President's Message ITT Announces Expansion to Salt Lake County with 2,700 New Jobs Last week EDCUtah celebrated a massive win in the composite engineering and aerospace/aviation industry. ITT Electronic Systems announced that it will expand its Utah operations by making a capital investment of more than $120 million and hire 2,700 workers over the next 15 years. This project represented significant hours of hard work for Teri Klug, EDCUtah senior business development manager, our business development team, and the tax incentive team at the Governor's Office of Economic Development (GOED). The win is an excellent example of the unique teamwork approach enjoyed in Utah as we work to meet the needs of individual clients. We are thrilled to welcome ITT's expansion project and know that it will further enhance Utah's reputation in the critical cluster of composite engineering. On another subject, many thanks to EDCUtah's staff and investors that participated in the 2011 golf tournament. Thanks especially to Price Realty Group for its title sponsorship. You can read all about it in our feature this week. 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 President and CEO

Feature Story And the Winners Are...EDCUtah Announces Results of Golf for Grants Tournament The results are in and EDCUtah's 2011 Golf for Grants Tournament was another "driving" success, thanks to the support of 138 enthusiastic golfers, the tournament's many sponsors, and uncommonly nice weather June 8 at Eaglewood Golf Course. Art Franks, director of membership development for EDCUtah, says three teams drove, chipped and putted their way to the winner's circle from a grueling field of 34 teams. Topping the leader board: 1st Place - Sandy City I Nick Duerksen Kasey Dunlavy Randy Sant Jason Burningham 2nd Place - Penna Powers Brian Haynes Michael Brian Tania Mashburn Easton Nile Monty King 3rd Place - The Layton Companies Dave Layton Lyle Beecher Cary Nelson Monte Ray When they weren't in the heat of competition the players were entertained and refreshed by hole sponsors. For example: At hole 10, sponsor Hunt Electric kept the tournament players humble by having them compete with a collegiate golfer to see if they could out drive her. At hole 14, sponsor Bank of Utah had blenders fired up and ready to go with fresh fruit smoothies for each of the players as they arrived. At hole 15, sponsor Penna Powers Brian and Haynes proved that it is never safe to drink and "drive" (pun intended) by having each golfer drive the ball while wearing a pair of impairment goggles, which simulate a blood alcohol level of approximately .08 - .15 and give the wearer the perception of being drunk. "That was really entertaining!" notes EDCUtah Program Manager Sherrie Martell. In the end, all of the participants were winners, having enjoyed more camaraderie, fun, food and raffle prizes than could ever be had in a day at the office. A few of the hole sponsors had drawings for prizes during lunch at the clubhouse. The sponsors included SOS Staffing, Cottonwood Group at Wells Fargo Advisors, Hunt Electric, Penna Powers Brian and Haynes, Bank of Utah, and Hale Centre Theatre. The prizes included a new 32" ultra slim Sony LED TV; two Apple Ipads; a diver's watch; a 4 in 1 HP printer/copier; and a Sony Blu-ray DVD player. As always, profits from the tournament will help fund another cycle of the Community Match Grant Program. EDCUtah started the Community Match Grant program in 1990 to support the grass roots economic development efforts of communities and counties throughout the state. Martell says matching grant requests for Cycle 33 may be submitted to EDCUtah through March 1, 2012. Grant awards will be made April 1, 2012. Naturally, neither the Golf for Grants Tournament or the Community Match Grant Program would be successful without the significant sponsorship support of EDCUtah's investors. "Once again, special thanks to Steve Price and the Price Realty Group for leading the tournament as our title sponsor," says Franks. "Further, we also deeply appreciate our other golf tournament sponsors and the continued support of Mountain America Credit Union, which has become a major sponsor of the Community Match Grant Program. I would also like to thank the EDCUtah team and our volunteers for their continuous support and assistance."

