Inside Real Estate News » Bioscience

Industries targeted for growth and retention in Denver area

John Rebchook — Thu, 18 Feb 2010 17:20:26 +0000

No matter what side of the political or economic spectrum you embrace, one thing just about everybody agrees on – creating high-paying jobs helps the housing market.

Today, the Metro Denver Economic Development Corp. released a comprehensive study outlining the industries it is targeting for growth and retention.

Cue the drum roll.

The industries are: Aerospace, Aviation, Bioscience, Broadcast and Telecommunications, Energy, Financial Services, and Information Technology.

The release of its fifth annual Cluster Study, a competitive analysis of industries leading the region’s future economic growth, represents a major step in crafting a region’s economic development strategy, the non-profit organization said.

The report, completed by the Metro Denver EDC’s Chief Economist Patty Silverstein of Development Research Partners, analyzes major industries in the nine-county Metro Denver and Northern Colorado region: aerospace, aviation, bioscience, broadcasting and telecommunications, energy, financial services, and information technology – software.

“Our strategy over time has been to grow Metro Denver’s economy through industry cluster development,” said Tom Clark, executive vice president of the Metro Denver EDC. “We are now seeing the success of these efforts–Colorado uniquely owns an ‘innovation’ niche in the economy that no other state can claim.

“In particular, we knew a day would come when the lessons and technology from one cluster would transfer seamlessly to another, and there is probably no better example of this than the new ‘Fly Green’ project from Bye Energy.”

Bye Energy, Inc. today announced a proof of concept general aviation program, the Green Flight Project, that uses an electric hybrid propulsion system. George Bye, chairman and CEO of Bye Energy, said the company is collaborating with selected technology partners to develop a clean energy propulsion alternative to internal combustion engines that currently power light propeller-driven aircraft.

Bye pointed out that following an extensive nationwide search, Colorado already had among the very best alternative energy organizations. “I think it’s extraordinary that the technical challenges of a project of this type are met by alternative energy companies in Colorado and the Rocky Mountain region,” he said.

Over the past year, Bye Energy has forged relationships with multiple technical partners including UQM Technologies, Inc. (electric motor and controller), Vertical Power, Inc. (energy management system), Porous Power Technologies, LLC (lithium-ion battery and separator technology), Scion Aviation, LLC (composite parts and materials), EEtrex Inc. (battery system), and Ascent Solar Technologies, Inc. (thin film photovoltaics).

The metro Denver cluster analysis includes industry descriptions, employment concentration rank compared to the 50 largest U.S. metropolitan areas, and key industry facts.

In a nutshell, here at metro Denver’s Industry Clusters and their cmpetitive advantages:

Aerospace – The region ranks first out of the 50 largest metros for total private aerospace employment, with 19,870 workers. Job growth from 2004 to 2009 was 12.1 percent, compared to 10.1 percent for the U.S.

Aviation – Growth at Denver International Airport will change the face of the region’s aviation industry. DIA is preparing for expansion over the next five to 15 years that will likely include a seventh runway, a terminal hotel, a FasTracks commuter rail station, and other projects.

Bioscience – The region’s medical device sector is the sixth-largest in the nation. Employment grew 1.6 percent from 2008-2009, compared to -0.5 percent nationally.

Broadcasting and Telecommunications – The region is a major center for this industry due to its location in the Mountain time zone and one-bounce satellite capability, and ranks fourth in the nation for industry employment concentration in 2009.

Energy – The region ranks seventh in the nation for cleantech employment and eighth for fossil employment. Job growth from 2008-2009 in cleantech was 4.6 percent compared to -0.2 percent for the U.S.

Financial Services – The region ranks fourth in the U.S. for banking and finance employment. The region also has a viable presence of investment and insurance firms.

Information Technology – Software – Software companies employ 2.9 percent of the region’s total workforce, compared to a 1.6 employment concentration nationally. The region ranks ninth in the nation in software employment concentration.

