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Colorado - Fri. 05/23/25 |
A Free Business Publication from Alpine Bank
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NOTICE OF HOLIDAY CLOSURE FROM ALPINE BANK
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All Alpine Bank branches will be closed in observance of Memorial Day on Monday, May 26. We invite you to use Alpine Online or the Alpine Mobile app for 24/7 banking access, even when we are closed. Learn more at the link below.
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AT&T BUYING LUMEN'S HOME FIBER BUSINESS, INCLUDING COLORADO MARKET, FOR $5.75 BILLION
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AT&T’s $5.75 billion purchase of Lumen Technologies home fiber-internet business will impact 1 million customers nationwide, including an undisclosed number in Colorado who buy fiber service from Quantum Fiber, a brand that originated under CenturyLink. The deal, pending regulatory approval, was announced Wednesday, and means AT&T will step into the consumer world of fiber internet service for the first time, at least here in Colorado. Besides picking up Lumen’s Colorado market, AT&T will add customers in 10 other states for a total of 1 million fiber customers. Lumen’s current network could serve 4 million households if every home ordered it. Besides Colorado, AT&T also gains entry into Idaho, Iowa, Nebraska, Oregon, Utah and Washington. Service is already available in 21 states.
Building on its current footprint and the additional Lumen territory, AT&T believes the network it will build can reach a potential of 60 million customers in five years. Monroe, La.-based Lumen is a reinvention of CenturyLink, which renamed itself five years ago. In 2011, the company merged with Denver-based Qwest Communications to become one of the nation’s largest telecoms. According to Lumen’s earnings report for the first quarter, ended March 31, the company had 1.1 million fiber-broadband customers, up from 952,000 a year earlier.
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NUGGETS HIRE DAVID ADELMAN AS HEAD COACH
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David Adelman has shaken himself free of the “interim” label. The Nuggets have hired Adelman to replace Michael Malone full-time as their head coach, team governor Josh Kroenke announced Thursday afternoon. Adelman, 44, has been on the coaching staff since 2017 and took over the interim position with three games left in the 2024-25 regular season after Malone was fired. Denver won those last three games, prevailed in a first-round playoff series then pushed the 68-win Oklahoma City Thunder to seven games under Adelman’s impromptu leadership. Multiple starters shared their hope that he would get the full-time job after the team’s season-ending loss.
Adelman’s NBA career began in player development. He was an assistant coach for the Minnesota Timberwolves and Orlando Magic before coming to Denver. In his eight seasons under Malone, he was tasked with designing the Nuggets’ offense around center Nikola Jokic, who has won three league MVP trophies and an NBA Finals MVP. Adelman is the 23rd head coach of the Nuggets, succeeding the winningest in franchise history. Malone won 471 regular-season games and 44 more in the playoffs during a 10-year tenure that included the team’s first NBA championship. Only six Nuggets coaches have won 100 games.
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TREASURY SOUNDS DEATH KNELL FOR PENNY PRODUCTION
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The U.S. government is phasing out the penny, whose use has spanned more than two centuries. The Treasury Dept. will stop putting new pennies into circulation by early next year. Afterward, there won’t be enough pennies to use in everyday cash transactions, and businesses will need to start rounding up or down to the nearest 5 cents, the Treasury said in a statement. The U.S. Mint, which is the Treasury’s in-house coin producer, projects an annual savings of $56 million in reduced material costs. The penny, though worth only a cent, costs nearly 4 cents to make. Americans will still be able to use pennies in cash transactions after production stops. With production costs rising, the U.S. government lost more than $85 million last year on the roughly three billion pennies it produced.
Meanwhile, Americans throw away up to $68 million in coins a year. They are left in plastic bins at airport security checkpoints and even used in art and home decor. Some 60 percent of actively circulating coins, or as much as $14 billion, sit in coin jars, according to the Federal Reserve. The U.S. penny was one of the first coins made by the Mint after its establishment in 1792. At the time, its design featured a woman with wind-swept hair. The penny has since shrunk in size, and its composition has changed from pure copper to a mix of zinc and copper. In 1909, Abraham Lincoln was first featured on the coin in honor of his 100th birthday.
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LAYOFFS, FURLOUGHS COMING FOR DENVER EMPLOYEES AMID BUDGET CRISIS
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Denver city officials plan to lay off employees, institute a hiring freeze and require unpaid furloughs as they stare down a projected $250 million budget hole over the next two years, Mayor Mike Johnston announced Thursday. Sales tax revenue, which makes up more than half of Denver’s income, has slumped while the city’s costs are growing. Denver will collect $50 million less in tax revenue than expected this year, triggering some immediate cost-saving measures like the hiring freeze and limiting any unnecessary staff spending. All 27 city departments have been told not to go over their allotted budgets and to look for any contracts that they can reduce. Next year, Denver’s budget shortfall is expected to grow to $200 million.
