edcUTAH - Economic Review


		Mar. 2, 2010 Newsletter Archive Subscribe Unsubscribe

President's Message
Mark Your Calendars for Governor Herbert's Economic Summit and EDCUtah's Quarterly Investor Update

The Governor's Economic Summit will be held on March 29 at the Grand America Hotel. Sign up now for the early bird registration and get a discount on your reservation. See this form for the discount coupon code.

You also won't want to miss the March EDCUtah Quarterly Investor Update (QIU). Jeff Nelson, vice president of operations for Nelson Labs will speak on "Why Utah?". Nelson Labs recently expanded its operations in Taylorsville. QIU is one of the best ways to stay up to date on economic development. You'll hear EDCUtah's project status report and also have the opportunity to network with the other public and private partners of EDCUtah.

The Quarterly Investor Update will be held on Thursday, March 18 from 4-6 p.m. at the Davis Conference Center in Layton. Register by calling or emailing Eileen Burt: (801) 323-4249; eburt@edcutah.org. Click here for more information.

Today's Economic Review also includes links to many of the ED-related news stories from the past week. As always, if you have comments, suggestions or topics you'd like to see in the Economic Review, please contact us by clicking the "Comments" link on the bottom of this page. Enjoy!

Jeff Edwards
President and CEO

Platinum Sponsor

Additional sponsorship opportunities are available. Please contact Arthur Franks, EDCUtah's membership director, for sponsorship and participation information: (801) 323-4242.

In the News

Major electronics game company expanding to Salt Lake City
Electronic Arts, one of the leading producers of digital games, says it is expanding its Utah studio and moving it into a larger office in downtown Salt Lake City to start on a "groundbreaking" new project.
(Salt Lake Tribune)

University of Utah ranks first in the country for creation of new startup companies
The University of Utah is now ranked first in the country along with the Massachusetts Institute of Technology (MIT) in creating new startup companies from research-based inventions.
(Utah Pulse) (Salt Lake Tribune)

Utah exports buck trend, hold steady
Utah companies exported more than $10.3 billion in 2009, equal to that of 2008, according to the U.S. Department of Commerce. And that's at a time when exports saw double-digit decreases nationally.
(Deseret News)

P&G chief pushes on despite economy
Procter & Gamble chief Robert McDonald is worried about the uncertainty plaguing the national and global economies, and what that means for business investment and job creation.
(Salt Lake City)

Utahns play vital role in record medal haul
It's fitting that four-time Olympian Bill Demong will carry the flag for the U.S. Olympic Team at the closing ceremony of the Vancouver Games tonight.
(Salt Lake Tribune)

All gauges point to modest growth
Utah's economic outlook continues to improve, according to a monthly business conditions gauge released Monday.
(Deseret News)

Otis Spunkmeyer opens new call center
Otis Spunkmeyer's newest customer service center is opening its doors at Business Depot Ogden next month.
(Standard-Examiner)

Super Model(er)s Storm Utah for Carbon Sequestration Conference
The progress that Utah scientists are making on carbon sequestration is a key reason an international group of geological storage modeling experts met at the University of Utah February 15-18, 2010.
(Utah Pulse)

Clean fuels can create new jobs, study says
Developing clean energy could be the fuel to ignite Utah's economic engine, according to a new report.
(Deseret News)

$150 million development at standstill / Clearfield officials deciding whether to void midtown village agreement
With a planned $150 million development at a standstill, officials have begun reviewing whether the developer has met conditions of the development agreement and if that agreement should be voided.
(Standard-Examiner)

New computing center saves green by being green
An Orem company unveiled a huge computing facility in West Valley City on Wednesday, touting it as the greenest in the state and on par with Google's most efficient centers.
(Salt Lake Tribune)

Big Business and Technology Expo in Orem fosters ideas to fight the economy's sinking ship
The recession is clearly bad news for some, but if you've got imagination, energy and the right business approach, it can spell opportunity, five successful Utah entrepreneurs agreed during a panel discussion at the two-day Big Business and Technology Expo.
(Deseret News)

County aims to build hotel by Salt Palace
Forget Rice-Eccles Stadium. The Salt Palace Convention Center was a big reason Salt Lake City was chosen to host the 2002 Olympics, said Salt Lake County Councilman Randy Horiuchi.
(Deseret News)

Kennecott reaches deal to explore mining in Eureka
Chief Consolidated Mining Co. has signed an agreement with Kennecott Exploration Co. to mine for copper, gold and molybdenum.
(Deseret News)

