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Life in Utah 2016


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Life in Utah is the premier lifestyle and relocation magazine of Utah. This is the 2016 edition.

Published in: Lifestyle
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Life in Utah 2016

  1. 1. Quality Living The Utah Way WORK LEARN LIVE PLAY Utah’s Premier Lifestyle and Relocation Guide 2016 SLCHAMBER.COM 2016 - Life in Utah.indd 1 2/2/16 1:36 PM
  2. 2. 2685 The Origin of EXPERIENCE THE AND BEYOND! 2016 - Life in Utah.indd 2 2/2/16 1:36 PM
  3. 3. 2015 2015 BEST IN STATE. BEST IN WORLD. EMC, the #1 name in cloud, big data and information security, is also Utah’s fastest-growing tech company. And we’re investing in Utah’s future with STEM funding and STEM jobs. Could a job or a solution from EMC be in your future too? They say we’re pretty great... Utah Business Great Place to Work Institute “World’s Best Multinational Workplaces” 26858_EMC_LIU_8.375x10.875_Ad_v01.indd 1 11/23/15 9:59 AM 2016 - Life in Utah.indd 1 2/2/16 1:36 PM
  4. 4. ® Making Lives Better. Life in Utah Ad_2016.indd 1 12/14/2015 2:42:56 PM l t w c r n 2016 - Life in Utah.indd 2 2/2/16 1:36 PM
  5. 5. :56 PM www.ngacres.com801.578.5588 We’re Everywhere Follow us on: let our expert team assist you with all your commercial real estate needs Relocation, expansion & Investment experts w Sales w Leases/Renewals w Site Selection w Expansion/Relocation w Financing w Global Corporate Services w Property Management w Property Maintenance w Receivership w Office w Retail w Industrial w Land w Investment/Multifamily 2016 - Life in Utah.indd 3 2/2/16 1:36 PM
  6. 6. C M Y CM MY CY CMY K 7221_CCL_Life_in_Utah_Ad_DoubleTruck_V1.pdf 8 12/29/15 4:43 PM 2016 - Life in Utah.indd 4 2/2/16 1:36 PM
  7. 7. INCREDIBLE VIEWS. INCREDIBLE DOWNTOWN LIVING. City Creek combines the best of city and mountain living with doorstep access to world-class shopping, fine dining and Utah’s best nightlife. A refined urban lifestyle at the foot of the Wasatch Mountains—beautifully designed living spaces and downtown’s most stunning views. Available residences: 99 West | Richards Court | The Regent SALES CENTER | 99 West South Temple, Suite 100 Schedule your appointment at 801.240.8600 to see this Regent Sky Suite designed by Barclay Butera. MLS# 1270878 | 2016 - Life in Utah.indd 5 2/2/16 1:36 PM
  8. 8. C M Y CM MY CY MY K DMC_Utah_Final_outlined.pdf 1 3/6/15 3:18 PM Des Ne2016 - Life in Utah.indd 6 2/2/16 1:36 PM
  9. 9. Des News Life in Utah Ad.indd 1 1/6/16 4:28 PM2016 - Life in Utah.indd 7 2/2/16 1:36 PM
  10. 10. 8 LIFE IN UTAH 2016 | welcome GARY R. HERBERT GOVERNOR STATE OF UTAH OFFICE OF THE GOVERNOR SALT LAKE CITY, UTAH 84114-2220 SPENCER J. Cox LIEUTENANT GOVERNOR Welcome to Utah! The word is out. Both Forbes and the U.S. Chamber of Commerce have named Utah the No. 1 state for business and careers. Even though Utah is a relatively small state in terms of population, it leads the nation economically because government, business, education and community leaders work in tandem to build the workforce of tomorrow and ensure our state's lasting success. Life in Utah magazine, published by the Salt Lake Chamber, gives you an up close and personal look at Utah's economic and cultural landscape. Governor Gary R. Herbert Stories cover everything from global business, fair housing, and dynamic nightlife to skiing powder and hiking slot canyons, getting down to the details of what it is really like to live, work and do business here. You will find a high quality of life and a high quality of business climate to match. Our strong spirit of innovation, collaboration and entrepreneurship continue to propel us forward. If you are just thinking about coming to Utah-it is time to plan a visit. Life in Utah will provide a glimpse of the possibilities, but we welcome you to come and experience Utah's "Life Elevated" for yourself. Sincerely, �(4(��+- Gary R. Herbert Governor 2016 - Life in Utah.indd 8 2/2/16 1:37 PM
  11. 11. When you come to Utah, be sure to visit in the heart of Salt Lake City Tours are available in more than 30 languages • Many venues to choose from, and all are free Discoveryour roots in the FamilySearch Center, where helpful volunteers can assist in retrieving family history information from the world’s largest repository of genealogical records. Your tour group can: Meander through two upscale visitors’ centers that include the Christus statue by Danish sculptor Thorvaldsen. Visit the interactive map of ancient Jerusalem (kids love it!) and much more. For information on these and many other fascinating venues on Temple Square, go to,, or call 800-453-3860. Step into the past,where the story of family life of yesteryear will unfold room by room in the Beehive House, the seat of government in early Utah. Listento the glorious music of the famed Mormon Tabernacle Choir, rehearsing and performing in the Tabernacle on Temple Square.They also perform in the 21,000-seat Conference Center. See for details. TEMPLE SQUARE © IRI. PD50020206 MarkCannon,©1989IRI© 2016 - Life in Utah.indd 9 2/2/16 1:37 PM
  12. 12. 10 LIFE IN UTAH 2016 | welcome 14 work Building on Utah’s thriving economy and business 42 learn Education is the foundation of Utah's future 48 live Highlighting a few of Utah’s favorite places to live 66 play Discovering adventure in an all-season playground table of contents peopleTrail_Ut 2016 - Life in Utah.indd 10 2/2/16 1:37 PM
  13. 13. Call 866.223.8822 or visit to chat live or schedule your own complimentary consultation today. Like all of our Utah based clients, Peopletrail feels fortunate to have our roots established in this great state. We have benefited from all the wonderful opportunities it provides for both business and pleasure. Over the years we’ve enjoyed growing along side many of our clients, providing them the actionable insight they need to make the right business decisions, keeping them secure and compliant with all local, state, and federal screening requirements. Peopletrail is well positioned for significant growth. Our clients’ needs continue to grow, and more and more companies are realizing the importance of working with an accredited provider of reliable, convenient, and accurate information. Discover the Peopletrail difference and get the information you need, and the personal care you deserve. © Copyright 2014 Peopletrail, LLC. Peopletrail and the Peopletrail logo are registered trademarks or trademarks of Peopletrail, LLC. All rights reserved. Employment Screening – ATS Integration Drug Screening – Criminal Background Checks Tenant Screening – Corporate Security Solutions peopleTrail_Utah Business_ad_print_11-18-14.indd 1 11/18/14 1:38 PM 2016 - Life in Utah.indd 11 2/2/16 1:37 PM
  14. 14. 12 LIFE IN UTAH 2016 | SLCHAMBER.com12 LIFE IN UTAH 2016 | welcome VOLUME XXXI ISSUE 2016 175 E. University Blvd. (400 S.), Suite 600 Salt Lake City, UT 84111 801-364-3631 | EDITORS Marisa Bomis, Maria Loftis, Matt Lusty CONTENT PROVIDED BY Uintah County Tourism, Utah Association of Realtors, Utah Media Group, 1-800 Contacts, CBRE, Inc., Envision Utah, Governor’s Office of Economic Development, Prosperity 2020, Salt Lake Chamber, SelectHealth, STEM Action Center, Utah Office of Tourism, Utah System of Higher Education (USHE), Women’s Leadership Institute, World Trade Center Utah Life in Utah is an official and yearly publication of the Salt Lake Chamber and is distributed throughout Utah. Copyright ©2016 by the Salt Lake Chamber. All rights reserved. No part of this publication may be reproduced in any format without consent of the Salt Lake Chamber. We make every effort to ensure the accuracy of the information in this publication, the Salt Lake Chamber, Utah Media Group and Utah Business magazine assume no liability for errors, inaccuracies or omissions. All critical information should be independently verified. Utah Media Group and Utah Business are proud to produce the Salt Lake Chamber’s official relocation magazine with a title that reflects its extended scope: Life in Utah. PUBLISHED IN PARTNERSHIP WITH 90 South 400 West, Salt Lake City, UT 84121 801-839-1404 | 4770 South 5600 West, West Valley, UT 84118 801-204-6300 | ADVERTISING SALES REPRESENTATIVE Amber Cooley EDITORIAL/CREATIVE TEAM Jed Call, VP of Business Development Megan Donio, Project Manager Tyler Pratt, Design Manager Jeni Fitzgibbon, Content Coordinator COVER PHOTO Albion Bason, Wasatch Mountains by Charlie M. Lansche CONTRIBUTORS Marisa Bomis, Jason Brown, Hillary Bowler, Sarah Ryther Francom, Trish Hatch, Elenor Heyborne, Melanie Heath, Justin Jones, Rod Lacey, Kathleen McMillan, Jessica Nield, Sue Redington, Greg Reid, Mikael Short, Ann Marie Wallace PRESIDENT & CEO Brent Low PUBLISHER Sam Urie Welcome to Utah Whether you are here for a quick visit or you’re considering Utah as your new home, it won’t take long for you to realize that our state is unlike any other. No matter how long you plan to be here, we want to make you feel welcome. The Salt Lake Chamber is committed to maintaining Utah as not only the strongest economy in the nation, but to also as a welcoming, inclusive and caring community. That’s why we’ve created the Life in Utah magazine, which is designed to give you a taste of what makes Utah so unique. You may already know we’re the home of the Greatest Snow on Earth©, the Sundance Film Festival and the Delicate Arch, but don’t forget to come play in our mountains and lakes in the summer, or visit one of the “Mighty Five” spectacular national parks on your way to our vibrant capital city. We would love nothing more. We hope you’ll enjoy your time in our great state! Lane Beattie, President and CEO Salt Lake Chamber Lane Beattie, Salt Lake Chamber, President and CEO. Image courtesy of Busath Photography© PRESIDENT & CEO Lane Beattie BOARD CHAIR Lori Chillingworth TWITTER: @saltlakechamber FACEBOOK: Salt Lake Chamber INSTAGRAM: slchamber WEBSITE: 2016 - Life in Utah.indd 12 2/2/16 1:37 PM
  15. 15. er com 2016 - Life in Utah.indd 13 2/2/16 1:37 PM
  16. 16. 14 LIFE IN UTAH 2016 | work Utah’s Voice of Business A s the state’s largest and longest-serving business association, the Salt Lake Chamber works to build an engaged business community and promote an exceptional statewide business climate through a mixture of collaboration, advocacy and service. We aim to create an environment for economic success by creating a gathering place for business leaders and the community. The Chamber strives to be the “Voice of Business” in Utah by supporting policies that help businesses thrive and by providing leadership on issues facing our state. We strengthen Utah’s economy through strategic and targeted initiatives to invigorate our state’s industrious workforce, entrepreneurial spirit and innovative talents. This includes providing business leadership to invest in our future workforce and infrastructure, streamline regulations, strengthen our competitive advantages and improve our world renowned quality of life. Thanks to the Chamber, its partners and other chambers of commerce throughout the state, Utah continues to stand out as a great place to live and do business. Member benefits: Discover the advantages of belonging to the chamber at Our mission: We stand as the voice of business, we support our members’ success and we champion community prosperity of interest BUSINESSES REPRESENTED: 8,000+ EMPLOYEES REPRESENTED: 500,000+ STRATEGIC PARTNERS: Downtown Alliance, World Trade Center Utah MEMBERSHIP: 222 businesses that have been members for 25+ Years INTERNATIONAL AGREEMENTS: 13 EVENTS & SEMINARS HOSTED: 171+ COMMUNITY MEMBERS DIRECTLY ENGAGED: 400,000+ PASSAGE OF PRIORITY BILLS: 82% Salt Lake Chamber Facts Photo by Josh Brown, Salt Lake Chamber 2016 - Life in Utah.indd 14 2/2/16 1:37 PM
  17. 17. 2016 - Life in Utah.indd 15 2/2/16 1:37 PM
