Quarterly Economic Update
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1 Ja-6 May-6 Sep-6 Ja-7 May-7 Sep-7 Ja-8 May-8 Sep-8 Ja-9 May-9 Sep-9 Ja-1 May-1 Sep-1 Ja-11 May-11 Sep-11 Ja-12 May-12 Sep-12 Ja-13 May-13 Sep-13 Ja-14 May-14 Sep-14 Ja-15 May-15 Sep Q1 26 Q3 27 Q1 27 Q3 28 Q1 28 Q3 29 Q1 29 Q3 21 Q1 21 Q3 211 Q1 211 Q3 212 Q1 212 Q3 213 Q1 213 Q3 214 Q1 214 Q3 215 Q1 215 Q3 College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 THE BIG PICTURE U.S. Quarterly GDP Quarterly Ecoomic Update 4th Quarter, 215 Data Posted February 216 Tatiaa Bailey - Director GDP for the fourth quarter of 215 compared to Q4 from a year ago is up 1.9%, which represets a small, upward revisio from previous estimates. The icrease i Q4 is mostly due to icreases i persoal cosumptio idex (tied closely to cosumer setimet discussed below), icreases i residetial fixed ivestmet, ad icreases i federal govermet spedig. These icreases were partially offset by deceleratios i oresidetial fixed ivestmet (what busiesses sped o equipmet, software, buildigs ad itellectual property), exports, state ad local govermet spedig ad private ivetory ivestmet. Imports icreased, udoubtedly due to the strog dollar, ad this reduces GDP as ca be see i the explaatio to the right. I both 214 ad 215, GDP i real dollars icreased 2.4%. U.S. Cosumer Setimet Cosumer setimet was up at the ed of 215 (i December) to At the ed of Q3, 215 (September), cosumer setimet was at Typically, higher cosumer setimet traslates ito icreased GDP, but i this case higher cofidece did ot sigificatly impact GDP. Overall, cosumer setimet has bee higher i 215 tha i ay other year sice 24. The Uiversity of Michiga projects real cosumptio expeditures will icrease by 2.7% durig 216, which is a good ews for U.S. busiesses that cater to domestic cosumers. The Uiversity of Michiga iformatio is based off of a survey distributed across the coutry to a broad ad represetative group of cosumers. Iterestigly, much of the more recet cofidece is based off of the expectatio of cotiued low iflatio rates. 5.% 4.% 3.% 2.% 1.%.% -1.% -2.% -3.% -4.% -5.% Source: U.S. Bureau of Ecoomic Aalysis Real Growth i GDP vs. Year Ago Time Period (Quarterly at Aualized Rate) Q4: 1.9% GDP: The moetary value of all of the fiished goods ad services produced withi a coutry s border i a specific time period. Figures are seasoally adjusted ad aualized. GDP = C + G + I + NX where C is cosumer spedig, G is govermet spedig, I is all busiess spedig o capital ad NX is et exports, which is exports mius imports Uiversity of Michiga Cosumer Setimet Source: Uiversity of Michiga Souther Colorado Ecoomic Forum - Quarterly Updates - February Dec. 92.6
2 Number Employed (blue bars) Ja-6 May-6 Sep-6 Ja-7 May-7 Sep-7 Ja-8 May-8 Sep-8 Ja-9 May-9 Sep-9 Ja-1 May-1 Sep-1 Ja-11 May-11 Sep-11 Ja-12 May-12 Sep-12 Ja-13 May-13 Sep-13 Ja-14 May-14 Sep-14 Ja-15 May-15 Sep-15 College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 THE BIG PICTURE (cot.) Per Capita GMP The Forum is ow trackig GMP, or gross metropolita product. It is coceptually the same as GDP but for a (smaller) defied geographic regio. Icludig other metropolita statistical areas, or MSAs, allows us see how we are doig compared to other cities. The percetages i the boxes represet the icremetal chage i GMP from 213 to 214 (available data is lagged). As is show, the greatest level of icrease happeed i Boulder (3.5%) ad the lowest was Boise (.4%). Colorado Sprigs had a 1.3% icrease. Kasas City Fed Maufacturig Sice February of last year, the Kasas City Fed maufacturig idex has bee below 5 reflectig ufavorable survey results i resposes about productio ad shipmets, chages i prices of raw materials ad fiished products. I December, the idex was at 41 dow from 49 i November. This is primarily due to the