IN THE NEWS
Business Headlines from the Past Week
Site Selection Report: SLC 11th Most Affordable
For Biomedical Industry
- Low
utility costs, an affordable and quality labor pool
and a moderate cost of living make Salt Lake City
attractive to companies seeking to expand their
operations, a new report shows. The report, by site
selection firm The Boyd Co., ranks 50 metropolitan
areas in terms of how much companies must pay in
wages, utilities, real estate, equipment and
corporate travel.
Least Expensive Cities
Salt Lake City compares favorably in terms of
operating costs with 50 cities often considered by
biomedical firms seeking to expand their businesses.
The least expensive were:
1. Sioux Falls, S.D.
2. Montreal
3. Shreveport, La.
4. Norman, Okla.
5. Toronto
11. Salt Lake City
(SL
Trib)
Rocky Mountain Region Leads in IT Employment
Growth
- A new
survey from executive recruitment firm Robert Half
shows that the Rocky Mountain region leads in the
number of chief information officers (CIOs) looking
to hire during the first quarter 2006. The survey
shows that the Mountain states expect the strongest
employment growth in the quarter, and that 24% of
CIOs from Arizona, Colorado, Idaho, Montana, Nevada,
New Mexico, Utah, Wyoming plan to increase their
hiring, versus less than fifteen percent in other
regions of the U.S. (Techrockies)
(Denver
Business Journal)
Oakley Networks Raises $16M in Venture Capital
- Salt
Lake City, Utah-based Oakley Networks has disclosed
a $16M investment from Kleiner, Perkins, Caufield &
Byers and Fidelity Ventures. Oakley is launching a
new product for preventing and detecting information
leakage in companies.
(Techrockies)
Kennecott Unveils Plan for the Oquirrh
Foothills; Development to Include Everything from
Houses to a Possible Ski Resort
- Salt
Lake Valley's west bench could one day be home to a
half-million residents, and owner Kennecott Land now
has a vision for its 75,000 west-bench acres: All
sizes of commercial and retail centers, housing from
dense urban centers to spread-out foothill
neighborhoods, a university campus, parks, community
centers and possibly a ski resort—all tied together
by a "transit spine." (D-News)
(Daily
Herald) (SL
Trib)
Utility Officials Praise Takeover of PacifiCorp
- Utah
utility officials on Monday were nearly gushing over
the apparent benefits they see in billionaire Warren Buffett's takeover of PacifiCorp, Utah's largest
electric utility.
Those benefits include promises to increase
PacifiCorp's corporate presence from Portland to
Salt Lake City, a delay in a 2006 scheduled
electricity rate hike, and a working group to study
the economics of building a clean-coal power plant
in Utah. (D-News)
Geologist Sees Potential for Giant Oil Fields in
Utah
- One of Utah's most experienced petroleum geologists
said Monday that the central Utah oil and gas
province, discovered last year, could be bigger than
the famous Wyoming Thrust Belt. If the newly
discovered Central Utah Thrust Belt has 1 billion
barrels of recoverable oil, at today's price the
crude would be worth $60 billion. (D-News)
NASA Gives ATK/Thiokol New Contract
- The
National Aeronautics and Space Administration chose
Alliant Techsystems (ATK/Thiokol) to serve as the
prime contractor to design and develop the
propulsion system for NASA’s next generation of
space vehicle. ATK spokesman Bryce Hallowell: "Now,
we should have plenty of work for ATK/Thiokol's
1,500 Utah employees who are involved in building
rocket motors for decades to come." (SL
Trib)
Utah Economy Looking Good; Jobless Rate Decline
is Only Small-business Negative
- Zions
Bank's monthly survey of small business conditions
dipped slightly in November, but the bank remains
optimistic about the state's economy in the new
year. Zion's Small Business Index for Utah declined
to 113.2 in November, from a revised 113.7 in
October. (D-News)
Katrina's Wreckage a Boon to Utah Convention Biz
- Utah
picked up three conventions that New Orleans was
unable to host -- and a fourth from Orlando, Fla. --
because of wreckage from this fall's hurricanes. Two
were new additions to the schedule, while the other
two conventions were already scheduled to come to
Salt Lake City, but at later dates. (SL
Trib)
HP CEO to UITA: Companies Who Embrace Change
Will Succeed
- In the
next five years, as much data as has existed in the
entire world will be created again, according to HP
President and Chief Executive Officer Mark Hurd. The
companies who succeed will be those who embrace
change and turn it into a competitive advantage, he
says. Hurd shared his insights with a sell-out
audience of more than 700 technology business and
community leaders at the seventh annual Utah
Information Technology Association (UITA) Hall of
Fame Event at the downtown Marriott in Salt Lake
City Friday night. (PRNewswire)
(D-News)
Trouble in the Valley Fair; Store Owners Worry
About Mall's Future
- By
spring 2007, Valley Fair Mall's new owners hope to
launch a multimillion-dollar renovation of the
fortress-like shopping center. Redevelopment of the
1970s-era enclosed mall - across from City Hall,
where construction of a transit hub will begin next
year - is seen as a key component to West Valley
City's planned downtown. (SL Trib
here and
here)
Proposed State Budget Includes $62M for USTAR
- Gov.
Jon Huntsman Jr.’s 2007 budget proposal includes $62
million for the Utah Science, Technology and
Research initiative (USTAR), including $50 million
for new buildings at the University of Utah and Utah
State University.
(D-News)
(Standard-Examiner)
(SL
Trib)
Utah Valley Firm Wins Entrepreneur Award
- The
Utah Valley Entrepreneurial Forum named its
Entrepreneur of the Year, during the nonprofit
group's annual awards ceremony at the Provo
Marriott. (D-News)
American Tire expands Utah operation
-
American Tire Distributors Inc. has expanded its
presence in Salt Lake City, moving to a 115,000 sq.
foot distribution center.
(Charlotte
Business Journal)
Survey: Image of Utah is Harsh Until CEOs Visit
the State
- A new
survey of 21 corporate leaders involved in business
relocations and expansions in the state found the
biggest obstacle to economic development is simply
getting the executives to come here. Once business
leaders visit - to ski or scout for a possible
location - the place often does the recruiting work.
But persuading them to take the trip can be a
problem. (SL
Trib) (D-News)
Businesses Say W. Bountiful Abused its RDA
Powers
- A
handful of small business owners in West Bountiful
say the RDA arrangement with Costco symbolizes a
greedy deal that cost them sales, a prime freeway
location and for some, their livelihood. Of the 30
or so businesses that had shops on the site where
Costco was built, at least two have gone out of
business. Others may soon close. (D-News)
(KSL)
More City Dwellers Equate to More Services
- A push
to reinvigorate downtown Salt Lake City with more
city dwellers could bring families downtown with
demand for more schools, grocery stores and
transportation in tow. An ordinance approved by the
city's planning commission last month could heighten
that possibility, if the City Council also votes to
allow ground-floor housing throughout the city and
along Main Street. (D-News)
Incentives Key for IKEA/Draper Deal
-
Roughly $2.8 million in incentives helped Draper
land home furnishings store IKEA, a contract between
the city and company shows. The incentives, detailed
in a development agreement, include $1.2 million for
the infrastructure and $1.6 million for the fees —
icing that helped coax the Swedish retailer to the
33,000-resident suburb. (D-News)
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Family:
I am married to the former Nancy Halling from
Layton. We have a 20-year-old, twin daughters
17, and an 11-year old.