  18. 18. 16 LIFE IN UTAH 2016 | work I f there’s anything Utah is known for on the economic front, it’s our ability to create game plans for growth and tackle tomorrow’s issues today. In Utah, we collaborate. Thanks to the leadership of a business- minded governor, coupled with the strong presence of the state’s largest chamber of commerce, the SaltLake Chamber, Utah leads on unprecedented partnerships between the government, business and education community. That is what keeps Utah’s economy at the top. While the rest of the country has struggled with navigating an uncertain post-recession economy, Utah has gone on to excel in job growth, unemployment rate and economic diversity. The Hachman Index, a formula that measures the similarity and diversity of different regions, and the nation as a whole, shows that Utah has the third most diverse economy in the country. In addition to that, a month-to-month job growth of nearly 4 percent this year demonstrates that Utah understands the best practices for maintaining a dynamic economy. The Governor’sOfficeofEconomic Development (GOED) maintains a holistic approach to economic growth, nurturing entrepreneurship and expanding local businesses while attracting new businesses and investments to the state. GOED targets their work and resources to stimulate the six Utah Strategic Industry Clusters: financial services, energy, outdoor recreation, life sciences, IT/software, aerospace and defense. When looking at the big picture, GOED aims to grow both the business and workforce for each of these driving sectors. Utah has one clear advantage in regard to long-term workforce development: the approximately 665,000 K-12 students attending education institutions in the state. The STEM Action Center, a program within GOED, drives research Proactive Problem Solving Businesses in every industry are noticing the strong economic opportunities Utah provides Left: Capitol Reef Fremont Gorge overlook, Top: The 2015 Summer Outdoor Retailer Show at the Salt Palace, Bottom: Applied Composite Technology in Gunnison, UT Images courtesy of GOED 2016 - Life in Utah.indd 16 2/2/16 1:37 PM
  19. 19. 17LIFE IN UTAH 2016 | work and implementation of science, technology, engineering and math education best practices for K-12 students statewide. The STEM Action Center also utilizes everything from STEM Fest fairs to grant programs to generate resources and opportunities for the state’s workforce of tomorrow. For all we know, the world’s next leading synthetic biologist is in the third grade at one of our schools right now. It’s our responsibility to make sure that students have the ability to succeed. GOED is also focused on filling needed jobs today. For example, is a new website that works with a digital ad campaign designed to attract IT and software professionals to the state. This campaign extends Utah’s “Life Elevated” global brand as a part of GOED’s larger workforce attraction and development strategy. The website contains everything from testimonials to job listings to links to the hottest breweries. The IT and software sector has some of the most immediate needs, with unfilled jobs estimated in the thousands. Another solution is the Utah Aerospace Pathways (UAP) program, which enables students to graduate from high school with a certificate in aerospace manufacturing and the opportunity to move right into a high-paying job within the aerospace industry. The program was developed through an unprecedented collaboration involving GOED, the Utah Department of Workforce Services, the Utah State Office of Education, Salt Lake Community College, Davis Applied Technology College, Granite and Davis School Districts, along with Boeing and Orbital ATK—just to name some of the many industry partners. The UAP program will be expanded in 2016 to include training for underemployed and unemployed adults. The intent is to apply the program’s model to the state’s other strategic industries. During the course of the aerospace program’s development, industry representatives of national companies were quick to point out that this was the first time they’d seen something like this actually pulled off – and in only six months. Utah has welcomed a number of new companies and exciting expansion projects this past year, and every year for the last decade—even during the recession. For example, EMC Corporation and Procter and Gamble are expanding. SolarCity, one of the world’s top solar energy companies, joins our energy sector with some 4,000 jobs in the coming decade. Vivint Solar anticipates more than 3,000 jobs. To date, the recruitment and post-performance incentives program has generated more than 13,000 jobs, more than $220 million in new state revenue and more than $6 billion in capital expenditures. Companies are noticing the opportunities Utah provides. Learn more about GOED at Photo by Sophia DiCaro GOED encompasses 16 programs that do everything from attracting global companies and foreign direct investment to providing grants for entrepreneurs and health insurance options for small businesses. We have a plan to harness our state’s incredible economic growth and to improve our residents’ quality of life and your company’s bottom line. About the Governor’s Office of Economic Development No. 1 Best State for Business and Careers—Forbes Magazine, 2010-2012, 2014-2015 No. 1 Pro-Business State—Pollina Corporate Real Estate, 2012-2015 No. 3 Top State for Business—CNBC, 2015 Utah is the only state to rank in Top 10 for all categories (e.g.: Exports, Business Climate)—U.S. Chamber of Commerce Enterprising States Report, 2014 and 2015 4 Utah Metros made the Top 10 Safest in the West—LawStreet Media, 2015 No. 1 Best State for Business—Pollina Corporate, 2012-2014 No. 1 Economic Growth Potential— Business Facilities, 2015 No. 1 for Job Creation—Gallup, 2015 No. 1 for Most Volunteering—24/7 Wallstreet, 2015 No. 1 for Economic Outlook—American Legislative Exchange Council, 2008-2015 Accolades (Company, Location, Number of Jobs) Advice Media (Park City)............................................................................100 Cabela’s (Toole)..........................................................................................................................85 CHG Healthcare Services (SLC).............................................503 Connolly iHealth Technologies.....................................................145 Eldon James........................................................................................................................................115 EMC Corporation (Draper)..................................................................700 HealthCatalyst (SLC)................................................................................................291 Jive Communications (Lehi)..............................................................576 Kihomac (Layton).................................................................................................................70 Maritz CX (Utah County)............................................................................425 Prime, Inc. (SLC)....................................................................................................................129 Procter & Gamble (Box Elder County)...............200 Prosper Marketplace...............................................................................................539 Selle Royal (Ogden)........................................................................................................65 SolarCity (Utah County)....................................................................4,000 Vivint Solar (Lehi).....................................................................................................3,143 Look Who's Growing of interest 2016 - Life in Utah.indd 17 2/2/16 1:37 PM
  20. 20. 18 LIFE IN UTAH 2016 | work F ew people would expect a landlocked state to export four times the national average, but Utah does. In fact, at a time when our country suffers from a trade deficit, Utah is one of a few states to boast a trade surplus. In 2010, Governor Gary R. Herbert set the goal for Utah to be recognized as a premier global business destination; and in recent years, that goal has come to fruition. Not to grow complacent however, the Governor has set a new goal to diversify our export base and increase value-added exports by $1.4 billion by the end of 2019. International Expansion The positive economic impact that comes from companies expanding internationally cannot be denied. According to the Brookings Institute, one traded manufacturing job creates three local jobs. For Utah to continue to be recognized as one of the top states economically, companies need to look beyond state and national borders and grow internationally. WorldTradeCenterUtah(WTC Utah) has been designated as the export promotion arm of the state. The mission of WTC Utah is to help Utah companies think, act and succeed globally. WTC Utah accomplishes this mission through three key objectives: • Motivate and educate Utah businesses to expand their global presence through training seminars, regional forums and newsletters focused on international business development, trade issues and export opportunities. • Build capacity of Utah businesses for international trade through B2B consultations to identify expansion goals, assess current capabilities, determine overseas opportunities and connect companies with market experts and potential partners. • Expand the global network of Utah businesses through trade missions and networking with foreign trade officials. Community Partnerships WTC Utah wants to make sure its services, most of which are complimentary, are accessible to businesses in all areas of the state. To this end, WTC Utah, partnered with the DepartmentofWorkforceServices, kicked off its rural outreach efforts in 2014. Regional forums have been held in Vernal, St. George, Logan and Richfield. With less than 5 percent of total Utah exports coming from rural small to medium-sized businesses, rural Utah is well-positioned to be a source of growth for the economy in the coming years as companies look to take their products to international markets. Partnering with other organizations is an important part of what WTC Utah does. Each year, WTC Utah works with the Utah Governor’sOfficeofEconomicDevelopment and the SaltLakeChamber to produce the UtahGlobalForum, the state’s premier international event. The Utah Global Forum is attended by more than 400 business leaders, diplomats and community leaders. The purpose of the event is to provide businesses with knowledge and resources, helping to empower them to export for the first time or expand into new markets. Seventy percent of the world’s purchasing power and 95 percent of the world’s consumers are located outside of the United States. There has never been a time where so much opportunity exists with so few barriers to entry. There has never been a better time for Utah companies to go global. WTC Utah helps Utah companies think, act and succeed globally. Learn more at An International Footprint Utah emerged onto the international stage in 2002 with the winter Olympics. Since then, Utah businesses have picked up the torch and haven’t stopped running of interest 1. Hong Kong 2. Canada 3. United Kingdom 4. China 5. Mexico • Utah exports exceeded $12.3 billion in 2014. • 85 percent of Utah exporters are small to medium-sized businesses (less than 500 employees). • 50,580 jobs in Utah are directly tied to exporting. Utah’s Top 5 Export Destinations of 2014: Photo by John McCarthy 2016 - Life in Utah.indd 18 2/2/16 1:37 PM
  21. 21. The Bingham Canyon Mine is one of the top producing copper mines in the world. As a result, lights turn on, computers power up, music is played, cell phones get charged, cars run and apps can be downloaded. The list goes on and on. The truth is, copper makes modern life possible. Will it become a cell phone or a computer? 2016 - Life in Utah.indd 19 2/2/16 1:37 PM
