Jan. 6, 2009

  A Publication of the Economic Development Corporation of Utah
CEO Jeff Edwards

President's Message

Happy New Year, Utah!


The New Year is a great way to celebrate all that Utah has to offer and the things that make the state such an excellent draw for economic development. The University of Utah football team gave Utah a cheerful start to the New Year by beating the Alabama Crimson Tide in the Sugar Bowl last Friday in New Orleans, Louisiana. On behalf of EDCUtah, I would like to send warm congratulations to the entire team and especially to quarterback Brian Johnson, who spent a semester as an intern working for EDCUtah. We hope the win by the Utah football team is a harbinger of the many wins EDCUtah expects to see in economic development over the course of 2009.

EDCUtah would also like to remind you of our yearly southern Utah reception, held at the Entrada Resort in St. George, which takes place in conjunction with "What's Up Down South," the yearly economic development summit at the Dixie Center. We hope you can attend this excellent event and get involved in all the positive economic development work going on in the southern part of our state. Event details are as follows:

Entrada
Tuesday, January 13, from 6 to 8 p.m.
Entrada @ Snow Canyon Country Club
2537 W. Entrada Trail, St. George
www.golfentrada.com
Click here to view our invitation (PDF).

Please RSVP by Wednesday, Jan. 8 to Eileen Burt by calling 323-4249 or e-mail eburt@edcutah.org. We do hope to see you there!

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


Feature

'What's Up Down South?'
to Focus on Positive Indicators for Economic Development


The collapse of the housing market hit Utah's "Dixie" right between the eyes and anyone remotely associated with the residential real estate and construction markets there has felt the subsequent pain.

Still, despite the market's free fall and the struggle for residential housing prices to find a bottom, economic development leaders see the situation as a temporary one and express optimism about the strength of the underlying economic base. The 12th annual Washington County Economic Summit, to be held Jan. 14 at the Dixie Center in St. George, will showcase the strength of that base. The summit runs from 7 a.m. to 2 p.m., with a free bonus session from 2 to 4 p.m. and Jill Ellis, planning chair for the summit, says she expects the summit will draw between 750 and 1,000 participants.

Michael Flynn, vice president of public development for EDCUtah, says the summit is an exciting event that brings together the public and private sectors in one forum.

Governor Jon Huntsman will open the summit, kicking off a day packed with keynote addresses, breakout sessions featuring high-powered business leaders, and networking events. Here are a few highlights of what participants can expect to experience:

  • EDCUtah President and CEO Jeff Edwards will help lead a breakout session covering healthcare reform. Since the Utah legislature passed a bill setting up a task force to study comprehensive health care reform, everybody with a stake in the issue has been bringing out ideas and issues for discussion. The healthcare reform session will discuss various proposals including how new national leaders and their policies may affect the health care scene.
     
  • World Trade Center Utah President and CEO Lew Cramer will team up with the Jones Waldo group in a break session that demonstrates how small businesses can access new markets, sell goods overseas and create new jobs at home. Exporting can be an avenue to tap into the increasing global marketplace and its advantages can mean big opportunities for entrepreneurs that want to capitalize on emerging markets worldwide.
     
  • Three Utah-based experts who have made effective use of social networking and other interactive web tools will lead a panel discussion about their experiences. Kelly Anderson of Startup Princess, Jim Bannister of SpectrumDNA, and Marek Czerny of storesonline.com will focus on what social networking is and how businesses can leverage this and other emerging capabilities such as blogs, interactive discussions and machine-to-machine communications. The discussion will be moderated by USTAR regional director William Pratt.
     
  • The Lake Powell pipeline: The availability of water resources is critical to continued population growth in Utah's Dixie. The Lake Powell Pipeline is a proposed solution. While controversy continues to swirl over the issue, the facts are frequently not explored. This session will illuminate some of the outcomes and implications of water sources including a report of two who hiked the proposed pipeline route in the fall of 2008.
     
  • Utah entrepreneur Amy Rees Anderson will give the luncheon keynote address. Amy is the CEO of Mediconnect Global, Inc., an online medical record retrieval company that she founded. The company now employs over 1,000 individuals worldwide. Mediconnect utilizes state-of-the-art web technologies and a patented workflow design to facilitate the retrieval of patient medical records for the Legal, Life Insurance, Health Insurance industries as well as for consumers.
     
