What was once a quiet farming town in which residents raised chickens, eggs and sugar beets as the prime products for the local economy, Draper has emerged today as a booming suburb in the south valley.

A new economic benchmark report, the first of its kind for the city, says "extraordinary" population and economic growth during the past decade is continuing into the present. And with the additions of home-furnishings giant IKEA and business core South Point office park, Draper's economic future looks bright.

"This is actually a very good selling tool for Draper," said David Baird, Draper's economic development manager, of the 52-page report released Monday. "In general terms, retail follows the rooftops, and that was a necessary precursor before we could attract some high-quality retail interests."

The recent glowing economic history of the city is defined by rapid population growth, high levels of residential construction, rising real estate values and large-scale commercial development, according to the study by the University of Utah's Bureau of Economic and Business Research.

Bureau director Jim Wood will present those finding to Draper city officials 7 p.m. today at city hall.

Baird thinks a milestone of that growth was the development of South Mountain, which brought more than 1,800 residential lots into the city. It "set the tone" for a good commercial interest.

"For so long, the Point of the Mountain has been a liability, where it's been a literal physical barrier. But now, due to the exploding growth on both sides, it's now an asset," he said, referring to Salt Lake and Utah counties. "It's the pinch point of an hourglass."

"Leakage" of retail spending into other cities is common in rapidly booming new suburbs, according to the study. But Draper's retail expansion has reduced the need for residents to travel outside the city to shop.

Retail centers such as Hidden Valley and Draper Peaks, both along the 12300 South corridor, where 75 percent of the retail is located, have had huge effects on the city's economy.

Resident demographics add a cherry on top of the sundae, Baird said. According to the study, the 36,500 residents have an average household income of $115,250 and spent over $450 million on consumer goods in 2005 — figures that are desirable to future investors.

Other study highlights:

• The population of Draper is young, upper-income and still growing.

• Employment grew 144 percent from 1995 to 2004, and retail trade is the sector with the most employees.

• Almost all of the 1.35 million square feet of retail space has been developed in the past 10 years.

• Housing values in Draper are among the highest in the state.

• More than $350 million in new, nonresidential development is planned by 2009.

• Transportation infrastructure has been an advantage for Draper, with four major freeway interchanges along city boundaries.

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E-mail: astowell@desnews.com