  22. 22. 20 LIFE IN UTAH 2016 | work 20 LIFE IN UTAH 2016 | Rising to the Top work I n the past several years, Utah has staked its claim as being the “Silicon Slopes” of the Rocky Mountain region—and entrepreneurs and investors from around the country have noticed. Utah has received numerous accolades for its innovative culture and startup infrastructure, including being called the “Next Silicon Valley” by The New Yorker. You don’t have to look far in Utah to see why this bustling state is making waves in the entrepreneurial community. Several billion-dollar companies have been launched in the state, including Vivint, Qualtrics, and Domo. And it isn’t just the high-tech industry that is booming. Companies like Stampin’ Up, SkyWest Airlines and Ancestry were also founded here. Utah’s robust economic environment has also attracted outside companies, like Procter & Gamble, Adobe, Goldman Sachs and Boeing, all of which have major operations in the state. It’s not just one thing that sets Utah apart from the rest—it’s the unique combination of business-friendly assets that keeps our state rising to the top. Startup Support There’s a reason Forbes has named Utah the country’s "Best State for Business and Careers" for With an entrepreneurial spirit and dynamic startup infrastructure, Utah is setting the bar high of interest No. 1 Pro-Business State in America —Pollina Corporate Best State for Business and Careers —Forbes BYU and the U - Top 25 Undergraduate and Graduate Schools Best for Entrepreneurship Studies —Princeton Review Salt Lake City the No. 1 Hot Startup City —Entrepreneur Utah is the Next Silicon Valley —The New Yorker Accolades 2016 - Life in Utah.indd 20 2/2/16 1:37 PM
  23. 23. 21LIFE IN UTAH 2016 | work several years running. Despite the increasingly complex national business and political landscape, Utah’s entrepreneurial and business accomplishments remain strong. Local policy leaders have prioritized creating a supportive environment where taxes and regulatory burdens are low and establishing an infrastructure where entrepreneurs and small business owners succeed. Beyond a business-friendly government, Utah has several small business resources to help startups hit the ground running. The Small Business Administration (SBA) office provides a wealth of information and resources for those considering starting a business and those already in the trenches. The SBA’s Small Business Development Centers (SBDC) help entrepreneurs realize the dream of business ownership and help existing businesses remain competitive in the ever-changing global marketplace. There are 13 SBDC offices located throughout Utah. The SBA also offers entrepreneurs one-on-one mentorship through its SCORE offices, also found throughout the state. Other resources include the Salt Lake Chamber’s Women’s Business Center, Governor’s Office of Economic Development (GOED), National Association of Women Business Owners (NAWBO) – Salt Lake Chapter, and National Federation of Independent Business (NFIB) – Utah Chapter. Culture of Collaboration The Wasatch Front has a comprehensive network of startup incubators that breed innovative thought and action. Downtown Salt Lake is home to several startup incubators and co-working spaces that launch startups into full-fledged businesses. Impact Hub is a co-working space that offers ongoing programs and events aimed at supporting entrepreneurial work. From networking socials to skills-building workshops and one-on-one coaching, Impact Hub seeks to turn ideas into businesses. Holodeck provides a creative and educational co-working office and event space for inspired people to collaborate and build great ideas together. Church & State is a cooperative startup incubator that connects entrepreneurs with mentors, management and team members. BoomStartup is a lean startup accelerator and mentorship-driven, seed-stage investment program for technology-based startups. BoomStartup was named the No. 12 accelerator in the country by TechCrunch, and has helped raise more than $15 million in investments for its companies. Education the Works Utah’s robust higher education system bolsters entrepreneurism and innovation, creating a vibrant and highly skilled workforce. Utah has three research universities: University of Utah (the U), Brigham Young University (BYU) and Utah State University (USU), as well as several public and private higher education institutions. The U and BYU have comprehensive programs for students with entrepreneurial aspirations. BYU consistently ranks as one of the country’s top universities for entrepreneurs. In 2015, Princeton Review named BYU as the No. 2 best undergraduate school for entrepreneurism. The U is home to the Center of Medical Innovation, Lassonde Entrepreneur Institute, and Tech and Venture Commercialization 21LIFE IN UTAH 2016 | Photos courtesy of the Downtown Alliance 2016 - Life in Utah.indd 21 2/2/16 1:37 PM
  24. 24. 22 LIFE IN UTAH 2016 | work Office, which consistently ranks as one of the nation’s leading producers of startup companies, even beating the likes of Massachusetts Institute of Technology. The U and USU house the state’s primary USTAR (Utah Science Technology and Research Initiative) offices. USTAR serves as a catalyst for connecting entrepreneurs, industry, education and the financial community with the equipment and human capital assets of the regional schools and universities. Nearly 250 companies have received material support from USTAR. Big Deals Utah’s exceptional combination of business-friendly policies, startup support and educated workforce has created one of the nation’s most vibrant economies—and outside investors have noticed. In 2014, venture capitalists invested nearly $1 billion in local startups, making Utah the No. 1 state in dollar-per-deal average. And at the end of 2015 Q3, Utah companies had raised $774.7 million, the largest amount in the Rocky Mountain region according to the MoneyTree Report from PwC. “We’re in the third generation of tech here, so the growth of our ecosystem has evolved,” says Josh James, founder of billion-dollar companies, Domo and Omniture. “Not only do we have a better support system for tech entrepreneurs—mentors, a richer talent pool, legal counsel, etc.—we are attracting more capital to fund and grow businesses.” Work Hard, Play Hard Utah doesn’t just boast an unmatched entrepreneurial spirit and dynamic startup infrastructure—the state lives and breathes a "work hard, play hard" mantra. Entrepreneurs often come to the state to ski the slopes or explore its red rock country, and they end up staying. “We've got an adventurous, hard- working, loyal and smart community. To top that off, our customers always say they like working with us because our employees are so nice. You can’t manufacture that,” says James. “In addition, Utah's quality of life is the best anywhere, while our cost of living is lower than most tech hubs in the country. I’m proud that we’re part of that.” Photos courtesy of Lassonde Entrepreneur Institute at the University of Utah The Lassonde Entrepreneur Institute is located at the University of Utah. All Utah-based collegiate students are invited to participate at Lassonde, regardless of what they are studying or which university or college they are attending. Troy D'Ambrosio, executive director of Lassonde Institute, describes it as a one-stop shop for students with any level of entrepreneurial aspirations. “If you’re a student and want to be an entrepreneur, want to know what an entrepreneur does, or already have a business and want to move it forward, we have a variety of services for you,” he says. Lassonde Institute offers workshops, mentoring sessions and entrepreneur competitions. “We want to support these students anyway we can, from giving them $500 to build a prototype to bringing in an attorney to talk about IP,” says D'Ambrosio. “We’ll help them go from having an idea to starting a business.” In August 2016, the Lassonde Institute is opening the Lassonde Studios, a residential community of entrepreneurs, innovators and creators. The living space will be open to 400 students, and will serve as a 24/7 site for innovative collaboration. “We want students to really learn what it’s like to be an entrepreneur and live like an entrepreneur,” says D'Ambrosio. “Whether it’s 2 a.m. or 2 p.m., we want students to be able to work together to solve problems and collaborate. I’m really excited to see what comes out of this—there will be cool things that we never imagined. We’re doing some incredible things here.” Entrepreneurial Spirit Utah students have access to some of the country’s top entrepreneurship institutions Pierre Lassonde, University of Utah 2016 - Life in Utah.indd 22 2/2/16 1:37 PM
  25. 25. Success Beyond the Ledger Sheet Larry H. Miller believed that business had a higher purpose beyond the numbers on a ledger sheet. He instilled in the Larry H. Miller Group of Companies the mantra, “Go about doing good until there’s too much good in the world.” By giving, working and serving in our communities, we enrich our lives and the lives of others. We become the very places where people want to work and where the community chooses to do business. It defines how we measure success. 2016 - Life in Utah.indd 23 2/2/16 1:37 PM
  26. 26. 24 LIFE IN UTAH 2016 | work W hether you’re in town to make a deal, attend a convention or just see the sights, there really is something for everyone. First Class Infrastructure You could order a Lyft or take the TRAX light rail system straight from the airport into downtown Salt Lake City in just 10 minutes. Once you’re downtown, you can hoof it, ride the FreeFareZone of TRAX, or use GREENbike, Salt Lake City’s bike share program. World-Class Lodging There are great hotels within walk- ing distance of the Salt Lake Palace Convention Center that will make you feel like you're right at home. Here are some highly recommended hotels around downtown Salt Lake City: Hotel Monaco, Salt Lake Marriott Downtown at City Creek, Hilton Hotel Salt Lake City Cen- ter, the Grand America and Little America Hotel. Dining Destinations Salt Lake City is really making its mark on the culinary world; you can always find something fresh and delicious any day of the week. From seafood at Current Fish & Oyster, Spanish tapas at Finca, vegan and vegetarian fare at Zest to Copper Onion’s locally sourced American goodness, you’re bound to find a place nearby to satisfy your appetite. Favorite Watering Holes After a day full of meetings, some- times all you want is a nice cold beer. So try one of our local craft beers from Red Rock Brewing, Squatters or Epic Brewery. If you’re looking for something a bit stronger, try Bar X or Whiskey Street—where you’ll find some of the best mixologists in the city. With events like the Outdoor Retailer Show, Salt Lake Comic Con and the Sundance Film Festival, Salt Lake City has become a premier destination in the United States Free Fare Zone Ride free if you enter and exit the bus or TRAX within the boundaries of the Free Fare Zone. Doing Business in SLC Photo courtesy of the Salt Lake Chamber 2016 - Life in Utah.indd 24 2/2/16 1:37 PM
  27. 27. I am Community I am Possibilities Sport,recreationandeducationalprogramsfor individualsofallabilitiessince1985...Getinvolved! | 435.649.3991 I am YEARS 30 since 1985 YEARS 30 since 1985 YEARS 30 since 1985 YEARS 30 since 1985 YEARS 30 since 1985 YEARS 30 since 1985 I am 2016 - Life in Utah.indd 25 2/2/16 1:37 PM
