| President's Message
Golf for Grants; 4th Annual Milford Renewable Energy Fair
EDCUtah's annual Golf for Grants Tournament is coming up fast. We hope you are planning to tee up with us for a fun day of golf, prizes and camaraderie. Best of all, it supports a worthy cause -- helping further economic development efforts across the state through our Community Match Grant program. We are still signing up sponsors for the event. If your organization would like to be a sponsor please contact Art Franks, our director of membership development, via email (email@example.com) or phone (801) 323-4242.
Unrelated to the tournament, but important, next Thursday, April 26, the 4th Annual Milford Renewable Energy Fair takes place in Milford. Approximately 900 people are expected to attend the fair, which the Southwest Utah Renewable Center (SUTREC) sponsors with support from First Wind, Rocky Mountain Power, the Utah Department of Workforce Services, Salt Lake Community College, the Utah Office of Energy Development, Cyrq Energy, Beaver County, enXco, UAMPS, Milford Chamber of Commerce, USTAR and SUTREC. The U.S. Department of Labor also provides funding support for the both the fair and SUTREC Energy Education Trailer.
The fair has grown into a significant renewable energy event, which is fitting since Beaver County is the home to First Wind's Milford Wind Project, the Blundell Geothermal plant, the Cyrq Energy Geothermal plant and one of Utah's first hydroelectric power plants.
The event is free and begins at 9 a.m. at Milford High School in Milford, 62 North 300 West. Read more about the energy fair here, or visit the SUTREC site here for details.
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!
President and CEO
Hot Energy Sector Fires Economy, Grows Jobs in Duchesne, Uintah Counties
Don't try to turn left, across traffic, onto State Highway 40 in Vernal. It's difficult.
A year ago, Uintah County Economic Development Executive Director Tammie Lucero thought increased traffic on Highway 40 was a possible sign the economy was picking up there. She was right.
More Jobs than Workers
Today, Highway 40 is one busy road -- a true reflection that the economies in Uintah and Duchesne Counties are exploding. Unemployment is virtually non-existent. In fact, in these two Utah counties, businesses are struggling to fill available jobs. Retail and commercial developments are growing and the housing sector is starting to feel the pressure.
According to the latest employment estimates from the Utah Department of Workforce Services, Duchesne County leads the state in year over year non-farm employment growth at 9.7 percent. Uintah County is close behind at 6.6 percent, followed by Wasatch County at 6.3 percent. By comparison, Utah County experienced a 4.8 percent increase, followed by Davis County at 3.3 percent, Salt Lake County at 2.9 percent and Weber County at 1.2 percent.
Other rural counties enjoying increased employment growth include Grand (2.7 percent), Morgan (2.4 percent), Rich (2.1 percent), Washington (2.1 percent), Emery (1.7 percent), Kane (1.2 percent), Iron (1.1 percent), Garfield (.7 percent) and Sevier (.3 percent).
One might call what's taking place in Uintah and Duchesne Counties an economic conflagration and it is largely due to a hot energy industry. There are currently about 6,000 operating wells in the Uintah Basin, but based on projected energy development in the region, that number could mushroom to more than 20,000 wells in the next three to four years, says Lucero. She adds that this activity does not reflect energy development on tribal lands, where some 5,000 – 6,000 wells operate and additional expansion is expected.
In one highly anticipated development, the Greater Natural Buttes infill project may be close to Bureau of Land Management (BLM) approval. Proposed by Anadarko Petroleum Corporation for an existing developed gas field in Uintah County, the project would add up to 3,675 new natural gas wells from 1,484 well pads over 10 years under the BLM's preferred alternative identified in the Final Environmental Impact Statement (FEIS).
Lucero says Anadarko worked closely with conservation groups to develop a conservation agreement that would provide protections for the remarkable White River area while allowing the company to access energy resources. In this conservation agreement with the Southern Utah Wilderness Alliance, Anadarko agrees to limit the number of wells in and around the wilderness-quality lands of the White River and would lead to the creation of conservation easements along lands surrounding segments of the river.
Major Oil and Gas Projects
Other major oil and gas projects in the Uintah Basin include the following:
|Project Name||Proposed Wells||Proposed Well Pads||Approval|
|Gasco Uinta Basin EIS||1,298||575||Spring 2012|
|Riverbend EA||~378||~169||Fall 2012|
|Greater Chapita Wells EIS||~6,637||~1,188||2014|
|Greater Monument Butte EIS||5,750||~1,700||2014|
|XTO Field Development EIS||~7502||~4502||2015|
|Source: Uintah County|
Furthermore, Lucero says three companies -- one from Canada, one from Estonia and one from the U.S. -- are working feverishly to obtain approval for the development of the Basin's rich supply of oil shale and oil sands. According to an estimate by the U.S. Geological Survey Oil Shale Assessment Team, the total in-place oil shale resource for the Uintah Basin is 1.32 trillion barrels. However, a movement is underfoot by the BLM to pull back hundreds of thousands of acres from potential oil shale leasing first approved by the Bush Administration.
Lucero notes that Uintah and Duchesne Counties have banded together with counties in Wyoming and Colorado and signed a resolution demanding that the Obama administration reverse course on the leasing pullback.
The energy industry is an enormous contributor to the Uintah Basin economy via the direct and indirect jobs that it creates, but also in other ways. This week Newfield Exploration Company donated $250,000 to the Uintah Basin Applied Technology College (ATC) to help build additional classroom and lab space for the school's Petroleum Technology Certificate Program. The donation is timely, as Lucero says both the ATC and the Utah State University satellite campus in Vernal are bursting at their seams.
