IN THE NEWS
Economic Development Headlines from the Past Week
No drop out factories in Utah
- Utah, which has low poverty rates and fewer minorities than most states, is the only state without a dropout factory. Florida and South Carolina have the highest percentages. About half of high schools in those states classify as dropout factories. (Houston Chronicle)
3.5 million square foot business park to be built in Salt Lake City
- Work has begun on the first phase of a four-phase business park that eventually will become a 165-acre, 3.5 million square foot business park called Bangerter Crossing Business Park. (SL Enterprise)
South Korean frozen yogurt firm to enter Utah market
- Red Mango Inc., a South Korea-based frozen yogurt chain, is entering the Utah market with four locations. The Utah market will be the fourth state the yogurt company has entered in the United States. (SL Enterprise)
Transit-oriented development to rise in Midvale
- Center Square, a mixed use, transit-oriented development near the 7800 South TRAX station in Midvale will consist of 97 condominiums and townhomes, roughly 8,000 square feet of retail and 35,000 square feet of office space. (SL Enterprise)
Ground broken for cinema, retail project in Syracuse City
- Ground has been broken in Syracuse for a new development that will include a six-screen theater complex, nearly 35,000 square feet of retail space and, eventually, office buildings. (SL Enterprise)
Non-residential construction expected to hit $2 million
- Non-residential construction is expected to jump by at least 25 percent, according to Utah's Economy, a monthly report produced by Jim Wood of the Bureau of Economic and Business Research at the University of Utah. (SL Enterprise)
140,000 square feet industrial park to rise on SLC's west side
- Log Cabin Investments LLC. plans to develop the Vista Industrial Center, a 140,000 square foot industrial park that will consist of 11 buildings, three measuring 20,000 square feet and eight consisting of 10,000 square feet, all divisible down to 5,000 square foot units. (SL Enterprise)
Utah business travel agencies credit strong economy for increased revenues
- Travel agencies in Utah that cater to corporate clients are experiencing record-breaking growth as business travelers are taking to the air in record numbers. (SL Enterprise)
Huntsman leads trade trek to India
- A delegation of Utah higher education and high-tech company officials led by Gov. Jon Huntsman Jr. headed to India Friday for a weeklong trade mission. The trip will take the group to the capital of India's government, New Delhi, as well as to that country's commercial and cultural capital, Mumbai, and include meetings with state and national government leaders. (Morning News) (SL Tribune) (Economic Times) (KCPW)
Professionals sought to fill Utah jobs
- The Governor's Office of Economic Development gets a lot of publicity for trying to get companies to come to Utah. Now it's trying to get employees, especially engineers, to come to the state. (Morning News)
Development panel is offering film incentives
- Fresh from landing a Procter and
Gamble paper plant for Box Elder County, the Governor's Office of Economic
Development Board last week also approved a pair of motion picture incentives.
Up to $350,000 in spending rebates for Liberty Studios Inc. for its production
of "The Glass House." The company is expecting to spend $2.33 million in Utah of
a total budget of more than $3.6 million. The company had sought a $500,000
incentive.
(Morning
News)
USTAR hailed as an economic success
- The push for more innovation and
technology in Utah has been well worth it and is moving ahead better than
planned, according to leaders of the Utah Science Technology and Research
Initiative, known as USTAR.
(Morning
News)
Quarterly investment in Utah firms surges
- Driven by a hot technology sector,
investments in Utah companies by venture capitalists surged to $78.4 million
during the third quarter of this year, their highest level since 2005, according
to a survey released this week.
(Morning
News)
HAFB east gate project gets funds
- The Layton City Council has approved approximately $30 million in economic development dollars for a project dubbed the East Gate Economic Development Area adjacent to Hill Air Force Base (HAFB). Not to be confused with HAFB?s West Side Development, the first phase of which will have a commercial retail theme, the East Gate Development is geared toward manufacturing and research style development. (Clipper Today)
Job creation is strong in Utah
- EDCU, contracted by the state to help lure projects to the state, since the end of June has had 21 site visits by outside firms considering Utah and seven visits by Utah companies looking to expand in-state. The entire prior fiscal year, EDCU was involved in 113 site visits. (Morning News)
Gift to UVSC benefits region
- The Woodbury family donated $20
million, along with its name, to aid what will become the Woodbury School of
Business as UVSC evolves into Utah Valley University. The funds will help the
school hire and retain teachers, start a master's of business administration
program and launch more programs, focusing especially on hotel development, real
estate and entrepreneurship. (Daily
Herald)
Zions Bank Ranks as Utah's Top SBA Loan Provider for 14th Consecutive Year
- For the fiscal year ended Sept.
30, 2007, Zions First National Bank, a subsidiary of Zions Bancorporation,
approved 935 U.S. Small Business Administration 7(a) loans in Utah, ranking as
the state's top provider of SBA loans to small businesses. Zions has ranked as
Utah's No. 1 SBA lender for the past 14 years. It has also ranked as the top SBA
lender in Idaho's Boise District for the past six years.
(Utah
Business Magazine)
Sale of The Canyons Clears Legal Hurdle
- A preliminary injunction that
would have prevented Park City-based American Skiing Company (ASC) from selling
The Canyons resort to Talisker Canyons Finance Company was denied by the state
District Court in Denver, Colo. On Oct. 19. (Utah
Business Magazine)
Low unemployment still squeezing business
- The year is winding down but the
local employment outlook appears much as it did in January. In other words, it
remains a great time to be a job hunter, but not such a great time to be a
business owner looking to hire.
(Tooele
Transcript Bulletin)