April 4, 2006

 

A Publication of the Economic Development Corporation of Utah

CEO Jeff Edwards

PRESIDENT'S  

MESSAGE

Busy Trade Show Schedule Helps Keep Project Pipeline Full


With the recent upturn in the economy, economic development activity in Utah has steadily picked up as evidenced by EDCUTAH's increased project load. However, understanding that fluctuations in the economy affect economic development, it's critical to continue marketing Utah's business-friendly climate. One such way is exhibiting at various trade shows throughout the country, those in line with the cluster industries targeted by the state, including the BIO, CoreNet and SAMPE shows, to name a few. Today's feature article discusses the importance of proactively marketing the state and a number of the efforts EDCUTAH, along with various partners, undertakes to accomplish this critical task.

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
Jeff Edwards
President and CEO


FEATURE STORY

Industry Events and Trade Shows Crucial to EDCUTAH Marketing Efforts

In pursuit of our mission to create quality jobs and increase capital investment in the state, EDCUTAH annually hosts or participates in a schedule of industry shows and events. Three of the events, BIO 2006, SAMPE and CoreNet, are crucial to our marketing efforts in the cluster industries targeted by the Governor's Office of Economic Development. Today's issue of the Economic Review highlights this year's events and our objectives for each.

"What's Up Down South?" Economic Summit
January had EDCUTAH in St. George, where we helped sponsor the "What's Up Down South?" economic summit, produced by the Washington County Economic Development Council. EDCUTAH co-sponsors the event because we feel it important to support southern Utah's economic development efforts, and to maintain and strengthen our relationships with the communities and people involved in southern Utah's growth. The evening before the summit we hosted an open house, bringing people together to create awareness about EDCUTAH, develop and strengthen relationships, and establish a dialogue about the economic development needs and concerns in the region.

Winter Site Selector Event
In February EDCUTAH hosted a Site Selector event at Deer Valley, bringing a number of site selectors to Utah for a weekend of meetings, tours and activities, allowing them to experience our quality of life, and to develop and strengthen our relationships with them. This is an event EDCUTAH holds twice yearly, with the objective being to help these "people of influence" view Utah as a positive, business-friendly location. (We have found that experiencing Utah helps dispel many of the myths and misconceptions site selectors and key business decision-makers may have about the state.) During the event, we also conducted focus groups to get their opinions and perceptions about doing business in Utah.

Big Business Technology Exposition
EDCUTAH exhibited at the Big Business Technology Exposition in Utah County in March. Our objective at the show was to create business community awareness of who we are and what we do. (We also use this as an opportunity to recruit investors and discuss potential expansion needs.)

April Shows
In April and May we'll have booths at the Utah League of Cities and Towns Spring Convention in St. George, the BIO 2006 show in Chicago, and the CoreNet Spring Global Summit in Philadelphia.

Utah League of Cities and Towns Spring Convention
Through our booth at the Utah League of Cities and Towns Spring Convention, we hope to achieve three objectives: (1) create awareness about EDCUTAH among Utah's elected officials; (2) recruit municipalities to join our organization as investors; and (3) listen to and discuss the economic development needs and interests of communities throughout the state.

BIO 2006
EDCUTAH has produced a 20x30 booth for the BIO 2006 show next week in Chicago to highlight Utah's vibrant Life Sciences industry and some of the state's successful companies. (Click here for more details.) Exhibitors for the Utah Pavilion include the University of Utah Technology Commercialization Office; Utah State University; Huntsman Cancer Institute; LineaGen; Daw Tech; Clinical Genetics Institute at Intermountain Health Care; Prolexys Pharmaceuticals; Sorenson Genomics; Utah Life Sciences Association; EDCUTAH; and the Governor's Office of Economic Development (GOED). Booth sponsors include Ballard Spahr; EDCUTAH; the State of Utah; IHC; Oracle Corp.; vSpring; University of Utah; Utah State University; and Zions Bank.

Our BIO 2006 objectives include: (1) creating a national presence for Utah's Lifes Science industry; (2) positioning Utah as a destination for research teams, investors and biotechnology partners; and (3) showcase the high quality work being done here. The Utah Pavilion provides an excellent, low-cost way for Utah organizations to participate in BIO 2006 and seek out business opportunities.

CoreNet Spring Global Summit
EDCUTAH's booth at the CoreNet Spring Global Summit provides an excellent opportunity to showcase Utah as a prime location for companies considering expansion or relocation. Site selectors, the majority of CoreNet's attendees, are one of our key audiences and the gatekeepers to most of the companies in expansion/relocation mode. We have two main objectives for this show: (1) create awareness about what Utah has to offer; and (2) develop and strengthen our relationships with the site selector audience-when they have expansion/relocation clients, we want them to feel comfortable in calling us.