strog dollar ad the marked declie i oil ad gas productio. The maufacturig survey has more recetly show a more optimistic outlook for six moths out ito the future with levels agai (slightly) above 5. Employmet to Populatio El Paso Couty There is ofte discussio i the commuity about job growth (or lack thereof) i the regio. The graph to the right shows that the umber of people employed has ideed bee relatively stagat if we look back to 26 (left had axis). Cocomitatly, populatio has icreased sigificatly (right had axis). I fact, from 26 to 214, employmet levels icreased by 2.8%, but populatio icreased by 14.2%. Some recet aalyses by the Forum shows that this is likely due i part to a combiatio of a low civilia participatio rate ad a icrease i the populatio ages -17 i El Paso Couty. $8, $7, $6, $5, $4, $3, $2, $1, $ 214 Per Capita Real GMP (chaied 29 dollars) Austi Boise Boulder Colorado Sprigs Source: U.S. Bureau of Ecoomic Aalysis Dever Kasas City Fed Maufacturig Idex Fort Collis Sources: Federal Reserve Bak of Kasas City; UCCS Souther Colorado Ecoomic Forum 31, 3, 29, 28, 27, 26, 25, 24, 23, 22, 21, up 2.8% Bearish Below 5.4% 3.5% 1.3% 2.8% 3.2% Bullish Above 5 El Paso Couty Aual Employmet ad Populatio Rate of Chage from 26 Employmet: up 2.8% Populatio: up 14.2% Employed NSA Populatio 1.3% U.S. (Metro Portio) 67, 66, 65, 64, 63, 62, 61, 6, 59, 58, 57, Sources: Colorado Departmet of Local Affairs; Bureau of Labor Statistics; UCCS Souther Colorado Ecoomic Forum Number of People (red lie) Souther Colorado Ecoomic Forum - Quarterly Updates - February 216 2
3 Sep-6 Ja-7 May-7 Sep-7 Ja-8 May-8 Sep-8 Ja-9 May-9 Sep-9 Ja-1 May-1 Sep-1 Ja-11 May-11 Sep-11 Ja-12 May-12 Sep-12 Ja-13 May-13 Sep-13 Ja-14 May-14 Sep-14 Ja-15 May-15 Sep-15 Number Employed Number Employed 282, , , ,87 284, , ,47 288, , ,564 29, ,47 292,45 288, ,51 29,66 291, , ,14 288, ,28 292,467 29, ,61 291, ,447 College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 EMPLOYMENT & WAGES The seasoally adjusted uemploymet rate for El Paso Couty at the ed of December was 4.1%, which is lower tha the U.S. average (5.%). Yet, employmet levels i El Paso Couty declied from 288,841 to 287,28 (dow.5%) comparig December 214 to December 215. Although the low uemploymet rate is favorable, it is importat to remember that the uemploymet rate takes ito accout the umber of people who cosider themselves part of the workforce. We have a low uemploymet rate partially because employers are hirig, but also because there are fewer people i the workforce. I fact, over the past year, the local labor force decreased by 5,114 represetig a 1.7% decrease. As aforemetioed, this is a structural issue partially due to demographic compositio, but also due to some mismatch betwee the skills of the workig age populatio ad the skill sets eeded by employers. Employmet by Sector From 26 to Q3 215 (the latest available data), the largest icrease i employmet was i the health ad social services sector. Sigificat icreases have also occurred i accommodatios ad food services, educatio ad professioal/techical services. The largest declies were i maufacturig ad costructio. Wages A tight labor market usually traslates ito higher wages although that has ot happeed to the extet expected, especially locally. Natioally, wages icreased 2.5% i 215, which is a improvemet over the previous year. Real wages i El Paso Couty, however, have bee relatively stagat. The table below highlights this poit. Average Real Aual Wages September 26 September 215 $4,138 $4,855 3, 295, 29, 285, 28, Mothly Employmet Levels i El Paso Couty Curret vs. Prior Twelve Moths 275, Dec Ja Feb Mar Apr May Ju Jul Aug Sep Oct Nov Dec Prior 12 Mos. Curret 12 Mos. Source: Bureau of Labor Statistics; UCCS Souther Colorado Ecoomic Forum 4, 35, 3, 25, 2, 15, 1, 5, El Paso Couty Employmet by Sector for 26 ad Q3 of 215 Source: Colorado Departmet of Labor QCEW $49, $47, $45, $43, $41, $39, $37, $35, Average Aual Wage i El Paso Couty Nomial Wage Iflatio Adjusted Wage (idexed to 29) Q3 Sources: Colorado Departmet of Labor ad Employmet QCEW; U.S. Bureau of Labor Statistics; UCCS Souther Colorado Ecoomic Forum Souther Colorado Ecoomic Forum - Quarterly Updates - February 216 3
