EXECUTIVE UPDATE / May 9, 2006

Bal Seal Engineering, a medical device manufacturer headquartered in California, recently announced plans to locate a manufacturing facility in Colorado Springs and is expected to employ more than 100 employees. The local facility will manufacture components for inner-ear implants, pacemakers, defibrillators, drug delivery systems and neurostimulators. The company will be located at 880 Elkton Drive before it moves into a 50,000 square-foot plant near the Colorado Springs Airport in 2008. Bal Seal was founded in 1958 and holds more than 420 U.S. and foreign patents. Click here for press release and product information. (Source: EDC/The Gazette.)
Members of Northrop Grumman’s senior management team were recently in Colorado Springs for the announcement of a new campus to be located in the Airport Business Park. The $30 million building will be located on 30 acres and is due to be occupied mid-2009. The defense contractor employs 2,700 in Colorado with 1,200 located in Colorado Springs, its largest presence in the state. The company’s Mission Systems Division recently won a government contract that could pay as much as $2.5 billion over ten years for work done in Colorado Springs on a broad range of Missile Defense Agency projects. (Source: EDC/The Gazette.)
Barclays officials recently opened the new U.S. flagship operations center in Colorado Springs that is expected to employ 450. Jim Stewart, President of Barclays US credit card operations, cited the top two reasons for choosing Colorado Springs as first, the tremendous welcome and assistance Barclays received from elected officials, EDC and the business community and, second, the quality of the workforce. Members of the Barclays team expressed delight with progress to date at the new facility. The local operations center team has partnered with the Children’s Literacy Center and “adopted” Bates Elementary School. Click here for press release.
SkyWest Airlines recently broke ground on its new, state-of-the-art hangar and 100,000 square-foot maintenance facility at the Colorado Springs Airport. The hangar will be able to service seventeen aircraft in a 24-hour period and have room for 200 maintenance professionals. SkyWest serves Colorado Springs under the United Express and Delta Connection banners with 19 daily flights. Link on press release.
“Is Springs edging out Denver for jobs?” was the question asked in the April 24 edition of the Denver Business Journal. Link on to news article.
2005 BREV Report summarizing the 2005 Business Retention and Expansion Visitation (BREV) Program has been released. Outlining the results of 95 personal visits to Colorado Springs-area primary employers, the report summarizes opinions on the local business climate, expansion opportunities and strengths and weaknesses of doing business in the area. Overall, the news is good: 75% of those surveyed indicated a planned expansion within the next three years, 88% indicated that they have new products anticipated over the next three years and 84% indicated their company’s sales are increasing. Most cited community strengths included quality of life; a quality, productive workforce; favorable geographic location and a positive business climate. Areas identified as community weaknesses included difficulty finding skill-specific workers; transportation infrastructure; traffic; lack of business incentives and “community issues.” The full report may be viewed at: http://www.coloradosprings.org/downloads/brev2005.pdf.
EDC and the Colorado Springs Young Professionals recently conducted a survey that provides insights into the opinions of professional men and women in their 20’s and 30’s in the Colorado Springs area. The survey was designed to find out what factors are important to young professionals in determining a place to live, what factors have brought young professionals to the Colorado Springs community, and how long they plan to stay in the community. The majority (80%) of respondents were between the ages of 25-29 and 75% of respondents have completed at least a Bachelor’s degree. Overall, 44% rated the environment in Colorado Springs for young professionals a “3”, with “5” being excellent and “1” being poor. Additionally, 37% reported a “neutral” position when asked whether Colorado Springs has many professional opportunities for their demographic. The full report may be viewed at: http://www.coloradosprings.org/downloads/CSYP2006.pdf.
Nearly 80% of credit reports contain some kind of error, according to a consumer group cited in The Kiplinger Letter. A quarter have an error serious enough to spur rejection of a credit application. Although the big three credit bureaus are required by law to correct mistakes, federal regulatory agencies fear they are not taking action fast enough and stricter rules for credit bureaus are ahead.
The Forum for Civic Advancement is sponsoring a 5th District Congressional Panel featuring John Anderson, Duncan Bremer, Patrick Carter, Jeff Crank, Jay Fawcett, Doug Lamborn, Bentley Rayburn and Mayor Lionel Rivera on Tuesday, May 30, 5:30 p.m. to 7:30 p.m. Click here for additional information.
The Colorado Springs Sports Corporation will be hosting a College Football Kick-Off Luncheon Wednesday, June 21, at Penrose House. Bob Bodor with CC Tigers, Fisher DeBerry with the USAFA, and Dan Hawkins with CU will speak. Link here for additional information.
Experience local western tradition at its best! Plan to attend this year’s Pikes Peak or Bust Rodeo, July 12 – 16, in the newly upgraded Norris-Penrose Event Center. The outdoor setting and views of Pikes Peak combined with the thrills of rodeo make this a first class event. For tickets or more information call (719) 635-3547 or visit www.coloradospringsrodeo.com.
For questions or comments regarding the Executive Update, please contact Julie Boswell at jboswell@csedc.org