During its annual meeting held September 10, the Economic Development Corporation of Utah celebrated significant successes of the past fiscal year. In addition, recognized community members Carlos Braceras, Dean Luikart, and Salt Lake Community College for their outstanding leadership in economic development.
In FY 19, in collaboration with partners such as the Governor’s Office of Economic Development and local economic development offices, EDCUtah won multiple expansion and relocation projects for high-profile companies such as Infab, Tyson, Stryker, and Lending Club. The hard work of the EDCUtah team, its members, its partners, and the community led to:
- 40 project wins that resulted in a final decision to relocate or expand in Utah. Forty wins is higher than FY 18’s 35 wins and represents a win rate of about 26%, right around EDCUtah’s average.
- 153 net new projects, representing the total number of projects that entered EDCUtah’s pipeline in FY 19, defined as an interested company able to provide three of the following: number of jobs, capital investment, square footage, project timeline, and budget approval. This year’s number matches FY 18’s which was a state record.
- $1.02B in capital investments or “CapEx,” representing the total amount of money that relocating or expanding companies have committed to investing in Utah real estate and equipment over the life of their projects.
- 10,450 new or retained jobs, representing the number of jobs that companies have committed to create—9,623—or retain—827—over the life of their projects.
- 2.5M in square footage, representing the aggregate total of real estate footprint of project wins—how much physical space these newly-relocated or newly-expanded companies will ultimately absorb.
“Building upon the strategic initiatives we have put in place in recent years, our talented team has kept EDCUtah’s momentum going and attracted high-profile companies to Utah,” said Theresa Foxley, President and CEO of EDCUtah. “We’re also strengthening our relationships with the ones already here. By doing so, we hope to make Utah a better place for everyone who calls it home.”
For more information, visit www.edcutah.org/ar
In the awards portion of the meeting, EDCUtah recognized community members for their outstanding leadership in economic development. Carlos Braceras was honored with the Thayne Robson Award; Dean Luikart received the Nick Rose Award; and Salt Lake Community College received the Larry H. and Gail Miller Family Cornerstone Award.
Governor Gary R. Herbert said, “Carlos Braceras is a technology visionary with an engineer’s grasp of detail. Not only does he understand the nexus of transportation, internet, autonomous vehicles and other emerging technologies, but he can also tell you how many tons of concrete are needed for a given project down the street. We are lucky to have a person of his capabilities directing the state’s pathway to the future.”
“In his quiet and unassuming way, Dean Luikart has worked effectively at both the macro and micro levels of the Utah economy for many years,” said Spencer P. Eccles, Managing Director, Cynosure Group. “He has provided keen insights to EDCUtah and other stakeholders on how they can most effectively expand business in our state. Through his community and ecclesiastical service, he has helped individuals on their personal path to economic stability. His consistent efforts have helped Utah grow one project and one person at a time.”
“When EDCUtah is competing on projects to grow Utah, workforce is always mentioned and a key to attracting new businesses to Utah. Salt Lake Community College is a terrific partner for Utah business and for EDCUtah,” said Jay Francis, Executive Vice President of corporate affairs and Miller Family philanthropy, Larry H. Miller Companies. “Under the direction of Dr. Deneece Huftalin, the institution is pursuing strategies for technical education and retraining. SLCC is doing as good of job as any in aligning with the needs of industry as any institution in the country.”