May 9, 2006

  

A Publication of the Economic Development Corporation of Utah

CEO Jeff Edwards

PRESIDENT'S  

MESSAGE

EDCU attends CoreNet show in Philadelphia


In a continuing effort to strengthen our relationships with site selectors and corporate real estate executives, our target audience for economic development, EDCUTAH attended the semi-annual CoreNet show in Philadelphia several weeks ago. CoreNet is the show for networking among commercial real estate brokers, end users, site selectors and ED professionals. Today's feature highlights the show's takeaways for EDCUTAH and conveys some of what site selectors are talking about, in terms of Utah and economic development in general.

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" button on the bottom of this page.

Enjoy!

Jeff Edwards
Jeff Edwards
President and CEO

FEATURE STORY

EDCUTAH Promotes Utah at 'Superbowl for Corporate Real Estate'

EDCUTAH followed up its exciting display at the BIO 2006 event last month with a booth at the CoreNet Global Summit in Philadelphia April 23-26.

Dubbed the "Super Bowl for corporate real estate," the CoreNet Global Summit included keynote addresses from top business leaders and opportunities for EDCUTAH's economic developers to network with corporate real estate executives, large national brokerage firms, and national site selectors.

Held twice yearly, CoreNet draws hundreds of exhibitors and several thousand attendees, providing EDCUTAH an excellent opportunity to bring Utah to the forefront of the site-selectors and real estate executives in charge of relocating and expanding their companies. The Utah booth featured the tag line, "Great for Life, Prime for Business," to showcase the state's excellent business and recreational opportunities. A drawing for a pair of carbon fiber skis made by Ogden ski manufacturer, Goode, also drew a lot of attention.

"We've been going to CoreNet for many years," says Jeff Edwards, EDCUTAH president and CEO. "It provides excellent networking opportunities and important face time with the 200-300 site selectors that attend." Every year EDCUTAH sends out numerous mailings, newsletters, and other communications to site selectors, however, Edwards says the one-to-one opportunities provided by CoreNet are invaluable.

"CoreNet allows us to take the pulse of site selectors and real estate executives to gauge their perceptions of the state," which Edwards says is generally positive. "People are surprised to see the things that are going on in Utah, like the Intel/Micron IM Flash Technologies deal." Edwards says some site selectors, especially in the Northeast, don't have a lot of contact with Utah. "Consequently, we are not fresh on their minds. We feel like we've done our jobs when they have enough presence of mind to invite us to bid on their projects."

Typical conversations with site selectors nearly always include a discussion about the deals EDCUTAH has been working on. Edwards says the Micron/Intel deal made a huge impression: "Anyway you look at it, the Micron/Intel deal is a big project. Site selectors find it interesting because Utah has not been known as a big semi-conductor state, so to see a semi-conductor company locate here is a big deal."

Another topic of increased interest among site selectors is Utah's Economic Development Tax Increment Fund (EDTIF), a post-performance incremental tax rebate that returns a portion of state tax revenues back to the company. Edwards says site selectors were very interested to hear about EDTIF activity and the number of capital investments coming to Utah. Furthermore, site selectors are often interested in rural Utah and the deals there, and the status of Utah's workforce: "Unless you have people in the workforce, you can't do much-it doesn't matter how great your incentives are or how good your real estate prices are, if you don't have an available labor pool."

CoreNet Global members manage $1.2 trillion in worldwide corporate assets totaling 700-billion square feet of owned and leased office, industrial and other space. With 7,500 members representing large corporations around the world, CoreNet Global operates in five global regions: Asia, Australia, Europe, Latin America and North America, including Canada.

Business Utah 2006 - Publication Now Available; Covers Each Region in the State

The Utah Governor's Office of Economic Development (GOED) and Utah Business magazine have announced the availability of Business Utah 2006.

Published through a partnership between GOED and Utah Business, it highlights the exceptional opportunities Utah offers individuals and organizations throughout the state. The publication is accompanied by the 2006 Utah Facts Book, which is also available separately.  (Read more)

Technology Showcase Highlights Some of Utah's Most Innovative Companies

For the seventh year in a row the Edison Showcase will highlight Utah entrepreneurs and technical innovators and their companies. The Showcase is of wide interest to the diverse industry sectors that are represented and to many investors, product developers and the public who follow scientific innovation.

The 7th Annual Edison Showcase will be held May 17, 2006 at the Sheraton Hotel in Salt Lake City, Utah. This year the Pathfinder Award, honoring a major leader in technology will be presented to Dr. Dinesh Patel, a founder of TheraTech, an innovative drug delivery system company which has now been sold to Watson Pharmaceutical.  (Read more)

CALENDAR

May 17: EDCUTAH Board of Trustees Meeting

May 21-24:  ICSC Spring Convention, Las Vegas

May 24:  Zions Bank International Trade and Business Conference, Salt Lake City Grand America Hotel (Click here for information/registration)

May 25: Salt Lake Chamber 'Business After Hours'

June 8:  EDCUTAH Quarterly Update (Anderson Commons)