While the development of oil and gas resources continues to shape the Uintah and Duchesne County economies, Lucero says leaders in government, business and recreation, along with Ute Indian Tribal enterprises, are working hard to diversify the local economies by making the Basin more appealing to other commercial and industrial sectors as well.
Industrial Asset Management Council (Austin, TX)
Milford Renewable Energy Fair (Milford, UT)
ICSC RECon Tradeshow (Las Vegas, NV)
SAMPE Tradeshow (Baltimore, MD)
Utah Cyber Defense Challenge & Symposium Inaugural Event (Little America Hotel)
EDCUtah Golf for Grants Tournament (Eaglewood Golf Course)
Save the Date! Uintah County Energy Summit (Vernal)
Technology Venture Development Executive Education Seminar (University of Utah)
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In the News
Utah named state with best economic outlook
For the fifth year in a row, Utah has been named the state with the brightest economic outlook. According to the ALEC-Laffer State Economic Index, "Rich States, Poor States," Utah is the No. 1 state in the nation for economic outlook.
(Deseret News) (Salt Lake Tribune)
University of Utah's biotech building ready for research
Marc Porter is a smart chemist, but he can't solve the diagnostic puzzle of pancreatic cancer on his own. He needs surgeons, molecular biologists, oncologists, pathologists and engineers to help identify the disease's many biomarkers, develop assays for detecting them, and fabricate tiny biosensors that can be used in a clinical setting. That's the kind of cross-disciplinary research being done at the University of Utah's new multi-million-dollar USTAR building, which houses the nanoscience center Porter co-directs.
(Salt Lake Tribune)
Six years in, USTAR is beginning to shine
The Utah Science Technology and Research initiative (USTAR) was launched in 2006 with great fanfare. That year, the Utah Legislature provided the initiative with a hefty dose of cash—about $65 million in one-time funding, $110 million in bonding capacity and $19 million in ongoing funds.
(Utah Business Magazine)
Draft environmental study released for basing F-35s at Hill AFB
The Air Force on Friday released the draft Environmental Impact Statement for the first bases slated to receive the F-35A Joint Strike Fighter.
Utah must confront talent shortage, executives say
Utah's economy will struggle if the state's talent supply doesn't meet demand, area business executives said at the Utah Technology Council's annual members' meeting.
Progrexion says $1M Utah expansion could add 500 jobs
Progrexion, a North Salt Lake-based marketing company whose clients include consumer debt consolidation firms and credit repair services, said it plans to open a facility in West Valley City that could pave the way for hiring 500 people over the next year.
(Salt Lake Tribune)
Thousands of positions available for jobless Utahns
Need a job? Employers are looking for you.
Former HP Chair Carly Fiorina to keynote Zions Bank's Trade and Business Conference (Salt Lake Tribune)
Zions Bank will host its 11th annual Trade and Business Conference on Wednesday, May 23, from 8:15 a.m. to 1:30 p.m., at the Downtown Marriott.
4th Annual Milford Renewable Energy Fair
The 4th Annual Milford Renewable Energy Fair will take place on April 26th.
Utah's challenge: Get its waxy crude oils flowing
Utah has four of the nation's 100 largest oil fields, but development of its black wax crude has been slow in coming.
(Salt Lake Tribune)
Many Ephraim business strong despite economic downturn
Hay, metal and turkeys seem an unlikely mix—unless you're considering the impact they could make on a city.
RAMP to open factory in Park City
The Park City-based ski and snowboard company RAMP is preparing to open its own factory, both producing and selling their products from the same location.
Syracuse moves to be more business friendly
City leaders have adopted new revisions to sign requirements that are expected to be more business friendly.
US government finance programs help Utah exporters expand sales
Savvy Utah exporters and those seeking valuable information about numerous U.S. government finance programs designed to significantly assist qualified companies were the audience for the recent seminar hosted by Salt Lake Community College Miller Global Business Center and the Department of Commerce Export Assistance Center.
Governor's Office of Economic Development expands global reach at Expomin
Several Utah contracting, engineering and mining business leaders have gone south for the winter. But this was not a vacation.
Utah-Europe Days coming in May
Utah's exports to Europe have grown more than 111 percent from 2006 to 2011, with 2011 alone seeing a 37 percent increase.
Utah delegation honored with "Spirit of Enterprise" Award
Utah is one of only four states to have its entire congressional delegation receive the U.S. Chamber's Spirit of Enterprise award.
Wage gap emphasizes educational gap for Utah women (Salt Lake Tribune)
Utah's wage gap between men and women -- the third biggest in the country -- is about more than just money.
Utah student entrepreneurs win $40K for their inventions
Some very creative young minds took the top prize at one of the state's most coveted college business idea competitions.
Utah's smaller banks get money for small business
Utah's community banks have $126 million in additional lending capital, thanks to the federal Small Business Lending Fund (SBLF) established by the Small Business Jobs Act of 2010.
(Salt Lake Tribune)
Nano Day coming to the Natural History Museum April 21
NanoDays is a nationwide festival of educational programs about nanoscale science and engineering and the potential impact these developments will have on the future.
Utah losing Dew Tour events, millions of dollars of revenue
Disappointed but not discouraged is how Utah Sports Commission CEO Jeff Robbins describes the decision of Mountain Dew and Alli Sports officials to change the format of the Dew Tour that leaves Utah out in the cold.