  • "What's Up Down South?" is a popular session at the summit. It features 12 presenters that will highlight their expansion projects in quick, five-minute intervals. Scott Hirschi, director of the Washington County Economic Development Council (WCEDC) says he knows of at least one closely held announcement that will come out of the "What's Up Down South?" session. He notes that participants will also hear from the developers of the old airport site in St. George.

    "We call it our own 'City Creek Center,'" Hirschi says, referring to the massive development taking place in downtown Salt Lake City.

    Another point of interest to be covered will be St. George City's "SunSmart" program, which is a unique and aggressive approach to alternative energy, where residents can purchase solar panels that are located, operated and maintained for them at a city-owned facility.

    Presenters will also cover activities surround the new St. George airport as well as developments in Iron County and Mesquite, Nevada.

The afternoon "bonus sessions" offer an opportunity for extended learning and networking after lunch. The bonus sessions are open to the general public at no charge. Click here to view the summit's schedule of events.


CALENDAR


Jan. 13, 2009:  Entrada
at Snow Canyon Country Club;  reception 6 to 8 p.m. Invitation (PDF).

Jan. 14:  Washington County Economic Summit, 7 a.m. to 2 p.m., Dixie Center, St. George, UT www.whatsupdownsouth.com

Jan. 15: Utah Commercial Real Estate Symposium, Salt Palace Convention Center, Room 255. Register here.

March 24-26:  JEC Composites Show (Paris, France) http://www.jeccomposites.com/jec-show/


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Utah Football Team Wins the Sugar Bowl!


Southern Utah Spotlight


Despite the current downturn in the residential real estate and construction market, the region is home to magnificent scenery, a dry climate and a plethora of recreational opportunities, such as boating, hiking, biking, skiing, snowmobiling and hunting, that have made it one of the fastest growing areas in the nation for four decades.

"Interestingly, and despite the current negative economy, all of the elements that attract people to southern Utah are in place," says Scott Hirschi, director of the Washington County Economic Development Council (WCEDC). "The lifestyle, the climate, the scenery and the recreational opportunities that helped drive 40 years of growth are still here. So we see the current situation as a temporary hiatus. The growth will be back in earnest for the entire region, including Beaver, Iron, Kane and Washington Counties."

Hirschi says suggestions by some that Utah's Dixie, as that region of the state is known, was running out of land helped drive up prices, but in reality there is plenty of land available. Less than 50 percent of the available land has been developed. So, too, for water resources there. Hirschi says Washington County is not running out of water and could sustain a population double or perhaps even triple the county's current population of 150,000 without additional water resources. Of course, water is an issue long term, but efforts are underway to develop additional resources, including the Lake Powell pipeline, which will be discussed at length during a breakout session of the Washington County Economic Summit.

Michael Flynn, vice president of public development for EDCUtah, adds that St. George has a lot going for it and strong leaders like Hirschi and St. George Mayor Daniel McArthur will help it ride out the economic slowdown.

"Southern Utah has been such a huge part of our success," Flynn says, "and companies know they can ride out the storm there. The city has a phenomenal industrial park and other key developments that will help it through the current economic conditions. All indications are that Dixie's economy will be back, stronger and better than before."

Hirschi says St. George and Washington County have enjoyed a 12-year partnership with EDCUtah.

"EDCUtah is a high-class organization and our partnership is critical to economic development efforts in southern Utah. Beyond that, Jeff Edwards is my good friend and hiking buddy and it is a pleasure to associate with him," Hirschi adds.


In The News

Economic Development Headlines from the Past Week

Affordability at Park City's back door

- HEBER CITY, Utah -- This is a place that truly lives up to its motto: "European charm. Western adventure." It's where Swiss Miss meets Buffalo Bill. You can stay at a Swiss-style luxury lodge and catch a cowboy poetry jam after dining on wild boar at a local restaurant. Or you can ski or snowmobile in the "Utah Alps," as the surrounding mountains are called, ride an old steam train through ranchland, and take a dip in a thermal crater. (Boston Globe)

10 great cities for salary growth

- The Provo/Orem and Salt Lake metro areas rank among the 10 best cities for salary growth. ( Yahoo! HotJobs)

