EDCU enjoying busiest year ever

The Economic Development Corp. of Utah is in the midst of its busiest fiscal year ever as it tries to help businesses considering expanding in or moving to the state.

During the organization's annual meeting Wednesday, Jeff Edwards, EDCU's president and chief executive officer, cited statistics showing activity growth. The organization in January took over corporate recruiting activities previously handled by the state's former Department of Community and Economic Development and was the sole bidder for a potential contract to handle the services in the future.

"That contract is still being negotiated," Edwards said.

Among EDCU's growth figures:

• The number of site visits from companies considering Utah for operations grew from 20 in the 2002-03 fiscal year to 31 a year later and stands at 65 so far this fiscal year.

• The number of new jobs created by expanding and incoming companies totaled 1,156 in 2002-03 and grew to 1,530 a year later. So far this year, the figure is 4,190.

• The square footage the companies occupy ballooned from 312,000 in 2002-03 to 814,000 a year later and so far 2.28 million this year.

EDCU also is tracking 155 projects, an all-time high for the organization, including 89 that are "hot" or "warm," Edwards said. And total company inquiries for EDCU research stand at 347.

"I would have to say, in my view, part of it is a continuing pent-up demand that there has been in the last years of an economic down-cycle," Edwards said. "Companies are finding out, they're looking, they're finally finishing their due diligence and they're really out there."

Companies cannot afford to wait on decisions. "You've got to make a move," he said.

"Another part of this is also increased interest in the western United States. You see we've grown in population, not only in our state but in neighboring states, and there's this continuing kind of malaise in California that continues to drive businesses to look outside that state, and we continue to benefit from that as well. All signs point to this trend continuing."

Wednesday's gathering included many state and local government officials involved in economic development. Gov. Jon Huntsman Jr., who oversees the new Governor's Office of Economic Development, said everyone must play a role in boosting the state's economy.

"There is no single economic development office," Huntsman said. "We're all doing our part."

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