| President's Message
Xactware breaks groung on HQ Building; Pollina Ranks Utah #1
These are exciting times. Following on our participation in the grand opening for ITT Exelis, we had the privileged of participating in the groundbreaking for Xactware Solutions Inc.'s new headquarters in Lehi. The company is building a 210,000-square-foot facility near Timpanogos Highway in the Traverse Mountain Business Park and plans to hire approximately 40 more employees by the end of the year. See our newslinks column on the right for media coverage of the groundbreaking.
Also, perhaps you read that Utah bumped Virginia out of the No. 1 spot in Pollina's latest Top 10 Pro-Business States Study. After holding the No. 2 spot for several years, it's great to see Utah take top honors!
And finally, we are busy gearing up for our annual meeting on Sept. 27. We'll be honoring two individuals for their service to economic development in the state. One individual will receive the "Thayne Robson Award" for service to economic development in the public sector. Another individual will receive the "Nick Rose Award" for service to economic development in the private sector. Further, with former Governor Jon Huntsman offering the keynote address, the meeting will be an event you certainly don't want to miss! Call (801) 328-8824 to secure a table for your organization. I look forward to seeing you there.
Today's Economic Review also includes links to many of the ED-related news stories from the past week. As always, if you have comments, suggestions or topics you'd like to see in the Economic Review, please contact us by clicking the "Comments" link on the bottom of this page. Enjoy!
President and CEO
Celebrating EDCUtah's 25th Anniversary:
A Successful Business Model
Editor's Note: In celebration of EDCUtah's 25th anniversary, this newsletter will publish several stories focusing on the organization's roots, the government/private sector business model at the center of its success, some of EDCUtah's greatest accomplishments over the past 25 years, and a look to the future -- the vision and leadership that will carry the organization on to its golden anniversary.
Part Two: A Model of Cooperation
The 9th annual Pollina Corporate Top 10 Pro-Business States study, published in August, ranked Utah America's most pro-business state, nudging out Virginia for the No. 1 spot.
Utah truly stands out as an island of economic success and stability. Accolades like the Pollina ranking recognize enlightened political leaders that listen to the needs of the business community. Underlying that enlightenment is the secret to the success of economic development in Utah. The secret is hidden within the daily cooperation that occurs between Utah government, education, civic and business leaders as they work together to keep the state vibrant.
This "model of cooperation," as Alan Rindlisbacher describes it, probably had its roots in the state's pioneer heritage and is knitted into the fabric of the state. It was evident in the 1980s in the creation of the "Committee of 100" and "Metro Utah," two civic- and business-supported organizations devoted to Utah's economic development. The model of cooperation then extended into the organization of the Utah Economic Development Corporation (UEDC) in 1987, thanks to the visionary and financial support of founding investors like the Salt Lake Chamber of Commerce, Mountain Fuel Supply (Questar Gas), Utah Power & Light (Rocky Mountain Power), Zions Bank, Salt Lake County, First Security Bank (now Wells Fargo) and Mountain Bell (now CenturyLink).
In the process, the model of cooperation reached out to state government. As a former chairman of the UEDC's Board of Directors, Louis H. Callister, chairman emeritus of the law firm Callister Nebeker & McCullough, felt a strong desire to continue uniting economic development across the public and private sectors. He remembers spending a lot of time working with economic developers in state government to cement a working relationship with them. "I worked for a couple years with Mike Lawson, executive director of the UEDC at the time, and Dave Winder, who worked in economic development for the state," he says. "We wanted to get the state involved in working with the UEDC."
Cementing the Relationship
Cementing that relationship between public and private economic developers took a giant leap forward in 2004, with the election of Governor Jon Huntsman. At that time, economic development at the state level was the responsibility of the Department of Community and Economic Development. Governor Huntsman decided to split the department in two, creating the Governor's Office of Economic Development (GOED) and the Department of Community and Culture.
GOED's role has evolved since then, but at the time was primarily focused on corporate recruitment and incentives, business development, rural development programs, federal procurement assistance and international trade.
In 2005, EDCUtah, which had changed its name from the Utah Economic Development Corporation to the Economic Development Corporation of Utah, won the contract from GOED to represent the state in corporate recruitment. The contract came together at the beginning of EDCUtah's 2006 fiscal year and has been a key component of EDCUtah's success ever since. With GOED's support, EDCUtah has become the central source for economic development and the model of cooperation, which has been refined and strengthened over the years, is today the backbone of the organization.
"Many states have private economic development groups like ours, and in some cases they were modeled after ours, but not many of them have real partnerships with state economic development, counties, cities, higher education, civic organizations and businesses like we do. We hear from visitors quite often that our partnership with the state is a very unusual and positive relationship," says EDCUtah President & CEO Jeff Edwards.
Centralize Economic Development
Such partnerships make it easier for EDCUtah to centralize economic development efforts and provide a voice for all of its investors. "They feel engaged in the economic development process," Edwards explains. "The model has stood the test of time and we think it is very successful."
The model also makes it much less complicated for businesses to evaluate Utah locations and resources, and allows EDCUtah to extend its expertise to the local level where limited budgets and manpower may preclude some of our smaller communities from participating in economic development projects.
"It's a truly win-win relationship and we are very grateful to all of our investors for their support," says Edwards.