May Shows
In May EDCUTAH is participating in the SAMPE 2006 show in Long Beach, Calif., the Salt Lake Chamber of Commerce Business-to-Business Expo and the International Council of Shopping Centers (ICSC) Spring Convention.

SAMPE 2006
The SAMPE 2006 show is a prime opportunity to promote Utah as a leader in advanced composite materials. The Utah booth, co-sponsored by GOED and EDCUTAH, includes ATK Space Systems, Adam Aircraft, HyPerComp Engineering, GOODE Ski Technologies, Contour Composites, University of Utah, Kemp Development and the Ogden-Weber ATC. Objectives for the show include: (1) promoting Utah as a leader in advanced composite materials; (2) promoting our expertise across the supply chain; (3) creating opportunities for Utah companies; and (4) recruiting companies that could fill critical gaps in the supply chain.

Business to Business Expo
During the same week as the SAMPE show, EDCUTAH is exhibiting at the Salt Lake Chamber Business to Business Expo, where we hope to increase business community awareness regarding EDCUTAH and the services we provide, recruit private investors, and listen to and discuss the expansion needs of the business community.

International Council of Shopping Centers (ICSC) Spring Convention
Later in May, EDCUTAH (along with approximately 20 statewide municipalities) is exhibiting at the International Council of Shopping Centers (ICSC) Spring Convention, a show with as many as 40,000 attendees and where most of the major retail development deals are discussed and negotiated. Our main objectives for the ICSC convention are to create a powerful, unified, presence for Utah as a destination for retail, and provide participating municipalities with a low-cost opportunity to leverage the Utah message and promote retail opportunities in their communities. One of the key elements of our efforts at this show involves distribution of the Utah Retail Property Book, in which participating cities are able to promote specific retail opportunities and availability within their communities.

Outdoor Retailer Summer Market
In August EDCUTAH will participate with the Salt Lake Convention and Visitors Bureau in the annual Outdoor Retailer Summer Market, as Utah is becoming a center for outdoor product manufacturing. Our objectives are to promote Utah as a place for outdoor products companies to expand or relocate, and to create relationships with the companies attending and exhibiting at the show. The outdoor products and recreation segment is another part of the cluster strategy.

Utah League of Cities and Towns Fall Convention
In September EDCUTAH will be part of the Utah League of Cities and Towns Fall Convention in Salt Lake City. Here again we hope to create awareness about EDCUTAH among Utah's elected officials, recruit municipal investors, and create a forum to hear and discuss the economic development needs and interests of Utah's municipalities.

Fall Site Selector Event
Fall is a great time to host another Site Selector event, which we expect to occur in late September. Details are still in process, however, we expect a full weekend of activities, tours and focus groups where we hope to develop and strengthen our relationships with participating site selectors.

CoreNet Fall Global Summit
EDCUTAH wraps up its show year in November with the CoreNet Fall Global Summit, where we plan to capitalize on the large attendance of site selectors, showcasing Utah as a prime location for companies considering expansion or relocation.

EDCUTAH is very interested in adding partners for its 2007 show schedule. If your company or municipality would like to participate in an event, please contact Kim Lofgreen at EDCUTAH.


EDCUTAH PARTNERS


Current Partners
Why Be a Partner?
Board of Trustees

KraftMaid Receives Corporate Investment
And Community Impact (Cici) Award

Trade & Industry Development, a premier source of information on site selection and corporate growth strategies, has awarded KraftMaid Cabinetry (West Jordan) as a recipient of the Corporate Investment and Community Impact (CiCi) Award.

KraftMaid is one of 30 companies to receive the CiCi Award, which was created to reward companies that are making a difference by investing, locating and building relationships in communities throughout North America, as well as the economic development agencies that have facilitated their decisions. KraftMaid will receive the award in recognition for its creation of new jobs, retention of current jobs and generation of economic growth.

KraftMaid is one of the nation's largest cabinetry manufacturers. In February 2005 the company announced plans to build a new 700,000 square foot manufacturing facility in West Jordan. It will employ approximately 1,300 people at the new $106 million facility in Utah, where workers will eventually produce about 6,000 KraftMaid cabinets a day when manufacturing reaches full capacity.
 


