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FEATURE

?07-?08 Will Be Another Dynamic
Year for EDCUtah

Having just enjoyed one of the best years ever for economic development, can fiscal 2007-2008 turn out to be a repeat for EDCUtah? Indeed so, says Jeff Edwards, president and CEO.

?The level of interest in new in-bound projects continues to be high, our project load continues to be strong, and we see no signs of a slowdown,? Edwards adds. Year-to-date, EDCUtah has had 30 site visits by outside companies considering Utah locations and another seven visits by Utah companies looking to expand within the state. EDCUtah was involved in 113 site visits in the prior fiscal year.

EDCUtah?s current project load includes 113 ?hot? or ?warm? projects, which means the horizon looks good for additional job growth and capital expenditures in the Beehive State. Seventeen of those projects involve companies that have opted to move or expand into Utah, but have yet to make their decisions public. Two more strong prospects include a financial services company, which is considering a location in central Utah, and an aircraft manufacturer in the composites industry that is interested in north Utah.

In 2006-07, EDCU clients committed to create or retain 6,410 jobs, of which 5,570 were new positions. So far this year EDCUtah?s project wins include the creation of 1,810 jobs and the retaining of 395 jobs. Of the jobs created, 1,000 are from Procter & Gamble, which recently announced its decision to build a paper products manufacturing plant in Box Elder County. Another 640 new jobs are awaiting announcement by the creating company.

Edwards says retained jobs are those that might have gone to locations other than Utah. EDCUtah actively works with existing companies to help with their expansion efforts, striving to keep those jobs here. The expansion decisions of Barnes Aerospace and Thermo Fisher are two recent examples of jobs retained in the state.

?Both companies were under a lot of pressure to move their Utah operations out of the state,? Edwards says. ?Fortunately, we were able to not only keep the existing jobs here but also add new jobs from both expansion efforts.?

In September, EDCUtah hosted a group of site selectors, taking them to Moab for a view of Utah?s renowned landscapes, and then engaging them in focus group discussions centered on identifying external perceptions of Utah and how the Beehive State can better present itself on a national scale.

?We?re in the process of compiling the results of our focus group studies, but the initial results indicate that Utah is enjoying a greater level of visibility nationally than we have ever had before,? Edwards says. ?The perceptions of Utah are certainly more positive, and our dynamic economy is becoming well known.?

Site selector events like the one held in September are important because a key to EDCUtah?s success is simply getting company representatives or site selectors to visit the state. ?More than half the time, a site visit helps seal the deal. If we get someone to come and look, it makes all the difference."

EDCUtah has also been active in numerous trade show events, including CoreNet, a semiannual event for site selectors, commercial real estate companies, and economic developers; IAMC, the Industrial Asset Management Council?s tradeshow; the National Business Aircraft Association?s annual meeting; and Roundtable of the Rockies?a national site selector event.

?Our objective in the various tradeshows and conventions we attend is to meet with individual companies and site selectors one-on-one, where we have the greatest opportunity to demonstrate what a great place Utah is to do business, and the many reasons the company should consider locating here,? Edwards says.

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CALENDAR

Nov. 16 -- World Trade Association of Utah's "India Trade Mission Report." Time: 12:00 ? 1:30 pm (lunch). Little America Hotel & Towers, 500 South Main Street, Salt Lake City. To RSVP: Please call Jennifer at the Global Management Center (801) 422-6495 and be ready with your 1) name, 2) company, 3) email address and 4) phone number; or email the preceding information to info@WTAofUtah.com. All RSVPs are due by 5 p.m. on Wednesday, November 14.

Nov. 30 -- Utah Technology Council's 9th Annual Hall of Fame Celebration. Keynote speaker: Intel President and CEO Paul S. Otellini. Black tie event. Location: Salt Lake City Grand America Hotel. 6 p.m. executive networking, 7 p.m. dinner and program. For more information call (801) 568-3500 or click here to register.

