CALL INFO LINE: 801-859-6555
 Welcome to the Blog

2013-11-19 08:51:02
Economy on fire: 354 firms currently considering U
Economy on fire: 354 firms currently considering Utah for future growth
a day ago | 0 0 comments | 2 2 recommendations | email to a friend | print
EDCU reports major employers looking at possibilities in Utah
Brice Wallace

The Enterprise

Add another pile of statistics onto the heap of evidence that Utah’s economy is on fire, and be ready for more.

The Economic Development Corp. of Utah (EDCU), fresh off a record-setting business-recruitment fiscal year, continues to see a steady flow of site selectors and companies interested in Utah as a possible location for operations.

“We now have more projects on our books than ever before in our entire history: 354,” Jeff Edwards, president and chief executive officer of EDCU, said at the organization’s annual meeting last week. “This means that there are 354 companies that are considering Utah as a site for their projects, and so represents such a great opportunity for growth that we have never seen before.”

EDCU, which works with the Governor’s Office of Economic Development (GOED) in luring companies to Utah and expanding existing businesses here, during its July-through-June fiscal year worked on successful recruitment and retention projects that will add 9,405 jobs and retain 1,931 jobs in Utah, result in the state adding nine regional or local headquarters, add capital investment of more than $1.4 billion and involve 3.45 square feet of operational space.

“This is tremendous,” EDCU’s new chairman, Scott Anderson, said of the figures.

“They (EDCU) have helped Utah companies to expand, they have recruited great companies to come to Utah, and their work has helped Gov. [Gary] Herbert fulfill his economic plan of creating new jobs and keeping our economy here strong,“ said Anderson, who is president and chief executive officer of Zions First National Bank.

“This work is making Utah a great place to be, a great place to raise a family, a great place to work, a great place to live. And we need to follow their example this coming year, to continue to pull together, to continue to keep our momentum strong. …”

Among the 31 companies announcing plans to add or retain operations in Utah are Emery Refining, with 125 jobs in Emery County; SyberJet, 1,200 jobs in Cedar City; HireVue, 540 jobs in South Jordan; SolarWinds, 1,040 jobs in Utah County; Boeing, 100 jobs in West Jordan; and Enve, 324 jobs in Ogden.

EDCU also conducted 82 site visits during the past fiscal year — the figure was as small as 12 in 2001 — responded to 744 requests for data, up 14 percent from the prior year, and its researchers created 61 custom operating cost models for companies considering relocating to Utah. That was up 13 percent.

Edwards said Utah is being considered for several large-scale projects, “including full-sized corporate headquarters and very large manufacturing operations. Most of these are just beyond our capacity, but just the fact that we’re being considered is a big deal.”

He also noted that Utah’s information technology sector “has reasserted itself as a major force for growth in Utah and it is now a magnet of its own right, attracting more like-minded companies here.” And the IT workforce is deep enough “that it gives talented people the reassurance that there are broad opportunities if they relocate to Utah.”

During the current fiscal year, Edwards said, he expects about 3 percent economic growth in Utah, across all sectors, with strong growth in the state’s aerospace, information technology and life sciences industries.

“Our success during the recession really caught the attention of companies and site selectors and has now brought to us many new opportunities in the recovery that we have not seen before,” Edwards said. “It always surprises people to learn that during the recession, EDCU set new records for growth, even in the deepest and darkest times of the recession.”

Edwards, Herbert and Anderson praised EDCU’s collaborations with the state and municipalities.

“We truly can blend the best of both worlds, both in the public sector and the private sector,’ Edwards said of EDCU’s partnership with GOED, “and it presents a seamless image to our out-of-state clients. It’s just a remarkable thing.”

“I think what makes Utah great, what has led to EDCUtah’s success, is their ability to form partnerships, to link people, technology, money and ideas together for the common good,” Anderson said. “EDCUtah’s success shows that when people gather together in a worthy cause and work tirelessly and selfishly toward its attainment, anything is possible.”

Herbert noted that Utah is constantly ranked highly by publications as a great place to do businesses, that’s its 2.7 percent annualized economic growth rate is double the national average, Utah ranks behind only North Dakota in job creation and Utah’s unemployment rate is about 3 percent below the national average.

“We’re not going to rest,” Herbert vowed. “The future is bright. We’re going to climb on and find even greater heights as we move forward into the future. … Let’s make Utah maintain its lofty position as the best place in America to live, to raise a family and to do business.”

Read more: The Enterprise - Economy on fire 354 firms currently considering Utah for future growth 

Blog Archive
2017-04-16 09:49:56
Population Growth Shifting Out of SL To UT County

2017-04-16 09:49:01
State’s economy fueling population growth

2017-03-10 16:03:59
CNBC ranks Utah No. 1 state for business

2017-03-08 10:24:12
Toughest & Easiest States for 1st Time Home Buyers

2017-01-04 10:39:50
Housing Market 2017: The Positives & Negatives

2016-06-14 10:31:17
Salt Lake Monthly Housing Report

2016-05-20 15:42:35
Who Pays the Highest Property Taxes?

2016-03-31 15:49:40
Cities to Watch: 2016's Fastest-Growing Places

2016-03-29 13:19:08
Salt Lake Quarterly Housing Report

2016-01-28 08:37:27
Park City 2015 Year-end Statistics Press Release

2016-01-18 10:50:31
5 Things to Never Say When Selling a Home

2016-01-11 11:46:49
The ‘Missing Link’ in Housing

2015-12-23 12:08:43
5 Real Estate Trends That Will Dominate 2016

2015-12-15 10:56:50
How Will Higher Rates Affect Housing?

2015-12-04 10:39:02
Big Expectations for Housing in 2016

2015-12-01 10:07:30
6 ‘Tacky’ Home Décor Trends

2015-11-10 11:31:23
Home Buyers Don’t Need to Fear

2015-10-28 09:48:58
Home Prices Rising at Faster Pace Than Inflation

2015-10-20 15:23:54
Scammers Using New Chip-Based CCs as Fresh Phishin

2015-10-09 10:13:25
3 Home Inspection Deal-Breakers

2015-10-06 14:42:40
The Next Three Months: Best Time to Buy

2015-09-17 10:30:01
How High Will Mortgage Rates Actually Climb?

2015-09-11 14:14:05
Best Day of the Year to Buy a Home

2015-08-24 08:28:04
Home Resales at 8-Year High as Buyers Act Before M

2015-07-31 11:21:43
Utah Economy Newsletter June 2015 Now Available

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.