edcUTAH Aug. 26, 2009
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Economic Review
Jeff Edwards, president & CEO of EDCUtahPresident's Message
Reserve Your Place at "What's IN OUT Back" and EDCUtah Annual Meeting

September 15, 2009 is the 3rd Annual "what's IN OUT back!" economic summit and golf tournament. I urge you to attend this important economic development meeting. The Wasatch Economic Summit will begin at 7:30 a.m. at The Lodge at Stillwater and the Heber Valley Chamber Bureau golf tournament follows at 1 p.m. at Talisker Golf at Tuhaye.

"what's IN OUT back!" features a fast paced, informative and concise five hour program. This year's summit will focus on how to maximize opportunities from the coming business boom. The opening keynote speaker will be Dr. L. Scott Kimball, president and founder of The Growth Principles Company. He will speak on "Change is Inevitable. Growth is Optional." The lunch keynote speaker will be Derek Miller, managing director of recruitment and incentives in the Governor's Office of Economic Development. He will speak on "Growing Utah Jobs".

After lunch, a four-person scramble golf tournament will be held at Tuhaye Golf Club. For additional information and to register go to www.whatsinoutback.com.

I would also like to remind you of EDCUtah's Annual Meeting at the Grand America Hotel on Wednesday, September 16, 2009. We still have a few sponsor tables available with 10 seats. This is a perfect opportunity to invite clients, staff and interested investors. Please reserve your table or seat by calling Art Franks, EDCUtah membership director (801) 323-4242 or e-mailing afranks@edcutah.org. This year's annual meeting begins with registration at 7:30 a.m. and breakfast at 8 a.m. For more information, click here to view the 2009 EDCUtah Annual Meeting Invitation and Directions to Grand America. I look forward to seeing you on Wednesday September 16, 2009.

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

Jeff Edwards
President and CEO



In the News

SLC company plans to store natural gas in salt caverns
A Utah company wants to develop eight salt caverns north of Delta to store up to 45 billion cubic feet of natural gas. Magnum Gas Storage, a subsidiary of Salt Lake City-based Magnum Development, calls its project one of the West's first large-scale salt-cavern natural gas storage facilities and a potential boon to future alternative-energy development in the region. (Salt Lake Tribune) (azcentral) (LocalNews8)

St. George 'SunSmart' solar project earns award
The city of St. George's Energy Services Department has been recognized with a "Smart Energy Innovation Award" for its new solar farm. SunSmart, a joint program between the city and Dixie-Escalante Electric that was completed in January, is built around the state's largest solar farm, a 100-kilowatt facility housed on 17 acres on the south side of Bloomington. (Spectrum)

Firms are buying wind energy
The CEO for one of Utah's largest producers of rock products says wind energy has helped the firm operate its cement plant in the Snyderville Basin for more than a year. (Park Record)

Brief: Wasatch Back econ. summit and golf event next month
Wasatch Economic Development and the Heber Valley Chamber of Commerce/Convention & Visitors Bureau are presenting the third-annual combination economic summit and golf tournament on Tuesday, Sept. 15. The "What's IN OUT back!" The tournament will be held at Tuhaye and the meetings will be at The Lodge at Stillwater. (Park Record)

Provo Internet marketing firm relocates to Bluffdale
A Provo Web design and Internet marketing company, which saw its revenues skyrocket more than 352 percent over the past year, has relocated its 54-worker corporate headquarters to Bluffdale to accommodate its growth. (Daily Herald)

Utah boosts exports more than 71 percent
The Governor's Office of Economic Development says Utah's exports increased more than 71 percent in the past four years, to $10.4 billion. (Salt Lake Tribune)

