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Jeff Edwards EDCUtah

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This presentation was given by Jeff Edwards, CEO of the Utah Economic Development Corporation of Utah (EDCUtah), to the Utah Broadband Advisory Council on July 19, 2011.

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Jeff Edwards EDCUtah

  1. 1. Welcome to Utah! Presented by Jeff Edwards to the Utah Broadband Advisory Council July 19, 2011 c
  2. 2. 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. cECONOMIC DEVELOPMENT CORPORATION OF UTAH 2
  3. 3. The Utah ED Process Supporting organizations: • Business Community EDCUtah GOED • Universities/Colleges • USTAR • Chambers of Commerce • Industry Associations • International Team • GOED International Team Local ED • World Trade Center UtahECONOMIC DEVELOPMENT CORPORATION OF UTAH 3
  4. 4. Information Available on Utah • Real Estate Sites • Cost of Living • Demographics • State & Local Incentives • Labor Market Profiles • Competitive Climate • Prevailing Wage Rates • Education Data • Tax Rates • Transportation • Utility Rates • Local Elected Officials • Infrastructure Capability • Local Business Leaders • Current Investment • Tech Developments • Legislative Priorities • Quality of LifeECONOMIC DEVELOPMENT CORPORATION OF UTAH 4
  5. 5. 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 $795M • Site Visits 118 • Total Open Projects 246ECONOMIC DEVELOPMENT CORPORATION OF UTAH 5
  6. 6. Why Do Business in Utah?THE ECONOMIC DEVELOPMENT CORPORATION OF UTAH 6
  7. 7. Recent Utah Recognitions • Salt Lake City – Top 15 New Cities in World – Fortune, July 2011 • Utah Ranked #1 Best State for Business – Forbes.com, 2010 Best States for Business • #1 Best Managed State Government – Pew Charitable Trust, 2008 Grading the States • Utah #2 Best Business State –Pollina Corporate, 2010 “Rebuilding American’s Economic Power” • Salt Lake City 3rd Best Performing City in America – Milken Institute, 2009 Best Performing Cities Index • Utah Ranked 5th for America’s Top Business States – CNBC, 2009 America’s Top States for Business • #1 Utah Best Quality of Life – Business Facilities Magazine 2010
  8. 8. Central Location in Western US• 3 major interstate highways• 1-day to 2-day delivery to western U.S.• Full-service customs port of entry• 2 major rail lines
  9. 9. Convenient Airport Access & Travel Salt Lake City International Airport • 700+ daily flights • Delta’s 2nd largest hub • Direct to Tokyo & Paris + Mexico & Canada • 10 min. from downtownSource: Salt Lake Airport Authority
  10. 10. Low Cost Business Environment Electricity15.0 10.910.0 6.7 6.9 7.3 4.9 5.1 6.0 5.0 ACCRA Cost of Living Index 0.0 180.0 162.5 UT ID NM AZ CO NV CA 160.0 140.0 133.3 Industrial Rates ($/sf) 120.0 99.6 100.3 100.6 103.410.0 95.2 6.4 6.6 100.0 4.3 4.5 5.0 5.0 3.8 3.8 80.0 60.0 0.0 40.0 UT ID CO NM AZ NV CA 20.0 0.0 Office Rates ($/sf)40.0 32.2 NM, AZ, Phoenix NV, Las UT, Salt Lake CO, Denver CA, Los CA, San 28.1 28.5 Albuquerque Vegas Angeles Francisco 24.3 26.1 19.3 22.020.0 0.0 ID UT NM CA CO AZ NV Source: ACCRA Cost of Living Index (Q2 2010)
  11. 11. 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 The Gateway • Fewer work breaks – lowest percentage of smokers in the U.S.Sources: Decision Data Resources, The Employers Council, United Health Foundation
  12. 12. Strong Higher EducationCollege graduate retention = 75% native & 43% non- native190,000+ students statewide • 9 public universities • 4 private universities • 10 UCAT campuses w/60,000 studentsSources: Angelou Economics
  13. 13. High World Language Skill Set “Per capita, Utah is the most linguistically diverse region of the U.S.” -Time Magazine 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+ yearsSources: Utah State Office of Education, University of Utah, Brigham Young University
  14. 14. 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% Downtown Salt Lake City buildingSource: Bureau of Labor Statistics (May 2008 wage data, August 2009 unemployment data)
  15. 15. State of Utah Tax Incentive Programs Incentives available for both existing Utah companies & companies new to Utah • EDTIF • REDI • IAF • Custom Fit • Research Tax Credits • Recycling Zones • Sales Tax Exemption • Enterprise Zones Tax Credits
  16. 16. Business Leaders in Economic Clusters • Life Sciences • Defense & Homeland Security • Myriad Genetics • Hill Air Force Base • ARUP Laboratories • ATK • Edwards Lifesciences • Northrop Grumman • Software & IT • Financial Services • Adobe • Zions Bank • eBay • Wells Fargo • L3 Communications • Goldman Sachs • Aerospace & Aviation • Energy & Natural Resources • Hill Air Force Base • First Wind • ATK • Rocky Mountain Power • Hexcel Corporation • Questar Gas Corporation • Outdoor Products & Recreation • Competitive Accelerators • Salomon • Rossignol • Black Diamond
  17. 17. Recent Project Wins • Adobe • Northrup Grumman • RBS Securities • EMC • Goldman Sachs • ITT Integrated Systems • Cephalon • Merit Medical • Specialized Bicycle • Duncan Aviation • Nelson Laboratories • Fairchild Semiconductor • First Wind • GSL Mineral • Global Parts Network • Hexcel • Edwards Lifesciences • O’Reilly Automotive • eBay • GE Financial • Boart Longyear • Reckitt Benckiser • Oracle • Quality Bicycle ProductsECONOMIC DEVELOPMENT CORPORATION OF UTAH 17
  18. 18. 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, CAECONOMIC DEVELOPMENT CORPORATION OF UTAH 18
  19. 19. QuestionsTHE ECONOMIC DEVELOPMENT CORPORATION OF UTAH 19

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