETS IN S.W. COLORADO
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There remain at least 15,000 cattle on several hundred ranches in La Plata County, along with horses, sheep, goats, llamas, alpacas, pigs, even reindeer and a yak. However, there are only two large-animal veterinarians in the county. The two vets work non-stop, 24 hours at a time during certain times, like spring calving season. In January, Colorado State Veterinarian Maggie Baldwin designated La Plata County as a region with a critical shortage of vets who care for food-production animals. Baldwin submitted the area to the U.S. Dept. of Agriculture’s Veterinary Medicine Loan Repayment Program. The program helps vets pay off part of their veterinary school debt in return for their work in “high-priority veterinary shortage situations.”
Veterinary medicine is a notoriously challenging career. Veterinary students tackle years of grueling academics, often taking on massive amounts of debt. As graduates, they face an exhaustive and mentally taxing workload. A 2019 Centers for Disease Control and Prevention study found vets were two to three times more likely to die by suicide than the general public. While there are financial rewards in vet careers, that often does not extend to livestock medicine practitioners. Faced with the reality of the vet shortage, some ranchers in the Four Corners have learned how to perform certain surgical procedures themselves.
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COLORADO RIVER FIRE RESCUE'S WILDLAND DIVISION EXPANDS EFFORTS
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Wildfire and other emergency officials now define the wildfire season as basically year-round, and this spring and summer has all indications of being severe. The Colorado River Fire Rescue’s Wildland Division is expanding efforts to reduce risk and protect homes throughout its 600-square-mile district spanning Rifle, Silt and New Castle. Guided by the Garfield County Community Wildfire Protection Plan, the division has treated more than 159 acres of hazardous fuels over the past year, using a combination of mechanical thinning, pile burning, and prescribed fire techniques. The division focuses its fuel-reduction efforts in areas where homes meet forested land, known as the wildland-urban interface. These zones, identified in the county’s wildfire plan, are particularly vulnerable to fast-moving fire.
In addition to mitigation, CRFR operates several community-based support programs. Its Agricultural Burn Assistance Program helps local farmers conduct safe, controlled burns for land management while reducing wildfire risk. A new Chipping Program also allows residents to dispose of tree limbs and brush, reducing fuels that could ignite near homes. These efforts have been made possible through grant funding totaling $253,544 from partners including the Bureau of Land Management, U.S. Forest Service, Garfield County’s emergency management office and others. The funding supports mitigation work, crew operations and public outreach.
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WILDFIRE PREPAREDNESS MONTH IN EAGLE COUNTY
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May is Wildfire Preparedness Month, and in Eagle County it will bring a joint effort between the emergency service agencies in the region to provide information and other opportunities for residents to prepare for what is anticipated to be a long and potentially severe wildfire summer season. Measurement sites on Vail Mountain show snowpack stands at only 38 percent of the 30-year median. Gypsum Fire Protection District officials indicate they have already had to knock down small fires. All county residents are encouraged to sign up for Eagle County Alerts and check on their insurance coverage. Eagle County Wildfire Mitigation personnel will come to homes to provide an evaluation of defensible space and how fire-prepared your house is. Residents are encouraged to visit the EC Emergency website, included at the link below, for more information.
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THE SPRING RUNOFF HAS COME EARLY, SAND AVAILABLE IN STEAMBOAT SPRINGS
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The city of Steamboat Springs reported that the Yampa River flow through Steamboat Springs is measuring around 1,000 cubic feet per second, with the water temperatures remaining cold at 40-50 degrees Fahrenheit. At the end of April, the river is rising and will likely hit its peak before the normal date of late May or early June. In preparation, the city has created sand stations where sand and sandbags are available for residential properties within the city limits. Homeowners must fill the sandbags and put them in place.
