Job-growth, unemployment rates in area improve on U.S.
Job-growth and unemployment rates in the Denver metro area are taking a breather during the summer but continue to outperform the nation, the Metro Denver Economic Development Corp. reported Thursday in its monthly economic summary.
The area’s unemployment rate was unchanged from April to May at 4.3 percent, the lowest monthly rate since September 2001. Total nonfarm employment in the metro area through May is 28,600 positions more than the same time last year, a 2.1 percent increase.
Total employment at the state level posted a 2.3 percent gain through the first five months of 2006. Metro and statewide employment growth continues to outpace the nation, which posted a 1.5 percent gain through May.
Inventory levels of existing homes in metro Denver hit a record high in May, rising to 30,457 homes from 24,945 a year earlier. The total number of home sales grew from April to May, increasing 16.5 percent to 5,010, surpassing last year.
“Foreclosure rates may be high, but the combination of moderate inclines in appreciation rates, an increase in homebuying and the already-strong underlying elements of our economy prove there is no need for alarm,” said Tom Clark, executive vice president of the Metro Denver EDC.
Economic data show half of the 18 indicators moving in a positive direction, down from 11 indicators last month.
DENVER
Union Station bidder adds 2 big names
Cherokee Investment Partners has added two heavy hitters to the team it has assembled to bid for the Union Station redevelopment job.
Joining the team – now called Union Station Partners – are Denver developer Bill Mosher, who recently merged his company with Trammell Crow, and Greeley-based Hensel Phelps.
Union Station Partners is competing with a team led by East West Partners and Continuum Partners, both based in Denver. Proposals are due July 24.
DENVER
McDonald’s to stop benefits for Chipotle
McDonald’s Corp. will stop providing some benefits and services to Denver-based Chipotle Mexican Grill, Chipotle said in a regulatory filing Thursday.
The company was notified by McDonald’s that it will stop providing benefits and insurance services by the end of the year as it disposes of its interest in the company. McDonald’s stopped providing some accounting services as of Saturday. Chipotle said the changes will not have a material impact on the company.
DENVER
Solar conference free to public on Sunday
Solar 2006, the 35th annual conference of the American Solar Energy Society set for today through Thursday, is offering free admission to the public Sunday at the Adam’s Mark Hotel in downtown Denver.
Programs include consumer workshops on energy efficiency and renewable energy; video presentations on solar-energy projects at homes, schools and businesses; and tours at no charge or low cost of various renewable-energy projects in Colorado. For information, visit www.solar2006.org/public.
GREELEY
Sales, income climb for UAP Holding
Greeley-based UAP Holding Corp., an independent distributor of agricultural products in the United States and Canada, on Thursday posted results for its first quarter.
Sales increased by 3 percent to $1.4 billion, compared with $1.36 billion for the comparable period last year. Net income for the period was $58.3 million, or $1.11 per diluted share, compared with $49.4 million, or 94 cents per share, last year.
DENVER
Frontier sets record for capacity in June
Frontier Airlines said it set a company record with planes 85.2 percent full in June, up from 82.3 percent a year earlier. It increased capacity, measured in available seat miles, by 17.7 percent year over year.
Traffic, measured in revenue passenger miles, increased 21.8 percent year over year. Frontier said its passenger yield, a measure of financial performance, increased 4.4 percent year over year.
WASHINGTON
On-time arrivals fell in May from year ago
More airline flights were delayed in May and more were delayed by weather compared with a year ago, said the Bureau of Transportation Statistics.
Twenty carriers reporting on-time statistics had 78.3 percent of flights arrive on time in May, down from 83.7 percent a year earlier. Denver International Airport ranked fifth in on-time arrivals in May among major airports, up from ninth in the year-ago month. DIA came in at No. 11 for on-time departures, up from No. 19 in May 2005.
WASHINGTON
FCC to vote Thursday on sale of Adelphia
The Federal Communications Commission said Thursday it will vote next week on approval of the $17.6 billion sale of Greenwood Village-based Adelphia Communications Corp. to Comcast Corp. and Time Warner Inc. The vote will take place Thursday, the commission said in a statement.
WASHINGTON
SEC appeal unlikely on hedge-funds ruling
The Securities and Exchange Commission isn’t likely to appeal a federal-court ruling last month that struck down the agency’s new, stricter rules and random inspections for the $1.1 trillion hedge-fund industry, Commissioner Paul Atkins said Thursday.
A federal appeals court in Washington voided the SEC’s requirement June 23 for hedge- fund advisers to register, ruling that the agency lacked proper authority.
HOUSTON
Lay told his pastor he was at peace
Just last week, Enron Corp. founder and convicted felon Ken Lay told his pastor he was at peace with his future, even if it included prison.
Lay maintained that he was innocent of fraud and conspiracy in Enron’s scandal. Lay died Wednesday of a heart attack in Aspen. He was 64.
NEW YORK
Retail-sales growth disappoints in June
Retail-sales growth stalled in June, leaving merchants wondering whether shoppers who were resilient for much of the year are now curbing their spending because of higher gasoline prices.
Disappointments included Wal-Mart, Federated Department Stores and Limited Brands as sales reports were issued Thursday. Gap and Pier 1 Imports again suffered sales drops.
Winners included Target, J.C. Penney and Ann Taylor Stores.