Herbert: Utah's future is tied to energy development
Lt. Gov. Gary Herbert talks with friends before the inauguration for Herbert at the Utah State Capitol Tuesday August 11, 2009. Herbert will become Utah's 17th governor following the resignation of Gov. Jon Huntsman, who will be a U.S. ambassador to China Photo by Chris Detrick/The Salt Lake Tribune (Chris Detrick)Gov. Gary Herbert says Utah should strive to develop all of its energy resources -- from coal and oil to renewables and, potentially, nuclear power. (Salt Lake Tribune)

State is expecting $4B from stimulus package
Utah is expecting about $4 billion to flow into the state as a result of the federal stimulus package between direct incentives and tax cuts in the coming years. (Salt Lake Tribune) (LocalNews8)

Stimulus money working for Utah's small businesses
You want proof the federal stimulus money is doing what it's meant to do? The Small Business Administration says, look no further than Utah. (KSL)

Davis County businesses stay strong in recession
They say there's a recession -- but Davis County Department of Community and Economic Development officials don't appear to have gotten the message. (Davis County Clipper)

A big 'vision' for west of Utah Lake
That's today. Folks around here know it can't last, and now there's color-coded evidence: a map that heralds the coming wave of suburban buckaroos in split-level ranches. (Salt Lake Tribune)

ABC News features Vernal, dinosaur bones
Local legend has it that cowboys, sheep herders and trappers long knew about the huge fossilized bones that regularly surfaced from the ancient rock underlying Utah's dinosaur country. But not until steel magnate Andrew Carnegie learned of the bones did Vernal and the surrounding Ashley Valley get the nation's attention 100 years ago. Now Vernal, a Western outpost whose wide streets are lined with energy, mining and agricultural businesses, makes a business of its bones. It's home to a large dinosaur museum and is the base for a National Park Service site at a bone quarry Carnegie established in 1909. (ABC)

Migration to Dugway
Unmanned Aircraft Systems Project Office (UAS PO) is consolidating its operations to Dugway Proving Ground. (UAS News)

Loan fund gets $500,000 for smaller firms
The Utah Microenterprise Loan Fund has received $500,000 to support small-scale entrepreneurs. The Utah program is among 59 nationwide to be awarded funds from the federal stimulus bill that are aimed at community development. (Salt Lake Tribune)

USU lands $500K for algae farming
Algae farming in Logan's wastewater lagoons could save taxpayers millions and generate big business for Utah State University. (Herald Journal)

IBM Chief Economist Philip Swan to Discuss Key Worldwide Economic Trends at UTC Special Breakfast Event
The Utah Technology Council (UTC) announced that IBM chief economist Dr. Philip L. Swan will be the featured presenter at a special UTC industry breakfast event, "Moving Forward in Today's Economy," that will be held September 2, 2009, from 7:30-10 a.m. at the Rose Room at Thanksgiving Point. (Utah Pulse)

Calendar
September 9-11
ULCT (Sheraton, SLC)

September 15
3rd Annual "what's IN OUT back!" Wasatch Economic Summit and golf tournament

September 16
EDCUtah Annual Meeting (Grand America Hotel, Salt Lake City) (breakfast meeting)

September 19-23
IAMC (Minneapolis, MN)

October 4-7
IEDC (TBD)

October 15
Quarterly Investor Update (Jewish Community Center, Salt Lake City)

November 18
Board Meeting (Salt Lake Country Club)

December 16
Holiday Open House (EDCUtah)

edcUTAH Investors
Current Investors
Why Be an Investor?
Board of Trustees

The EDCUTAH Economic Review is a weekly publication of the Economic Development Corporation of Utah. It is distributed to EDCUTAH partners and selected other government and civic organizations interested in Utah's economic development.

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Feature Story
Quality of Life Important to Economic Development

Earlier this year the New York Times reported on a survey conducted by the Gallup Organization in conjunction with Healthways, which proclaimed Utah the "happiest state in America."

Results from the Gallup/Healthways survey determine the "Well-being Index," a state-by-state survey wherein respondents were asked to evaluate their lives based upon six individual and interrelated domains and indices of well being: Life Evaluation, Emotional Health, Physical Health, Healthy Behavior, Work Environment, and Basic Access.