  28. 28. 26 LIFE IN UTAH 2016 | work W hile many businesses talk about putting associates first, 1-800 Contacts, led by CEO Brian Bethers, has established a remarkable associate-first corporate culture. What’s more, they’ve preserved it over the course of 20 years, an IPO and three corporate buy-outs. Bethers understands the importance of an associate- friendly culture. He also is keenly aware of how Utah, in particular, has helped elevate the culture and success of 1-800 Contacts. Selling contact lenses over the phone and online has unique business challenges for 1-800 Contacts: eye doctors see their customers first to prescribe contact lenses, frequently fail to give patients a copy of their prescription and have the right to sell what they prescribe. Additionally, 1-800 Contacts’ customers have to go back to their eye doctor about once a year to update their prescription, giving their eye doctor another opportunity to try to sell them contacts. Meeting with co-founder Jonathan Coon in 2003, Bethers was intrigued with 1-800 Contacts’ response to the challenges facing their business: overwhelming attention to detail and tireless efforts to exceed customer expectations. “I could tell the company’s culture was remarkable,” Bethers said. “I soon learned that the customer service stories at 1-800 Contacts were right up there with what you’ve heard about Amazon, Nordstrom and Apple. And it all starts with the associates. When they deliver outstanding service, customers come back to reorder their contacts.” Associates-First Mindset From the beginning, the company has focused on taking care of associates. The tradition of endless free cereal started back when the company was run out of a house in Provo. Today, Belgian waffles, steel-cut oatmeal and locally-baked bread and rolls are also available to associates all day at no charge. Putting theTeam First PROFILE: 1-800 CONTACTS Brian Bethers, CEO of 1-800 Contacts. Photo by Brandon Flint 2016 - Life in Utah.indd 26 2/2/16 1:37 PM
  29. 29. 27LIFE IN UTAH 2016 | work For lunch and (if needed) dinner, the in-house chef and his staff make on average more than 400 meals per day. Each of these is expertly prepared and significantly subsidized. Of the meals provided, Bethers says with a smile, “If you want to know how amazing a $4 filet mignon can be, call me and we’ll have lunch.” The Food is Just the Beginning The on-site Wellness Center includes free personal trainers and monetary rewards for healthy lifestyle choices. Associates, families and friends gather each summer for a themed company party. In addition, an annual film festival treats every employee and his or her family and friends to a choice of blockbuster movies in rented-out theaters, plus popcorn and a theater gift card for more snacks. Payroll-deducted dry cleaning, discount movie tickets and massage services are all available on-site for associates’ convenience. Recognition programs for extraordinary service to customers, the company and other associates reinforce the culture. And, with the company’s relocation to a new five-story building in west Draper, each employee may receive a complimentary UTA pass for their commute. “Trying to significantly improve the lives of our associates and their families has always been our goal,” said Bethers. “And in turn, they go to extraordinary measures to take care of our customers.” Happy Associates = Happy Customers How do free breakfasts and company parties translate into happy customers? The contact lens industry as a whole is growing in the mid- single digits, while 1-800 Contacts’ new customer base is growing in double digits and profitability more than tripling in the last decade. The company is now the largest contact lens retailer in the United States. “We’ve also diversified outside of our retail contact lens business to launch Premium Vision, which provides business-to-business sourcing, fulfillment and support for vision-related retail chains such as LensCrafters, Pearle Vision and others,” he said. Premium Vision already fulfills more than 100,000 orders each month. From a hiring perspective, the investment in employees is clear: the single greatest source of new employees is current employees. “Our associates are our biggest advocates,” Bethers said. “It’s something we’re very proud of.” Utah’s Impact on Business “Our location here in Utah has been tremendously influential,” Bethers said. “Talent recruiting is terrific. Outdoor opportunities and focus on family make it attractive for people coming in from out-of-state and, perhaps most important of all, there are genuinely good people here who want to be of service to others.” In true startup fashion, 1-800 Contacts was started in a dorm room. Jonathan Coon was attending BYU when he became so frustrated with his experience getting contact lenses he decided to do something about it. Twenty years later, the goal of 1-800 Contacts remains the same: always find better ways to do things. “We’ve been in Utah since our founding and have no intention of leaving,” said Bethers. “With major colleges just a half hour in either direction, our location here at the south end of Salt Lake County makes it easy to staff our almost 900-person company.” This includes associates working at a north campus near the airport and approximately 500 call center agents. “We can’t imagine outsourcing our call center. It’s one of our most important customer contact points and is truly the heart of the company,” Bethers continued. “Utah is an exceptional place for business,” Bethers said. “And Utah- based companies should aspire to become world class. Successful businesses attract more successful businesses, which leads to better communities, better educational opportunities and better employees… it’s symbiotic.” Always Better “I love finding better ways to do things,” Bethers says. “We started with a 1-800 number. Since then we’ve launched a website, a mobile website, apps across two platforms – three, if you count our Apple Watch app. There’s always a way we can make the contact lens buying experience better for our customers, and there’s always a way we can make working here better for our associates. That’s what gets us out of bed in the morning.” Photo by Dana Sohm We’ve been in Utah since our founding and have no intention of leaving.” — Brian Bethers 2016 - Life in Utah.indd 27 2/2/16 1:37 PM
  30. 30. 28 LIFE IN UTAH 2016 | work Living Healthy Lives PROFILE: SELECTHEALTH Pat Richards, SelectHealth Photo courtesy of SelectHealth W hen Pat Richards came to Utah to serve as president and CEO of SelectHealth, a not-for-profit health plan subsidiary of Intermountain Healthcare, she was looking forward to the professional opportunities the move presented, as well as the chance to learn about a new part of the country. “Coming to Utah was an incredible opportunity,” Richards said. “I’ve followed high-performing health systems for many years and have long admired Intermountain Healthcare.” Richards arrived at SelectHealth just prior to the passage of the Patient Protection and Affordable Care Act. During this time of significant change, she led the organization through a period of deliberate and visionary growth. Since joining the organization in 2009, SelectHealth has grown to serve more than 830,000 members and expanded coverage options to include Medicare Advantage and managed Medicaid plans. Additionally, SelectHealth has become an active participant in the online health insurance marketplaces, offering increased access to insurance for individuals, families and small employers. In 2013, SelectHealth entered into a strategic alliance with St. Luke’s Health System to provide health plans throughout southern Idaho. Richards is quick to give credit for these accomplishments to the nearly 1,400 employees of SelectHealth. “Our strength as an organization lies in our employees,” she said. “The knowledge, skill and commitment to service they demonstrate every day is extraordinary.” That focus on providing superior service has led to SelectHealth being ranked “highest in member satisfaction” from JD Power and Associates six times. Employees are happy as well. SelectHealth has been named one of Utah’s “Best Companies to Work For” seven times by Utah Business magazine, and was recognized in 2014 with the “Top Workplaces” award from Workplace Dynamics and The Salt Lake Tribune. Richards began her career in health care as a staff nurse in general surgery and trauma at the University of Michigan Medical Center. “Being a trauma nurse was wonderful training for business,” she said. “People often talk about a business crisis, but working in nursing, I learned quickly that a crisis occurs only when someone is bleeding or has stopped breathing. My training as a nurse taught me to stay calm in most business situations I’ve faced.” Over the course of her career, Richards moved into the health insurance field, and then to integrated health delivery systems. Prior to joining SelectHealth, she served as executive vice president and chief operating officer of Health Alliance Plan of Michigan, a subsidiary of the Henry Ford Health System. “As a nurse, I enjoyed caring for individuals on a one-on-one basis,” she said. “At the same time, I saw that there were also opportunities to help people on a larger scale.” The desire to serve others is reflected in her working diligently to help make health care more affordable and accessible, and also by being deeply involved in the larger community. As CEO of SelectHealth, Richards led efforts to support community organizations that promote health and wellness, education and literacy, and strong neighborhoods. In 2014, SelectHealth was honored with the 2016 - Life in Utah.indd 28 2/2/16 1:37 PM
  31. 31. Corporate Spirit of Giving Award for financial support, leadership involvement and volunteer participation. “The health and well-being of our communities affects all of us,” Richards said. “When there are strong support systems in place, people can obtain the help and education they need to improve their lives. People in Utah are caring and generous, and I see that their actions truly make a difference.” SelectHealth employees are infused with a desire to give back. It’s not uncommon to see volunteers from SelectHealth donate time to various non-profit organizations. In 2015 alone, employees volunteered time to paint schools and homeless shelters, clear grounds for recreation services, fill baskets for food donations, and read and teach in classrooms with low- income students. The strong commitment to the community is also demonstrated through SelectHealth programs targeted to address specific needs in the community. Step Express, a fourth-grade exercise and fitness program to combat childhood obesity, encourages students to develop healthy habits and is taught in schools around the state. Select 25 is a statewide award program that awards $2,500 grants to 25 non-profit organizations each year. SelectHealth is also a supporter of GREENBike SLC, a bike share program that supports physical activity and gives people an alternative to taking a car on short trips in downtown Salt Lake City. Since moving to Utah, Pat has enjoyed exploring her new home, especially the downtown area. “The ballet, symphony and opera, live theatre and other cultural activities are vibrant,” she said. “There is so much natural beauty in every corner of the state, and there are many recreational activities that appeal to individuals and families. The people are welcoming and friendly. Utah is a great place to live and to work.” With some of the lowest health care costs in the country, Utah is well-positioned to lead the nation in transforming the way health care services are delivered. The state has one of the lowest rates of obesity and diabetes in the country. As part of one of the nation’s top-integrated health care delivery systems, SelectHealth strives to provide high-value health benefits at an affordable cost. “Our mission is to help people live the healthiest lives possible,” Pat said. “This is an exciting time to be in health care. We are working to make health care services more affordable and accessible, and our future is bright.” Photo by Michael Schoenfeld When there are strong support systems in place, people can obtain the help and education they need to improve their lives.” — Pat Richards 2016 - Life in Utah.indd 29 2/2/16 1:38 PM