Two Utah companies post stunning gains for 2008

- Utahns with the foresight to own shares in Myriad Genetics or Merit Medical Systems were richly rewarded by those investments during the past year. Despite sharp declines in the nation's stock markets in 2008 -- the Dow Jones industrial average fell 34 percent and the S&P 500 38 percent -- Myriad's shares closed the year at $66.32 for a staggering 43 percent gain. Merit's stock price advanced an eye-popping 29 percent to close the year at $17.88. (Salt Lake Tribune)

Salt Lake sunshine: solar power plan a bright idea

- Salt Lake County's solar power initiative is a ray of sunshine in a dark, gloomy and rapidly warming world. There's nothing unique about the technology. But the funding mechanism merits more than a mention. If all goes according to plan, the roofs of 50 county-owned buildings will soon be covered with arrays of solar panels producing clean, renewable electricity, and they won't cost taxpayers a dime. (Salt Lake Tribune)

Delta, Northwest International cuts bypass SLC

- Delta Air Lines and its Northwest Airlines subsidiary are delaying or cutting some flying to China and Europe because of poor market conditions, but the reductions haven't touched Salt Lake City so far. (Salt Lake Tribune)

Op-ed: Utah's financial future looks bright for 2009

- For many Americans, the financial and economic turmoil of 2008 was the worst they have ever experienced. The typical household usually generates wealth from three major sources: jobs, home equity and retirement accounts. The U.S. jobless rate in November hit 6.7 percent, the highest since 1993. The "underemployment" rate has shot up to 12.5 percent. A total of 1.9 million jobs were lost from January through November. (Deseret News)

Logan company floats hydropower plan

- A Logan company is floating its second proposal for a hydropower pump project near Bear Lake. (Deseret News) (Herald Journal)

Raser Technologies adds more than 50,000 acres to its geothermal resource portfolio

- Raser Technologies, Inc. announced that it will continue to expand its vast geothermal resources by acquiring 17 new lease parcels covering more than 50,000 acres of geothermal, surface and other rights in Utah as a part of the BLM (Bureau of Land Management) geothermal auction on Friday, Dec. 19, 2008. The new leases increased Raser's total geothermal holdings to over 300,000 acres in five states. (Utah Business)

The Department of the Air Force awards $12.3 million contract to Williamsen Manufacturing

- Williamsen Manufacturing, a Salt Lake City based fabrication and heavy manufacturing company, has been awarded a $12.3 million contract by Hill Air Force Base.(Utah Business)

Grow Utah Ventures Community Scholarship Program opens doors for Utah's elite entrepreneurs

- Grow Utah Ventures announced the Entrepreneurial Leadership Initiative for Tomorrow's Enterprise (ELITE) community scholarship program designed to prepare a select group of rising entrepreneurs with the capabilities to create and lead future high growth companies that will drive Utah's economy in the years to come. (Utah Business)

A blizzard of ski dollars

- The lifts had just started running Friday morning and already the Snow Park Lodge plaza was abuzz with activity. Lines at a half dozen ticket windows were steadily four to five people deep. Green-jacketed ski instructors were everywhere, rounding up their classes. Hundreds of people hustled about. (Salt Lake Tribune)

Voonami, Inc. announces three new adaptive data centers

- Voonami, Inc., a provider of outsourced IT infrastructure and data center solutions, announced the opening of their first of several data centers at the Canyon Park Technology Center in Orem. The company also announced two new adaptive computing data centers to be built in Sandy and in Utah County. (Utah Business)

Iron County '09 outlook is positive

- Despite on-going economic struggles, the outlook is positive for Iron County in 2009 with the promise of diverse trade and a continued strong tourism industry throughout Southern Utah. (Spectrum)

Utah looking for more action sports events

- Forever optimistic, Utah Sports Commission president Jeff Robbins hopes a new alliance of action sports will stage more events in Utah, given the enthusiasm Utahns have displayed for The Dew Tour. Almost 64,000 people attended the four days of skateboarding, BMX and freestyle motocross last September in and around EnergySolutions Arena in Salt Lake City. That included a Dew Tour single-day record of 26,000. (Salt Lake Tribune)

Utah company picked to supply products for 6 of the bowl games

- Ogio, a bag manufacturer based on Bluffdale, was a winner this bowl season, with its products purchased by organizers of six of the 34 games. In some cases, the bags were provided to players, coaches and staffs as part of their package of gifts provided by the bowl committees. Some bags also make their way into the hands of bowl organizers, media covering the games or bowl sponsors. (Deseret News)