The cuts come as Johnston says he will continue to press forward on projects such as a $70 million investment in a new women’s soccer stadium, an $800 million bond proposal and his homelessness initiative, which costs about $57 million per year. He hopes those projects will help jumpstart the city’s economy. Each city employee — except for uniformed law enforcement, fire and 911 personnel — will be required to take at least two days of unpaid furlough before the year’s end. Those will all happen at the same time: the Friday before Labor Day and the Friday after Thanksgiving Day. There will be additional, floating furlough days based on salaries, with the highest-paid employees, including the mayor and his senior staff, taking up to seven days without pay.
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HABITAT FOR HUMANITY OF THE ROARING FORK NAMES DARLA CALLAWAY AS NEW CEO
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Habitat for Humanity of the Roaring Fork Valley has named Darla Callaway its new chief executive officer. Callaway brings a deep understanding of the region’s complex planning and housing landscape and has spent her career focused on improving community stability through affordable housing and development initiatives. Callaway earned her bachelor’s degree in Landscape Architecture from Oklahoma State University before going on to complete the Advanced Management Development Program in Real Estate at Harvard University. After an accomplished career at Design Workshop Inc.— an international organization that focuses on community development through a combination of artistic, economic, and ecological viability — Callaway now shifts her focus to the housing needs in the Roaring Fork Valley.
Throughout her career, Callaway has helped secure entitlements for $5 million to $100 million projects in Aspen, Glenwood Springs, Vail, Steamboat Springs and Telluride. She also led the relocation of the Design Workshop’s Aspen office to Basalt, a move that improved staff retention and quality of life for more than 40 employees. Callaway began her new responsibilities at HFHRFV on May 5 with former CEO Gail Schwartz at her side to ease the transition of leadership. Schwartz will stay close to HFHRFV in an advisory role to ensure a smooth transition. For more information about Habitat for Humanity of the Roaring Fork Valley, visit habitatroaringfork.org.
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VETERANS MEMORIAL CEMETERY HOSTING MEMORIAL DAY WEEKEND EVENTS
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The Veterans Memorial Cemetery of Western Colorado, in Grand Junction, will be hosting Memorial Day weekend events beginning Friday. On Friday afternoon at 3 p.m., community organizations will place flags on graves. Families and volunteers wishing to participate should plan to arrive by 2:30 p.m. for instructions. On Sunday evening at 6 p.m., a retreat ceremony will be held at the cemetery. The Grand Valley Combined Honor Guard will formally lower and retire the American flag for the evening. At 6:15 p.m., the Honor Guard will conduct a flag retirement and burning ceremony and properly dispose of unserviceable American flags, which can be dropped off at the cemetery before Friday.
Finally, on Memorial Day at 10 a.m. on Monday, the cemetery will host a ceremony honoring all veterans. The Grand Valley Combined Honor Guard will conduct a memorial service for deceased veterans. A flyover will also take place above the cemetery. There will be a dedication for two memorials: one from the Colorado Elks and Blue Star Mothers, and the other from the Military Officers Association of America. The public is invited to attend Monday’s event and are encouraged to bring their own seating. The ceremony is expected to last an hour. There will also be a Memorial Day event at Palisade Memorial Park at 5 p.m. on Monday.
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CPW CLOSES YAMPA RIVER FISHING NEAR STAGECOACH RESERVOIR DUE TO LOW WATER
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Anglers and recreators cannot catch and release fish from a popular stretch of the Yampa River below Stagecoach Dam as water and wildlife managers try to save water and prevent overfishing in dry conditions. The mandatory, full-day fishing closure for the 0.6-mile stretch of the river began Monday and will continue until further notice, according to a Colorado Parks and Wildlife announcement Friday. Wildlife managers close the Yampa fishery to protect fish when the river becomes too shallow. This is the third closure in three years for the prized fishery.
This month, the Yampa is flowing into the reservoir at about one-third of its normal level, leaving water managers with a tight water budget that has to last through a potentially hot and dry summer. The closure aims to cut back on one stressor for the fish — humans — when they are already stressed out by environmental conditions. When the river is shallow, fish become concentrated in pools and face tough competition for food, CPW said. They’re easier to catch, and that can lead to more stress and higher catch-and-release-related deaths. As of May 13, about 88 percent of Routt County was experiencing drought, according to the U.S. Drought Monitor. In February, 1 percent of the county was in drought.