Utah's commercial real estate market still struggling
The economic meltdown has hit Utah pretty hard, particularly in the real estate realm. And while the residential market may be on the verge of a turnaround, the commercial market has yet to hit bottom, according to a local analysts.
(Deseret News)

Continental cuts 600 reservation jobs in SLC, Houston
Continental Airlines is cutting about 600 jobs in its Salt Lake City and Houston reservations centers because customers increasingly prefer to book flights online.
(Salt Lake Tribune)

Calendar

March 9-10
pushbutton summit 2010, presented by Grow Utah Ventures. Utah's premiere Digital Media Summit for digital animation, gaming, mobile distribution, web development, movies and entertainment. Rose Wagner Theatre, Salt Lake City

March 18
EDCUtah Quarterly Investor Update (Layton, Utah)

March 29
Utah Governor's Economic Summit (Salt Lake City)

April 7-9
ULCT (St. George, UT)

April 13-15
JEC Composites (Paris, France)

April 18-20
CoreNet Global Summit (New Orleans, LA)

April 22
Utah Fund of Funds Medical Device Symposium (Salt Lake City)

April 24-28
IAMC (Colorado Springs, CO)

May 3-6
BIO (Chicago, IL)

May 17-20
SAMPE 2010 (Seattle, WA)

May 23-26
ICSC RECON (Las Vegas, NV)

May 23-26
Windpower 2010 (Dallas, TX)

June 2
Save the Date! EDCUtah Match Grants Golf Tournament, 7:30 a.m. start (Eaglewood Golf Course) Title Sponsor: CB Richard Ellis

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Feature Story
Proactive Recruitment Effort Generates Interest in Utah

EDCUtah's pipeline of projects is as full as it has ever been and the organization's economic developers have high expectations it will stay that way, thanks in part to the proactive recruitment program that was launched in October 2009.

"This is an exciting new chapter in our economic development efforts," says EDCUtah President & CEO Jeff Edwards. "Our proactive recruitment efforts are generating some interest in Utah and we expect to see some significant project work come from the numerous prospects we've been working."

Already three projects have been added to the pipeline through the proactive recruitment of referrals provided by EDCUtah investors.

In-State Referrals
"These projects have come about because of in-state referrals for proactive recruitment targets located out of state. We can't be specific about the companies or the investors that provided the contacts, but we can say that through the fantastic support of our investors we are now in ongoing discussions with three different firms looking to locate or expand in Utah," Edwards says. "One firm is involved in the outdoor products industry, another is in the life sciences industry, and the third firm is in the alternative energy industry. Many of our investors are great ambassadors for Utah and their referrals are a significant resource in our proactive recruiting effort."

The proactive recruitment program is being directed by Michael Flynn, a veteran economic developer who works from an office in Southern California. He has nearly seven years of experience with EDCUtah and Edwards says Flynn's success in corporate recruitment project management has proven to be a great asset to his new role.

EDCUtah Vice President of Business Development Todd Brightwell says another aspect of the proactive recruitment program is reaching out to businesses in specific industries through targeted mass marketing campaigns. Currently, EDCUtah is targeting businesses in the outdoor products, digital media, advanced composites, and life science industries. Potential contacts are being gleaned from EDCUtah's database of business and industry contacts. The database, which is part of EDCUtah's research library, has been developed through years of business research and prospecting at trade shows and industry events.

Brightwell notes that EDCUtah will follow up the mass marketing effort with a greater volume of outreach activities than has been done in the past. EDCUtah is also analyzing a variety of trade show opportunities with plans to prospect heavily at shows that fit the governor's economic cluster initiative.

Targeted Marketing
"What we are looking for," he says, "is to identify the manufacturers, suppliers and other support companies that attend or exhibit at trade shows specific to our targeted industries, so that we can take our Utah message directly to them. Consequently, we are taking a new look at all of the trade show opportunities available to us and placing heavy emphasis on those opportunities conducive to prospecting and one-to-one meetings with potential businesses."

The proactive recruitment program focuses businesses that either have ties to Utah, have existing operations here, or that fit within one of the economic clusters established by the Governor's Office of Economic Development (GOED):

Aerospace & Aviation
Defense and Homeland Security
Energy and Natural Resources
Financial Services
Life Sciences
Software Development and IT
Outdoor Products and Recreation

The economic clusters are emerging as mature business sectors where Utah already has sustainable advantages and a large concentration of businesses and suppliers operating here.

Well-Received
Edwards says the response to the proactive recruitment effort has been well received, and companies are interested in looking at Utah as they make their expansion or relocation plans.

"Utah has a compelling story. The consensus is that our efforts are very timely and have great merit," he adds.