Calendar

June 22
EDCUtah Quarterly Investor Update Meeting and Reception, 3:30 - 5:30 p.m. (Hale Centre Theatre, 3333 South Decker Lake Drive, West Valley City)

June 27-30
2011 BIO International Convention (Washington DC)

July 5
Deal Advancement:Argosy University NO FEE WORKSHOP -- "Driving Results through Sales and Marketing" (Salt Lake city)

Aug. 2
Deal Closure: Argosy University NO FEE WORKSHOP -- "Driving Results through Sales and Marketing" (Salt Lake City)

Sept. 6
Business Tools - CRM, etc.: Argosy University NO FEE WORKSHOP -- "Driving Results through Sales and Marketing" (Salt Lake city)

Nov. 16-17
Utah Renewable Energy Business Summit (Salt Palace Convention Center)

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ITT expansion to create over 2,700 jobs in Utah
Utah got a big economic boost Thursday as a global defense contractor made a major commitment to increase its Utah operations and bring approximately 2,700 jobs to the state over the next 15 years.
(Deseret News) (Westport News) (Military & Aerospace) (Area Development Online) (Salt Lake Tribune)

Major natural gas development in Uintah Basin could mean up to 4,000 jobs
A major natural gas development in the Uintah Basin that could create more than 4,000 jobs over the life of the project moved closer to reality Thursday following the announcement of a plan to mitigate air quality impacts of developing more than 3,675 natural gas wells.
(Deseret News) (Salt Lake Tribune) (Vernal Express)

Utah economy improving -- slowly
A growing economy is expected to ease the pressures on state government, with a surplus of up to $110 million projected for the fiscal year ending this month, lawmakers were told Tuesday.
(Salt Lake Tribune)

Gov. Herbert Speaks at Dixie State About Economy, China
Utah Gov. Gary Herbert spoke at a luncheon at Dixie State College on June 10. Among other topics, Herbert spoke about the economy, China's continuing rise to prominence in international business, and the importance of small business during Utah's recovery from the Great Recession.
(stgnews.com)

Business Incubator Holds Grand Opening
Eagle Mountain City holds grand opening event for its business incubator development program (BIDP) Eagle Mountain City's BIDP is an innovative approach to economic development, and is believed to be Utah's first city sponsored business incubator that uses no taxpayer dollars.
(Utah Business)

Utah tourism officials tout Japan flight, film incentives
Using the resumption of flights between Salt Lake City and Tokyo as a celebration point, representatives of Utah's tourism industry have been in Los Angeles this week pitching the state on two economic fronts.
(Salt Lake Tribune)

Medical records outfits add jobs in South Jordan
Even as postrecession job growth stagnates, companies that organize and manage medical records are planning to add about 200 positions in Utah this summer.
(Salt Lake Tribune)

Big-D Construction named 2011 "Best of State" award winner
Big-D Construction received a 2011 "Best of State" Award in the category of Commercial Construction during the Best of State Awards Gala on Saturday, June 4th.
(Business Wire)

Dick's Sporting Goods almost ready for mall
Layton Hills Mall is changing. The mall recently said hello to a new store and is about to say goodbye to a longtime tenant. In the next few months the mall will gain two more stores while undergoing renovations inside and out.
(Standard-Examiner)

USU team turns waste gas into a fuel precursor
Utah State University biochemists have stumbled onto a reaction that converts carbon monoxide into hydrocarbons in a process than could be developed into new ways of producing synthetic fuels.
(Salt Lake Tribune)

Guv: Hosting nation's governors will boost Utah's economy at no cost to taxpayers
Hosting the annual meeting of the National Governors Association next month will be a big boost to the state's economy at no cost to taxpayers, Gov. Gary Herbert said Wednesday.
(Deseret News)

Utah receives average grade for manufacturing
The Beehive State rates in the middle of the pack when it comes to manufacturing productivity across the nation, according to a new report. Utah was among the 20 states that received a C grade from the 2011 Manufacturing and Logistics National Report.
(Deseret News)

County seeks to diversify economy
The Summit County task force on economic development met for the first time May 18 and is scheduled to meet again June 22.
(Park Record)

Morgan County Council: Let's be business friendlier
Because the county lacks infrastructure to attract large businesses, officials are focusing economic development efforts on the things they can do now, including identifying unfriendly business ordinances.
(Standard-Examiner)