  32. 32. 30 LIFE IN UTAH 2016 | work E conomists at CBRE frequently refer to commercial real estate as the ‘economy in a box.’ With all property types, there is a direct relationship to economic conditions and the overall makeup of the economy. Salt Lake City is no different. Each major commercial property type comes with its own market insights and conditions that illustrate the dynamics between the local economy and the commercial real estate market. Office: Healthy Growth The primary demand driver for office space — employment in office using sectors — continues to grow at healthy levels. The tech sector is having a particularly concentrated effect on office demand in southern Salt Lake County and northern Utah County. While growth in the tech sector is notable, employment continues expanding across other office-using sectors. Consistently healthy demand, which reflects the area’s strong economy, is impacting key market indicators; corresponding rent growth and falling vacancy has characterized recent Salt Lake office market history. Strengthening market fundamentals elicited a response from developers in the form of new construction; several hundred thousand square feet of new supply entered the market in 2015. Although a significant amount of office construction is underway in the Salt Lake metro, the overall relationship between supply and demand is not expected to become dramatically imbalanced. With vacancy falling into the single digits in many cases, new supply will enable continued growth. Retail: Showing Strength Changes in demographics, technology and economic realities continue to shape retail commercial real estate markets—and Salt Lake is no exception. These trends are driving the evolution of the retail industry and retailers are responding in ways that affect how Commercial Real Estate With businesses flocking to Utah and startups booming, commercial real estate remains strong Photos by David Newkirk 2016 - Life in Utah.indd 30 2/2/16 1:38 PM
  33. 33. 31LIFE IN UTAH 2016 | decisions regarding commercial real estate are made. For example, retailers continue to seek out high- quality locations and are focused on creating an upgraded shopping experience. Also, smaller spaces that work in tandem with retailers’ online footprints are increasingly more common. Fueled by one of the best performing metro economies in the nation, Salt Lake’s retail market fundamentals continue to show strength. Active retailers in the market include grocers, gyms and quick-service restaurants. However, upon closer examination, the market is increasingly bifurcated with large gains in market fundamentals in high-quality locations, while less-desirable locations improve at a slower rate. With employment growth expected to remain strong, favorable demographics and a bright short- term economic outlook, Salt Lake’s healthy economy will continue to positively influence retail commercial real estate. Industrial: Strong Development The Salt Lake industrial commercial real estate market enjoys a tail wind from a strong local economy, in addition to its strategic geographic location, which enables the area to be used as a regional distribution hub. In recent years, an increase in the presence of manufacturing facilities has also influenced the market. With perhaps the strongest fundamentals of the major property types discussed in this overview, industrial developers moved to meet market demand—completed construction totals were projected to reach their highest levels in recent history by the end of 2015. Healthy demand for new, “Class A” (higher quality) product gives reason to believe that a healthy balance between supply and demand remains intact. Large occupiers (more than 50,000 sq. ft. in size) are also more active than they have been historically, which is important to note as new supply is able to accommodate such growth. Investment: Capital Abundance A variety of factors influence the demand for commercial real estate assets in the Salt Lake metro area. A strong local economy, which is reflected in commercial real estate market fundamentals, continues to underpin investor interest. Additionally, lower returns in major gateway markets (e.g. New York, Los Angeles and Seattle) are pushing investors to look for secondary markets (e.g. Nashville, Kansas City and Portland) with higher returns and relative safety. Salt Lake fits this profile on both counts. An abundance of capital and investor appetite is supporting activity in the Salt Lake investment market. However, a lack of available high-quality assets is limiting transaction volumes. This dynamic of strong demand but limited supply is expected to continue for the near- term. Still, due to higher returns and relative safety, the area’s investment market will continue to see strong interest and activity, albeit subdued, as supply remains constrained. Outlook: Looking Forward Commercial real estate in Salt Lake will continue to reflect the strong local economy. Although a significant amount of new supply is shaping market fundamentals across property types, such levels can be considered healthy at the present time. In fact, new supply is needed to accommodate continued growth, particularly in high-demand areas where tenant requirements are not well-served by existing supply. From an investment point of view, this development is a vote of confidence in the future of northern Utah. The lifespan of commercial properties is long; therefore such investments take a long-view. This is the case for newly developed properties as well as existing properties, as evidenced by capital flows targeting Utah from around the U.S. and the globe. In short, the area’s bright economic outlook bodes well for commercial real estate in Salt Lake. This will continue to fuel investment in the area in terms of new development as well as demand for existing assets. Leasing and construction across all property types continue to increase in Utah's commercial real estate markets. Of note is the amount of new space under construction. Learn more at 2016 - Life in Utah.indd 31 2/2/16 1:38 PM
  34. 34. Kami Taylor | 801 869 8000 When it comes to real estate, we see potential everywhere. CBRE turns scale into strength, expense into performance, and property into prosperity. How can we help you transform your real estate into real advantage? Build on Advantage 2016 - Life in Utah.indd 32 2/2/16 1:38 PM
  35. 35. 2016 - Life in Utah.indd 33 2/2/16 1:38 PM
  36. 36. 34 LIFE IN UTAH 2016 | work Driving Technology U STAR supports Governor Herbert’s vision for the Utah economy: to be recognized as a premier global destination. USTAR seeks to create a technology ecosystem that enables ideas to seed, grow and thrive. Building Our STEM Workforce USTAR has enabled the hiring of commercially-minded researchers, the building of state-of-the-art core facilities and the development of entrepreneur outreach centers partnered with regional universities. USTAR provides resources for tech businesses and entrepreneurs throughout the state via outreach efforts. RESEARCHERS: USTAR- funded researchers have proven adept at capturing millions of dollars in federal and private research funding and building world-class research teams including undergraduate, graduate and post- doctoral students. To form new ventures based on their respective technologies, researchers work with their respective University commercialization offices to transfer these technologies to industries in the business community. CORE FACILTIES: The University of Utah’s James L. Sorenson Molecular Biotechnology Building is the centerpiece of a visionary plan to accelerate research, development and commercialization at the interface of medicine, nanotechnology, engineering, pharmacology and digital media. It includes a state-of-the art The Utah Science and Technology and Research Initiative (USTAR) catalyzes research, development and commercialization activities to expand Utah’s technology economy The Sorenson Molecular Biotechnology Building on the University of Utah campus. Photo courtesy of USTAR 2016 - Life in Utah.indd 34 2/2/16 1:38 PM
  37. 37. nanofabrication facility with cleanroom space, a biobay, and a microscopy and materials characterization suite. These facilities are available to university researchers and can also be used on a fee- for-service basis by commercial partners. Utah State University’s (USU) BioInnovations Center houses highly advanced life-sciences laboratories and provides lab space in support of synthetic bio-manufacturing, advanced human nutrition, veterinary diagnostics and infectious disease and other innovation areas. This state-of-the-art facility also houses a Bio Safety Level 3+ lab. USU has also added a biomanufacturing facility to enable industrial-scale production of synthetic biology products. Both are positioned for industry collaboration. USTAR regional outreach offices support technology commercialization activities across the state. The offices are regionally focused and provide support to community members and USTAR researchers with innovative technology ideas to establish spinout companies. Entrepreneurial Assistance USTAR ACCELERATORS: Assists entrepreneurs in accelerating the development of startup companies by providing resources and services. Business accelerators emphasize rapid growth while providing support for obstacles that the startup company may encounter. USTAR BUSINESS INCUBATOR: Programs focus on speeding up the growth and success of startup and early stage companies by providing mentorship and support during the time it takes a company to get on its feet. Incubation time varies for each company. SBIR-STTR ASSISTANCE CENTER: Assists entrepreneurs and startup companies in preparing and submitting SBIR-STTR applications. The SBIR and STTR programs offer more than $2.5 billion annually to support the development of technology by small businesses across the nation. USTAR’s SBIR-STTR Assistance Center helps tech- oriented businesses with new discoveries or innovative concepts to get the funding they need to continue their path towards commercialization. INDUSTRY SUPPORT: Includes working with established companies and corporations to connect them with applied research and new innovations, or to connect startups with valuable resources helping to facilitate collaborative partnerships. Industry support also helps to identify gaps in needed areas such as education and workforce development. MENTORING/BUSINESS SERVICES: Industry experts offer help and resources to companies for refining plans and strategies. One-on- one mentoring can help assist with setting goals for success while developing business plans. USTAR regional offices and a network of experts combine knowledge, guidance and encouragement to help bring business possibilities to life. PROTOTYPING SERVICES: Provides early stage companies looking to validate their business model by providing a functionally limited proof of concept device. Prototyping support includes 3D printers, engineering assistance and machine shop time. STATE AGENCY AND PARTNER SERVICES: USTAR also works closely with other state agencies and partners to provide other services to enhance their mission where possible, thus allowing USTAR to fulfill its directive of increasing innovation through research and business development. An example of this work includes the State’s Energy Triangle grant program, which is a partnership with the Office of Energy Development and the Governor’s Energy Advisor. of interest USTAR North 218 South 200 West Farmington 385.226.8457 USTAR South 1071 East 100 South, Bldg C7 St. George 435.216.8364 USTAR Central 815 West 1250 South Orem 385.335.5300 USTAR East 423 Wakara Way, Ste 300 SLC 801.585.9690 SBIR-STTR Assistance Center SLCC – Miller Campus Corp. Partnership Center 9750 South 300 West, Ste. 214 Sandy 801.597.5239 USTAR works with innovators and entrepreneurs around the state. Learn to maximize your innovative business potential by collaborating with USTAR. Learn more at Outreach Offices The BioInnovations Center on the Utah State University campus. Photo courtesy of USTAR 2016 - Life in Utah.indd 35 2/2/16 1:38 PM
