EXECUTIVE UPDATE / April 8, 2005

Local businesses cite community strengths to be quality of life and quality of the workforce. The 2004 Business Retention and Expansion Visitation Program (BREV), in its third phase, focused on smaller primary employers. They also identified transportation issues as the primary community weakness. The purpose of the BREV program is to gauge the needs and issues of local primary employers (those who represent our economic base, importing wealth which provides jobs through the sale of goods and services to customers outside of the community) and to raise the awareness of these issues to those that have the responsibility to address them. Since 2003, nearly 190 companies have participated. The final report can be viewed at www.coloradosprings.org/Doc/downloads or click here .
Colorado Springs considers next step for support of emerging businesses. An important source of a community’s wealth is the creation of value by businesses started by local entrepreneurs. A Business Incubation Task Force has been formed to determine how Colorado Springs can improve support for the talented pool of entrepreneurs in this community. Recently, members of the task force traveled to Columbus, Ohio, and Birmingham, Alabama, to visit “best in class” incubators in communities similar to Colorado Springs. The group, which includes representatives from the Colorado Springs Technology Incubator (CSTI), the EDC, and local entrepreneurs, will establish a strategy for taking support for entrepreneurs to the next level. More information will follow as the task force progresses.
The 21st National Space Symposium, held last week at The Broadmoor, placed Colorado Springs at the hub of the international space community. Record attendance, estimated to be 6,500, included top officials from government, academia and industry. More than 1,000 companies, organizations and institutions from 50 states and 12 foreign countries were represented along with an estimated 1,200 teachers and students from 43 states. Select programs were broadcast nationally from The Broadmoor. The local economic impact of this event is significant. Eight hotels were filled by participants.
Colorado boasts the fourth largest space economy in the nation with over 142,500 direct and indirect space-related jobs, $9.7 billion in annual payroll, and billions of dollars in annual revenue. Colorado’s academic community plays an integral role in the advancement of the space and aerospace industries. The University of Colorado at Boulder is the top public university recipient of NASA funding. The University of Colorado at Colorado Springs and Air Force Space Command recently entered into an agreement that establishes UCCS as the lead university for a consortium of advanced education institutions to support Air Force Space Command education and research efforts. The Colorado Space Coalition and The Colorado Institute of Technology are actively engaged in furthering opportunities that positively impact Colorado’s space industry.
U.S. aerospace manufacturers are poised to gain altitude according to the Kiplinger Washington Editors. Total sales of aircraft, missiles and commercial space equipment will grow 8% this year to $170 billion. Sales to the Pentagon are brisk because of the Iraq war, and exports of military gear are also strong. Sales of commercial helicopters will soar about 30% this year from a couple of years ago. Sales for commercial jets will total about 300 compared to 285 last year, amid demand from Asia and Latin America.
Colorado maintains some of the highest national competitive rankings, especially for doing business in the high-tech arena. The State ranks first in the nation in the concentration of high-tech workers (American Electronics Association); second in the percentage of the population with a college degree or higher (U.S. Census Bureau); second in the State Science & Technology Index (Milken Institute); fourth in the list of most Tax Friendly States (Tax Foundation). (Source: Colorado Business Review.)
Updates on European Union directives related to electrical and electronic goods are available in a report prepared by the U.S. Department of Commerce at U.S. Department of Commerce. As of August 2005, companies selling a broad range of electrical goods in Europe will need to conform to the WEEE (Waste Electrical and Electronic Equipment) directive. As of July 2006, these same companies will also need to conform to the RoHS (Restriction of Use of Certain Hazardous Substances) directive. Each could prevent sales to EU countries. (Source: Colorado Office of Economic Development & International Trade.)
Letters of credit will be the subject of a workshop presented by US Bank and hosted by the Office of International Affairs on April 12, 2005 at The Greater Colorado Springs Chamber of Commerce. Call (719) 575-4314 or (719) 638-8142.
Europe will come to Denver for World Trade Day, May 18 and 19, 2005 at the downtown Grand Hyatt. Attendees will have opportunities to meet with senior commercial officers from the U.S. Embassies in the UK, France, Germany, Italy, Belgium, the Netherlands, and the Czech Republic. Experts will present opportunities in key industry sectors, conduct workshops on doing business in the EU and regulations and standards. For more information, call (303) 592-5760 or visit their site.