President's Message

Utah's Growing List of Economic Accolades

Last week we noted that Utah ranked eighth overall in the Milken Institute's State Technology and Science Index. The rest of the story is that Milken actually ranks Utah the most technologically concentrated and dynamic state in the country and the highest in net formation of high-tech establishments.

Regarding technological concentration and dynamism, Utah was ranked on various criteria including: net formation of high-tech establishments per 10,000 businesses (1st), number of Inc. 500 companies per 10,000 business establishments (3rd), and percent of establishments in high-tech North American Industry Classification System (NAICS) codes (3rd). In other areas such as Technology and Science workforce, Utah was ranked in the top three for many individual subcomponents. We are obviously pleased with such rankings. They bode well for the state and help us in our recruitment efforts. The Salt Lake Tribune and Deseret Morning News both reported on the Milken rankings, if you would like to know more.

Our feature story this week highlights EDCUtah's quarterly investor update events and the valuable information provided to our private investors and public partners. 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!

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
President and CEO

Feature

EDCUtah's Quarterly Investor Updates Provide Valuable Project Information, Networking Opportunities

If you haven't been to one of EDCUtah's quarterly investor update events for a while you're missing out on excellent networking opportunities and valuable information.

Michael Flynn, vice president for public development, says EDCUtah regularly brings in one or more representatives from companies recruited to the state for the quarterly investor updates. The representatives talk about their companies, the nature of their relocation or expansion projects, the types of facilities involved, why they are coming to Utah, the key factors in their decisions and what their needs are.

For example, the most recent investor update hosted David Carlebach, Goldman Sachs executive and Salt Lake facility site manager. Carlebach provided information about the expansion of Sach's Research Park facility and the key factors played into the expansion decision. More than 100 EDCUtah investors were on hand to ask questions of Carlebach and network with each other.

A prior investor update meeting featured Gregg Wassmansdorf, lead site consultant with Colliers International, who flew in to talk about Proctor & Gamble's selection of Box Elder County as the location for it's 300-employee plant that will make paper tissue and towel products for the western U.S. marketplace.

Another quarterly update event featured Martin Flaherty, vice president of Sephora Logistics, who talked about his company and the new distribution center it is opening in Salt Lake City. Sephora explored fourteen other geographical locations before deciding to locate in Utah and Flaherty highlighted some of the critical drivers in the final decision.

“We hold these quarterly updates because we want to make sure our private investors and public partners are well informed about our projects, that they feel good about what we are doing and that they can see the potential benefits to their organizations and the state,” Flynn says. “Also, we try to always provide our investors with contact information for our project wins so they can pursue potential business opportunities as these companies locate or expand in the state.”

During the quarterly update events EDCUtah also provides current information on finished projects, wins, losses and anticipated announcements or imminent activity.

For example, during the quarterly update event held last week at This Is The Place State Park, EDCUtah investors learned that 4,209 jobs have been created and 754 retained since July 2007, with four headquarter relocations to the state and build out of 2.5 million square feet of space. They also learned that projects pending announcement will add more than 700 jobs; capital investment to date totals more than $1 billion; there have been more than 90 visits from national site selectors and 22 visits from companies already located in the state; and that EDCUtah is currently working 251 open projects.

“These are valuable, dynamic meetings full of 'can't miss' information,” Flynn adds.

EDCUtah's next quarterly update event will be held October 22 from 4:30 – 6 p.m. Please save the date and anticipate forthcoming information regarding the location and featured speakers.

CALENDAR

Aug. 6: OIA Thought Leader
Sept. 4: EDCUtah Annual Meeting (Grand America)
Sept. 8: 2nd Annual What's IN OUT Back Economic Summit and Golf Tournament   (Zermatt Resort/Homestead Resort & Golf Course)
Sept. 13-17: IAMC (Oklahoma)
Sept. 25: What's Goin' Down Up North - Northern Utah Economic Summit,  9 a.m. - 3 p.m. (Utah State University Innovation Campus, North Logan) Registration form
Oct. 9-12: CoreNet (Orlando)
Oct. 21: 3rd Annual Procurement Symposium
Oct. 22: Quarterly Update
Dec. 17: Holiday Open House (EDCUtah)

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