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CHANGE ON THE HORIZON

Compared to the country as a whole, Colorado didn’t fare too badly in 2008. Not to say that everything is great; retail, hospitality and real estate took especially hard hits. But there are some bright spots beginning to poke through the economic clouds for the year ahead. Here are a few we found that might add hope, economic stimulus, and even JOBS.

Growing industries = more jobs

Don’t laugh, but the financial industry seems to look very hopeful in the Front Range. KeyBank is opening eight new branches in the Denver area in 2009 (a second downtown Denver location, Denver Tech Center, Littleton, Thornton, Englewood, Louisville, and two in Aurora) and expects to add 50 new jobs in Colorado. Although the additions seem contrary to the statistics showing people are banking online more than ever, KeyBank’s Colorado District President Stuart Pattison says their clients still prefer a mix of ways to do their banking. (Three cheers for human interaction!)

Despite the fact that financial giant Charles Schwab Corp. is downsizing its workforce in other states, the opposite is true in Colorado. The brokerage currently employees about 1,300 people in the state and expects to bring 500 new jobs by 2011. Break out your resumé if you’re an IT specialist or customer service professional. Hiring is expected to begin later this year.

Martin Shields, regional economist at Colorado State University believes that health care, clean energy and infrastructure will be bright spots in the Front Range’s economic future. Shields’ predictions are in line with President Obama’s stimulus package, which would invest billions in infrastructure projects, among other things. According to a state-by-state job impact report put out by the White House, the money would create about 63,000 jobs in Colorado.

Although Danish company Vestas Wind Systems already has a facility in Windsor, Colo., plans call for another wind-turbine complex in Brighton. The Brighton facility will eventually employ 1,350 workers for a total of about 2,450 in Colorado by 2010. More good news for energy-related jobs: Conoco-Phillips will open a Global Technology Center and Corporate Learning Center on 432 acres in Louisville, employing more than 7,000 by 2012.

Colorado’s Governor Ritter is doing his part to create more jobs from several angles. House Bill 1001 (sponsored by Rep. Joe Rice, D-Littleton) would establish a tax credit incentive for companies that create more than 20 new jobs. The jobs would need to pay more than $45,000 a year. “Colorado has never been able to compete against other states in terms of incentives,” says Gov. Ritter. “This job-creation tax credit won’t just be a new tool in the toolbox — it will be a whole new toolbox.”

Another piece of legislation would revive the Colorado Credit Reserve Program, providing thousands of Colorado businesses with access to credit and capital. The money would help businesses expand (or stay in business), which would in turn create (or save) jobs.

Trends to watch in 2009

As for the industries that took the biggest hits last year, the word for 2009 seems to be “adaptation.”

Realtors will need to brush up on their knowledge of green terminology and construction as Colorado’s newest home are birthed with solar panels, energy-efficient features and plug-ins for electric cars. 

Hotels will need to tout sustainable practices, such as recycling, low-flow toilets and organic cotton sheets.

Restaurants will need to draw on diners’ love of all things local, purchasing organic foods from the area’s farmers and growers, giving back to the community through goods, services or volunteer work, and focusing on the budget-minded family.

Even retailers will need to adapt. According to Luke Knowles, founder of Fort Collins, Colorado-based www.FreeShipping.org, the future for retailers is online. He predicts, “There will be an increasing number of bricks-and-mortar retailers placing higher priority on online sales. These same retailers will place a greater emphasis on e-mail marketing to lure consumers into their stores.” Translation? If you don’t have a Web site for your retail business, this might be the year to build one.

While Colorado’s economy isn’t expected to bloom overnight, it does appear that the Front Range economy can bounce back. It might take a while, but slow and steady growth is better than no growth at all. We’ll keep you posted on the good news throughout 2009.

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Three industries to watch in 2009

1. Over the past five years, Colorado has seen a 28 percent growth in the bioscience sector. The state is home to 200 medical device companies, of which 20 are located in the Pikes Peak Region. With an aging population and increased funding for healthcare on the horizon, the medical device and related industries are expected to grow exponentially each year.

2.   As President Obama initiates his plans to decrease our reliance on foreign oil and increase our production of alternative energy, Colorado will reap the rewards. The state is already home to major players in the industry, such as Vestas and NREL, and increased needs and funding will create growth. The industry provides 91,000 jobs in Colorado (as of 2007) and has the potential to grow sixfold by 2030.

3.   According to McGraw Hill’s “2009 Green Outlook,” the value of “green” construction increased five-fold from $10 billion in 2005 to as much as $49 billion in 2008. Forecasters predict that the number could triple by 2013.