4 9 13 Dwelligs Gaied Permits Issued Permits Issued College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 HOUSING Sigle Family Permits Sigle family buildig permits have had large icreases i 215 i the Pikes Peak regio. November 215, i particular had a large bump i pulled permits. With the stroger U.S. ecoomy, cosumers are more cofidet about buildig a ew home or upgradig to a differet (existig) home. First time home purchases are especially high, which is a good idicator. Secod, there is still pet up demad from the prologed recessio. Third, at least for our regio, homes are still relatively affordable with iterest rates at historical lows ad this further icetivizes home purchases. Colorado Sprigs is a affordable commuity ad that is workig to our advatage especially with much higher home prices i the Dever/Boulder areas. All of this is creatig some upward pressure o ewly built ad existig homes. Sigle Family Permit Treds The figure to the right illustrates the tred i detached housig permits for the last five years. There has bee a steady icrease sice 21 with the expected seasoality of fewer permits towards the witer moths. Not eough existig homes are goig up for sale, which has sigificatly icreased prices as well as demad for ew costructio. I fact, from 214 to 215, sigle family home permits icreased 9.6% i the Pikes Peak regio. Kipliger s is forecastig a 15% icrease i sigle family home costructio for 216 i the U.S. Multi-Family Housig Permits for multi-family housig uits have bee cosistetly lower i 215 compared to 214. Multi-family housig data represet dwelligs gaied off of the permits pulled Detached Sigle Family Permit Treds i Pikes Peak Regio Dec-1 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Source: Pikes Peak Regioal Buildig Dept Ja Feb Mar Apr May Ju Jul Aug Sep Oct Nov Dec Source: Pikes Peak Regioal Buildig Dept. Sigle Family-Detached Buildig Permits i Pikes Peak Regio Same Moth a Year Ago Actual Permits for Multi-Family Housig Uits i Pikes Peak Regio - Year to Date Compariso Ja Feb Mar Apr May Ju Jul Aug Sep Oct Nov Dec Curret Moth Source: Pikes Peak Regioal Buildig Dept. Souther Colorado Ecoomic Forum - Quarterly Updates - February 216 4
5 Dec-1 Ju-11 Dec-11 Ju-12 Dec-12 Ju-13 Dec-13 Ju-14 Dec-14 Ju-15 Dec-15 Active Listigs 2,47 2,429 2,538 2,694 3,228 2,889 3,3 3,35 3,691 3,51 2,936 3,134 2,627 2,599 2,133 3,173 3,49 3,378 3,215 4,9 4,233 4,226 4,14 3, ,169 1,353 2,1 2,362 2,923 3,486 Homes Sold 4,47 4,883 5,239 6,284 6,438 7,651 7,549 9,34 8,575 1,225 9,547 11,332 1,329 12,147 11,197 13,252 College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 HOUSING (cotiued) Year-to-Date Sales The tred i home sales cotiues to improve. I 215, there were 2,55 more homes sold tha i 214 represetig a robust 18.4% icrease. Lookig just at December 215, the media home price i the Pikes Peak regio was $239,9 whereas it was less at $225, i December 214. The residetial real estate market is very strog although homes i the lower price rages are sellig more quickly tha homes i the higher price rages: 95% of all homes sold i El Paso Couty were uder $5, (Patterso Group). Housig experts are projectig that ew home sales will icrease as much as 2.% atioally ad existig home sales will icrease at least 3.