IN THE NEWS

Economic Development Headlines

Utah is 'Back in the Technology Game'

- Utah's technology sector has a lot of strengths, but don't expect the state to become "the next Silicon Valley." So said panelists Wednesday at a discussion regarding the next 365 days for technology in Utah. "We're now back in the game where people are talking about us," Brad Bertoch, president and chief executive officer of business accelerator The Wayne Brown Institute, said during the luncheon discussion presented by Vanguard Media Group. (Morning News)

Spanish Fork Approves Economic Development Project Plan

- Spanish Fork is moving one step closer to bringing in a company that could supply the county with 500 to 700 new jobs in the next 10 years. (Daily Herald)

Office Vacancy Rate Drops

- Salt Lake County's office and industrial property market kept tightening during this year's first quarter, according to a report released Friday by Commerce CRG. (Morning News)

Religion Is Good for Business; Economists Link Strong Economy, Firm Beliefs

- The fear of eternal damnation may be the key to a robust economy. In fact, where a large percentage of a country's population believes in hell, some economists have found a link to less corruption and a higher standard of living, according to a recent report by the Federal Reserve Bank of St. Louis. (Morning News)

Sandy's Quarry Bend Project Begins

- Although developing the 107-acre Sandy gravel pit has been protested by some residents and welcomed by others, officials who broke ground on the project Friday said the intense examination has made it "one of the most unique projects in Salt Lake County and in the state of Utah. (Morning News) (Utah Business Magazine) (SL Tribune)

Deutsche Bank Commits $100 Million to Utah Fund of Funds

- DBAH Capital LLC, an affiliate of Deutsche Bank AB, has committed $100 million to the Utah Fund of Funds, the Utah Capital Investment Board said Friday. (Morning News) (Utah Business Magazine)

Boom Times Keep Rolling

- In Utah, the economic good news just keeps piling up. Last week, the state Tax Commission forecast continued strong growth in sales-tax revenues. People are moving into the state, big retailers are setting up shop and people are spending more. St. George even ranks as the second-fastest growing metropolitan area in the nation. (Morning News)

American Fork Mayor Challenges Downtown Revival

- Change and challenge have marked American Fork's Main Street since the new year began. Some long-vacant buildings now have tenants, while some that had long-term tenants now sit empty. (Daily Herald)

Big-Hotel Proposal Nixed

- The Summit County Commission voted unanimously Wednesday to deny a proposal by a Chicago developer to build a 275,000-square-foot hotel near Park City. (SL Tribune)

Convention Numbers Best Since Olympics

- Despite the springtime death of its leader, the Salt Lake County Convention & Visitors Bureau had one of its most successful years in 2005. (Morning News here and here) (SL Tribune)

UTC Meeting to Feature Keynote by Governor

- The Utah Technology Council, an organization of the merged Utah Information Technology Association and the Utah Life Sciences Association, will have its annual members meeting from 11:30 a.m. to 1:30 p.m. April 6 at the Marriott City Center, 220 S. State. (Morning News)

Utah Income Rises

- The federal government's release of per capita income figures for 2005 yielded no surprises about Utah, although nearly every figure represented an improvement over 2004. Utah's per capita income for 2005 was $28,061, up 5.5 percent from $26,603 in 2004, according to statistics released Tuesday by the Bureau of Economic Analysis, part of the U.S. Department of Commerce. (Morning News)

Developable Land is Getting Scarce in Dixie

- When it comes to growth in Washington County, it's not just a matter of finding developable land. It's also a matter of who owns the land you find. Only 16 percent of the land in the county is private. For it to reach a population of 600,000, an additional 30,000 to 40,000 residential acres and 10,000 commercial acres are needed, according to James Wood, director of the University of Utah's Bureau of Economic and Business Research. (Morning News)

Fresenius Plans 2007 Expansion; Will Add 270 Jobs

- Fresenius Medical Care AG has announced plans to expand its 640,000-square-foot Ogden plant and increase production of its kidney dialysis products 22 percent by mid-2007. (Standard-Examiner) (Morning News) (SL Tribune)

VideoPitch Places Entrepreneurs in the Elevator with 250 Investors

- Entrepreneurs often perfect an "elevator pitch," a short business plan pitch that can be delivered impromptu when a key investor has been discovered and cornered. Those seeking start-up funding can now post a video pitch on FundingUtah.com, reaching up to 250 angel investors in the state. (Utah Business Magazine)



CALENDAR

April 6-7:  Utah League of Cities and Towns Spring Convention, St. George

April 11: ACG Conference (Click here for information/registration)

April 9-12:  BIO 2006 Annual Conference, Chicago

April 19-20:  Rural Business Conference with Sen. Robert Bennett, Vernal (Click here for more information)

April 23-26:  CoreNet Global Summit Spring Convention. Philadelphia

April 26: Utah Technology Council Industry Breakfast (Click here for information/registration)

May 2-4:  SAMPE Advanced Materials Conference, Long Beach, CA

May 3-4:  Salt Lake Chamber Business-to-Business Expo, SLC

May 21-24:  ICSC Spring Convention, Las Vegas