Welcome to Utah! Presented by Jeff Edwards to the Utah Broadband Advisory Council July 19, 2011 c
EDCUtah Mission
To serve as a catalyst for quality job
growth and increased capital investment
by assisting in-state companies to grow
and recruiting out-of-state companies to
expand and relocate in Utah.
c
E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 2
The Utah ED Process
GOED
Local ED
EDCUtah
E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 3
Supporting organizations:
• Business Community
• Universities/Colleges
• USTAR
• Chambers of Commerce
• Industry Associations
• International Team
• GOED International Team
• World Trade Center Utah
• Real Estate Sites
• Demographics
• Labor Market Profiles
• Prevailing Wage Rates
• Tax Rates
• Utility Rates
• Infrastructure Capability
• Current Investment
• Legislative Priorities
• Cost of Living
• State & Local Incentives
• Competitive Climate
• Education Data
• Transportation
• Local Elected Officials
• Local Business Leaders
• Tech Developments
• Quality of Life
Information Available on Utah
E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 4
Recruitment Results (2010-2011 Fiscal Year)
• Jobs Created (recruitment & expansion) 7,263
• Jobs Retained 1,364
• Square Footage 3,150,072
• Headquarters 5
• Capital Investment $795M
• Site Visits 118
• Total Open Projects 246
E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 5
T H E E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 6
Why Do Business in Utah?
Recent Utah Recognitions
• Salt Lake City – Top 15 New Cities in World
– Fortune, July 2011
• Utah Ranked #1 Best State for Business – Forbes.com, 2010 Best States for Business
• #1 Best Managed State Government – Pew Charitable Trust, 2008 Grading the States
• Utah #2 Best Business State –Pollina Corporate, 2010 “Rebuilding American’s Economic Power”
• Salt Lake City 3rd Best Performing City in America – Milken Institute, 2009 Best Performing Cities Index
• Utah Ranked 5th for America’s Top Business States – CNBC, 2009 America’s Top States for Business
• #1 Utah Best Quality of Life – Business Facilities Magazine 2010
Central Location in Western US
• 3 major interstate
highways
• 1-day to 2-day delivery
to western U.S.
• Full-service customs
port of entry
• 2 major rail lines
Convenient Airport Access & Travel
Source: Salt Lake Airport Authority
• Delta’s 2nd largest hub
• 10 min. from downtown
Salt Lake City International Airport
• 700+ daily flights
• Direct to Tokyo & Paris + Mexico & Canada
Low Cost Business Environment
4.9 5.1 6.0 6.7 6.9 7.3
10.9
0.0
5.0
10.0
15.0
UT ID NM AZ CO NV CA
Electricity
3.8 3.8 4.3 4.5 5.06.4 6.6
0.0
5.0
10.0
UT ID CO NM AZ NV CA
Industrial Rates ($/sf)
19.3 22.0 24.3 26.1 28.1 28.532.2
0.0
20.0
40.0
ID UT NM CA CO AZ NV
Office Rates ($/sf)
95.2 99.6 100.3 100.6 103.4
133.3
162.5
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
NM, Albuquerque
AZ, Phoenix NV, Las Vegas
UT, Salt Lake CO, Denver CA, Los Angeles
CA, San Francisco
ACCRA Cost of Living Index
Source: ACCRA Cost of Living Index (Q2 2010)
High Quality Workforce
Youngest state in the nation
• 20% of Utah’s population is enrolled in grades K-12!
• Median age – 29
Highly educated
• 37.1% 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
Strong Higher Education
College graduate retention =
75% native & 43% non-
native
190,000+ students
statewide
• 9 public universities
• 4 private universities
• 10 UCAT campuses
w/60,000 students
Sources: Angelou Economics
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
Competitive Labor Market
Competitive labor market and competitive
business costs
Utah’s wages = 90.3% of the national
average
• Utah avg. wage = $38,160
• National avg. wage = $42,270
Utah unemployment = 7.3%
• National unemployment = 9.1%
Source: Bureau of Labor Statistics (May 2008 wage data, August 2009 unemployment data)
Downtown Salt Lake City building
State of Utah Tax Incentive Programs
• EDTIF
• REDI
• IAF
• Custom Fit
• Research Tax Credits
• Recycling Zones
• Sales Tax Exemption
• Enterprise Zones Tax
Credits
Incentives available for both existing Utah companies &
companies new to Utah
Business Leaders in Economic Clusters
• Life Sciences • Myriad Genetics
• ARUP Laboratories
• Edwards Lifesciences
• Software & IT • Adobe
• eBay
• L3 Communications
• 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
• Goldman Sachs
• Energy & Natural Resources • First Wind
• Rocky Mountain Power
• Questar Gas Corporation
• Competitive Accelerators
Recent Project Wins
E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 17
• Adobe
• EMC
• Cephalon
• Duncan Aviation
• First Wind
• Hexcel
• eBay
• Reckitt Benckiser
• RBS Securities
• ITT Integrated Systems
• Specialized Bicycle
• Fairchild Semiconductor
• Global Parts Network
• O’Reilly Automotive
• Boart Longyear
• Quality Bicycle Products
• Northrup Grumman
• Goldman Sachs
• Merit Medical
• Nelson Laboratories
• GSL Mineral
• Edwards Lifesciences
• GE Financial
• Oracle
Emerging Trends
• Site Selectors report seeing increased activity
• Diverse manufacturing adds strength
• “Reshoring” emerging
• National media making a difference
• Geography matters – fuel prices
• Neighboring states challenges – NV, AZ, CA
E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 18