  38. 38. 36 LIFE IN UTAH 2016 | work Image courtesy of Envision Utah I n short, Envision Utah helps people envision the future the way they want it, then they give them the knowledge and tools to make it a reality. Utah is thriving. Boasting the nation’s strongest economy, Utahns across the state are able to live in safe, friendly neighborhoods. Because of our state’s prosperity, most Utahns can take care of their families, live in good neighborhoods and enjoy a very high quality of life with those they love. With success, though, brings its own challenges. A high quality of life means that Utah’s population is growing, and it will continue to grow. In the last thirty years, Utah doubled its population, and is projected to nearly double it again by 2050. How will Utah maintain our quality of life with twice as many people? Utah isn’t strong today by accident. Utah is strong because every generation has made the necessary efforts to ensure the next generation could succeed. For this generation, that effort is called Your Utah, Your Future. Your Utah, Your Future In October 2013, Governor Gary Herbert announced the Your Utah, Your Future process to examine important questions regarding future quality of life, such as: Will we have clean air to breathe? Will we have enough water for our needs? Will we have an affordable cost of living, with good housing options for everyone? Will we have open space, including natural lands, agriculture and world-class recreational options? How will we educate twice as many students? Will there be quality jobs for our children and grandchildren? Specifically, the Your Utah, Your Future process examined eleven critical topics: • Air Quality • Agriculture • Disaster Resilience • Economic Development • Education • Energy • Housing and Cost of Living • Public Lands • Recreation • Transportation and Communities • Water Each topic is independently important, but none stands alone. Envision Utah's goal was to help Utahns create a vision for the future they want to see—one that addresses all these topics and serves as a guide for making this state better in future generations. Planning for the Future Envision Utah engages people to create and sustain communities that are prosperous and neighborly for current and future residents of interest In the late 1990s, when Envision Utah was founded, some parts of the state failed to meet national air quality standards, with pollution projected to get even worse. Since then, Envision Utah and others have worked hard to address the problem. Today, emissions across all inventoried pollutants have decreased by nearly half, even as Utah’s overall population has grown. A Step in the Right Direction Utah is growing. Get involved and see how you can help shape the state's future by going to 2016 - Life in Utah.indd 36 2/2/16 1:38 PM
  39. 39. For more than100 years, USU has been the leading state, national and international voice of expertise on water-related issues: management, ecology, climate, education and societal impacts. WATER EXPERTISE AT ITS SOURCE Choosing Our Future This vision explores these and numerous other synergies and interrelationships that will determine what Utah's future—and our children’s and grandchildren’s future—will look like. In order to fully explore these topics, Envision Utah employed the same visioning process that put Utah on the community planning map nearly two decades ago. They convened some of the state’s brightest minds on each of the identified topic areas, studied the values that Utahns hold dear, developed scenarios that presented clear and tangible outcomes on each topic and gave those options to the public to decide what kind of state they want. More than 400 experts worked to study the outcomes of the various strategies studied in each of the eleven topic areas. By understanding values, Envision Utah was able to study and assess the strategies that the public would be most enthusiastic to adopt. All of the strategies were then vetted and substantiated through a record- breaking public outreach effort and survey tool which allowed 52,385 individuals to give their direct input into the shaping of our state. Shaping Utah’s Future Together Taken together, the Your Utah, Your Future process accomplishes a few key goals in ways that no previous community visioning effort ever has: it provides key decision makers with a huge, directionally significant mandate for shaping the future of Utah and its cities; it gives Utahns a sense of ownership for the behaviors and policies that will influence how we grow; and it demonstrates that Utahns care about their state and its future, and are willing to show it. If Utah's track record for working together to tackle tough issues is any indication, it has a bright future ahead if we harness the energy, foresight and planning that went into this statewide effort. Envision Utah is founded upon the principle that the public has a right to choose its future, and when given the chance and equipped with the right information, they will make the right choices to guide their communities. Photo by Chad Zavala 2016 - Life in Utah.indd 37 2/2/16 1:38 PM
  40. 40. 38 LIFE IN UTAH 2016 | work Breaking Down Barriers A s the U.S.ChamberofCommerce CenterforWomeninBusiness stated, “Understanding [women’s] character and impact will contribute to creating environments that help more women scale up their businesses and ultimately serve national and international markets in unique and groundbreaking ways.” However, becoming a successful business owner is difficult, especially for women who face existing growth roadblocks. In general, women have greater difficulty accessing capital and finding relevant, helpful resources. In order to discover opportunities to overcome and open up paths to success, women need technical knowledge, a network and professional development opportunities. Lastly, women need examples of those already blazing the trail and thriving in the business environment. But this isn’t necessarily the case in Utah. According to the 2015 American Express OPEN Report State of Women- Owned Businesses, Utah is ranked #8 in economic clout, which considers total number of firms, revenue and employment. By revenue alone, Utah ranks #4, with higher than the national average for growth in women-owned firms. By creating an entrepreneurial ecosystem where women find and access resources, businesses will prosper; not only elevating the state’s economy, but inspiring other Utah women. Women are the fastest growing group of new business owners in the U.S, with one in three businesses owned by a woman of interest New Clients: 221 Total Clients: 252 Consultations: 397 Consulting Hours: 605 Trainings: 127 Attendees: 4,115 81 Business plans completed 92 New businesses started 192 Jobs created $49.8M Total Revenue $1.5M Increase in Profit $2.7M Capital Accessed Salt Lake Chamber Women's Business Center 2015 Statistics At it m Fo co fue ma To vis S Photo by Alex Adams, Digital Blue Photography 2016 - Life in Utah.indd 38 2/2/16 1:38 PM
  41. 41. 39LIFE IN UTAH 2016 | work At Shriners Hospital for Children our mission is simple: deliver world-class care to children who need it most — whether their families can afford it or not. For more than 90 years we’ve helped tens of thousands of children affected by various orthopaedic conditions. While expertise, dedication and generosity make it possible, we believe our hospital is fueled by love. Thanks to the generous support of the community we serve, we’re helping children make the journey from patients back to kids. To refer a patient call 801.536.3500. For more information or to make a donation visit U.S. News & World Report evaluated Primary Children’s Hospital and Shriners Hospitals for Children—Salt Lake City in Pediatric Orthopaedics 2016 - Life in Utah.indd 39 2/2/16 1:38 PM
  42. 42. 40 LIFE IN UTAH 2016 | workwork The ElevateHER Challenge of interest Utah Women’s Forum: Women’s Business Center: Women’s Leadership Institute: Real Women Run: Governor’s Commission on Women Women’s Corporate Boards Efforts to Elevate Female Leadership in Utah Research shows that businesses with a higher number of women leaders out-perform businesses with fewer women U tah is the second state in the country, behind Massachusetts, to initiate an organizational challenge to elevate women’s leadership in the state of Utah. In May 2015, the Women’s Leadership Institute (WLI) was launched with 43 major Utah businesses, non-profit organizations and educational institutions accepting the ElevateHER Challenge – a commitment to address issues dealing with recruiting, advancing and retaining women in the workforce. That number is now 70. At the May launch, Utah Governor Gary Herbert also took the ElevateHER Challenge on behalf of the state of Utah, stating that the challenge will “pay real dividends and shows Utah as a place where women’s leadership is valued. Utah is leading other states in this collaborative approach between government and business to elevate the stature of women’s leadership.” WLI is focused on lifting the image of Utah, helping women reach their full potential, improving society’s understanding of diversity in leadership goals and the positive impact women leaders can have on economic development, vitality and the overall health of the state. Inc5000PrintAdResize_1 Photo courtesy of Women's Leadership Institute 2016 - Life in Utah.indd 40 2/2/16 1:38 PM
  43. 43. 41LIFE IN UTAH 2016 | Inc5000PrintAdResize_16x20withBleed_PRG_68972_v1Updated_OUT.indd 1 5/12/14 4:08 PM 2016 - Life in Utah.indd 41 2/2/16 1:38 PM
  44. 44. 42 LIFE IN UTAH 2016 | learn Class is in SessionUtah boasts a healthy system of higher education that offers a wide variety of programs for students in many fields. With both private and public schools, Utah higher education is both affordable and crucial to sustainable job growth in the state Images courtesy of individual higher education institutes University of Utah Snow College Salt Lake Community College Utah Valley University Southern Utah University 2016 - Life in Utah.indd 42 2/2/16 1:38 PM
  45. 45. 43LIFE IN UTAH 2016 | learn U tah boasts a comprehensive system of higher education, which includes eight public, non-profit colleges and universities—two research universities: the University of Utah and Utah State University; four regional universities: Weber State University, Southern Utah University, Dixie State University and Utah Valley University; and two community colleges: Salt Lake Community College and Snow College. The Utah System of Higher Education (USHE) is working on multiple initiatives to increase college success and graduation rates, as well as collaborating with K-12 partners to improve college preparation for Utah’s students. Utah College Application Week Each November, Utah's public high school seniors throughout the state are given the opportunity to apply to college during the school day, with a special emphasis placed on low-income and first-generation college students. This year we reached over 20,000 students in 80 high schools throughout Utah. This program will continue to expand each year to provide statewide support. Pam Jacobsen, a Roy High School counselor, said “College Application Week has provided seniors with the support and structure they need to begin and complete the college application process. Attending college is now an attainable dream for many seniors who never dared to dream that big!” Regents’ Scholarship USHE also administers the Regents’ Scholarship, which encourages Utah high school students to prepare for college academically and financially by taking a course on studying and saving for college. Since its inception in 2008, Utah has awarded nearly $27 million to Regents’ Scholarship recipients. Additionally, Utah Scholars, the sister program of the Regents’ Scholarship, delivers the college- prep message to classrooms via volunteers from businesses, to more than 32,000 students—76 percent of all public school eighth- graders—each year. Concurrent Enrollment One key program that continues to grow is concurrent enrollment, a