Uintah Basin Energy Summit (Vernal)
Social Commerce Exchange 6:30-8:30 p.m., networking starts at 5:30 p.m. (Salt Lake Community College Miller Campus, 9750 South 300 West)
Utah Technology Council and MD4 Industry Breakfast 8 - 9:30 a.m., (Thanksgiving Point)
What's Goin' Down Up North -- Northern Utah Economic Summit (Utah State University Innovation Campus, 489 East 1650 North, North Logan)
EDCUtah Annual Meeting (Grand America Hotel) 11 a.m. – 2 p.m., lunch provided. Call (801) 328-8824 now to secure a table for your organization.
The Utah Small Business Coalition invites you to attend the Utah Small Business Summit, 8 a.m. – 3 p.m. (Radisson Hotel Salt Lake City Downtown)
Technology Venture Development Executive Education Seminar (University of Utah)
Why Be an Investor?
Board of Trustees
The EDCUtah Economic Review is a weekly publication of the Economic Development Corporation of Utah. It is distributed to EDCUtah partners and selected other government and civic organizations interested in Utah's economic development.
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In the News
Utah No. 1, Virginia falls to No. 2 in Pollina Top 10 Pro-Business States ranking
Utah was named America's most pro-business state, nudging Virginia out of the top spot after five years, in an annual study done by Chicago-based Pollina Corporate Real Estate.
(Virginia Business) (Pollina) (Salt Lake Tribune) (Daily Herald) (Deseret News) (Utah Business)
Despite slide, Utah still among top job creators
Utah's position near the top of the 50-state jobs derby earlier this year has slipped a few notches, according to government data examined at Arizona State University.
(Salt Lake Tribune)
Software company breaks ground for new HQ in Lehi
Xactware Solutions Inc., the Utah County-based technology company that produces management software for building and remodeling professionals, broke ground Thursday on its new headquarters in Lehi.
(Salt Lake Tribune) (ABC 4) (Daily Herald) (Fox 13)
Utah bucks trend by boosting output
Utah manufacturing activity in August climbed to the highest level in five months on strong production from the state's oil wells and sales by companies tied to the energy industry.
(Salt Lake Tribune)
Quality Growth Awards single out City Creek, others
Six projects or developments are being honored today as recipients of the 11th Envision Utah Governor's Quality Growth Awards, singled out for their noteworthiness and exemplification of smart growth, innovative planning and stewardship of people and the environment.
2012 Governor's Medal for Science and Technology Awards
For 25 years, the Governor has awarded the Medal for Science and Technology as a symbol of achievement to those individuals who have provided distinguished service to the state of Utah in science and technology.
Heber Valley to host 6th Annual 'What's In Out Back' Economic Summit and Golf Tournament
The Heber Valley Economic Development office will host the 6thAnnual "What's IN OUT back!" Economic Summit on Friday, Sept. 7, at the Zermatt Resort in Midway, Utah. The summit will feature keynote speaker Alan E. Hall and other business leaders.
Utahns more optimistic than the nation as consumer attitudes remain steady
Utah consumers show little change in their economic outlook.
Logan, Utah named 3rd best college town in America
Brigham Young University's sprawling campus in the shadow of "Y" mountain and the University of Utah's capital city amenities apparently have nothing on Utah State University in Logan, named this week the third best college town in America by livability.com.
Built-in consumer base helps City Creek flourish in hard times
City Creek Center officials say a built-in consumer base and mixed-use development are what help the mall, located in downtown Salt Lake, flourish while others struggle to keep retailers.
Utah companies make headway in Mexico
Utah business owners completed a highly productive trade mission to Mexico City in early August. They started the week with an informative session on Mexico's business resources and they wrapped up with a Utah Business and Tourism Reception.
Utah voted one of the best places to be young in the U.S.
The U.S. economy continues to pound on young adults with joblessness and student debt. The average national unemployment for young adults aged 20-24 was 13.5 percent in July 2012, according to the Bureau of Labor Statistics.
Money ranks South Jordan among best place to live in 2012
South Jordan is one of the fastest-growing cities in Utah. Daybreak, a planned community, has drawn more residents to the area than any other new home community in the state.
Group wants more college degrees for Utah women
Utah higher education officials say not enough women in the state are graduating from college and want that to change.
Utah officials open talks with outdoor trade group
State officials said Wednesday they have opened discussions with an outdoor-recreation trade group that represents companies such as Patagonia and The North Face, after the organization threatened to pull lucrative biannual trade shows from Salt Lake City in a dispute over the fate of public lands.
(Businessweek) (U.S. News)
SLCC Opens Utah's First Solar Training Yard
Salt Lake Community College's Green Academy will hold an event celebrating the completion of Utah's only Solar Photovoltaic (PV) training yard on September 6, at the College's Meadowbrook Campus, 250 West 3900 South in Salt Lake City.
Surge in expansions, job growth fuel Wasatch Front office sector
After five long years, the Wasatch Front's commercial real estate market is showing signs of life. And nowhere is that more apparent than in the office sector, where companies of all sizes are snatching up available space in existing buildings or purchasing raw land to construct new ones.
(Salt Lake Tribune)
American Fork-based Rain among fast-growing software companies
It hasn't rained much in American Fork this summer, but that hasn't kept Rain from growing. Rain -- the American Fork company -- has been named one of America's "Fastest Growing Companies" by Inc. Magazine.