President's Message
Have You Reserved Your Table for EDCUtah's Annual Meeting?
I hope by now you have reserved your table for EDCUtah's Annual Meeting,
which will be held on Wednesday, Sept. 16 at the Grand America Hotel. It is an
event you won't want to miss. Registration begins at 7:30 a.m. with breakfast
served at 8 a.m. To reserve a seat, call Amber Deibert at (801) 323-4251 or e-mail adeibert@edcutah.org. For table sponsorships contact Art Franks, afranks@edcutah.org or (801) 323-4242. Please RSVP by September 10. Click here to view the 2009 EDCUtah Annual Meeting Invitation. I look forward to seeing you on Wednesday, September 16!
Also, congratulations to former Governor Jon Huntsman on his
appointment and confirmation as the U.S. Ambassador to China. Further, we extend a hearty
welcome to Utah's new governor, Gary Herbert. I have had the pleasure of working
with Governor Herbert in various capacities and look forward to his leadership
in economic development.
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
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In the News
Utah offers leading life science company incentives to expand operations in the state
The Governor's Office of Economic Development Board has offered a post-performance incentive to Edwards Lifesciences Corporation, the global leader in the science of heart valves and hemodynamic monitoring, to expand its manufacturing presence in Utah.
(Utah Pulse) (Salt Lake Tribune) (Deseret News)
Utah Gov. Gary Herbert names Jason Perry chief of staff
Utah Gov. Gary Herbert has named the director of the state's economic development office as his chief of staff. Jason Perry had also been serving as Herbert's transition director until Tuesday's inauguration.
(Salt Lake Tribune)
Economic development: Herbert says Utah companies come first
Newly minted Gov. Gary Herbert, in his first concrete policy departure from his predecessor, says he will take a different approach to economic development -- an issue both Herbert and former Gov. Jon Huntsman Jr. identified as their top priority.
(Salt Lake Tribune)
Recession increases national park visits
The Obama administration says the recession is convincing more people to stay closer to home and visit inexpensive national parks, just like the president did this past week as he toured Yellowstone and the Grand Canyon.
(Deseret News)
Soccer gives Sandy big boost
Tourists from all over the country flocked to the city of Sandy to attend the 2009 MLS All-Star Game on July 29 at Rio Tinto Stadium. By most accounts, they didn't hold back on the spending.
(Salt Lake Tribune)
International Marketplace contract finalized
West Valley City has finalized an agreement for the development of an international marketplace by agreeing that shops in the project be dedicated to specific geographic regions or ethnicities.
(Deseret News)
Made for Utah's outdoors
When it came time to pick a place to start his own company it was simply a "no-brainer" for Utah native Chris Washburn. With bike enthusiasts from all over the world traveling to the state to ride at its many resorts, on scenic highways and desert trails, Utah provided Washburn and his wife, Nancy, with a perfect testing ground for their dream.
(Daily Herald)
BYU's MBA program 16th in nation
BYU's MBA program is ranked 16th in the nation for return on investment in Forbes Magazine's biennial list of best business schools in the publication's Aug. 24 issue, two spots ahead of its position in 2007, the last time Forbes published the list.
(Deseret News)
Target: New coal seam
From the base of a 1,000-foot cliff face, a Utah company is blasting a set of tunnels to reach a rich coal seam deep in a mountain range. UtahAmerican Energy Inc., a subsidiary of Ohio-based Murray Energy Corp., has spent nearly a year digging 500 feet of tunnels that will advance 1,200 feet into the Book Cliffs range, about 120 miles southeast of Salt Lake City.
(Salt Lake Tribune)
Utah Olympic Park awarded luge world championship
Utah Olympic Park has been awarded the 2013 Luge Junior World Championships, the first major luge competition on the track outside of Park City since the 2005 Luge World Championships. The International Luge Federation accepted the joint bid from Utah Olympic Park and USA Luge last month at its annual meeting in Liberic, Czech Republic.
(Salt Lake Tribune)
New film incentives mean more leading roles for Utah
The landscape is arid. The air parched. Our hero, faltering. John Carter is struggling to survive, making his way toward the West's promise of gold after the Civil War. Suddenly, he's transported to an alien world where even more harrowing adventures await—he's on Mars. Well actually, it's Utah.