program that allows high school seniors to earn college course credit before graduation. Over half of the graduating high school seniors in Utah took advantage of this opportunity to earn college credit from USHE institutions. This saved students millions of dollars in college tuition. Concurrent enrollment also gives these students the opportunity to experience college instruction and learn necessary tasks, such as how to apply for admission, register for classes and succeed in a college environment. StepUp to Higher Education StepUp to Higher Education is a social awareness campaign that encourages students to dream big about their future and to include college in that dream. StepUpUtah. com contains advice and resources for college preparation and success, for students, parents and educators. StepUp also hosts various events throughout the year to raise awareness about financial aid options available in the state and increases the FAFSA completion rates in Utah. College Application Week has provided seniors with the support and structure they need to begin and complete the college application process. Attending college is now an attainable dream for many seniors who never dared to dream that big!” — Pam Jacobsen of interest STUDENTS IN THE UTAH SYSTEM OF HIGHER EDUCATION • Eight public colleges and universities • 170,770 students enrolled in Fall 2015 (more than 75 percent of all college students in Utah) • 32,549 degrees and certificates awarded 2013-14 academic year (about 75 percent of all credentials) • Enrollment projected to increase by 51,000 students in the next 10 years TUITION AND STUDENT DEBT IN UTAH • Third lowest four-year tuition in the nation • Third lowest student debt as percent of the cost of living • Second in number of degrees awarded per $100,000 spent • Of those who borrow, average student debt ($22,418) is lower than national average ($29,400) • In 2014, the Utah Educational Savings Plan, Utah’s nonprofit 529 college savings plan, received the Morningstar Analyst Rating of Gold for the fourth consecutive year IMPORTANCE OF A COLLEGE EDUCATION • College grads earn $830,000 more over a lifetime than those with only a high school diploma • College grads are three times less likely to be unemployed and four times less likely to live in poverty than those with only a high school diploma • In 2013, the unemployment rate of a Utahn with only a high school diploma was 12 percent, while it was two percent only for a Utahn with a bachelor’s degree SOURCE: Utah System of Higher Education Higher Education in Utah 2016 - Life in Utah.indd 43 2/2/16 1:38 PM
  46. 46. 44 LIFE IN UTAH 2016 | learn H ow often do we hear the phrase, “I’m not a math person,” or disparaging jokes about “tech people” and their stereotypical lack of social skills? Educators in Utah, with support from the STEM Action Center, are doing something about the issues facing STEM (Science, Technology, Engineering and Mathematics) education. For a long time, teachers with the best of intentions were unable or unsure how to best provide students with engaging STEM lessons. Nationwide, this has resulted in a shortage of students prepared to enter STEM career fields, regardless of education level. The STEM Action Center was created and placed in the Utah Governor’s Office of Economic Development (GOED) amidst the 2013 legislative session. During its development, the mission of the STEM Action Center was determined to focus on promoting STEM education through educational best practices, professional development practices and connections with Utah’s local industries—with the ultimate intention of aligning education and workforce efforts. Programs have included studies on digital math tools, training in the applied sciences and efforts to align high school programs to local STEM industry needs. As the STEM Action Center continues its efforts, programs will include elementary school teacher STEM endorsements, STEM certifications for schools, teacher and administrator professional development, classroom grants and grants specifically for students to encourage STEM participation in fairs, contests and competitions. With liaisons in the Utah State Office of Education (USOE) and Department of Workforce Services (DWS), it is clear the STEM Action Center is serious about its goal to provide Utah’s STEM industries with the employees they need. In Utah, STEM jobs are in high demand, particularly in health care and engineering. In the future, it is projected that STEM job demand will increase by 17 percent, while unemployment rates for individuals with STEM degrees maintains an average of 1.6 percent. As demand increases, students need to be prepared to fill these positions. Even more, the students of today are preparing for careers that do not yet exist. By focusing on STEM subjects, which inherently teach critical and creative thinking skills, as well as providing explicit instruction on problem solving, students will be better prepared for the world as they will know it. By providing these opportunities for collaboration, students will be encouraged and supported throughout their education, resulting in earlier exposure to hands-on STEM activities and additional retention of students that express interest in the STEM fields of study. As students graduate high school, they will be better prepared for either the workplace or higher education. Watching students have a positive experience with the STEM fields is an achievement all its own. After one 6th grade student used a microscope for the first time to examine pond water, he exclaimed “This is my kind of subject!” The microscopes, provided by a STEM Action Center classroom grant, are unlike any the school would have been able to purchase on its own. By identifying local and state needs regarding STEM subjects, student and teacher barriers will be broken down and replaced with exciting and applicable learning opportunities that teach more than just facts and knowledge, but also valuable skills about making mistakes, and, more importantly, trying again. STEM Education Student participates in the Graphics and Robotics Exploration with Amazing Technology Camp at the University of Utah, which received a grant from the Utah STEM Action Center. Photo by Kaitlin Felsted learn of interest STEM Fest celebrates innovations in science, technology, engineering, mathematics (STEM), and introduces Utah kids to hundreds of activities that range in complexity to entertain people of all ages. STEM Fest 2016 - Life in Utah.indd 44 2/2/16 1:38 PM
  47. 47. EDUCATION FOR THE WHOLE CHILD. Independent schools nurture students’ intellectual ability and curiosity, personal and social growth, and civic conscience. INDEPENDENT EDUCATION. Independent school teachers and administrators take the time to know each student to encourage achievement in and out of the classroom, and to generate excitement about learning. HIGH QUALITY TEACHERS. Faculty at independent schools combine top teaching skills with a passion for their subject areas. Many teachers bring to the classroom knowledge from advance degrees and successful careers. Their energy and enthusiasm create significant learning experiences for their students. INCLUSIVENESS. Independent schools are diverse and vibrant communities that welcome and respect each family. ACCESSIBLE EDUCATORS. Independent schools understand that parents are important partners in a child’s education. Parents are encouraged to contact administrators and teachers with questions or concerns about their child’s school experiences. SAFE SCHOOLS. Independent schools maintain up-to-date facilities and provide a safe and nurturing environment for children. Parents can rest assured that faculty know their students well and can help them when they are confronted with problems. REAL-WORLD EXPERIENCE. Independent school leaders know that students benefit from interaction with people who hold different perspectives and come from difference backgrounds. They strive to provide students real-world experiences to prepare them to achieve not only in school, but also in work, in further academic pursuits, and in life. In addition to being exposed to a broad array of courses, independent school students participate in community service work and keep up with political affairs. Utah’s Independent Schools INDIVIDUALIZED EDUCATION HIGH QUALITY TEACHERS SMALL CLASS SIZES CHALLENGING ENVIRONMENT MOTIVATED STUDENTS The Independent School Difference The McGillis School Accredited Member K to Grade 8 Salt Lake City (801) 583-0094 Park City Day School Accredited Member Pre-K to Grade 8 Park City (435) 649-2791 Rowland Hall Accredited Member Pre-K to Grade 12 Salt Lake City (801) 355-7485 The Waterford School Accredited Member Pre-K to Grade 12 Sandy (801) 572-1780 American Heritage School Accredited Member K to Grade 12 American Fork (801) 642-0055 The schools listed are members of the Northwest Association of Independent Schools (NWAIS), an organization which promotes high educational quality through the establishment and advancement of comprehensive accreditation standards. 2016 - Life in Utah.indd 45 2/2/16 1:38 PM
  48. 48. The Salt Lake Chamber brought together business, community and education leaders to form Prosperity 2020. Photo courtesy of Prosperity 2020 46 LIFE IN UTAH 2016 | learn Prosperity 2020 From the first day of school all the way through college, Utah recognizes the importance of education U tah’s population hit the 3 million mark in October 2015. It is projected that Utah will have 4 million residents by 2031. Presently, about 31 percent of Utahns are under age 18. For comparison, in the U.S. as a whole, 23 percent are under age 18. According to Alan Hall, CEO of Tempus Global and chair of Prosperity 2020, “Across America, the most vibrant state economies put education first. Decades of research show that a person’s earning power and a society’s wealth are tied to educational achievement. This applies now more than ever, as economic prosperity is driven by those with the knowledge and skills to compete in a global market.” As a state, the entire population of Utah values education and understands that Utah’s children are the future, and their successes will be the state’s success as well. TheSaltLakeChamber brought together business, community and education leaders to form Prosperity 2020, and they are working to help ensure economic prosperity of the state. What is Prosperity 2020? Prosperity2020 is the largest business- led movement ever assembled in Utah to advance educational investment and innovation. This partnership includes 21 chambers of commerce across the state. The vision of Prosperity 2020 is to work collaboratively to ensure education remains a top focus for our state’s leaders, leading to increased prosperity and a bright future for Utah. Goals of Prosperity 2020 For Utah to continue to succeed, we must put education first. Prosperity 2020 has established goals to elevate Utah’s education system to rank among the top ten states in the nation by improving math and reading scores and graduation rates. Learn more about the movement, the plan, the visions and goals, and how you can get involved at of interest Prosperity Through Education “Prosperity Through Education” is the business community's plan to take Utah's education to the Top Ten in the Nation. The main goals include: • Improve 4th and 8th grade math • Improve 4th and 8th grade reading • Increase high school graduation rates • Increase post-secondary graduation rates 2016 - Life in Utah.indd 46 2/2/16 1:38 PM
  49. 49. 2016 - Life in Utah.indd 47 2/2/16 1:38 PM
