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Dec. 8, 2011

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  Economic Review  
Jeff Edwards President's Message
Join the 'Clear the Air' Initiative; A Tour of Janicki Industries' New Facility

The winter Clear the Air initiative is off to a great start. I hope you will join EDCUtah in supporting this worthwhile endeavor to improve our air quality. Clean air is good for our health and for economic development. Key businesses have sponsored this campaign and it makes good sense. Get more information here on ways you can help clear the air as an individual and as a company.

Also, this past week I had the pleasure of touring Janicki's new composite engineering facility in Layton City. Janicki made the decision to come to Utah in 2010 and is now operational. The company is a key player in Utah's advanced composites industry as a major supplier to other aerospace companies in the state. While on the tour I snapped a few pictures to give you a look at Janicki's new, state-of-the-art facility…

A look at the new Jnicki facility from the outside.

Janicki's state-of-the-art facility.

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

Jeff Edwards
President and CEO

Feature Story
EDCUtah Looks to Broaden its Relationships with Corporate Real Estate Executives, Site Selectors via CoreNet

Some time ago, Todd Brightwell, EDCUtah's Sr. vice president of business development, got to know a site selector (those individuals that assist companies with their expansion and relocation activities) while attending one of the semi-annual CoreNet Global Summits.

CoreNet (an acronym for the Corporate Real Estate Network) is a professional organization that brings together approximately 1,700 corporate real estate executives, service providers (such as site selectors and commercial real estate brokers), and economic developers (like EDCUtah) for semi-annual educational conferences. EDCUtah has long participated in the CoreNet summits as part of its proactive recruiting effort.

Brightwell didn't know it at the time, but the site selector he befriended worked for the company that would later assist EMC Corporation with its expansion plans. Through that friendship, additional contacts were made and EDCUtah was able to provide the site selection company with information about Utah during that critical juncture when EMC was looking to expand. And, as you might recall, during EDCUtah's 2010-2011 fiscal year, EMC chose Utah for its expansion. The company will add approximately 500 jobs to the Utah economy over the next four years, and also invest approximately $7 million in a new Utah office.

Increased Involvement
The value of CoreNet as both an educational and economic development networking venue has led EDCUtah to seek opportunities to increase involvement with Corenet leadership. Hence, just as it did with the Industrial Asset Management Council (IAMC), EDCUtah is working with communities within the CoreNet organization to increase Utah's exposure at various CoreNet Global Summit events. Brightwell says CoreNet provides fertile soil for EDCUtah's corporate recruitment efforts, so it makes good sense to support the organization in various ways.

"The summit is a meaningful gathering place for those people that we are interested in engaging with on a regular basis and has relevant value in bringing jobs to Utah," Brightwell explains. "CoreNet also provides a variety of educational opportunities for our economic developers and serves as an excellent barometer to measure the health and scope of corporate real estate and site selector activity."

Greater integration into the organization should assist in EDCUtah's efforts to bring visibility to Utah. Brightwell notes that CoreNet attendees are becoming increasingly interested in Utah, and more aware of the state's fiscal stability and national rankings (such as the recent Forbes #1 place for business ranking) heaped upon the Beehive State.

Greater Momentum
After attending the CoreNet Global Summit in November, Brightwell says he returned with a sense that there is greater momentum in the economy and that the site selectors and corporate real estate executives believe the economic recovery is finally taking shape.

"We are certainly seeing an increase in our project pipeline and CoreNet reaffirmed to me that businesses have stopped kicking the tires, so to speak, and are now making plans to move ahead with their projects. We are definitely feeling a momentum shift," he continues.

Along with its activity at the national level of CoreNet, EDCUtah recently joined in the sponsorship of CoreNet's newly formed Salt Lake chapter. "We believe CoreNet offers great value to EDCUtah's corporate recruitment efforts and feel strongly we should support the organization on both the local and national level," Brightwell adds.



EDCUtah Welcomes New Investors

EDCUtah is pleased to welcome the following organizations as new investors:

  • Cameron Construction
  • ProTel Networks
  • KW Commercial
  • Hired Guns
  • Durham Jones & Pinegar
  • Pioneer Theatre Company

We were pleased to host a new investor orientation meeting with representatives from each of these organizations, to share information about the economic development process and how investors can become involved with economic development. For more information about the new investor orientation sessions, please contact EDCUtah Program Manager Sherrie Martell, 801-328-8839 or smartell@edcutah.org.

Calendar

Dec. 14
Save the Date! EDCUtah Annual Holiday Open House (EDCUtah Office)

Jan. 11
What's Up Down South -- 15th annual Washington County Economic Summit (St. George)

Feb. 15
Utah Energy Development Summit (Salt Palace)

Feb. 21-24
Technology Venture Development Executive Education Seminar (University of Utah)

Oct. 16-19
Technology Venture Development Executive Education Seminar (University of Utah)

edcUTAH Investors

Current Investors
Why Be an Investor?
Board of Trustees

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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Please join us for EDCUtah's Holiday Open House
We cordially invite you to join us for EDCUtah's Holiday Open House

Wednesday, Dec. 14 from 4-6 p.m., 201 S. Main, Suite 2150, Salt Lake City

Please RSVP to eburt@edcutah.org by December 9, 2011


In the News

Hexcel to launch $650M expansion, add 600 jobs in Utah
Hexcel Corp. is launching a $650 million expansion of its production facilities in West Valley City that over the next 10 years is expected to result in the addition of about 600 jobs, which will double its Utah employment base.
(Salt Lake Tribune) (Press Release)

