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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 President and
CEO
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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
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