edcUTAH Sept. 29, 2009
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Economic Review
Jeff Edwards, president & CEO of EDCUtahPresident's Message
Industrial Asset Management
a Key Factor in Economic Growth

I recently returned from the Industrial Asset Management Council (IAMC) Professional Fall Forum. It was an excellent opportunity to review how the current economic environment can affect credit markets and the business climate. Further, it re-emphasized for me how restructuring and reallocating resources can create opportunities for business growth in Utah. Other states having similar situations with high levels of activity with site visits, yet few projects moving to completion, indicates economic uncertainty nationally. I did recognize Utah's unique position as a highly desirable place for business, as seen in this week's ranking by Forbes. I left the forum feeling energized about Utah's strengths in leveraging our assets to help businesses expand here. For more information on IAMC click here.

I would also like to take a moment to thoroughly acknowledge our outgoing Board of Trustees and Executive Board members for their service, and warmly welcome the new members joining us this year. Your service to EDCUtah and to state-wide economic development is an integral part of why we have achieved the success we just reported on at out annual meeting. Please read this week's feature story for more information about the service and leadership of our Board and Executive Committee members.

Today's Economic Review also includes links to many of the economic development-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

Missed the EDCUtah Annual Meeting?

Check it out here.

In the News

Utah 3rd in best states for business ranking
Forbes ranks Utah the third best state for business. (Forbes) (Salt Lake Tribune) (Deseret News)

Tax Foundation ranks Utah among top 10 for friendliest business taxes
The top 10 friendliest states in the Tax Foundation’s ranking were South Dakota, Wyoming, Alaska, Nevada, Florida, Montana, New Hampshire, Delaware, Washington and Utah. (Tax Foundation)

Unmanned aircraft testing in the county’s west desert will bring 250 new jobs
While the presence of Dugway Proving Ground is already visible on the world’s battle fronts as a result of the chemical and biological testing that determines the reliability and survivability of all types of military equipment, it will soon be known for another reason entirely. (Tooele-Transcript)

Experts optimistic despite high unemployment
Southern Utah's labor market continues to struggle, with high unemployment levels and job losses in most industries, but experts believe the region has endured the worst of the recession. (Spectrum)

Deer Valley named top resort in North America
For the third year in a row, Deer Valley was chosen by skiers as the No. 1 ski area in North America. (Deseret News)

Digital media hot in Utah
Utah's digital media experts get animated when they talk about how science and art work together to create everything from simulations to films to video and online games. (Deseret News)

OP-Ed: State investment in Goldman Sachs great for Utah
I support the state's recent incentive for Goldman Sachs to expand their regional presence in Utah. The reason is simple: It will contribute to sustained economic growth creating wealth and opportunities for Utahns. (Salt Lake Tribune)

Utah is dedicated to creating a global workforce
Utah is a small state, so for us, economic development and participation in the global community are vital. (Utah Pulse)

SKI magazine gives Powder Mountain, Snowbasin high marks
The Top of Utah's two largest ski resorts have once again received accolades from a leading industry publication as cooler weather begins to turn local minds toward another season on the slopes. (Standard-Examiner)

Economy could be turning around
“Davis County has weathered the storm pretty well, but I don’t see us out of the woods yet.” (Davis County Clipper)

Women Entrepreneurs Conference planned
A Women Entrepreneurs Conference will be held Oct. 21 from 7:30 a.m.-3:30 p.m. at the Davis Applied Technology College, 550 E. 300 South, Kaysville. (Davis County Clipper)

Analysis: Farmington would benefit from hotel
A new hotel here could bring as much as $365,522 in additional tax revenue over 10 years, even if it takes incentives to make the project happen, a study shows. (Standard-Examiner)

6,900-square-foot bookstore to anchor new six-story building
After several months of preparation, Deseret Book opens today as an anchor tenant in the $11 million Earnshaw Building under construction at The Junction development downtown. (Standard-Examiner)

New WinCo DC facilitates Utah growth
Winco Foods set to expand into Utah... (Supermarket News)

Digging begins for new tech-education campus
Culinary-arts students at the Mountainland Applied Technology Center will soon have more room to spread their dough. (Deseret News)

Calendar

October 4-7
IEDC (Reno, NV)

October 12-14
CoreNet (Las Vegas, NV)

October 15
Quarterly Investor Update (Jewish Community Center, Salt Lake City)

October 22
PTAC Symposium (Layton, UT)

October 27-29
Solar Power International (Anaheim, CA)

November 18
Board Meeting (Salt Lake Country Club)

December 16
Holiday Open House (EDCUtah)

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The EDCUtah Economic Review is a weekly publication of the Economic Development Corporation of Utah. It is distributed to EDCUtah partners and selected other government and civic organizations interested in Utah's economic development.

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Feature Story
EDCUtah Recognizes Service of its Board
of Trustees and Executive Committee

During EDCUtah's recent annual meeting, sizable changes were made within the composition of its Executive Committee and Board of Trustees – two important groups that help guide the economic development organization's strategic planning and project work.

