Economic Review -- Economic Development News from EDCUtah

Utah's Growing List of Economic Accolades

Last week we noted that Utah ranked eighth overall in the Milken Institute's State Technology and Science Index. The rest of the story is that Milken actually ranks Utah the most technologically concentrated and dynamic state in the country and the highest in net formation of high-tech establishments.

Regarding technological concentration and dynamism, Utah was ranked on various criteria including: net formation of high-tech establishments per 10,000 businesses (1st), number of Inc. 500 companies per 10,000 business establishments (3rd), and percent of establishments in high-tech North American Industry Classification System (NAICS) codes (3rd). In other areas such as Technology and Science workforce, Utah was ranked in the top three for many individual subcomponents. We are obviously pleased with such rankings. They bode well for the state and help us in our recruitment efforts. The Salt Lake Tribune and Deseret Morning News both reported on the Milken rankings, if you would like to know more.

Our feature story this week highlights EDCUtah's quarterly investor update events and the valuable information provided to our private investors and public partners. 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” button on the bottom of this page. Enjoy!

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” button on the bottom of this page. Enjoy!

Jeff Edwards
President and CEO

EDCUtah's Quarterly Investor Updates Provide Valuable Project Information, Networking Opportunities

If you haven't been to one of EDCUtah's quarterly investor update events for a while you're missing out on excellent networking opportunities and valuable information.

Michael Flynn, vice president for public development, says EDCUtah regularly brings in one or more representatives from companies recruited to the state for the quarterly investor updates. The representatives talk about their companies, the nature of their relocation or expansion projects, the types of facilities involved, why they are coming to Utah, the key factors in their decisions and what their needs are.

For example, the most recent investor update hosted David Carlebach, Goldman Sachs executive and Salt Lake facility site manager. Carlebach provided information about the expansion of Sach's Research Park facility and the key factors played into the expansion decision. More than 100 EDCUtah investors were on hand to ask questions of Carlebach and network with each other.

A prior investor update meeting featured Gregg Wassmansdorf, lead site consultant with Colliers International, who flew in to talk about Proctor & Gamble's selection of Box Elder County as the location for it's 300-employee plant that will make paper tissue and towel products for the western U.S. marketplace.

Another quarterly update event featured Martin Flaherty, vice president of Sephora Logistics, who talked about his company and the new distribution center it is opening in Salt Lake City. Sephora explored fourteen other geographical locations before deciding to locate in Utah and Flaherty highlighted some of the critical drivers in the final decision.

“We hold these quarterly updates because we want to make sure our private investors and public partners are well informed about our projects, that they feel good about what we are doing and that they can see the potential benefits to their organizations and the state,” Flynn says. “Also, we try to always provide our investors with contact information for our project wins so they can pursue potential business opportunities as these companies locate or expand in the state.”

During the quarterly update events EDCUtah also provides current information on finished projects, wins, losses and anticipated announcements or imminent activity.

For example, during the quarterly update event held last week at This Is The Place State Park, EDCUtah investors learned that 4,209 jobs have been created and 754 retained since July 2007, with four headquarter relocations to the state and build out of 2.5 million square feet of space. They also learned that projects pending announcement will add more than 700 jobs; capital investment to date totals more than $1 billion; there have been more than 90 visits from national site selectors and 22 visits from companies already located in the state; and that EDCUtah is currently working 251 open projects.

“These are valuable, dynamic meetings full of 'can't miss' information,” Flynn adds.

EDCUtah's next quarterly update event will be held October 22 from 4:30 – 6 p.m. Please save the date and anticipate forthcoming information regarding the location and featured speakers.