June 23: Non-Profit Organization Volunteer Fair at the Gateway August

August 9:  EDCUTAH Annual Meeting


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IN THE NEWS

Economic Development Headlines

Northwestern Band of the Shoshone Nation Active in Economic Development

- What the Northwestern Band of Shoshone are doing, in a nutshell, is taking advantage of who they are. The tribe qualifies, according to federal Small Business Association guidelines, as a Super 8(a) company, which is like showing up at a fine restaurant and being guaranteed preferred parking and the nicest table. (Morning News)

Wages Pick Up, Jobs Don't

- The national jobless rate held steady at 4.7 percent, while Utah's continued to zoom ahead. State-specific information for April won't be released until later this month. But in March, Utah employers continued to add jobs at one of the highest rates in the country. (SL Tribune)

Editorial:  Washington County's Vision

- With all that's happening in Utah's Washington County, there is undeniable need for effectively managing the region's growth by methodically planning for the future. (KSL)

Mexican President to Visit Utah;  Topics Likely Trade, Migration

- Nearly a year after Gov. Jon Huntsman Jr. extended a formal invitation to Mexican President Vicente Fox to visit Utah, the presidential visit is nearly a done deal. And those who worked to bring Fox to Utah were optimistic Friday that the visit, tentatively planned later this month, would strengthen trade, educational and cultural ties that Huntsman promoted during meetings with Fox in Mexico City last July. (Morning News here and here) (KSL)

Sandy Clings to Hope for Stadium

- Salt Lake County Mayor Peter Corroon argues the numbers "don't work," so Sandy officials are going to work on those numbers. The goal: See if they can salvage a Major League Soccer stadium. (SL Tribune)

Utah Companies Will Present at Venture Capital Forum

- Three of the 13 companies selected to present at the Wayne Brown Institute's Investors Choice Southeast Venture Capital Forum are from Salt Lake City. (Business Journal)

Sister Cities Event Set for Lunchtime May 12 in West Valley

- The World Trade Association of Utah will be hosting its first World Trade Association Sister Cities International Event Friday, May 12. The event will take place at the Utah Cultural Celebration Center, 1355 W. 3100 South, West Valley City, from 11:30 a.m. to 1:30 p.m. and includes a luncheon and two speakers. It will be an opportunity for business leaders or interested individuals to find out more about being involved in the Sister Cities International program. (Morning News)

SEC Clears Micron Deal

- The Securities and Exchange Commission has cleared the regulatory path for Micron Technology's proposed $688 million acquisition of Lexar Media. In a joint announcement Wednesday, Lexar and Micron - a memory chip-maker expected to more than triple its Utah County work force to 1,800 by early next year - said the SEC had declared its registration statement for the deal to be in effect. (SL Tribune)

Company Honors 100 Tech Entrepreneurs

- Recognizing a new crop of upcoming technology and biotechnology prime movers, vSpring Capital on Wednesday released the 2006 edition of its Top 100 Venture Entrepreneurs. (SL Tribune) (Daily Herald) (Press Release)

Venture Professionals to Present at Wayne Brown Institute 'How to Raise Money in Utah' Seminar

- The Wayne Brown Institute (WBI) today announced that entrepreneurship and venture capital experts Mark Carman (Stoel Rives), Tony Howells (Olympus Angel Investors) and Will West (Control4) will give presentations at its next "How to Raise Money in Utah" seminar, Wednesday, May 17, 2006, from 4:30 to 6:30 p.m. at the Miller Business Innovation Center in Sandy. (Black Enterprise)

Industrial Space Market Tightens in Salt Lake

- The pressure is on, with vacancy rates declining and lease rates rising for industrial space in the Salt Lake Valley. According to a first quarter report from NAI Utah, the vacancy rate for industrial space has dropped to less than 6 percent, the lowest in a decade. (Utah Business Magazine)

Business Real Estate is Solid Investment

- Northern Utah remains a very good area for commercial real estate investment of all kinds. At least that's the conclusion drawn in a series of reports issued Tuesday by NAI Utah Commercial Real Estate - the First Quarter Market Update. (Davis Clipper)

Park City Gets a Taste of 'Life Elevated'

- "Life Above It all Life With Elbow Room Life Soaring Life at 90 degrees Life Elevated" a voice concludes at the end of one of the Utah Office of Tourism's new commercials. The voiceover accompanies one of three new Utah Office of Tourism television advertisements shown Wednesday during the Park City Chamber/Bureau's luncheon at The Yarrow hotel that showcased a variety of Utah attractions from mountain climbers hanging on Utah red rock to a skier cutting through Utah powder. (Park Record)

Marriott Hotel Best for Downtown Logan?

- A valuable piece of real estate at the corner of 200 N. Main in Logan could one day boast a full-service hotel - or stay in the hands of city leaders to sustain future government buildings. (Herald-Journal)

Welcome to Utah? Experience of New Residents Has Economic Impact

- Fifteen years ago Dean Jackson agreed to move from Amarillo, Texas, to Provo in order to be a pastor at Rock Canyon Church. He had concerns. (Daily Herald)

Old Town Park City Home to New Luxury Resort

- Developers broke ground Thursday on The Sky Lodge, a five-star condominium hotel in the historic Old Town district of Park City. Scheduled for completion in October 2007, the resort will offer 22 "ultra-luxury" residences on the corner of Main Street and Heber Avenue-the last undeveloped piece of land in Old Town. (Utah Business Magazine)