Recent headlines have announced several significant developments in the Utah business community, including Texas Instruments’ new fabrication plant in Lehi and the expansion of the Procter & Gamble manufacturing facility in Box Elder County. In economic development, the vote of confidence when a company invests or expands in your state is a positive sign.
At the same time, what often does not get enough attention is the “why” behind the decision and the role legislation plays in creating the environment for these victories.
Every legislative session, the Salt Lake Chamber puts together a watchlist of bills that are key to our business community’s success. This policy work is a year-round effort, and the 45-day session is the catalyst for building new foundational wins. In the current legislative session, there are numerous bills supported by the business community that may not get the daily headlines, but they are nevertheless important to preparing Utah for greater prosperity.
Starting with, HB216, Business and Chancery Court Amendments, which establishes a separate court for business litigation throughout Utah, and has jurisdiction over cases seeking monetary damages over $300,000 and other various disputes. Modeled after other states, this will increase access to justice and create a strong avenue for businesses to seek redress. When you couple this governance structure with HB42, Technology Commercialization Amendments, which creates the Utah Innovation Lab to invest in new technology commercialization efforts, it sets a strong foundation to catalyze new businesses and startups.
When business thrives and jobs are created, those employees need affordable housing to support individuals and families. HB364, Housing Affordability Amendments, streamlines and increases the amount of state low-income housing tax credits with certain growing cities and counties to provide a moderate-income housing plan to receive funds. SB174, Local Land Use and Development Revisions, eases restrictions on internal accessory dwelling units allowing for more housing space. Both bills provide solutions for Utah’s ever-growing workforce.
As we focus on economic strengths and expand our ability to start businesses and house new workers, we will also need to ensure transportation infrastructure develops in tandem. Right now, the surge in electric vehicle manufacturing and adoption drives demand for the electrification of infrastructure for tomorrow’s transportation needs. SB125, Transportation Infrastructure Amendments, will do just that for our state.
In addition, as the Point of the Mountain development continues we need a focus on diverse and active transportation. SB185, Transportation Amendments, creates an Active Transportation Investment Fund, which will be used to provide for needed infrastructure maintenance of pedestrian walkways and trails as part of an active transportation plan. These bills align with the Chamber’s business vision for our energy future as they propel us toward an energy transition with cleaner and clearer skies.
Viewed individually, these bills are important, but taken together they make Utah a place greater than the sum of its parts. Our quality of life, environment, tech ecosystem, housing options, and means of travel all expand under these priority bills. The business community continues to champion efforts to make Utah the best state to live, work and prosper.
(Rick Egan | The Salt Lake Tribune) Derek Miller, president and CEO, Salt Lake Chamber and Downtown Alliance, Feb. 23, 2022.
Derek Miller is president and CEO of the Salt Lake Chamber.