CALENDAR

Aug. 6: OIA Thought Leader
Sept. 4: EDCUtah Annual Meeting (Grand America)
Sept. 8: 2nd Annual What's IN OUT Back Economic Summit and Golf Tournament (Zermatt Resort/Homestead Resort & Golf Course)
Sept. 13-17: IAMC (Oklahoma)
Sept. 25: What's Goin' Down Up North - Northern Utah Economic Summit, 9 a.m. - 3 p.m. (Utah State University Innovation Campus, North Logan) Registration form
Oct. 9-12: CoreNet (Orlando)
Oct. 21: 3rd Annual Procurement Symposium
Oct. 22: Quarterly Update
Dec. 17: Holiday Open House (EDCUtah)

In The News

Economic Development Headlines from the Past Week

Utah keeps top-10 rank in science, technology

- Utah has remained in the top 10 — even moving up a notch — in a closely watched ranking of top technology and science states. Utah finished eighth overall in a study by the Milken Institute, a California-based economic think tank. (Morning News)

State fertile ground for high-tech, but Utah execs warn of potential weakness

- Utah can boast one of the top environments for high-tech companies in the nation, two reports out this week show. (SL Tribune)

Uranium mill signs on for site in Emery

- Emery County is revisiting an old theme in search of new prosperity. Hoping to ride the latest energy bubble - in uranium - county officials have signed an agreement with a Canadian company to build a $100 million uranium mill just west of Green River. (SL Tribune) (Morning News)

New recruitment funds OK'd

- A new $200,000 city program will provide funding to help small outdoor recreation companies relocate to Ogden. Money for the Outdoor Recreation Company Assistance program was approved Tuesday night by the city council. (Standard Examiner)

Film industry could bring millions to Magna

- Five years ago the State of Utah introduced an incentive program designed to lure movie studios to Utah. Marshall Moore, Director of the Utah Film Commission, says the program has been a success... (Magna Newspaper)

Interest in Utah Corporate Expansion Remains High

- The Governor's Office of Economic Development (GOED) Business Development Board has approved Economic Development Tax Increment Financing (EDTIF) incentives for several industry leading companies. (Utah Business Magazine)

Herriman to attain $1B heart

- New construction may be disappearing from many west-side cities in Salt Lake County, but here, where a newly announced, billion-dollar development is waiting on the horizon, the situation is drastically different. (Morning News)
(Utah Business Magazine)

Big plans for Bear Lake: Developers plan a 4,000-acre ski and water resort

- Bear Lake and the nearby mountains may seem bucolic, but a planned three-part development could turn the area into a center for shopping, snow- and water-skiing, hiking, fishing, snowmobiling, swimming, tennis, horseback riding, sailing, golfing and dining.
(Morning News) (SL Tribune)

GOP bills aimed at oil-shale use

- WASHINGTON — House and Senate Republicans picked up on President Bush's request to open up oil shale exploration in Utah and other domestic oil production options with two bills introduced Thursday. (Morning News)

Women Business Owners Stand Unique to, but the Same as, Other Business Owners

- Utah's women business owners have unique abilities and opportunities to adapt their companies to today's culture of balancing life and work, yet they face the same challenges that all businesses owners have, said a group of women business leaders at Utah Business magazine's roundtable Tuesday. (Utah Business Magazine)

Real Salt Lake stadium nears completion

- SANDY — Coordinating construction of the Real Salt Lake stadium has been as complicated as orchestrating and conducting a symphony, said Layton-Turner Construction project manager Jake Greenland. But the effort has been a great opportunity, and the result will be a charming structure and a great community asset, he said. (Morning News)

Construction of development near HAFB expected to begin in fall

- Construction is expected to begin this fall on phase one of the West Gate Development along the west side of Hill Air Force Base. (Morning News)

'Golden era' of economic development

- The county appears ripe for great strides in economic development, but incentives must be provided to draw business here. “It's kind've like the golden era of economic development in Davis County,” said Michael Bouwhuis, president of the Davis Applied Technology College. (Clipper Today)

Four-day workweek: Huntsman plan should save green

- The Huntsman plan to put many state workers on a four-day, 40-hour workweek has a lot going for it. In fact, going - to and from work - is a big part of why it makes sense. If many workers can reduce their round-trip weekly commutes from five to four, that should save a lot of gasoline. (SL Tribune)

Ogden's recreation vision quest

- That appears to be Ogden Mayor Matthew Godfrey's philosophy when it comes to branding his city. Shortly after taking office more than eight years ago, he said he wanted to establish Junction City as the outdoor recreation hub of the Western U.S. And he's been relentlessly pursuing that vision ever since, earning fans and making enemies along the way. (Standard-Examiner)

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