economic development in utah - american-ins.com · source: utah governor’s office of economic...
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Economic Development in Utah
Southern Utah
EDCUtah’s role in Utah’s economic development strategy
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• Who We Are and What We Do
• What are the Goals?
• What are the Opportunities?
Agenda
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Organizational Overview
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• Private, non-profit organization founded in 1987
• Catalyst for quality job growth and increased capital investment
• Specialize in corporate recruitment, economic research, site selector marketing and community development
• Supported by state government (GOED), local governments, and organizations from the private sector
EDCUtah Overview
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• 2003-09: Research, BD, Community Strategy; EDCUtah
• 2009-12: Proactive Recruiting; EDCUtah
• 2012-14: Vice President of Client Services; CRP
• 2014-20: Chief Marketing/Operating Officer; EDCUtah
Mike Flynn, COO, EDCUtah
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• Business Development
– Responsible for project management, client handling, Site Selector relationships, and lead generation
• Research & Marketing
– Responsible for primary and secondary data collection, content creation, mass marketing, and events
• Community Strategy
– Responsible for community training and education, site preparation, and local official engagement
Organizational Structure
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Site Selector Events
Trade Missions
Targeted Recruiting Missions
Tradeshows
Press & Promotion
Project Initiation
Follow-up Company RFI
EDCUtah Community
RFISite Visit
State Incentive
Local Incentive
Win/Loss
Community Specific Project
Project Process
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New or Retained Jobs
ProjectWins
CapitalInvestment
Square Footage
Key Performance Indicators
2019-20 Fiscal YTD
Previous Year 10,450 40 $1B 2.5M
10,054 22 $946M 2.1M
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New Project Starts, YTD (+3)
1314
15
12
14
11
14
1112
11
6
20
89
12
24
16
13
10
15
July August September October November December January February March April May June
FY 2018-19
FY 2019-20
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Big Wins
50 Jobs
$750 Million Cap. Ex.
May 2018
Source: Utah Governor’s Office of Economic Development, EDCUtah
Tyson Food
1,374 Jobs
$286 Million Cap. Ex.
May 2019
Procter & Gamble
221 Jobs
$310 Million Cap. Ex.
January 2020
Northrop Grumman
2250 Jobs
$380 Million Cap. Ex.
January 2020
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What is the Goal?
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Utah’s Economy Then and Now U t a h ’ s e c o n o m y h a s s e e n s i g n i f i c a n t g r o w t h
Economic Metric 2003 2018 Percentage Change
Utah Population 2,378,000 3,161,000 33%
SL County Avg Home $$ $ 171,600 $ 363,000 112%
Average Wage $ 31,041 $ 47,777 54%
Net Migration (2,914) 25,019 NA
Percent of US Wages 84% 86% 2%
Total Unemployed 67,682 48,978 -28%
Cost of Living 94.0 97.7 4%
Total Employment 1,146,325 1,588,575 39%
GDP $ 79,149,100,000 $ 177,336,200,000 124%Total College Graduates 23,242 59,668 156%
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• Higher wages growing at a reasonable rate
• Talent aligned with existing industry needs
• Career opportunities for everyone, better jobs at every level
• More organic growth, supplemented with high-value recruitment
High(er) Quality Jobs
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• Projects that create significant property tax base
• Projects with minimal impact to community and school district budgets
• Projects that work in rural communities
• Projects that leverage existing infrastructure and utilities
• Revenue generation
Large Capital Investment Projects
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• Policies that support housing affordability, wages that support current housing costs
• Projects that minimize air quality impacts, or locating those projects in less impacted air sheds
• Minimized congestion by focusing on the colocation of jobs and housing
• Prioritize revenue-generating growth over expense-generating growth
Manage the Impacts of Growth
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How to get there?
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• Don’t take our foot off the gas!
• Become more strategic about our economic development investments and the use of incentives
• Invest in initiatives the further the new “Quality” based value proposition, things like workforce development
• Think BIG
Strategies and Suggestions
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• Keep looking for opportunities – kiss a lot of frogs
• Become even more targeted in our proactive efforts -higher wage/bigger capex projects
• Support generational opportunities throughout the state
How EDCUtah Plays a Role
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Utah’s Generational Opportunities
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• Creation of the Northern Utah Economic Alliance
• Hill Air Force Base
– Companies such as Boeing, BAE, Lockheed, Janicki, Northrop Grumman, et al.
– State’s largest employer with 16,400 civilian employees
• Northrop Grumman will base its Ground Based Strategic Deterrent operations in Ogden – 2,500 new jobs
Northern Utah
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• 700 acres in the middle of the fast-growing Silicon Slopes
• Nearby communities represent another 20,000 acres of potentially developable land
• Public information and prioritization effort led by Envision Utah and state-appointed board
Point of the Mountain
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• Intermodal hub with nearby rail, highway, and air transportation
• Future site of the state prison with massive state investment in infrastructure
• 16,000 plus acres of developable land for manufacturing and distribution
Northwest Quadrant
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• Transportation, utility, and infrastructure assets that are currently underutilized
• Highly skilled, hard working, and dedicated workforce with untapped potential
• Growing subset of corporate recruitment projects interested in considering rural locations
Rural Utah
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• Corporate recruitment is one part of a sound economic development strategy
• Utah “wins” on talent, geography, and consistency
• Utah “loses” on size of market, diversity, and (more recently) cost
• The business environment has evolved; some of the goals have remained the same
• There is no shortage of generational opportunities in 2020
In Summary
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Questions
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Thank you
Southern Utah