Not surprisingly, Utah residents reported the highest levels of well-being in the country. Utah ranked second in life evaluation, first in work quality, eighth in basic access to such things as health care, 13th in healthy behavior, seventh in physical health, and 10th in emotional health. The scientifically-drawn survey is meaningful because it reflects the opinions and views of those who actually live in each state, rather than a popularity poll.

Quality of Life and Economic Development
Being ranked first in the "Well-being Index" translates to the excellent quality of life enjoyed by most Utahns, but what does well-being, or quality of life, have to do with economic development?

"Everything," says EDCUtah President and CEO Jeff Edwards. "Businesses looking to expand or relocate their operations generally want to afford their employees access to an environment that promotes wellness, which includes cultural, intellectual and recreational opportunities.

What's more, Edwards says many people do not realize the astoundingly diverse environment Utah offers -- something for everyone -- in nearly every area important to quality of life. "Our violent crime rate is one of the lowest in the nation. We have a moderate to low cost of living. Utah's population has the fourth-longest life expectancy in the nation and residents enjoy high quality medical care from a broad network of facilities, including Intermountain Health Care's new $362 million regional medical center, the University of Utah Medical Center and Intermountain Burn Care Center, Primary Children's Hospital and Huntsman Cancer Institute."

Additionally, the Beehive State is ranked the fifth "healthiest state" in the nation, according to the report "America's Health Rankings", has the 17th lowest crime rate in the nation and ranks fifth in percent of population with a high school diploma or higher.

Cultural Amenities
Utah's cultural amenities are as diverse as its landscape -- from ethnic celebrations to the performing arts to the Sundance Film Festival -- the state is replete with opportunities for cultural entertainment, education and enlightenment. The Utah Symphony & Opera is in its 70th season, offering year-round concerts in Abravanel Hall and other venues, such as Park City and Deer Valley. Salt Lake City is home to three world-class dance companies, the critically acclaimed Ballet West, the Repertory Dance Theatre and Ririe-Woodbury Dance Company, a well as numerous theatrical organizations that include the Pioneer Theatre, Capitol Theatre and Hale Center Theatre. Cedar City is home to the Tony award winning Utah Shakespearean Festival. Washington County is home to the Tuacahn Musical Theatre, which features Broadway-quality productions presented outdoors in the Tuacahn Amphitheatre. Many other theatrical organizations are active in communities across the state.

EDCUtah Vice President of Public Development Michael Flynn says preserving Utah's cultural environment is as essential to economic development as it is to the well-being of the state's residents. Edwards and Flynn share the concern of many in the business community that the state's arts organizations have been stung financially by the difficult economic times and many are struggling to survive. "We certainly hope the Utah business community will give financial support to the arts, especially Utah's flagship organizations like the Utah Symphony and Opera, Ballet West and the Repertory Dance Theatre," says Edwards.

Margaret Hunt, director of the Utah Arts Council, says Utah has demonstrated visionary leadership in the arts nationally and internationally. "Utah legislators established the first state arts council in the nation in 1899. The people of Utah have a long record of support for cultural programs," she adds, noting the following facts:

  • Mormon leader Brigham Young directed the building of a theatre that was finished even before the church's Tabernacle.
  • Museums promoting interest in local heritage and family history are highly regarded as community resources throughout the state.
  • Utah's cultural organizations are well established and mature. Their average age is 51 years, and eight are over 110 years old.

"As we continue to demonstrate leadership in the arts, we invest in Utah's future workforce," Hunt continues. "Our children engage in innovative and creative thinking through publicly supported arts education programs. This enables children to reach their full potential and explore innovative ways to make decisions and solve problems. "

Hunt emphasizes that many commercial businesses and nonprofit enterprises depend on a culturally educated workforce, while others look to leverage their own market status by capitalizing on Utah's active cultural sector.

