1 welcome to utah march 18, 2010. 2 economic development corporation of utah edcutah creating jobs...
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Welcome To UtahMarch 18, 2010
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Economic Development Corporation of Utah
edcUTAH
Creating jobs and capital investment in Utah
Public, private nonprofit partnership
Chartered in 1987
Statewide representation
Partnered with State of Utah in January 2005
230+ members
18 full-time staff
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Governors Office of Economic Development
GOED
Business creation, growth and recruitment
Governor re-organized Economic Development Office
Clusters formed
GOED contracted with edcUTAH in 2005
Solid partnership developed
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Why Utah?
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Why is Utah Hot?
1# Best Managed State Government – Pew Charitable Trust, 2008 Grading the States
Utah #2 Best Business State–Pollina Corporate, 2009 “Rebuilding American’s Economic Power”
Utah Ranked 3rd Best State for Business – Forbes.com, 2009 Best States for Business
Salt Lake City 3rd Best Performing City in America – Milken Institute, 2009 Best Performing Cities Index
Utah Ranked 5th for America’s Top Business States – CNBC, 2009 America’s Top States for Business
Salt Lake City 7th Best City for Jobs– Forbes.com, Best Cities for Jobs in 2009
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Why Utah?
• Workforce– Young– Highly educated
• Location– Crossroads of the West
• Expertise in key Industries
• Low Business costs and Business Friendly– Utilities and Taxes
• Quality of Life
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Demographics
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Geography Overview
Wasatch Front = 100 mile corridor
• Weber, Davis, Salt Lake & Utah
Population = 2.8 million Utahns
• Salt Lake MSA – 1,099,459
• Ogden/Clearfield MSA – 515,355
• Provo/Orem MSA – 506,413
• St. George MSA – 138,428
• Logan MSA – 114,488
• Rural Utah – 271,320
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Public Transit
3 Million+ Monthly Ridership
• TRAX Light Rail expansion
• East-West lines
• Downtown to SLC Airport
• Connecting cities in SLCounty
• FrontRunner expansion
• Salt Lake – Weber County
• Salt Lake – Utah County
Source: UTA (Sep. 2009)
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Key Demographics
Youngest state in the nation
• 20% of Utah’s population is enrolled in grades K-12!
• Median age – 29
Highly educated
• 27% with college degree
• 91% with high school diploma
Strong work ethic
• Average turnover rate – 11.2%
• Fewer sick days – 6th healthiest state
• Fewer work breaks – lowest percentage of smokers in the U.S.
Sources: Decision Data Resources, The Employers Council, United Health Foundation
The Gateway
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Ready & Stable Workforce
71% of in-state
Utah graduates stay in state– Utah Foundation
43% of out-of-state
Utah graduates stay in state– Utah Foundation
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High World Language Skill Set
Facts:
• Residents speak 90% of the world’s written languages
• 60% of public school students study a world language
• 180 languages are spoken by U of U students
• 80+ language courses are offered at BYU
• 77% of BYU students speak a second language
• 47% of BYU students have lived outside the U.S. for 1+ years
Sources: Utah State Office of Education, University of Utah, Brigham Young University
“Per capita, Utah is the most linguistically diverse region of the U.S.”
-Time Magazine
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Competitive Forces
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Business Focused Government
• State Priorities:
– Energy– Education– Economic Development
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Business Focused Government
• Life Sciences• Myriad Genetics• ARUP Laboratories• Nelson Labs• Merit Medical
• Software & IT• Omniture/Adobe• EBay• Disney Interactive
• Aerospace & Aviation• Hill Air Force Base• ATK• Hexcel Corporation
• Outdoor Products & Recreation• Salomon• Rossignol• Black Diamond
• Defense & Homeland Security• Hill Air Force Base• ATK• Northrop Grumman
• Financial Services• Zions Bank• Wells Fargo• Key Bank• Goldman Sachs
• Energy & Natural Resources• Rocky Mountain Power• Questar Gas Corporation• Firstwind• Raser Technologies
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Job Growth - Recovery
2.6% 2.6% 2.4% 2.2%
0.0%
-1.1%-0.3%
1.1%1.5% 1.5% 1.3%
0.8%
4.2%
3.0%2.4% 2.5%
2.2%
-0.7%
0.0%
2.8%
4.1%
4.8%4.5%
3.2%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Utah vs. U.S. Overall Job Growth Year-Over-Year Comparisons U.S.
UT
“Utah projected as one of three states to have full recovery by 2011” -IHS Global Insight, June 2009
Source: Governor’s Office of Planning & Budget
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Crossroads of the West
Source: 2003 Rand McNally Atlas
• 3 major interstates
• 1-day to 2-day delivery to western U.S.
• Full-service customs port of entry
• 2 major rail lines
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Convenient Airport Access & Travel
Source: Salt Lake Airport Authority
• Delta’s 2nd largest hub• 10 min. from downtown
Salt Lake City International Airport• 700+ daily flights• Direct to Tokyo & Paris
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Low Cost of Doing Business
82.890.1 91.6 92.8 96.6 100.0 104.2
122.9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
ID NM UTAH NV AZ United States
CO CA
State Cost of Doing Business
Source: Milken Institute (July 2007)
4.5 4.9 6.2 6.8 7.08.6 9.9
0.0
5.0
10.0
15.0
ID UT AZ NM CO NV CA
Electricity
3.7 4.0 4.8 5.0 5.1 5.66.9
0.0
5.0
10.0
AZ CO ID NM UT NV CA
Industrial Rates ($/sf)
15.6 16.7 19.8 20.4 23.1 27.0 28.3
0.0
20.0
40.0
ID NM CO UT AZ NV CA
Office Rates ($/sf)
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Low Cost of Doing Business
Top 10 States
Bottom 10 States
Key
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Greatest Snow on Earth
Source: Ski Utah
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Outdoor Activities
Utah is home to 5 national parks, 7 national monuments,2 national recreation areas, and 6 national forests
Arches National Park Bryce National Park Canyonlands National Park Capital Reef National Park Zion National Park
Source: Utah Travel & Adventure
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Cultural Activities
Home to a Wide Range of Culturaland Performing Arts
Utah Symphony and Opera
Ballet West
Pioneer Theatre Company
Utah Shakespearean Festival
SUNDANCE FILM Festival
Repertory Dance Theater
Ririe Woodbury Dance Company
Egyptian Theatre
Mormon Tabernacle Choir
Children’s Dance Theatre
Source: Utah Travel & Adventure
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Examples ofRecent Success
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Recent Expansions
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Project Donut – Duncan Aviation• 657 new aerospace/aviation jobs in Provo• $58 M in capital investment
Project Hudson – Avalanche Software / Fall Line Studios• 565 new IT jobs in Salt Lake City• $15 M in capital investment
Project Gold Rush – Procter & Gamble• 1,000 new manufacturing jobs in Box Elder County• $540 M in capital investment
Project Jackrabbit – First Wind• 25 new energy (wind farm) jobs in Milford• $400 M in capital investment
Recent Expansions
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Project Topaz – eBay• 50 new IT jobs in South Jordan• $334 M in capital investment
Project Flash – Reckitt Benckiser• 100 new distribution jobs in Tooele• $32 M in capital investment
Project Heart – WorldHeart Corporation• 65 new & 35 retained life sciences jobs in Salt Lake City• $18 M in capital investment
Project Wellspring 2 – Cephalon• 50 new manufacturing jobs in Salt Lake City• $18 M in capital investment
Recent Expansions
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Recent Expansions
Thank You Goldman Sachs
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