% i 216. Active Listigs Active listigs were dow 17.9% i December 215 compared to December 214. This relatively decreasig ad low supply of listed homes is much of the reaso there has bee upward pressure o prices. Similarly, the average days o market was 6 i December 215 ad it was 98 i December of last year idicatig that existig homes are sellig more quickly. Foreclosures There were 1,476 foreclosure proceedigs i 215, which is 19.4% lower tha i 214 (1,832 foreclosures). These umbers are seasoally adjusted. I Q4 of 215, foreclosures were i the 14 rage (per moth) ad the average eve prior to the recessio (25-7) was 233 per moth. There is a iverse relatioship betwee foreclosures ad detached sigle family buildig permits. The good ews is that foreclosures have remaied low ad permit activity cotiues to be strog. This is idicative of a strog ecoomy overall withi the regio. 14, 12, 1, 8, 6, 4, 2, Year-to-Date Sales Sigle Family Detached (Pikes Peak Regio) Ja Feb Mar Apr May Ju Jul Aug Sep Oct Nov Dec Source: Pikes Peak REALTOR Services Corp. 6, 5, 4, 3, 2, 1, Last Year: 214 Curret Year: 215 Active Listigs of Sigle Family Detached Homes (Pikes Peak Regio) Ja Feb Mar Apr May Ju Jul Aug Sep Oct Nov Dec Same Moth a Year Ago Source: Pikes Peak REALTOR Services Corp Curret Moth Detached Sigle Family Permits ad Iitiated Foreclosure Proceedigs i El Paso Couty (Seasoally Adjusted) Permits Foreclosures Source: El Paso Couty Trustee; PPRBD; UCCS Souther Colorado Ecoomic Forum Souther Colorado Ecoomic Forum - Quarterly Updates - February 216 5
6 College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 COMMERCIAL REAL ESTATE & AIRPORT Commercial Real Estate Commercial real estate vacacy rates have cotiued their dowward tred sice Q4 of 213 although there was a small upward tick i vacacy rates for shoppig ceter as well as idustrial spaces. The strog ecoomy has traslated ito a stroger, local commercial real estate market. This icludes ew leases i dowtow Colorado Sprigs primarily for mixed use (retail ad office). Also of ote is the cotiued expasio of the medical office space. It is aecdotal, but some commercial leasig compaies have oted a icrease i customers from more expesive markets (e.g. Dever). Colorado Sprigs Airport Treds Seasoally adjusted, eplaemets were 5,922 i December 215. This is.4% higher tha December of last year (5,735 seasoally adjusted) ad 1.4% lower tha December 213 (51,671 seasoally adjusted). There is hope ad expectatio that the recet ivestmets i the local airport will icrease activity. Some beefit came quickly i the positive aoucemet by Frotier over the summer that they were comig back to the regio ad offerig daily flights to Las Vegas. The hope is that this will prove profitable for the carrier ad they will expad service to other cities. I the past, it has bee difficult for the local airport (COS) to compete with the price wars of the major carriers i Dever. The major airlies are competig for market share ad are holdig prices artificially low. This caot be sustaied i the log ru, ad depedig upo how this all plays out, certai regioal carriers like COS will either wi or lose i the (profitable) routes chose by the major carriers i the future, especially for coectig flights. Note: Actual eplaemets (ot seasoally adjusted) for December 215 were 51,295 or.6% higher tha December 214 (5,98) ad.6% lower tha December 213 (51,61). 15.% 14.% 13.% 12.% 11.% 1.% 9.% 8.% 7.% 6.% ts e e m la p E ly th o M 1, 9, 8, 7, 6, 5, 4, Eplaemet Treds at Colorado Sprigs Airport (Seasoally Adjusted) 3, Dec-1 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mothly Airport Eplaemets (SA) Source: Colorado Sprigs Airport; UCCS Souther Colorado Ecoomic Forum ts e m e la p E ly th o M Colorado Sprigs Quarterly Vacacy Rates 213 Q4 7, 6, 5, 4, 3, 214 Q1 Colorado Sprigs Airport: Year over Year, Eplaemet Compariso (Seasoally Adjusted) 51,671 5, Q2 Source: Turer Report 214 Q3 Last year 214 Q4 215 Q1 215 Q2 215 Q3 5,922 5,735 Dec Ja Feb Mar Apr May Ju Jul Aug Sep Oct Nov Dec Dec Dec 214 Dec Dec 215 Source: Colorado Sprigs Airport, Prepared by UCCS Souther Colorado Ecoomic Forum 215 Q4 Office Medical Office Idustrial Shoppig Ceter Retal Rates (per sq.ft.) As of 12/31/215: Office $1.58 Medical $12.23 Idustrial $7.16 Shoppig Ceter $13.39 This year Souther Colorado Ecoomic Forum - Quarterly Updates - February 216 6