The sand stations are available at:
- Stehley Park
- Crawford Square and Pahwintah Street
- Honey Suckle Lane
- Short and James Streets
- 9th and Pine Streets
- Willow Brook Court
- Pamela Lane
- Stone Lane
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11th ANNUAL GOLF FOR THE TROOPS AT COBBLE CREEK, MAY 31
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Enjoy an unforgettable day of golf for a good cause at the 11th Annual Golf for the Troops Tournament, proudly hosted by Welcome Home Alliance for Veterans. This year's event, which includes an awards lunch, takes place Saturday, May 31 at Cobble Creek Golf Course in Montrose. Check in begins at 7:30 a.m., and the shotgun start is at 9 a.m. This event benefits local veterans and their families in Montrose, Delta, Ouray and San Miguel counties. Sponsorships are available. To register or to become a sponsor, e-mail April.heard@whafv.org, call 970-765-2210 or visit the link below.
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SELECTING A NEW POPE: THE PROCESS
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On May 7, 2025, Catholic cardinals from around the world will gather at the Sistine Chapel in the Vatican for the conclave to select a new pope, following the death of Pope Francis last week. The conclave, meaning “with key” in Latin, alludes to when the cardinals were locked in until a new pope was selected. The new pontiff has been selected by and from the College of Cardinals since 1379. While there are currently more than 250 cardinals worldwide, only those aged under 80 “on the day when the Apostolic See becomes vacant” are allowed to vote. The number of eligible cardinals is 135. A candidate needs two-thirds of the votes cast to be elected.
Once convened, the Sistine Chapel is placed under total lockdown during conclave to guarantee complete secrecy. The voting process is carried out in morning and afternoon sessions. Nine cardinals are chosen at random to perform specific roles in each session: three Scrutineers oversee the voting, three Infirmarii collect votes from the sick, and three Revisers verify the results. After all cardinals have cast their vote, it is time for the Scrutineers to review and tally the ballots. The Scrutineers add up the votes each individual receives, and the Revisers check the results. If a candidate receives two-thirds of the total vote, he will become the next pope.
For those outside the chapel, the only indication of how voting is going comes from the burning of ballots – which takes place after each session. The practice of using smoke to signify that cardinals have chosen a new pope dates back to the 1800s. However, the first reference to white or black smoke occurred at the 1903 conclave. (Note: A chemical compound of “potassiumperchlorate, anthracene, and sulphur” is added to help the black smoke appear darker. To make the white smoke more visible, a mixture of “potassium chlorate, lactose, and amber conifer resin is added.")
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LOOKING AT INTERNATIONAL TRAVEL: A MIXED BAG, BUT HOLDING ON, SO FAR
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When the U.S. Travel and Tourism Office reported that international travel visits to the U.S. were down by more than 10 percent in March from March 2024, travel industry analysts were forecasting declines of international visits for the year due to visa delays, tourists being detained at the border and other difficulties. However, there are also indications that the March international travel numbers were greatly influenced by Easter coming in April this year, versus Easter in March last year. April travel figures show that travel is similar to previous years, and there are indications that visitors are continuing to book, or have already booked, summer vacations in the U.S., with one major exception.
That exception is Canada and Canadian visitors comprise about 25 percent of all foreign visitors. Canadian bookings to the U.S. are down 21 percent compared to last year. Sales of tickets for summer travel from the rest of the world are down only 2 percent compared with the same period last year, according to data on the 25 most popular routes from the Airlines Reporting Corporation, whose data covers about two-thirds of global airline ticket sales.
Countries with the highest percentage of decrease in summer flight bookings to the U.S.:
- Canada: -21 percent
- Netherlands: -17 percent
- Germany: -12 percent
- Ecuador: -11 percent
- Mexico: -9 percent
- China: -7 percent
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LOOKING AT INTERNATIONAL TRAVEL: A MIXED BAG, PART II
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These countries in the Airlines Reporting Corporation data are showing summer flight bookings to the U.S. about the same as summer 2024:
- U.K.: -2 percent
- France: -2 percent
- Colombia: -2 percent
- Italy: 0 percent
- Philippines and Greece: each +1 percent
These show an increase in bookings:
- Argentina: +39 percent
- Ireland: +11 percent
- Japan: +11 percent
- Portugal and Spain: each +8 percent
- Australia: +6 percent
- Brazil: +4 percent
- Costa Rica: +3 percent
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MARKET UPDATE - 04/30/2025 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 04/24/2025)
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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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