EXECUTIVE UPDATE / February 1, 2006

2006 prospect activity is off to a strong start. EDC hosted the visits of two high tech manufacturing companies to Colorado Springs in January, representing the potential for 235 new jobs for Colorado Springs. EDC also received inquiries regarding seven new projects considering Colorado Springs for relocation or expansion opportunities including a large financial services project. Several projects are in their final decision phase with announcements expected sometime in 1st Quarter 2006.
EDC CEO Mike Kazmierski addressed 300 investors and community leaders at the monthly luncheon on January 26. He defined “economic development” as a “process” that requires a community (team) effort to succeed and outlined EDC’s focus on attracting, retaining and growing quality (primary) jobs for the community. With the annual loss of nearly 2,000 jobs per year and the job requirements of our young graduating high school and college students, the community needs around 3,500 quality jobs per year. Kazmierski reviewed the success of EDC in 2005 in creating 2,460 new primary jobs and reviewed the program for the coming year that includes a more aggressive attraction effort combined with a new emphasis on assisting start-ups to facilitate future job creation. He concluded with an assessment of the community’s economic opportunities and challenges. Click here for presentation
EDC’s 2005 Report on the Economy for the Colorado Springs Metropolitan Area is available at (www.coloradosprings.org/Doc/2005_Economic_Highlights.pdf)
Workforce issues were at the top of the list for local primary employers in 2005. More workforce-related issues were reported than any other category of issues in 2005. Included in this category are requests for assistance in finding talent, assistance with employee retention and benefits, access to the retired military and military spouse workforce and training incentives. For each of these issues, companies were connected with community partners such as the Pikes Peak Workforce Center, Pikes Peak Community College and UCCS to help meet their needs. In all, 95 primary employers were visited in 2005 as part of the Business Retention and Expansion Visitation (BREV) Program. For more information on the BREV Program, please click here.
Retiring Deputy City Manager, Dave Nickerson, was recognized at the January 26 EDC luncheon for his 32 years of service to the community and support of economic development efforts.
Colorado Economic Futures Panel Report, “Promise in Peril”, was a non-partisan effort focused on how to enhance the economic future and quality of life in Colorado. The report details several areas that Colorado must address if it is to remain economically competitive in the future. Some of the challenges include the need to address the lowest petition signature requirement in the nation to make changes to the state constitutions and the focus on how we can pay less taxes rather than on how to maximize the value of taxes we pay. Full text of the report is available at www.du.edu/economicpanel/report/index.html. Dick Celeste, a member of the CEFP Panel and President of Colorado College, will speak on "The Economic Future of Colorado" at a Chamber luncheon, Thursday, February 9. RSVP to (719) 575-4380 or go to www.ColoradoSpringsChamber.org.
The Colorado Springs Fine Arts Center recently unveiled a $28.4 million building initiative that will significantly expand and enhance the current facilities. It was also announced that the Chihuly glass collection will be a part of the Center's permanent collection. Click here to see press release.
Colorado’s economic development practices have earned the state a B+ report card average, according to national rankings recently released by the Washington, D.C.-based Corporation for Economic Development (CFED). 50 states are reviewed annually and graded on three criteria – business vitality, development capacity and how well the performance of the economy benefits residents. The complete report is available at http://www.cfed.org/focus.m?parentid=34&siteid=1581&id=1581. (Source: The Colorado Springs Business Journal.)
The Federal workforce is shrinking due to baby boomer retirements with anticipated shortages in IT, science research, contracting oversight, engineering and procurement. Retirements grew by 10% from 2004-05 and will rise 15% more by 2008. About 40% of federal employees are over age 50. (Source: The Kiplinger Washington Editors.).
Nominations from Colorado businesses with sustainable products and services are being sought for the first annual Sustainable Business Medal of Honor Awards to be presented in the kickoff of Sustainable Opportunities Week, Feb. 20-25. Nominations must describe the product or service and explain why the product is sustainable and describe primary market, including major competitors. More information is available at www.corecolorado.org.
Colorado’s 2006 Official Vacation guide is now available by calling 1-800-COLORADO or visit www.colorado.com. New features include dining, arts and culture, hot springs and spas.
For questions or comments regarding the Executive Update, please contact Julie Boswell at jboswell@csedc.org.