7 2,648 2,219 4,692 3,96 6,466 5,933 Number of Vehicles 8,661 8,71 1,793 1,527 13,119 13,189 15,398 15,581 17,422 18,118 19,987 2,684 22,629 23,39 24,899 25,447 27,161 28,289 Cumulative Sales Tax Collectio ($,) Dec-1 Ju-11 Dec-11 Ju-12 Dec-12 Ju-13 Dec-13 Ju-14 Dec-14 Ju-15 Dec-15 ($Millios) College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 SALES TAX & CAR REGISTRATIONS Colorado Sprigs Sales & Use Taxes The strog atioal ad local ecoomies ad, i particular, strog cosumer setimet (see page 1) have resulted i higher, local sales ad use tax collectios. The 2% sales ad use tax collectios for December 215 (for November sales) were $11,597,62. This represets a 5.% icrease from the same moth last year. Cumulatively, sales ad use tax collectios were up from last year as well (secod graph). I December 215, the largest moth-to-moth percetage icreases by major idustries were i busiess services (46.57%), medical marijuaa (29.1%), ad auto repair & leases (23.2%). A (cumulative) year-to-date compariso as of December 215 idicates sales ad use tax collectios were 4.8% higher tha i 214. The largest percetage icreases year to date were i medical marijuaa (28.4%), grocery stores (16.9%), hotel/ motel accommodatios (14.7%), ad auto repair & leases (1.1%). The marked icreases i hotel accommodatios ad auto leases mirror the local data that tourism ad vehicle registratios have both bee very healthy sectors. New Vehicle Registratios Vehicle registratios were up 4.2% i the year-to-date compariso, ad have bee icreasig sice 21. I fact, as the table below shows, registratios are more tha double what they were i 21 (up 87.5%). The Forum is ow also separately trackig luxury utility registratios, which have icreased 22% comparig Jauary 216 to Jauary 215. This ca be a good idicator of ecoomic health i the regio. New Vehicle Registratios ,87 28, Source: City of Colorado Sprigs Colorado Sprigs 2% Mothly Sales & Use Tax Collectios Colorado Sprigs Cumulative 2% Sales & Use Tax Collectios: Prior ad Curret Year Ja Feb Mar Apr May Ju Jul Aug Sep Oct Nov Dec Source: City of Colorado Sprigs 3, 25, 2, 15, 1, 5, New Vehicle Registratios I El Paso Couty Year-to-Date Compariso Ja Feb Mar Apr May Ju Jul Aug Sep Oct Nov Dec Source: El Paso Couty Clerk ad Recorder Prior Year: 214 Curret Year: 215 Souther Colorado Ecoomic Forum - Quarterly Updates - February 216 7
8 College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 Selected Ecoomic Idicators Natioal Quarterly Data 215 Q1 215 Q2 215 Q3 215 Q4 Chage vs. Yr Ago Total Retail Sales NSA ($ billios) $14.66 e-sales NSA ($ billios) $13.53 e-sales as % of Retail Sales 6.5% 6.7% 6.8% 9.% 1.4% GDP Real % Aual Growth SA (from prior year's same quarter) GDP Real % Quarterly Growth SA (at aualized rate) 2.9% 2.7% 2.1% 1.9% *.6% 3.9% 2.% 1.% * Household Debt Service Ratio 1.% 1.% 1.% a -.1% Natioal Mothly Data Ja-15 Feb-15 Mar-15 Apr-15 May-15 Ju-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Capacity Utilizatio SA Car & Lt Trk Sales Millios SA Cos Set (1966=1) NSA CPI-U =1 SA Chage vs. Yr Ago Federal Fuds Rate (Effective).11%.11%.11%.12%.12%.13%.13%.14%.14%.12%.12%.24%.12% Gasolie Price per Gal. of Regular $2.12 $2.22 $2.46 $2.47 $2.72 $2.8 $2.79 $2.64 $2.37 $2.29 $2.16 $2.4 -$.51 Id Productio (1997=1) SA Ivetory/Sales Ratio SA Mtg Rate, 3 Yr Covetioal NSA Prime Rate (%) NSA Purch Mgr Idex SA Real Rtl/Food Svc Sales SA ($ billios) $1.69 S&P 5 (average) Tech Idex SA - Mar 21 = Trade Weighted Dollar Idex Crude Oil Price NSA ($ per barrel) $22.1 CPI & Employmet Data Ja-15 Feb-15 Mar-15 Apr-15 May-15 Ju-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Wester Regio CPI Colorado Labor Force SA ('s) 2,828 2,831 2,833 2,829 2,829 2,823 2,813 2,87 2,85 2,87 2,812 2, Colorado Employmet SA ('s) 2,79 2,712 2,714 2,711 2,77 2,699 2,692 2,689 2,693 2,71 2,71 2, Chage vs. Yr Ago Colorado Uemploymet Rate SA 4.2% 4.2% 4.2% 4.2% 4.3% 4.4% 4.3% 4.2% 4.