From Deseret News archives:

EDCU is celebrating year of record activity

Organization helps bring business to Utah

Published: Thursday, Aug. 31, 2006 10:06 a.m. MDT
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Armed with a national business recruitment contract from the state starting last fall, the Economic Development Corp. of Utah posted record activity during the past fiscal year.

The organization, which provides economic data and contacts designed to expand in-state companies and recruit out-of-state companies to Utah, celebrated Wednesday during its annual meeting.

"This has been a remarkable year for EDCU," said Scott Anderson, EDCU's outgoing chairman.

For the fiscal year ended June 30, EDCU:

• Coordinated 112 national client site visits to Utah, up from 65 the previous year and 31 the year before that, plus 56 Utah client site visits.

• Helped with 34 corporate relocations, expansions or retentions — a record for EDCU, which was founded in 1987. That is up from 18 the prior year and 11 the year before that. It also included five corporate headquarters: Rossignol, IM Flash, Sora, Pacific Crest Research and Mountain Sports International.

• Aided activities that will generate 5,636 jobs and retain 495 jobs, up from 4,191 the prior year and 1,530 the year before that, and that represent $3.4 billion in new capital investment.

• Assisted more than 200 Utah companies looking to expand in the state.

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• Handled 561 research inquiries (85 in-state and 476 out-of-state), up from 347 the previous year.

At the end of the fiscal year, the organization was involved in 196 projects, including 90 considered "hot" or "warm." Of that total, 39 are in manufacturing, 19 in business services and 11 in distribution/warehousing. At the end of the previous year, EDCU was involved in 155 projects and had 57 at the end of the 2004 fiscal year.

Jeff Edwards, the organization's president and chief executive officer, said EDCU helped land companies throughout all parts of the state during the past fiscal year, and the outlook is strong because of expected growth in energy, manufacturing, financial services and distribution; Utah's growing work force; an improving Utah image; and global economic opportunities.

While EDCU continues to be "pestered by misconceptions" about Utah, the state's work force is its strongest asset, he said.

"In our state, we have a 3 percent natural population growth plus the in-migration from other states," Edwards said. "We must keep our advantage by maintaining the education of this work force. That is our secret sauce. That's the stuff that we really bring to the table and employers look for again and again and again."

Aiding EDCU efforts this year will be the Nov. 6 launch of a "Sure Sites" program. Land development sites throughout the state will be identified and put on a Web site so national site selectors and corporate real estate executives can learn about ready-to-develop land.

"There are a few other states out there that have done this," Edwards said, "but I think we are poised to have just an outstanding feature and one that's unique in the country."


E-mail: bwallace@desnews.com

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