  50. 50. 48 LIFE IN UTAH 2016 | live Getting Around B ecause of Utah’s commitment to improving available transportation to residents and visitors, major improvements are moving forward on the state’s highway and transit systems. For most of its history, Utah has been an important stop on the trail for travelers, earning the title “Crossroads of the West.” The transcontinental railroad, Pony Express, stagecoach and Lincoln Highway all crossed through the Salt Lake area in their time. Today the region benefits from the intersection of two major interstate freeways (Interstate 80 and Interstate 15), a major railroad hub and an international airport. Utah is also undergoing major changes in commuter transportation. Infrastructure is a big deal for Salt Lake Valley as it is a crucial piece of a prosperous economy. FrontRunner, a high-speed commuter rails, runs from northern Utah to Provo, and TRAXlight rail system has extended its reach by heading further west and now connects the Salt Lake International Airport with downtown Salt Lake City. Both light rail and commuter rail feed into SaltLakeCentralStation, just west of Salt Lake City near The Gateway shopping center. Salt Lake Central Station serves as the junction for bus, train, light rail and commuter rail traffic. Mass Transit Public transit has become a way of life in Utah and more Utahns than ever are using it to get to work, school, special events and other daily activities. More than 44 million trips are taken annually in the 1,600-square-mile service area Utah TransitAuthority (UTA) covers. In August of 2015, UTA added service and increased frequency to TRAX, the S-Line and select bus routes throughout Weber, Davis, Salt Lake and Utah counties, and ridership went up by more than 30 percent on weekdays and 20 percent on weekends. UTA provides public transit to the 80 percent of the state’s population that lives along the Wasatch Front. Services provided include buses, paratransit, TRAX light rail, FrontRunner commuter rail and streetcar in addition to vanpool and carpooling services. FrontRunner provides high-speed rail service from Pleasant View in the north to Provo in the south with key connections of interest Utah’s CommuterLink website— one of the most advanced and intelligent transportation systems in the country—uses the latest technologies and professional expertise to reduce traffic congestion and increase efficiency by alerting commuters to potential trouble on the road. The result is a more efficient transportation network that saves taxpayers more than $100 million annually and reduces carbon monoxide emissions by an estimated 5.1 million kilograms per year. On the move: As Utah’s population increases, the state is working to reduce traffic congestion. To keep ahead of driving conditions, plan your route with CommuterLink Image by Doug Barnes 2016 - Life in Utah.indd 48 2/2/16 1:38 PM
  51. 51. 49LIFE IN UTAH 2016 | live to bus and TRAX routes throughout the service area. TRAX provides connections across the Salt Lake Valley to places such as the Salt Lake International Airport, Sugarhouse, University of Utah, Draper, West Valley and to the many points in- between. Air Travel The SaltLakeCityInternational Airport is situated just west of Salt Lake City, about 10 minutes from downtown and is within 2.5 hours from most of the state’s population. In 2014, 21 million passengers were served in Salt Lake City. It also has an increasingly strong record of on-time flights and a low percentage of cancellations. The airport ranks 27th busiest in North America and 80th busiest in the world in terms of passenger numbers. As of April 2015, there were about 318 average daily departures from the facilities to 88 nonstop destinations. Interstate Highways Utah’s transportation infrastructure includes 45,120 miles of federal, state and local highways and roads. Interstate80 (east to New York City/ west to San Francisco), Interstate15 (north to Canada/south to Mexico), and Interstate70 (east to Denver) are vital to the efficient movement of goods and materials throughout the region. Both I-80 and I-15 converge in Salt Lake, allowing convenient access to the Wasatch Front and points beyond. The I-215 belt route offers expanded access along the eastern and western perimeters of the valley. Railways Amtrak provides daily passenger service on the CaliforniaZephyr to and from points throughout the nation. Experienced travelers say the California Zephyr is one of the most beautiful train trips in the country. The Zephyr runs daily between Chicago and San Francisco, coursing through the plains of Nebraska to Denver, across the Rockies to Salt Lake City, and then through Reno and Sacramento into Emeryville/San Francisco. Amtrak trains arrive at and depart from the Salt Lake Central Station intermodal hub. They accommodate passengers transferring among local bus service, automobile, bicycle, Amtrak and Greyhound. The Future With the steady and robust population growth of the Salt Lake Valley, reliable and eco-friendly transportation is becoming ever more important. Public transportation continues to play a critical role in combating poor air quality and congestion that plagues the Wasatch Front. The Utah Transportation Coalition, a Salt Lake Chamber initiative, continues to advocate for adequate funding of transportation initiatives that focus on environmental quality as well as roadway efficiency and expansion. While the Utah Legislature has already done a lot to increase funding for clean air initiatives, more must be done to maintain and improve our transportation infrastructure. To keep things growing, we must keep things flowing. Plan your trip: Prepare for your Utah vacation or for a Utah way of life, go to 2016 - Life in Utah.indd 49 2/2/16 1:38 PM
  52. 52. 50 LIFE IN UTAH 2016 | SLCHAMBER.com50 LIFE IN UTAH 2016 | LIFE IN UTAH 2016 | T he year 2015 may be one of the best in Utah housing market history. As of the end of September, Realtors were on track to break the record for the most homes sold in a single year. If successful, Utah Realtors will have sold more homes in 2015 than during any other year, according to Utah Association of Realtors records dating back to 2003. Both sales and prices climbed steadily throughout 2015 as buyers competed for a limited supply of homes. At the end of September, the number of Utah transactions had increased 19 percent for the year. That’s up significantly from 2014, which was also a strong year. Meanwhile, the median sales price rose 7 percent and hit a record high in 2015. Moving forward, the market is positioned well for 2016. Economists are expecting continued growth in sales and prices, rising mortgage rates and more choices for homebuyers. Continued Sales Growth Several economists are expecting continued growth in home sales for 2016. The National Association of Realtors is projecting an increase in U.S. existing home sales of 3.5 percent for 2016. Similarly, Fannie Mae expects total home sales to increase 3.5 percent over 2015 levels. Although the growth projections are specifically for the U.S., Utah’s housing market should also perform well. Freddie Mac recently listed Utah as the No. 5 housing market in the country based on its stability in mortgage applications, affordability, non-delinquent loans and employment. Likewise, Salt Lake City ranked No. 4 among metro areas. More Sustainable Price Increases While values will continue to increase, the gains are expected to moderate a bit. That’s welcome news for would-be homebuyers who need prices to remain affordable. A forecast from the Urban Land Institute says prices will be up 5 percent in 2015, 4.3 percent in 2016 and 3.9 percent in 2017. Over the past 20 years, U.S. home prices have increased an average of 3.6 percent per year, which means 2016 is expected to outperform. Rising Mortgage Rates Economists expect mortgage rates to increase in 2016. Currently, Freddie Mac is forecasts an increase in the 30-year mortgage rate next year from 3.9 percent on average to 4.3 percent. A similar prediction from Fannie Mae suggests rates on a 30-year mortgage will average 4 percent in 2016. While the cost of borrowing will likely be higher than the ultra-low levels of 2015, interest rates under 5 percent are still incredibly affordable. Today’s economic situation combined with improvements in the employment market should continue to boost housing despite an uptick in interest rates. Improved Real Estate Selection Finally, homebuyers should expect more choices in 2016. The last time competition for houses was as intense as 2015 was the housing boom. Nevertheless, the shortage situation is expected to improve in 2016 as builders increase production. The Urban Land Institute survey forecasts U.S. single-family housing starts will increase to 745,000 in 2015, 842,500 in 2016 and 900,000 in 2017. Although this is below the 20-year average of more than one million starts, it is a significant improvement from the extremely low levels of home-building activity in recent years. Consumers should expect the following real estate conditions in 2016: rising home prices, investment opportunities for rentals, a healthy economy, below-average interest rates and more housing choices. High Times For Housing in Utah GettyImages With the housing market stronger than ever, Utah is fast becoming the nation’s best for real estate Would-be buyers and sellers can learn more about the markets in their own areas at of interest The median sales price of homes sold in October 2015 registered $229,900, a nearly 6 percent increase from the median last year of $217,700. For the year, prices are up 6.5 percent. The counties with the highest price gains were Iron, Tooele and Weber with increases in the median price of 24, 17 and 10 percent, respectively. Sellers in Utah are receiving more of their asking prices, and homes don’t stay on the market for long. Statewide, it took an average of 52 days to place a home under contract. That’s down significantly from 69 days last year. SOURCES:, Utah Association of Realtors Utah Real Estate 2016 - Life in Utah.indd 50 2/2/16 1:38 PM
  53. 53. 51 2015-2016 NATIONAL OUTDOOR CHAMPIONSSOUTHERN UTAH UNIVERSITY SUU.EDU 2016 - Life in Utah.indd 51 2/2/16 1:38 PM
  54. 54. 52 LIFE IN UTAH 2016 | A nyone who has ever been to the Salt Lake Valley has probably noticed its friendly and helpful people as well as the lively and vibrant culture found in every aspect of life in and around the area. From quiet, family-friendly bedroom communities, to vibrant, walkable neighborhoods, Salt Lake has its share of locales that have made it one of the best places to live. The Avenues & Federal Heights The Avenues and Federal Heights neighborhoods perch on a hilltop directly above Salt Lake City and lie on the northeast bench of the Wasatch Mountains. The neighborhood to the east of the lower Avenues is known as Federal Heights. The “lower Avenues” (between 6th Avenue and South Temple) is a neighborhood of mostly charming Victorian-era houses. Avenues/Federal Heights are two of the oldest neighborhoods and contain some of the first homes to be built in the valley. The Avenues/Federal Heights is also especially popular due to its proximity to downtown, the large and remote Memory Grove and City Creek Canyon recreation area to the west, and the University of Utah to the east/southeast. Downtown Living While Salt Lake City continues to grow, downtown Salt Lake has become a hot spot for housing due to its vibrant culture and accessibility to the state’s most popular shopping venues and public transportation systems. Building upon some of the city's oldest architecture, ClearWater Homes has been developing market rate, owner- occupied housing units and condos. The Paragon Station in the WestGate Business live Faces of the Valley Surrounded by the stunning Wasatch and Oquirrh Mountains, Salt Lake City is known for its diverse blend of people Photo by John McCarthy of interest Downtown Living 99 West 99 West South Temple Broadway Park Lofts 300 South 350 West Liberty at Gateway 500 South 500 West Patrick Lofts 163 West 200 South Providence Place Apartments 309 East 100 South The Regent 35 East 100 South Richards Court 44/55 West South Temple Westgate Business Center 300 West 180 South Downtown Rising: For more information on downtown living and new developments visit 2016 - Life in Utah.indd 52 2/2/16 1:38 PM