The Salt Lake City Redevelopment Agency recently made a bold move that will be beneficial to economic development as well as Utah's arts scene, agreeing to terms to buy the dilapidated Utah Theatre and adjacent storefronts on Main Street. The one-time vaudeville theater has been shuttered for two decades and languishes in disrepair. The building's potential return as a first-of-its-kind-in-Utah film center would be of great value to the capital city and especially to downtown businesses.

Outdoor Recreation
In addition to its cultural amenities, Utah's climate and unique landscape offer unparalleled recreational opportunities. The state boasts:

  • 14 alpine ski resorts and the "greatest snow on earth" (11 resorts are within one hour of Salt Lake International Airport)
  • 5 national parks
  • 7 national monuments
  • 2 national recreational areas
  • 6 national forests
  • 43 state parks
  • 100+ golf courses

Often overshadowed by the state's world-class skiing and snow sports, Utah is an outdoor paradise for hiking, camping, rock climbing, fishing and mountain biking. But don't forget the many other outdoor recreational opportunities that thrive here, such as hang gliding and paragliding, ballooning, parasailing, windsurfing, sailing, water skiing, marathons, bike races, jeep safaris, snowmobiling, canoeing, river rafting, 4-wheeling on thousands of miles of ATV trails, equestrian events, boating, backpacking, hunting and bird watching, to name a few.

The Bureau of Land Management (BLM) manages nearly 22.9 million acres of public lands in Utah, representing almost half of the state. These lands feature some of the most spectacular scenery in the world, from the snow-capped peaks of remote mountain ranges to colorful red-rock canyons, and include the Grand Staircase-Escalante National Monument. Encompassing nearly 1.9 million acres in the south-central part of the state, the monument offers a unique combination of archaeological, historical, paleontological, geological, and biological resources.

Sports Venues
Cradled by the Wasatch Mountains, the 389-acre Utah Olympic Park facilities include six Nordic jumps (K10, K20, K40, K64, K90, K120), a 1,335-meter sliding track with five start areas, freestyle aerials winter training and competition hill, 750,000-gallon freestyle aerials summer training pool, a 15,000-square foot day lodge, Joe Quinney Winter Sports Center, Alf Engen Ski Museum and 2002 Eccles Winter Olympic Museum. Other winter sports venues include the Utah Olympic Oval and Ogden Ice Sheet. In addition to the longest tubing lanes and beautifully manicured cross-country ski trails, Utah's Soldier Hollow also hosts the largest annual international sheepdog championship in the world. This coming Labor Day weekend thousands of enthusiasts will gather at Soldier Hollow to witness the skill and tactics of the world's best sheepdogs and their handlers during the four-day event.

The Beehive State is also home to the U.S. National Ski Team, the Utah Jazz NBA basketball team (Energy Solutions Arena), REAL Salt Lake Major League Soccer team (Rio Tinto Stadium), the Utah Grizzlies IHL professional hockey club (E Center), minor league baseball's Salt Lake Bees and Ogden Raptors, Rocky Mountain Raceway and Bonneville Speedway. Thirty-five miles west of Salt Lake City, Miller Motorsports Park hosts many of the world's most significant racing series, including the American Le Mans Series, Grand-Am Rolex Sports Car Series, NASCAR Grand National West Series, AMA Superbike Championship, and the FIM Superbike World Championship.

Dining and Nightlife
Not enough cultural or recreational opportunities? Utah is also home to some of the finest restaurants and nightclubs in the Western U.S., including 13 award-winning microbreweries and restaurants ranging from fine French cuisine to open air mountain cafés. Famous for its high-end skiing and Hollywood connections, Park City also happens to be home to more world-class restaurants than anywhere else in the state.

Combined, the cultural, outdoor recreational and sports-related opportunities not only influence the quality of life for Utahns, but also the many visitors who fall in love with the state. Utahn's truly have excellent quality of life at their fingertips, and with all the state has going for it, it's no wonder Utah is the "happiest state in America."

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