EXECUTIVE UPDATE / December 17, 2004

HAPPY HOLIDAYS!
EDC exceeded its new job goals for the year. EDC clients have announced 2,038 new primary jobs for the Pikes Peak Region. EDC-assisted companies include: Ace Hardware Corporation, Barrios Technology, Ltd., California State Automobile Association, CareCore National, LLC, Configuresoft, Inc., Computer Generated Solutions, Inc., EFT Source, Inc., Empirical Testing Corp., FedEx Ground, Focus Publications, Sharene Sportswear, Inc., Progressive Insurance, Provident Pharmaceuticals, LLC, and Westwood College Online – Colorado Springs. New jobs provided by these companies have an annual average salary of $52,400 compared to the county average of $34,000. The five-year economic impact of these primary jobs is estimated to be $586 million. DALSA Colorado Springs, Inc., Directed Energy Solutions, Checks Unlimited, Current USA Inc., Intel Corporation, NAVSYS Corporation, Springs Fabrication Inc., and USAA announced expansions creating an additional 800 new primary jobs. These successes could not have been achieved without the support of EDC investors and partners. For more information on these companies, EDC investors and partners please click here.
United Airlines has announced new non-stop service to San Francisco from Colorado Springs. The two daily non-stop flights will start on February 15.
Colorado Springs is ranked in the top ten “Digital Cities” in the nation with a population of more than 250,000. The ranking examines government implementation and adoption of online service delivery; planning and governance; and the infrastructure and architecture that make the transformation to digital government possible.
Economic Growth appears to be firmly underway in Colorado and will continue through 2005 unless the national recovery is derailed, according to US Bank Economist Tucker Hart Adams. Job growth will average 2.5%, with employment finally passing its December 2000 peak. The unemployment rate will show little improvement from its mid-2004 level, averaging 4.7%, as discouraged workers return to the labor market.
Teller and El Paso Counties have higher high school graduation rates than the state and nation, according to the most recent U.S. Census Bureau. The graduation rate is 94% in Teller County and 91% in El Paso County while the state average is 87% and national at 80%. Thirty two percent of the region’s adults have degrees at the bachelor’s level or higher, one percent below the state overall. or is only slightly lower than the state percentage of 33%. (Source: Pikes Peak Region JVS Report)
The Northern Water Reclamation Facility is a major addition to the local wastewater treatment system. Planned to handle increasing wastewater flows in the Monument Creek Basin, the facility will be located on 30.8 acres near Pikeview Reservoir at Garden of the Gods Road and Mark Dabling Boulevard. The plant will be fully enclosed with state-of-the-art odor control. The project is 42 percent complete and will cost $69 million.
Pending IRS rules will help employers retain skilled retirement-age workers. Companies with defined-benefit plans can let employees work fewer hours and tap pensions to make up lost pay. Employees working three days a week will receive 60% of salary plus 40% of the pension benefit. The IRS says workers must be at least 59-1/2 to participate. The rules start in the 2006 tax year. (Source: Kiplinger Editors)