Jeff Edwards EDCUtah
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This presentation was given by Jeff Edwards, CEO of the Utah Economic Development Corporation of Utah (EDCUtah), to the Utah Broadband Advisory Council on July 19, 2011.
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Jeff Edwards EDCUtah
- 1. Welcome to Utah! Presented by Jeff Edwards to the Utah Broadband Advisory Council July 19, 2011 c
- 2. EDCUtah Mission To serve as a catalyst for quality job growth and increased capital investment by assisting in-state companies to grow and recruiting out-of-state companies to expand and relocate in Utah. c ECONOMIC DEVELOPMENT CORPORATION OF UTAH 2
- 3. The Utah ED Process Supporting organizations: • Business Community EDCUtah GOED • Universities/Colleges • USTAR • Chambers of Commerce • Industry Associations • International Team • GOED International Team Local ED • World Trade Center Utah ECONOMIC DEVELOPMENT CORPORATION OF UTAH 3
- 4. Information Available on Utah • Real Estate Sites • Cost of Living • Demographics • State & Local Incentives • Labor Market Profiles • Competitive Climate • Prevailing Wage Rates • Education Data • Tax Rates • Transportation • Utility Rates • Local Elected Officials • Infrastructure Capability • Local Business Leaders • Current Investment • Tech Developments • Legislative Priorities • Quality of Life ECONOMIC DEVELOPMENT CORPORATION OF UTAH 4
- 5. Recruitment Results (2010-2011 Fiscal Year) • Jobs Created (recruitment & expansion) 7,263 • Jobs Retained 1,364 • Square Footage 3,150,072 • Headquarters 5 • Capital Investment $795M • Site Visits 118 • Total Open Projects 246 ECONOMIC DEVELOPMENT CORPORATION OF UTAH 5
- 6. Why Do Business in Utah? THE ECONOMIC DEVELOPMENT CORPORATION OF UTAH 6
- 7. Recent Utah Recognitions • Salt Lake City – Top 15 New Cities in World – Fortune, July 2011 • Utah Ranked #1 Best State for Business – Forbes.com, 2010 Best States for Business • #1 Best Managed State Government – Pew Charitable Trust, 2008 Grading the States • Utah #2 Best Business State –Pollina Corporate, 2010 “Rebuilding American’s Economic Power” • Salt Lake City 3rd Best Performing City in America – Milken Institute, 2009 Best Performing Cities Index • Utah Ranked 5th for America’s Top Business States – CNBC, 2009 America’s Top States for Business • #1 Utah Best Quality of Life – Business Facilities Magazine 2010
- 8. Central Location in Western US • 3 major interstate highways • 1-day to 2-day delivery to western U.S. • Full-service customs port of entry • 2 major rail lines
- 9. Convenient Airport Access & Travel Salt Lake City International Airport • 700+ daily flights • Delta’s 2nd largest hub • Direct to Tokyo & Paris + Mexico & Canada • 10 min. from downtown Source: Salt Lake Airport Authority
- 10. Low Cost Business Environment Electricity 15.0 10.9 10.0 6.7 6.9 7.3 4.9 5.1 6.0 5.0 ACCRA Cost of Living Index 0.0 180.0 162.5 UT ID NM AZ CO NV CA 160.0 140.0 133.3 Industrial Rates ($/sf) 120.0 99.6 100.3 100.6 103.4 10.0 95.2 6.4 6.6 100.0 4.3 4.5 5.0 5.0 3.8 3.8 80.0 60.0 0.0 40.0 UT ID CO NM AZ NV CA 20.0 0.0 Office Rates ($/sf) 40.0 32.2 NM, AZ, Phoenix NV, Las UT, Salt Lake CO, Denver CA, Los CA, San 28.1 28.5 Albuquerque Vegas Angeles Francisco 24.3 26.1 19.3 22.0 20.0 0.0 ID UT NM CA CO AZ NV Source: ACCRA Cost of Living Index (Q2 2010)
- 11. High Quality Workforce Youngest state in the nation • 20% of Utah’s population is enrolled in grades K-12! • Median age – 29 Highly educated • 37.1% with college degree • 91% with high school diploma Strong work ethic • Average turnover rate – 11.2% • Fewer sick days – 6th healthiest state The Gateway • Fewer work breaks – lowest percentage of smokers in the U.S. Sources: Decision Data Resources, The Employers Council, United Health Foundation
- 12. Strong Higher Education College graduate retention = 75% native & 43% non- native 190,000+ students statewide • 9 public universities • 4 private universities • 10 UCAT campuses w/60,000 students Sources: Angelou Economics