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SMOKEY BEAR FIRE DANGER SIGNS START FIRE SEASON AT 'LOW'
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With fire season approaching, Smokey Bear fire danger signs will be “coming out of hibernation” soon, according to an email from Mathew Benedict, the Red, White & Blue Fire Protection District division chief of wildfire and community preparedness. Benedict wrote that the signs will start the season showing “low” fire danger, partially influenced by the snow Summit County received last week. Fire danger ratings can be complicated this time of year, Benedict wrote, with some vegetation dormant, some starting to emerge and some grasses “exploding.”
Summit County’s soil moisture is good compared to other parts of the state, which Benedict wrote is fortunate. “Soil moisture can play a critical role in moderating fire behavior and protecting its micro ecosystem when fire rolls over it,” Benedict said. “The Frisco fire last week was a great example of how a fire can roll through and have little to no effect on the vitality of the dirt which then speeds up the recovery.” He added that the area of the Meadow Creek fire will likely turn green with new growth as a result of nitrogen infusion in the soil.
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BOULDER PLEDGES $34 MILLION TO SUNDANCE FILM FEST INCENTIVES, DOUBLING STATE FUNDING
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A new, $34 million incentive package from a coalition of Boulder’s biggest civic and cultural boosters will help sustain the Sundance Film Festival over the next 10 years, according to Visit Boulder, which led the effort to collect the additional funds. Sundance, currently in Park City, Utah, and moving to Boulder in 2027, is already set to receive a $34 million tax credit passed by state lawmakers last month. The new incentives would bring the total support for the event to more than $70 million, which would further help its ability to grow in Colorado and contribute financially back to the state, said Karleen Lewis, director of marketing and communications for Visit Boulder. City officials and state lawmakers expect the festival to add millions to the state’s coffers from travel, hospitality, entertainment and lodging receipts during its January-February run — an exceedingly lean time of year in Boulder.
- Visit Boulder’s new incentive package would divert $2.1 million annually to Sundance by waiving city fees and various in-kind services, such as parking and street permits, for a total of $21 million over the next decade.
- The remainder of the $34 million would come from other sources, including $250,000 from Visit Boulder, $400,000 in cash contributions, and $300,000 annually from the Boulder Chamber, private donors and other partners.
- Boulder saw an economic impact of $115 million from cultural nonprofits in 2022 – four times that of other cities the same size, according to Americans for the Arts.
- Another study found that Boulder is in the top 10 in the United States for “arts vibrancy,” which is evaluated on a mix of arts concentration, funding and programs, according to Visit Boulder.
- Boulder is set to host the event from 2027 through 2036, with a potential 86,000 attendees and $132 million in annual economic activity, as Park City reported in 2024.
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WHERE WAGES ARE RISING THE MOST
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Wages in most metro areas are on the rise, according to a recent analysis by The Business Journals of Bureau of Labor Statistics data, which found average year-over-year weekly wages increased in 91 of the nation's 100 largest metro areas as of the end of the first quarter of the year.
- Augusta, Georgia, had the strongest growth among the 100 metro areas analyzed, with a 21.8 percent increase. The average weekly wage in the Augusta metro — known for hosting the Masters golf tournament annually — rose from $965.67 in March 2024 to $1,175.79 in March 2025.
- Augusta's population grew by 25,000 over the last five years and is projected to add another 26,000 people by 2028. Jobs increased during that initial period by 3,700 positions, and the Augusta Economic Development Authority anticipates a further increase of 12,000 jobs in the next five years.
- Boise, Idaho (up 14.5 percent), and Ogden, Utah (up 13.8 percent), checked in behind Augusta.
- At the other end of the spectrum, Winston-Salem, North Carolina, recorded a 13.6 percent decline in average weekly wages, falling to $996.74.
- Durham-Chapel Hill, North Carolina (down 1 percent), and Nashville, Tennessee (down 0.9 percent), were also among the nine large metros that posted a decline in average weekly earnings between March 2024 and March 2025.
- Three tech hubs — San Jose, California ($1,893.41), San Francisco ($1,632.00) and Seattle ($1,568.93) — had the highest average weekly wages in March 2025.
According to the March 2025 Mercer QuickPulse U.S. Compensation Planning Survey, companies early in 2025 delivered average merit-based pay increases of 3.2 percent to their employees. That's slightly less than the 3.3 percent rate employers in late 2024 said they would be increasing merit pay this year. Total pay, which includes both merit increases and any promotion or cost-of-living pay raises, has grown 3.5 percent so far in 2025. That's also less than the 3.7 percent total-pay increases company leaders were projecting in late 2024. The actual merit increase last year was 3.3 percent and the total salary increase was 3.6 percent, which means 2025 is so far seeing smaller raises overall.
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MARKET UPDATE - 05/22/2025 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 05/22/2025)
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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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