(Utah Business Magazine registration required)
Calendar
September 9-11
ULCT (Sheraton, SLC)
September 16
EDCUtah Annual Meeting (Grand America Hotel, Salt
Lake City) (breakfast meeting)
September 19-23
IAMC (Minneapolis, MN)
October 4-7
IEDC (TBD)
October 15
Quarterly Investor Update (Jewish Community Center, Salt Lake City)
November 18
Board Meeting (Salt Lake Country Club)
December 16
Holiday Open House (EDCUtah)
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Feature Story
Utah County Geared Up for Jobs, Growth
Utah County Commissioner Gary Anderson hates taxes. His counterparts on the
commission, Larry Ellertson and Steve White, don't like taxes much, either. So
these government leaders, who preside over the fastest growing county in the
state, have turned to economic development to build the economy, grow jobs and
lessen the tax burden on county residents.
"We do not like taxes. Our people do not like taxes," Anderson reiterates.
"Rather than raise taxes, we are expanding our economy by growing businesses. We
have the infrastructure -- the power, the water, the workforce and the government
willpower to make it happen. Utah County is business-development friendly, and we are
becoming more so every day."
Such political will, combined with the support of local business and civic
leaders, has turned the county into a hot bed for growth. Says Anderson: "Utah
County is hot, and we are so excited we can't stand it."
The excitement is certainly well deserved. The Utah County economy was hit hard
when Geneva Steel shut down its operations permanently in 2002. The demise of
the steel mill cost the area thousands of jobs and put the county into economic
distress. In 2007, the Utah County Commission made the decision to outsource
economic development to the private sector, rather than create an economic
development department. Bids were let and EDCUtah was selected.
Anderson was skeptical that economic development could be outsourced. "I was
very skeptical," he emphasizes, "but willing to try it for a year and see how it
went. The results have been far beyond anything I ever dreamed possible."
After winning the outsourcing bid, EDCUtah's Russ Fotheringham took on the role
as economic development manager for Utah County, splitting his time between an
office on the Novell campus in Provo and his office at EDCUtah's headquarters in
Salt Lake City. Among his many activities, Fotheringham leads a monthly economic
development forum on the Novell Campus. The forums began with only four or five
attendees, but have since grown to include 40-50 attendees each month.
Participants include local mayors, economic developers, real estate agents,
county commissioners and even legislative leaders.
Through the economic forum, participants are able to discuss economic
development activities in the county, compare notes, receive training and stay
engaged with one another. "Everyone is on the same page and the whole county is
excited," says Anderson.
Through his economic development work, Fotheringham recognized that Utah County
was lacking in "prepared sites" -- business, industrial or commercial space with
sufficiently documented information, such as size, availability, infrastructure
and demographics -- which companies often seek when looking to expand or
relocate. Therefore, he began working with economic developers, real estate
companies and developers to add information about their commercial and
industrial properties to EDCUtah's SURE Sites database. To date 25 such Utah
County properties have been added to the database, with two or three more in
process. Fotheringham says his goal is to have at least 40 Utah County sites in
the database.
"Economic development opportunities are limited without having prepared sites,
that businesses can look at immediately," he says.
Anderson describes Utah County's relationship with EDCUtah as "the perfect
marriage," adding that "Russ works closely with the county as he leads the
economic development activities. He knows the territory; he has the contacts,
and EDCUtah provides him with the support. It's a win-win relationship."
The fruits of the Utah County-EDCUtah teaming relationship are readily apparent,
with more to come. Anderson points out that Microsoft is leasing space at
Thanksgiving Park in Lehi, where it will employ approximately 100 personnel, and
Delta 7 Sports has expanded its advanced composites and manufacturing facility
in Payson, creating 50 new, full-time jobs. Meanwhile, albeit scaled back
somewhat due to the recession, Duncan Aviation is still locating a corporate jet
service center at the Provo airport, with plans to expand as the economy turns
around.
"And that's just the tip of the iceberg," says Anderson. "We are looking at the
addition of 3,000 - 4,000 new jobs in Utah County over the next couple of
years."
EDCUtah President and CEO Jeff Edwards shares Anderson's excitement. Edwards
isn't in a position to speak of specific details, but says Fotheringham and
EDCUtah's economic developers are working on several large, high-value projects
that are considering Utah County locations. "There are a wide variety of
opportunities that could add many jobs to the county in sectors from
manufacturing to engineering," he adds.
Creating jobs in a variety of business sectors is important to the Utah County
Commissioners. Being called a "mini Silicon Valley" is great, Anderson says, and
having two universities in the county has helped foster growth in the IT sector,
but the commissioners are interested in creating both blue collar and white
collar jobs. "We want a good mix of manufacturing and technical-type jobs," he
explains.
Edwards says Utah County is lucky to have commissioners who are so focused on
economic development and fortunate to have achieved such a high level of
interest and participation from so many Utah County communities.
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