EDCUtah President & CEO Jeff Edwards attributes much of his organization's 22 years of success to the support and insight of the Board and Executive Committee, as well as the broad support of the organization's investor/partners. "Having exceptional partners is what makes economic development so successful and workable in Utah," he says.

Indeed, one of EDCUtah's great strengths lies in the diverse nature of its Board and Executive Committee. "The volunteers that serve in these two bodies represent state and local governments, higher education, utilities, public organizations and large and small private businesses. Further, our private sector Board and Executive Committee members represent law firms, construction companies, commercial real estate brokerages, banks and many other types of businesses," he says. "Such a broad mix of support is truly unique within economic development circles."

Changes come annually to the two governing bodies, with the retirement of those who have served their three-year terms and the induction of newly nominated members. Of those retiring, Edwards says he and his team are deeply grateful for their service, for giving so generously of their time and talents to further economic development in Utah.

Outgoing Board of Trustees Members

  • Blaine Carlton, Ballard Spahr Andrews & Ingersoll
  • Mike Homer, Suitter Axland, PLLC
  • Dave Colling, Henriksen Butler Design Group
  • Scott Parkinson, Bank of Utah
  • Diana Young, Prince Perelson & Associates
  • Sid Paulsen, Select Health
  • Rick Davis, Callister Nebeker & McCullough
  • Bill Martin, Commerce CRG / Cushman Wakefield
  • Peggy Larsen, Workers Compensation Fund
  • Kelly Matthews, Wells Fargo Bank
  • Jason Perry, Governor's Office of Economic Development

Outgoing Executive Committee Members

  • Rick Davis, Callister Nebeker & McCullough
  • Bill Martin, Commerce CRG / Cushman Wakefield
  • Kelly Matthews, Wells Fargo Bank
  • Mayor LouAnn Christensen, Brigham City
  • Peggy Larsen, Workers Compensation Fund
  • Jason Perry, Governor's Office of Economic Development

Meanwhile, EDCUtah extends a warm welcome to the newly inducted members of the Board of Trustees and Executive Committee.

Incoming Members to the Board of Trustees

  • Jonathan Butler, Parsons, Behle & Latimer
  • Steve Bogden, Coldwell Banker Commercial NRT
  • Jeff Larsen, Marsh USA
  • Steve Mecham, Utah Rural Telecomm Association
  • Maxine Turner, Cuisine Unlimited
  • Jonathan Cohen, Coldwell Banker Relocation
  • Chris Nelson, Metropolitan Research Center, University of Utah
  • Bill D'Evelyn, Commerce CRG / Cushman Wakefield
  • Bryce Blanchard, NAI Utah
  • Peggy Larsen, Workers Compensation Fund (re-nominated)
  • Spencer P. Eccles, Governor's Office of Economic Development
  • Commissioner Mike McKee, Uintah County

Incoming Members to the Executive Committee

  • Commissioner Louenda Downs, Davis County
  • Mark Bouchard, CB Richard Ellis
  • Peggy Larsen, Workers Compensation Fund (re-nominated)
  • Glen Watkins, Jones Waldo Holbrook & McDonough
  • Chris Nelson, Metropolitan Research Center, University of Utah
  • Bill D'Evelyn, Commerce CRG / Cushman Wakefield
  • Spencer P. Eccles, Governor's Office of Economic Development

Qwest Communications Utah President Jerry Fenn continues to serve as chairman of EDCUtah's Board of Trustees. Also continuing their service as officers on the Board are: Rich Walje, president of Rocky Mountain Power, who serves as private sector vice president; Mayor Tom Dolan, Sandy City, who serves as public sector vice president; and Jill Taylor, president of KeyBank of Utah, who serves as secretary/treasurer.

Approximately 80 individuals serve on the Board of Trustees, while another 30 serve on the Executive Committee. Together, the two bodies help guide the strategic direction of EDCUtah; however, Edwards says the Board and Executive Committee members also serve another crucial role, as each member is considered an ambassador for Utah economic development. "Many of these people are experts in their respective fields, with national – even international connections – so we turn to them often for answers to questions, for their assistance as we host clients, and for their participation in our proactive recruiting efforts," he adds.

Brigham City Mayor LouAnn Christensen, who was just retired from the Executive Committee, says her focus on the committee was to represent the needs and interests of rural Utah. She wasn't disappointed during her tenure. "EDCUtah is just so good at keeping us in mind. There couldn't be a better support system for a public organization or private business entity. EDCUtah is absolutely essential to economic development," she says.

Christensen notes that Brigham City was one of the first communities to certify a commercial development as an EDCUtah SURE Site, adding that "EDCUtah was with us every single step of the way, as they were when Nucor Systems and Proctor & Gamble came to Brigham City."

Members of the Board and Executive Committee volunteer for three years, which allows them time to immerse themselves in the economic development process before their time expires. For Christensen, it was insightful "just to understand all of the effort involved in bringing businesses to Utah."

The three-year term is also short enough to allow for rotation, so that other investors have opportunities to serve. "We are fortunate to have so many investors that are engaged in economic development and want to serve," says Edwards. "Such engagement is crucial to our organization, especially since our mission is to serve as a catalyst for quality job growth and increased capital investment throughout the state."

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