From Deseret News archives:
Draper gets a glowing review
Retail riding coattails of city's population boom
"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.
"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.
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.
E-mail: astowell@desnews.com
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