EXECUTIVE UPDATE / April 17, 2006

Bank of America Corp. has announced it will lay off all 670 employees at its local credit card call center by the end of the year. Opportunities for those laid off may lie with Barclays, a call center announced by EDC in 2005, that now employs 150 and plans to hire up to 300 more. Subsequent to the Bank of America announcement, EDC received inquiries from local and prospective call centers regarding the possibility of hiring from the 670 available employees. Bank of America also announced plans to close call centers in Dover, Delaware and Horsham, Pennsylvania. The loss of the jobs, while unfortunate for the Bank of America employees, is not unusual as Colorado Springs on average loses around 2,000 primary jobs each year. It is the replacement of these lost jobs and the creation of quality job opportunities for our youth that makes the job attraction and retention efforts of EDC so important to our community. (Source: EDC/The Gazette/CNNMoney.com.)
dpiX, LLC, a specialized semiconductor fabricator, has announced plans to locate a facility in Colorado Springs. The company will employ 125 locally, including engineers (42%), fab operators (33%), with the remainder being administrative positions. The average wage will be significantly higher than the El Paso County average wage. Originally part of Xerox PARC, dpiX designs and manufactures amorphous-silicon (a-I) digital x-ray sensor arrays for the medical, dental, veterinary, security and non-destructive testing (NDT) global markets. A desirable workforce, excellent education system and superb quality of life were cited as key reasons for choosing Colorado Springs. dpiX will be located at 4420 Aeroplaza Drive. Click here for press release.
Prospect Activity: First Quarter prospect activity has been very strong with year to date announcements representing 160 new jobs for our community. Second Quarter activity has continued to be strong with several companies in their final decision phase and more new job announcements in the works. In March, EDC hosted eight visits of companies to Colorado Springs who are looking at our community as a relocation or expansion location. Strong activity is occurring in the call center / technical support / back office industry as well as the data center and manufacturing industries.
The 2006 Building Permit Forecast for El Paso County has been revised down by the Southern Colorado Economic Forum. Last fall, the Forum projected 5,160 single family permits for 2006. Based on an analysis of data through March, the new 2006 forecast is 4,850 single family permits. Higher interest rates, slower employment growth and slower net in-migration factor into the change. (Source: Fred Crowley, Senior Economist, College of Business and Administration, UCCS.)
The 22nd National Space Symposium, held April 3-6 at The Broadmoor, was the most successful to date, with 7,000 participants and 135 exhibiting companies and organizations. Elliot Pulham, CEO of the Space Foundation, estimated the event would bring between $20 million and $22 million into the local economy. Numerous international, national and local media outlets covered the event. More than 400 college students and 500 K-12 students and educators were hosted for special tours of the exhibits. www.NationalSpaceSymposium.org.
Pikes Peak Broadcasting Company recently announced the pending sale of KRDO-TV 13, Colorado Springs and KJCT-TV 8, Grand Junction, and local radio station KRDO–AM 1240 to Missouri-based News-Press & Gazette Company. The television stations are ABC affiliates. The Hoth family has owned KRDO-TV 13 for more than fifty years and has a history of support for community-based programs, active military and their families. The sale to the new ownership was predicated on continuing that tradition. The transaction is pending FCC approval and expected to be completed by mid-summer. (Source: KRDO-TV 13/EDC.)
Colorado Springs ranks 71st on the Milken Institute’s “Best Performing Cities Index”: In the recently published “Best Performing Cities Index” published by the Milken Institute, Colorado Springs was ranked at number 71 on the 2005 Large Cities list, up 16 places from the 2004 ranking of 87th. The Index ranks U.S. metropolitan areas based on different areas of economic performance, such as job growth and wages and salaries growth. The report cites that top-ranking cities all showed growing service sectors, strong tourism, increasing populations and a large retiree population. Many of the top-ranking cities were in Florida, Arizona and California. Click here to visit the Milken Institute’s website to find out more about the Best Performing Cities Index.
Colorado’s per capita taxes are 25% lower than the U.S. average. The state ranked 47th out of 50 in taxes collected per capita in the U.S. Census Bureau’s latest tabulation of state government finances. (Source: The Gazette.)
ColoradoBiz is seeking nominations for its Top Company business awards. Deadline for entry is June 1. More information is available at www.cobizmag.com/top_company.asp.
FAC MODERN, is The Fine Arts Center’s new satellite venue located at the Plaza of the Rockies at 121 South Tejon. This exciting new venture of The Fine Arts Center, in partnership with Nor’wood Development Group, will include contemporary museum exhibitions, a Jazz Bistro and Museum Shop. Click here for more information.
UPCOMING EVENTS:
   19th EDC Tournament of Teams will be held August 7 at Pine Creek Golf
   Club.
   84th Running of the Pikes Peak International Hill Climb will be held
   July 1. www.ppihc.com.
For questions or comments regarding the Executive Update, please contact Julie Boswell at jboswell@csedc.org