This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Creating new jobs and capital investment - for almost three decades, this has been the Economic Development Corporation of Utah's sole purpose. They've done so by recruiting new companies to come to the state, and by facilitating the expansion of those already here.
The corporation - a public/private partnership working with state and local government, and private industry – is dedicated to attracting and fostering competitive, high-value companies that spur local development, and efforts have certainly been paying off. Each year an average of 30 companies set up shop in Utah, which consistently ranks among the best states for doing business in the country. This year, Forbes ranked the Beehive State at number three.
"By having a proactive economic development effort, we're able to bring opportunities to the citizens of Utah," edcUTAH's CEO & President Jeff Edwards said. "It's important for Utah because it brings new jobs to the state that otherwise would be going to different places," he said.
Job growth in Utah is currently at three percent per year, second only to North and South Dakota, which are growing rapidly because of the energy business. Add to that an unemployment rate of only 3.5%, a successful tax credit program and diversity of industries, and it's easy to see why Utah is winning favor with companies around the country.
Leading global investment banking, securities and investment management firm Goldman Sachs is one of those companies. While the firm has had a presence in Utah since 2000, their Salt Lake City office has experienced significant growth over the past few years and now represents the company's second-largest office location in the United States.
"EdcUTAH has the ability to effectively reach the senior business leaders in Utah to provide relevant data and information to prospective companies," Director of Operations for Goldman Sachs Salt Lake City, David Lang said. "They are a great source of information for organizations looking to establish a presence, or expand in Utah. Having a single source for data, context and resources helps an organization to make strategic decisions about doing business here," Lang said.
In addition to the financial world, other industries opting for Utah include aerospace. Boeing has a new factory underway in Salt Lake City that will build parts for its commercial planes and currently employs over 795 people there.
Another strong area is in outdoor sporting goods such as skis and snowboards. Amer Sports - a global sporting goods company that includes such brands as Salomon, Atomic and Suunto – opened it's North American headquarters in Ogden in 2007 and has 150 employees. Both are successfully working with edcUTAH to facilitate their growth and expansion in the state.
Going forward, the Economic Development Corporation will continue to work with its investors, partners and the residents of Utah to find and recruit companies they consider a good fit to join in developing the state and continuing to boost its economic standing.
"When I graduated from college in the 70s the only opportunities here were in mining and defense," Edwards said. "Now, that couldn't be further from the truth; there are all sorts of opportunities here."
Utah has a stellar population deserving of world-class opportunities, he said.
"I hope edcUTAH's legacy is that we bring new opportunities to the state that are worthy of our people here."
The Economic Development Corporation of Utah will hold its annual meeting on October 7th at the Grand America. KUER radio's Doug Fabrizio will interview keynote speaker Dan Rather. The event is open to the public and registration for noon meeting commences at 11am. Tickets can be purchased at http://www.edcUTAH.org.