Dec. 19:  EDCUtah Holiday Open House

Jan. 9:  "What's Up Down South?" Economic Summit at the Dixie Center in St. George. Contact Information:
Contact: Scott Hirschi, c/o Dixie College, 225 South 700 East
St. George, UT 84770  (435) 652-7750
www.whatsupdownsouth.com

 

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IN THE NEWS

Economic Development Headlines from the Past Week

Allegheny ramping up for fall 2008 opening

- Construction on the new Allegheny Technologies plant in Tooele County is currently underway, and the facility is expected to be operational sometime during the end of next year, according to company officials. (Tooele Transcript Bulletin)

P&G Acquiring 750 Acres for Paper Plant

- Procter & Gamble said Tuesday it will develop a paper products manufacturing plant on 750 acres about one hour north of here in Box Elder County. Cincinnati-based P&G will use the facility to increase manufacturing capacity for its Bounty and Charmin branded towel and tissue products. (Globe St.) (Morning News)

New Technology in Utah Makes Oil From Sand

- In the United States, consumers use about 20 million barrels of oil a day, yet domestic resources only produce about 8 million barrels a day, forcing the country to import 12 million barrels of oil a day from foreign sources. New technology now in Utah could change that. (Utah Business Magazine)

U recruits nanotechnology researchers

- The U recently hired two prominent scientists in the field of nanotechnology as part of the state's new Utah Science Technology and Research initiative. (Daily Utah Chronicle)

Commercial cleaning services firm to enter Utah market

- Coverall Cleaning Concepts, a Boca Raton, Fla.-based provider of commercial cleaning services, is planning to open the Salt Lake City market for franchise owners at the beginning of 2008. (SL Enterprise)

Larry H. Miller to bring Smart Car to Utah beginning in January

- Larry H. Miller will introduce the Smart Car to Utah in January when he opens a Smart Car dealership next to his Mercedes-Benz facility in Lindon. (SL Enterprise)

Wireless high-speed Internet provider to enter Utah market

- Clearwire Corp. is preparing to enter the Utah market and is seeking approval to install equipment on a dozen monopoles in Sandy City, utilizing a new technology called WiMax that allows for more data transfer and higher transmission speeds. (SL Enterprise)

Condos, office and retail space to be built on 5.5 acres in Sandy

- Takoha Park, a Sandy development will consist of 104 condominium units, approximately 80,000 square feet of office space and 15,000 square feet of retail.

(SL Enterprise)

Chain of children's party facilities coming to Utah

- Bounce U, a Mesa, Ariz.-based chain of children's party facilities featuring large inflatable toys, is planning to open an approximately 15,400 square foot facility in Sandy, in early to mid-2008.
(SL Enterprise)

Utah ranks 18th in small-business climate

- The Small Business and Entrepreneurship Council ranked Utah 18th in its annual list of states with the best climate, based on public policy, for small business. The ratings are determined by using 31 government-imposed or government-related costs and their impacts on the entrepreneurs. (Morning News)

Ogden to get distribution facility

- U.S. Foodservice Inc.'s Salt Lake City Division will break ground next week on a new 260,000-square-foot distribution facility in Ogden. The company said the Ogden site will initially employ about 300 people and will replace its Clearfield facility, with distribution expected to begin in late 2008. (Morning News)

Dramatic transformation in the cards for Cottonwood Mall site

- Progressive plans to remake Holladay's 57-acre Cottonwood Mall have created a buzz in Utah and in design circles nationwide. Talk of the dramatic makeover has already caused adjacent property values to increase, according to City Councilman Grant Orton, speaking here Friday at Granite School District's South Salt Lake offices during a meeting of agencies affected by diverting Holladay tax money to help fund the project. (SL Tribune)

Utah company to open plant in Idaho

- A local steel fabrication company is building a new shop in Idaho because it says it can't find enough qualified workers in Utah. Petersen Inc. will build a new machine shop in Pocatello, Idaho that will eventually employ about 250. Petersen executives said the plant will be an extension of Petersen's local plants, which specialize in steel fabrication, precision machining and field services. (Daily Herald)

Seven Top of Utah Companies Among 100 Fastest-Growing in the State

- Every October, a Salt Lake City-based business networking group compiles a list of the fastest-growing companies in the state. And every time MountainWest Capital Network creates its Utah 100 rankings, the Top of Utah adds a handful to the list. This time around, seven companies based in Weber, Davis and Cache counties made the list.  (Standard Examiner)

New Cambria Suites Hotel Comes to Salt Lake City

- Travelers to Salt Lake City, Utah will see a new lifestyle hotel coming to the area at the airport just minutes from downtown. (Utah Business Magazine)

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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. If you prefer not to receive this newsletter, please use the link below. Subscribe or Unsubscribe Your comments and suggestions regarding this newsletter are always welcome. Click here: Comments