Economists predict that Colorado job growth will slow this year, with 42,300 expected new nonfarm jobs. That’s about 10,000 fewer jobs than in 2006.
But the state’s job growth will outstrip the expected national growth rate by 0.4 percent, according to the 2007 Colorado Business Economic Outlook.
The forecast also calls for Colorado to be the fourth-fastest-growing state in terms of population.
Those numbers are dependent on real-world business decisions. To better gauge the outlook, we asked a handful of Colorado executives about their plans for 2007 and views on the state economy. Here’s what they said:
Drew Massey, chief executive of ManiaTV, an Internet television network.
Plans for the new year: ManiaTV is expecting to increase revenue by 400 percent. We will be hiring another dozen highly qualified “Maniacs.” We will be launching a few high-profile celebrity shows, and we will, most likely, be doing another high-level financial transaction.
Economic outlook: Because we’re entertainment- based, the economy does not affect our business that much. We’re not recession-proof, but we’re in the highest and fastest-growing media space and are therefore well positioned for whatever happens.
Sharon Linhart, president of Linhart McClain Finlon public-relations agency.
Plans for the new year: The goal is to fully absorb big clients such as Frontier and Wild Oats while maintaining the agency’s spirited and collegial culture. The firm may hire one or two more professionals this year.
What’s worth watching locally: Union Station and the way that plays out is critical. Also the new governor, Bill Ritter.
Dennis Orcutt, owner of Trans American Rubber.
Plans for the new year: We are planning on growth of more than 15 percent. We will be looking to expand our warehouse capacity from 20,000 square feet to 30,000-35,000 square feet, and we will be hiring for some key positions – sales and sales management.
Concerns about the local economy: I am concerned about what the high foreclosure rates in Colorado will do to the real estate capital markets. I am looking for construction and permanent financing on a warehouse – will I have fewer options available because local and national lenders are overreacting to the foreclosure issue? Will good business be penalized by this market?
Tamara Door, president and CEO of the Downtown Denver Partnership.
Plans for the new year: The DDP, in partnership with the city and county of Denver, will be completing the 2007 Downtown Area Plan, which is a 20-year vision for Downtown Denver. This will serve as the platform for our work over the coming decade. Some emerging concepts relate to better connections with the Auraria campus, capitalizing on the Union Station development, an enhanced pedestrian environment, and creating unique retail opportunities.
Outlook for next year: Job growth is our primary concern. We will spend the next year seeking new and innovative ways to attract and retain small and midsize businesses to downtown. These businesses have the greatest potential for future job growth, particularly minority- and women- owned businesses.
Larry Wolfe, managing partner of law firm Holland & Hart.
Plans for the new year: Holland & Hart plans to continue its growth this year by hiring lawyers in natural resources, intellectual property, tax, real estate. The firm will acquire a new videoconferencing network for its 13 offices and invest in disaster-preparedness planning and equipment. The firm also will expand its training and professional development programs.
Economic outlook: We believe the natural-resources boom will continue in 2007, with oil and gas and mining remaining strong.
Bruce James, CEO and managing partner of law firm Brownstein Hyatt Farber Schreck.
Plans for the new year: The biggest anticipated increase in costs for the new year are in technology.
Economic outlook: We are optimistic about the Colorado economy, but we are watching closely the continued pressure on increased costs in several key areas, such as rent, salaries, construction costs, benefits and other major cost categories.
Kevin Semcken, president and CEO of Able Planet Inc., an audio technology company.
Plans for the new year: Looking for vice presidents of marketing and engineering, a CFO, inside sales support, and people in accounting and regulatory affairs. New business initiatives include a program designed to get consumers to adopt new technology that provides full rich sound at lower volumes to preserve hearing.
Most important thing for Colorado tech companies to consider in the coming year: Colorado companies need to avoid the fear of partnering with early-stage businesses. Many people live their lives believing “you never get fired for buying from a blue-chip company.” However, if you avoid venture and early-stage growth companies, it will be difficult to stay on the leading edge of technology.
DeAnn Brunts, managing Partner of Tatum LLC, an executive services and consulting company.
Plans for the new year: We hope to add a net of seven to 10 professionals. Our new business initiatives will include a focused offering around controllership services, emerging companies and mergers and integration services.
Economic outlook: Locally, we see continued growth in energy-related, technology and service industries. We are still seeing very good availability of debt and equity capital and don’t see that changing in 2007.
Christina Brickley, interim CEO and marketing director, Cherry Creek North Business Improvement District.
Plans for the new year: With the approval of the bond issue on the November ballot, a task force is working on plans to upgrade the design and look of the area as well as the infrastructure. Customers can expect some additions to the shopping and dining with new tenants.
Economic outlook: My concerns about the Colorado economy are related not only to consumer spending but the cost of operating a small business. Will there be room for small business to thrive and grow in 2007? Will there be enough consumers that value independent business and a personal relationship with the owner to keep independent businesses profitable?
Jennifer Imel, senior vice president, corporate sales at Tomboy Tools.
Plans for the new year: We are expecting another year of triple-digit growth in both sales and the number of new sales consultants. We operate in Canada, the U.K. and U.S. and are anticipating expansion into Australia as well as investigating other countries.