Futura Industries expansion adds jobs to Utah operation
Extruding aluminum requires a lot of space and many skilled hands. Thanks to Utah's ability to meet both those needs, the Governor's Office of Economic Development (GOED) today announced that Futura Industries is expanding its operations in the State.
(Utah Pulse)

L-3 Communications to expand again in Utah
The Governor's Office of Economic Development (GOED) and EDCUtah announced the major Utah expansion of L-3 Communications, a multinational corporation that has current operations in the State.
(Press Release)

Utah again named the best state for business
The U.S. economy grew by 2.5 percent in the third quarter which was its best performance in a year, but no one is breaking out the party hats just yet after the first half saw microscopic growth of 0.9 percent.
(MSNBC)

National report: University of Utah No. 1, BYU No. 3 in tech startup companies
Most professors must teach for years, publish books or perform multiple research experiments to earn tenure or promotions. The University of Utah offers another track to academic success -- commercialization efforts.
(Deseret News) (Utah Pulse)

Utah's millennial population exploding
This could be great news for Utah's economic future. The state is tops in the percentage of "Millennials" in the U.S.
(Utah Pulse)

Syracuse development could add many jobs
Up to 1,200 jobs could be created by a new 215 acre industrial park recently announced in Syracuse. The Ninigret Group, L.C. has informed city officials it intends to purchase the property adjacent to the future State Route 193 expansion area.
(Davis County Clipper)

Tourists, visitor revenue increasing in Utah
State officials say tourism revenue and the number of out-of-state visitors coming to Utah increased last year.
(Business Week) (Standard-Examiner) (Deseret News)

Utah business leaders make economic case for clean air
Mitigating Utah's notorious inversions can have a positive impact on more than just air quality. According to local business leaders, cleaner air could improve the state's business climate as well as upgrade the environment.
(Deseret News (Salt Lake Tribune)

Governor says Utah has too many rules
Nearly 20 percent of Utah's government rules and regulations are either antiquated, overburdensome or too complicated and could be hindering business, Gov. Gary Herbert said Tuesday.
(Salt Lake Tribune) (Deseret News)

Business index stable for Utah
Business conditions in Utah are relatively steady, according to a new report, and the economy is expected to expand for at least another quarter.
(Deseret News)

Four Utah companies on Forbes' "America's Most Promising" list
Four Utah companies were featured as some of "America's Most Promising Companies" by Forbes Magazine on Wednesday, using software that measures a company's health
(Deseret News)

Economists predict slowdown in Salt Lake County
Salaries in Salt Lake County may rise only 1.9 percent next year as the area's economy slows and unemployment rises, the Salt Lake Chamber of Commerce said in its 2012 economic outlook.
(Deseret News)

Economists: More parks, wilderness equal more jobs
To free up more jobs in the West, government should "lock away" more -- not fewer -- public lands in parks, monuments and wilderness.
(Salt Lake Tribune) (Deseret News)

Economists: European recession would put Utah most at risk
Utah's economy lately has been on a roll, but serious trouble may lie ahead. If the European Union slips back into a recession -- a development that many economists consider increasingly likely given the financial turmoil in that region of the world -- Utah will get hit harder than any other state, according to a report by Wells Fargo Securities.
(Salt Lake Tribune)

U.S.-Korea Free Trade Agreement impacts Utah
On October 12, 2011, after more than three years, the United States Congress approved the U.S.-Korea Free Trade Agreement (KORUS FTA).
(Utah Pulse)

Economic development group covers broad territory
Any economic development for an area is seen as a positive. But it often takes many months, and even years, to make it happen.
(Davis County Clipper)

Utah's oil sands a resource for domestic energy and jobs
One of the nation's largest potential hydrocarbon resources is contained in oil sands in Utah. The oil sands at PR Spring are located on Utah's remote East Tavaputs Plateau, and they are estimated to contain the equivalent of over 4.5 billion barrels of oil.
(Utah Pulse)

Utah home sales up in October
Utah home sales rose for the fifth straight month in October — up nearly 25 percent from last year, according to a new report from the Utah Association of Realtors.
(Deseret News)

Gov targets unnecessary business regulations
Getting rid of burdensome rules and regulations will create an even friendlier environment for business, Utah's governor said in signing a measure Tuesday that he believes will aid in Utah's long-term economic vitality.
(Deseret News) (Salt Lake Tribune)

Tourism up in 2010
Things are looking rosy this year for those in Utah's tourism industry after a report released by the Utah Office of Tourism reported last year's traveler spending was on the rise.
(Park Record) (Standard Examiner)

Utah regulators weigh future of solar incentive program
A program established five years ago to study whether it made sense for Rocky Mountain Power to offer incentives that encourage the installation of solar panels on homes and businesses is set to expire at the end of this month.
(Salt Lake Tribune)

Tesoro to invest $180M in Salt Lake City refinery
Tesoro Corp. said Monday it plans to invest $180 million to expand crude oil processing at its Salt Lake City refinery.
(Salt Lake Tribune)

Industry and Higher Ed Partner to Resolve the Talent Deficit
Utah's unemployment rate is frozen above 7 percent, with approximately 100,000 residents out of work, and yet some Utah businesses can't find enough skilled workers to meet their hiring needs.
(Utah Business Magazine)

SKI magazine rankings confirm what we already know. Utah is the bomb.
Deer Valley was voted, by skiers, the overall No. 1 ski resort in North America for the fifth year in a row in an annual poll taken by SKI Magazine.
(Salt Lake Magazine)