- 13. High World Language Skill Set “Per capita, Utah is the most linguistically diverse region of the U.S.” -Time Magazine Facts: • Residents speak 90% of the world’s written languages • 60% of public school students study a world language • 180 languages are spoken by U of U students • 80+ language courses are offered at BYU • 77% of BYU students speak a second language • 47% of BYU students have lived outside the U.S. for 1+ years Sources: Utah State Office of Education, University of Utah, Brigham Young University
- 14. Competitive Labor Market Competitive labor market and competitive business costs Utah’s wages = 90.3% of the national average • Utah avg. wage = $38,160 • National avg. wage = $42,270 Utah unemployment = 7.3% • National unemployment = 9.1% Downtown Salt Lake City building Source: Bureau of Labor Statistics (May 2008 wage data, August 2009 unemployment data)
- 15. State of Utah Tax Incentive Programs Incentives available for both existing Utah companies & companies new to Utah • EDTIF • REDI • IAF • Custom Fit • Research Tax Credits • Recycling Zones • Sales Tax Exemption • Enterprise Zones Tax Credits
- 16. Business Leaders in Economic Clusters • Life Sciences • Defense & Homeland Security • Myriad Genetics • Hill Air Force Base • ARUP Laboratories • ATK • Edwards Lifesciences • Northrop Grumman • Software & IT • Financial Services • Adobe • Zions Bank • eBay • Wells Fargo • L3 Communications • Goldman Sachs • Aerospace & Aviation • Energy & Natural Resources • Hill Air Force Base • First Wind • ATK • Rocky Mountain Power • Hexcel Corporation • Questar Gas Corporation • Outdoor Products & Recreation • Competitive Accelerators • Salomon • Rossignol • Black Diamond
- 17. Recent Project Wins • Adobe • Northrup Grumman • RBS Securities • EMC • Goldman Sachs • ITT Integrated Systems • Cephalon • Merit Medical • Specialized Bicycle • Duncan Aviation • Nelson Laboratories • Fairchild Semiconductor • First Wind • GSL Mineral • Global Parts Network • Hexcel • Edwards Lifesciences • O’Reilly Automotive • eBay • GE Financial • Boart Longyear • Reckitt Benckiser • Oracle • Quality Bicycle Products ECONOMIC DEVELOPMENT CORPORATION OF UTAH 17
- 18. Emerging Trends • Site Selectors report seeing increased activity • Diverse manufacturing adds strength • “Reshoring” emerging • National media making a difference • Geography matters – fuel prices • Neighboring states challenges – NV, AZ, CA ECONOMIC DEVELOPMENT CORPORATION OF UTAH 18
- 19. Questions THE ECONOMIC DEVELOPMENT CORPORATION OF UTAH 19
Editor's Notes
- EDCUtah Business Model:-Public & Private partners provide capital that allows EDCUtah to operate.-EDCUtah employs this capital in the recruitment and retention of quality companies to Utah.-Client companies are asked to utilize EDCUtah partners first for business service needs.-Client companies are asked to join EDCUtah after selecting Utah for their business expansion/relocation.The EDCUtah business model works well due to the structure of the partnerships. All entities represented work together allowing the model to flow both clockwise and counterclockwise where the Partners work with EDCUtah and with Client Companies, EDCUtah works with Client Companies and with its Partners and Client Companies work with the Partners and with EDCUtah.
- Distribution Facts:-43,000+ miles of interstate-1,400+ miles of railroad-SLC Airport = 22+ M passengers annually and 550+ M lbs. air cargo annually
- The state of Utah has an unmatched number of bilingual residents of all ages. While no one knows exactly how many people in Utah speak a second language, it is far beyond expectations for a state without seaports or close proximity to other countries. Many businesses in Utah utilize this unique quality and implement workers’ skills to further their business capabilities and relationships with their clients. Utah’s Governor Jon Huntsman is fluent in Mandarin Chinese, the only Governor in the U.S. with such a skill.Utah just launched its Language Roadmap for the 21st Century, an aggressive language education plan that will prepare generations of Utah students to enter a changing global economy. The National Security Agency (NSA) selected Utah for its language analyst offices. The agency deals with codes, world languages and other aspects of communication. The NSA commented that Utah’s famous facility with languages was a factor in its selection as a site.