EDC PROSPECT UPDATE: PRC, a contact management company from Florida, recently announced plans to open a new customer service contact center in Tiffany Square that will employ 550. Spectranetics has announced plans to move to a new facility on Federal Drive in northern Colorado Springs and expects to hire additional employees over the next five years. EDC assisted Spectranetics in securing permits and is working with the company on an incentives package. EDC added five new prospects in December that represent a total of 1,000 potential new jobs, and hosted four companies.

EDC MARKETING UPDATE: EDC’s Marketing Team recently traveled to the Washington D.C. area to meet with seven site selection consultants and one 350-employee prospect. The California Campaign is in full swing. A full-page ad was placed in the 2007 San Francisco Business Times Book of Lists which touts Colorado Springs as a prime location for information technology companies. Another ad appeared in the February 2 issue of the San Fernando Valley Business Journal in alignment with the top medical device manufacturers in the San Fernando Valley. More ads and media placements are planned for the year.

Colorado Springs Primary Employers are expecting to add an estimated 2,500 jobs over the next three years: In 2006, the Business Retention and Expansion Visitation (BREV) program visited 85 primary employers in El Paso County. Most companies that were visited reported good news, with 79% reporting that they plan to expand in the next three years, and 88% reporting that overall company sales are increasing. When asked how specifically they planned to expand, companies reported estimated expenditures of $37 million in equipment and facility investment, and an estimated expansion of 298,800 square feet of facility space.

A review of Colorado Springs 2006 economy and EDC’s Five-Year Strategic Plan were provided by EDC’s CEO, Mike Kazmierski, at the January 23 EDC luncheon. Click here for the full presentation.

The nation’s economy is starting out in 2007 with more “oomph” than expected, according to the Kiplinger Washington Editors. They are upping their forecast for economic growth in the first quarter by half a percentage point. The second quarter is anticipated to be the slowest of the year, but a buoyant second half of 2007 is anticipated. Firms are expected to ramp up spending and investments as they become convinced that the economy has avoided a slump and will expand for a while longer. Housing’s drag will also be largely wrung from the economy by fall.

"Tough Choices or Tough Times" presents a sharp critique of America’s economic competitiveness and a bold plan for education reform. States – like Colorado – that want to succeed in the international marketplace should consider the recommendations of this report. The Commission on the Skills of the American Workforce, which produced the report, indicated that “our workers’ wages will continue to fall unless we can offer a capacity for endless creativity and innovation.” The report recommends a package of reforms, including universal early childhood education, dramatic increases in teacher compensation, a set of qualifying exams to exit high school, performance contracts for teacher-run schools, and lifelong learning accounts. For more information, click here.

2007 State Games of America in Colorado Springs will be held August 2-5. Over 10,000 athletes from across the nation are expected for this 29-event Sports Festival. National online registration is now available, click here for State Games of America website.

For questions or comments regarding the Executive Update, please contact Julie Boswell at jboswell@csedc.org.