EDC Utah Presentation to Broadband Advisory Council 4 14
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The Utah Economic Development Corporation aims to promote job growth and attract investment by supporting local businesses and recruiting out-of-state companies. The state offers a competitive business environment, a young and educated workforce, and various tax incentive programs for both existing and new companies. Infrastructure advantages include a central location, extensive transportation options, and a strong focus on workforce development and connectivity.
EDC Utah Presentation to Broadband Advisory Council 4 14
- 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. E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 2
- 3. The Utah ED Process GOED Local ED EDCUtah E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 3 Supporting organizations: • Business Community • Universities/Colleges • USTAR • Chambers of Commerce • Industry Associations • International Team • GOED International Team • World Trade Center Utah
- 4. • Real Estate Sites • Demographics • Labor Market Profiles • Prevailing Wage Rates • Tax Rates • Utility Avail & Rates • Infrastructure Capability • Current Investment • Legislative Priorities • Cost of Living • State & Local Incentives • Competitive Climate • Education Data • Transportation • Local Elected Officials • Local Business Leaders • Tech Developments • Quality of Life Information Available on Utah E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 4
- 5. E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 5
- 6. T H E E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 6 Why Do Business in Utah?
- 7. E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 7
- 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 Source: Salt Lake Airport Authority • Delta’s 2nd largest hub • 10 min. from downtown Salt Lake City International Airport • 700+ daily flights • Direct to Tokyo & Paris + Mexico & Canada
- 10. Low Cost Business Environment 4.9 5.1 6.0 6.7 6.9 7.3 10.9 0.0 5.0 10.0 15.0 UT ID NM AZ CO NV CA Electricity 3.8 3.8 4.3 4.5 5.0 6.4 6.6 0.0 5.0 10.0 UT ID CO NM AZ NV CA Industrial Rates ($/sf) 19.3 22.0 24.3 26.1 28.1 28.5 32.2 0.0 20.0 40.0 ID UT NM CA CO AZ NV Office Rates ($/sf) 95.2 99.6 100.3 100.6 103.4 133.3 162.5 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 NM, Albuquerque AZ,Phoenix NV,Las Vegas UT,Salt Lake CO,Denver CA,Los Angeles CA,San Francisco ACCRA Cost of Living Index 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 • Fewer work breaks – lowest percentage of smokers in the U.S. Sources: Decision Data Resources, The Employers Council, United Health Foundation The Gateway
- 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 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 “Per capita, Utah is the most linguistically diverse region of the U.S.” -Time Magazine
- 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% Source: Bureau of Labor Statistics (May 2008 wage data, August 2009 unemployment data) Downtown Salt Lake City building
- 15. State of Utah Tax Incentive Programs • EDTIF • REDI • IAF • Custom Fit • Research Tax Credits • Recycling Zones • Sales Tax Exemption • Enterprise Zones Tax Credits Incentives available for both existing Utah companies & companies new to Utah
- 16. Business Leaders in Economic Clusters • Life Sciences • Myriad Genetics • ARUP Laboratories • Edwards Lifesciences • Software & IT • Adobe • eBay • L3 Communications • Aerospace & Aviation • Hill Air Force Base • ATK • Hexcel Corporation • Outdoor Products & Recreation • Salomon • Rossignol • Black Diamond • Defense & Homeland Security • Hill Air Force Base • ATK • Northrop Grumman • Financial Services • Zions Bank • Wells Fargo • Goldman Sachs • Energy & Natural Resources • First Wind • Rocky Mountain Power • Questar Gas Corporation • Competitive Accelerators
- 17. E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 17
- 18. E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 18
- 19. Emerging ED Trends 2014 • National spotlight creating opportunities • Strong recruiting project activity • Proactive recruiting program success • New opportunities for rural Utah • Workforce development a critical issue E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 19
- 20. Telecom & Economic Development • Every project needs connectivity • High bandwidth connections are just expected • Multiple carriers and redundancy • Expected in rural Utah too • Competitive national pricing expected • Utah has a great story on broadband E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 20
- 21. T H E E C O N O M I C D E V E L O P M E N T C O R P O R A T I O N O F U T A H 21 Questions