EXECUTIVE UPDATE / July 7, 2006

T. Rowe Price recently announced plans to double the size of its Colorado Springs Investment Services Center. A second building will be built at 2260 Briargate Parkway that will bring capacity at the Colorado Springs campus to nearly 1,400 associates. EDC assisted T. Rowe Price when the company first considered Colorado Springs as a site for a new facility in 1998. The company currently employs more than 500 people in Colorado Springs. More details are available in the attached press release.
Life Sciences or Biotechnology, the growth industry in the U.S. in the foreseeable future, is taking root in Colorado Springs. Already, more than 20 companies in the life sciences call Colorado Springs home, including two newly attracted companies within the past year, dpiX and Bal Seal Engineering. 22 Colorado Springs companies are members of the Colorado Biosciences Association and there may be more.Dr. Karen Newell, local life sciences entrepreneur and Director of the University of Colorado, Colorado Springs (UCCS) Bioengineering Program, suggests that Colorado Springs has all the right elements for a vibrant life sciences sector. The key components for successful biotech include a research university, a knowledge-based workforce, laboratory space, access to venture capital, an exceptional quality of life, and job opportunities. Richard Trauger, Director of Infectious Diseases and Cancer Research at Hollis-Eden Pharmaceuticals in San Diego, is an observer and participant in the Colorado Springs Life Sciences industry. Trauger remarked, “Colorado Springs is in a unique situation to brand itself as the center of the biodefense industry. No other community has captured that segment of life sciences for itself.” EDC will explore opportunities in life sciences and promote these opportunities through its marketing outreach.
EDC has launched a new marketing strategy, entitled “The Three C Strategy” – Consultants, California and Collaboration. The marketing/jobs attraction team has been aggressively building relationships with professionals in the site selection consulting and commercial real estate fields, specifically in California, to generate more activity. To date, the team has visited more than 20 California consultants to inform them of the exceptional business climate and quality of life in Colorado Springs. The results have been superb. Through these relationships, EDC has garnered several new leads, plus the prospects of further leads in the future. Dave White, Tammy Fields, and State of Colorado representative, Stephanie Steffens, will be in Los Angeles the middle part of July to meet with new consultants and strengthen existing relationships with consultants.
As part of EDC’s consultant strategy, James Renzas, President and CEO of Location Management Services, recognized as the top site selection consultant on the West Coast, visited Colorado Springs with Executive Vice President, John Schuetz on June 27. After touring the community, they spoke at a luncheon for EDC board members and major investors. They commented on what they saw as the strengths and weaknesses of Colorado Springs and underscored the need to offer incentives to be selected in corporate expansions and relocations. Through a partnership with Location Management Services, EDC is becoming aware of many more leads and a promising future of opportunities.
The June 2006 Quarterly Updates and Estimates report published by Dr. Fred Crowley, Senior Economist for the Southern Colorado Economic Forum, suggests the expansion that began after the 2001 recession may be coming to an end. However, none of the declines in the Business Conditions Index are thought to be concerns over the next fifteen to eighteen months.See the attached report for full details..
Sallie Clark, Chair, El Paso County Board of Commissioners, spoke at the June 28 EDC luncheon on the county’s role in the growing regional economy, emphasizing the importance of a “community” approach to economic development. Click here for the text of the speech or click here for the powerpoint presentation.
Colorado’s state brand is currently being developed with the cooperation of municipalities across the state. The Colorado Office of Economic Development and International Trade’s Branding Assessment Team recently met with the EDC management team and a group of community leaders. The objectives of the state branding assessment included developing a preliminary marketing direction consistent with the values, goals and objectives of the Colorado Springs community and evaluating materials, systems and resources. Recommendations are then provided on how the community can move forward. The results of this effort will be used to further refine the EDC brand and to help identify the key messages that will be used by the EDC to market to prospects and stakeholders. For more information on the assessment contact Julie Boswell at jboswell@csedc.org.
Colorado Springs cost of living rate continues to rank below the national average (100 %) with an overall cost of living rate of 92.9% according toThe American Chamber of Commerce Association (ACCRA). Colorado Springs is ranked as more affordable than other cities it competes with for businesses, according to ACCRA’s report for first quarter 2006.
Colorado Springs ranks No. 4 as one of “America’s Smartest Cities”, according to bizjournals.com which based its findings on an analysis of U.S. Census Bureau data. The rankings reflect each community’s collective brainpower, which is tied to its residents’ abilities to innovate, compete and make money. Colorado Springs was cited as a burgeoning technology center that is attracting highly-educated workers. The city was also noted as having the lowest percentage of high school dropouts of any large community and being one of two places with a dropout rate below 10 percent.
Air traffic is likely to slow markedly in coming years with 45 percent of the country’s 14,575 air traffic controllers, or roughly 1,000 controllers a year, scheduled to retire by 2011. Lengthy training and tough job requirements will make it hard for the FAA to find replacements. (Source: The Kiplinger Letter)
2006 Rocky Mountain State Games (RMSG) will be held August 4-6 in Colorado Springs. The RMSG is a multi-sport festival for Colorado citizens of all ages and athletic abilities and recognized by the National Congress of State Games, a member of the United States Olympic Committee. Register online at www.sportscorp.org.
Rodeo week kicks off with the Pikes Peak or Bust Rodeo Parade Saturday, July 8, beginning at 10:00 a.m. in downtown Colorado Springs. The Rodeo performances will be at the Norris-Penrose Event Center July 12 – 16. Tickets are available at the World Arena, Citadel Mall, King Soopers, Independent Records, and at www.ticketswest.com.
EDC is proud to announce that Amy Jo Fields, daughter of Tammy and Dan Fields, and a former Girl of the West, has won the coveted title of Miss Rodeo Colorado 2007. Amy will now be a candidate for Miss Rodeo America. She is an outstanding ambassador for the Pikes Peak Region. Click here for full story, click here for photo.
For questions or comments regarding the Executive Update, please contact Julie Boswell at jboswell@csedc.org