The cluster studies factor employment data from third quarter 2008 to third quarter 2009. Statewide reports for the aerospace, bioscience, and energy industries are available in the industry section at this link.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865

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Pittman named chair of Aurora Economic Development Council

John Rebchook — Wed, 27 Jan 2010 16:38:10 +0000

Developer Ray Pittman is the new chair of the Aurora Economic Development Council

Ray Pittman, founder and president of Denver-based Pittman Development Group, Inc., a commercial development and investment company , has been named chair of the board of the Aurora Economic Development Council.

“In his tenure, Ray Pittman has been in the middle of some of Colorado’s most notable and prestigious developments and mixed-use projects,” said Wendy Mitchell, president and CEO of the Aurora Economic Development Council. “Ray’s first-hand development expertise makes him an excellent selection to lead the Aurora Economic Development Council in 2010 as chair of the board.”

He succeeds Jay Gershen, D.D.S., Ph.D., former vice chancellor for external affairs of the University of Colorado Denver and currently president of Northeastern Ohio Universities Colleges of Medicine and Pharmacy, who served as chair for 2009. Pittman will direct the board for a one-year term. This will be Pittman’s ninth year serving on the Aurora Economic Development Council board of directors.

Two dozen years of experience

Pittman’s background includes more than 24 years of experience in commercial real estate brokerage, services, acquisition and development. During this time he has managed some of Colorado’s largest and most prominent commercial and mixed-use projects.

From 2002 through 2006, Pittman was instrumental in creating the vision for High Point, a 1,800-acre mixed-use community near Denver International Airport located in both the city of Aurora and Denver. He oversaw all aspects of the project’s land assemblage, planning, zoning and initial development prior to its sale to LNR Property Corp in 2006.

Most recently, Pittman lead the formation of the new Pittman Pathfinder Colorado Opportunity Fund I, an equity fund targeting the acquisition of distressed real estate assets throughout Colorado. The fund completed its first acquisition of eight distressed residential real estate projects in December of 2009.

Other current projects include: Development of the three-building, 91,000-square-foot High Point OmniCenter project in Denver; acquisition of the two-building Parker Plaza South project; and a long-term development consulting assignment with International Speedway Corp. of Daytona Beach, Fla. to develop a new NASCAR speedway and stadium and related commercial development near Denver International Airport

Prior to founding Pittman Development Group, Pittman served as Colorado’s senior vice president and regional manager for Catellus Development Corp. in Colorado. In this role, Pittman was responsible for overseeing all aspects of the development business, including acquisitions and dispositions, marketing, sales and leasing, project design, construction management, project financing and community and government relations.

Pittman graduated with high honors from the University of California, Santa Barbara and has completed additional course work in real estate and finance at the University of California, Los Angeles and Stanford University.

A partnership between business and government for more than three decades, the Aurora Economic Development Council champions Colorado’s most promising growth industries including aerospace and defense, bioscience, transportation logistics and energy, positioning Aurora and Colorado to win new jobs in an intensely competitive market.

Job creation name of the game

The council creates new primary jobs through innovative deal creation, strategic partnerships, and by advocating for economically sustainable public policy. A-List, one Colorado’s premier business event, and Accelerate Colorado, the only statewide advocacy group that conducts an annual business mission to Washington, D.C., are produced by the Aurora Economic Development Council for the benefit of the state’s leading industries and Colorado’s economic development.

The Aurora Economic Development Council board of directors consists of CEO-level developers, general contractors, bankers, attorneys, consultants, home builders, engineers, architects and representatives of the aerospace and bioscience industries and educational and hospital institutions. Political leadership from the city of Aurora, Adams County and Arapahoe County also serve on the board. Board membership is limited to 100 leaders that are strategically recruited to mutually benefit the Aurora Economic Development Council and its board members.

The organization’s strategic initiatives for 2010 include objectives in economic development and infrastructure, public policy, and marketing and branding.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

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