% 3.8% 3.6% 3.5% -.7% El Paso Couty Uemploymet Rate NSA El Paso Couty Uemploymet Rate SA 5.7% 5.7% 5.4% 5.2% 5.% 5.5% 4.9% 4.5% 4.% 3.9% 4.1% 4.% -1.1% 5.3% 5.3% 5.1% 5.3% 5.2% 5.2% 4.8% 4.6% 4.2% 4.2% 4.2% 4.1% -1.1% a data is ot available as of publicatio; * idicates a item that does ot apply based o how data is calculated. Souther Colorado Ecoomic Forum - Quarterly Updates - February 216 8
9 College of Busiess ad Admiistratio 142 Austi Bluffs Parkway, Colorado Sprigs, CO 8918 About the Forum The Souther Colorado Ecoomic Forum (SCEF) is part of the College of Busiess outreach to the Colorado Sprigs Commuity. The Forum gathers, aalyzes ad dissemiates ecoomic ad busiess-related iformatio with the goal of assistig ecoomic developmet efforts. The Forum provides this iformatio to help busiess leaders, govermet officials ad other make better ad more iformed decisios. The Forum, as part of the College of Busiess, ow provides further support to the commuity through cotractual work. If you would like additioal iformatio about how the Forum ca assist you, cotact Tatiaa Bailey at (719) or at The Quarterly Ecoomic Update is available free via a electroic subscriptio. If you would like a subscriptio, sed a to tbailey6@uccs.edu ad have the word SUBSCRIBE as the subject. Previous issues are available to dowload at: The Quarterly Ecoomic Update is a publicatio of the Souther Colorado Ecoomic Forum College of Busiess ad Admiistratio 142 Austi Bluffs Parkway Colorado Sprigs, CO 8918 College of Busiess Vekat Reddy, Ph.D., Dea Director Souther Colorado Ecoomic Forum Tatiaa Bailey, Ph.D. Assistat Data Aalyst Souther Colorado Ecoomic Forum Rebecca Wilder Forum sposorship is available at a umber of levels ad beefits. Cotact Tatiaa Bailey at (719) or tbailey6@uccs.edu for iformatio. A special thaks to the Forum s parters for their cotiuig fiacial support. Platium Level Colorado Sprigs Busiess Joural Hollad ad Hart LLP The FBB Group, Ltd. Foudig Parter Wells Fargo Gold Level Catalyst Campus/The O Neil Group Compay, LLC Colorado Sprigs Regioal Busiess Alliace Fittje Brothers Pritig The Broadmoor The Gazette Silver Level BiggsKofford Certified Public Accoutats City of Colorado Sprigs Et Federal Credit Uio HUB Iteratioal Isurace Services Nor wood Nu Costructio Pikes Peak Associatio of REALTORS Pikes Peak Commuity College Pikes Peak Hospice & Palliative Care Pikes Peak Uited Way Pikes Peak Workforce Ceter Rocky Moutai Health Care Services Strategic Fiacial Parters Vectra Bak Sustaiig Level Adams Bak ad Trust ADD Staff, Ic. Apogee Valuatio Services Aveta Credit Uio Childre s Hospital Colorado Classic Compaies The Colomia Life Compay Colorado Busiess Bak Colorado Sprigs Health Parters Colorado Sprigs Covetio & Visitors Bureau Colorado Sprigs Health Parters dpix, LLC Dowtow Partership of Colorado Sprigs GH Phipps Costructio Compaies Hoff & Leigh Itegrity Bak ad Trust KCME 88.7 FM Kirkpatrick Bak Legacy Bak Northwester Mutual Fiacial Network Peoples Bak Qualtek Maufacturig Salzma Real Estate Services, LTD Security Service FCU Strasbaugh Fiacial Advisory, Ic. TMR Direct Trasit Mix Cocrete Compay Uiversity of Colorado Executive Programs US Bak Vistage Souther Colorado Ecoomic Forum - Quarterly Updates - February 216 9
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