EXECUTIVE UPDATE / December 9, 2005

THE EDC BOARD OF DIRECTORS AND STAFF WOULD LIKE TO THANK THE EDC INVESTORS, ELECTED OFFICIALS, MEMBERS OF THE RAPID RESPONSE TEAM, AND COMMUNITY PARTNERS FOR THEIR LEADERSHIP AND SUPPORT THAT RESULTED IN EDC EXCEEDING ITS 2005 GOAL OF 2,200 NEW PRIMARY JOBS. NEW AND EXPANDED COMPANIES ASSISTED BY EDC IN 2005 COMPRISE 2,460 NEW PRIMARY JOBS. The overall average wage for these jobs is $54,671, well above the county average of $36,566. Please join EDC in recognizing these companies at the holiday reception Tuesday, December 13, 5:00 to 7:00 p.m., at The Broadmoor, Lake Terrace Dining Room. The reception is sponsored by ERA Shields Real Estate, Holland & Hart LLP, Lennar, Pikes Peak United Way and Wells Fargo. Please RSVP to (719) 475-6462.
2005 local primary job layoffs and closures number over 800, year to date.
Economic development professionals completed nearly 100 personal visits to local primary employers, through the Business Retention and Expansion Visitation (BREV) Program in 2005. The companies visited requested assistance with 94 different issues, each of which were reported to and addressed by the Economic Vitality Group. Because of the group’s tremendous collaboration, the EVG has reported an 89% issue resolution rate for the employers. These issues, such as local regulation, workforce, transportation and incentives, have been resolved to the satisfaction of the company that reported them. The Economic Vitality Group is a partnership between EDC, The City of Colorado Springs, El Paso County, Colorado Springs Utilities, The Chamber of Commerce, The State Office of Economic Development, The Office of International Affairs, Colorado College, Pikes Peak Community College, UCCS, and the Pikes Peak Workforce Center. Click here to find out more about the BREV program.
The 2006 Job Growth Forecast for Colorado Springs is projected to be 3,000 (1.9%) to 8,000 (2.7%), according to local economist Dave Bamberger. Key drivers and uncertainties include defense contractors and the military, construction projects, expansion of new and existing primary firms, global competition relative to manufacturing and IT, some layoffs by existing primary firms, and the U.S. consumer (housing and debt bubble).
Dennis Donovan, a leading national site location consultant and principal of Wadley-Donovan-Gutshaw Consulting, spoke at the November 17 EDC luncheon. Elements critical to a successful attraction program are labor, available buildings and sites, fast track construction, incentives, and a Regional Angel Investor’s Club for second stage funding. Full text of the speech is available at www.coloradosprings.org/Doc/Donovan_speech.pdf.
Newly elected EDC Board members are: Scott Bryan, President & CEO, Bryan Construction; Morgan Burke, Plant Manager, Intel; Bill Hurt, President & CEO, ERA Shields Real Estate; Bill Miller, Executive Chairman of the Board, XAware, Inc.; Tom Naughton, Regional President, US Bank; and Wendy Pifher, Administrative Partner, Holland & Hart LLP. Jim Scherr, Chief Executive Officer, United States Olympic Committee, and Dr. Ken Vedra, Superintendent, Academy School District No. 20, are new ex-officio members of the board. Steve Schneider, Senior Vice President and Regional Managing Director, Acordia Mountain West, Inc., will serve as 2006 Chairman of the Board.
Fort Carson was in the spotlight during a recent sustainability conference held on post. The Economist reported on measures that the Pentagon is taking to support the environment. Click here for full text.
Businesses hurt by foreign trade will receive more help next year from the Commerce Department. Funding for a program to help companies retool in the face of global competition will be boosted 8.3%. Small and midsize manufacturers are most likely to benefit from the assistance. For more details, go to www.taacenters.org. (Source: The Kiplinger Letter.)
The Pikes Peak United Way, whose funds are directed to 42 partner agencies with 60 programs, is seeing a significant increase in the need for local health and human services. Donations may be made online at www.ppunitedway.org.
The Empty Stocking Fund, with support from The Gazette, El Pomar Foundation, and the Bruni Foundation, will benefit 13 human service agencies delivering emergency assistance to those in crisis. Donations may be made online, www.gazette.com or www.ColoradoSprings.com.
For questions or comments regarding the Executive Update, please contact Julie Boswell at jboswell@csedc.org