From Deseret News archives:
Utah 'economic dynamism' No. 1
State's economy 12th overall in national index
A report released Tuesday says you are, and, what's more, it's the hardest-charging dynamo in the country.
While Utah had divergent results in various categories in the 2007 State New Economy Index, it finished tops among all states for "economic dynamism."
The report, released by the Ewing Marion Kauffman Foundation and the Information Technology and Innovation Foundation and available at www.kauffman.org/neweconomy, gauges "the degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-driven and innovation-based."
"When you look at the report, I see a lot of things we're doing really well," said Jason Perry, executive director of the Governor's Office of Economic Development. "When it comes to dynamism, we're No. 1. That's a very important piece of economic development. It shows that many of our key initiatives are doing very well. It shows the entrepreneurial spirit in the state and how important those particular aspects are for our economy."
Those dynamism elements are "exactly what we do well in the state of Utah," Perry said. "As we go around looking for business to grow here and to relocate, we always talk about that particular aspect. This is the first time we've seen it in print, though, and it's very satisfying to see that that's the case."
In overall rankings, Utah was 12th not quite as strong as in 1999, when it was sixth but up from 2002's placement of 16th. The report noted that it used different indicators and methodologies for each report, so the total scores are not necessarily compatible and a state's movement does not necessarily reflect changes in its economy.
Richard Nelson, president and chief executive officer of the Utah Technology Council, said the report was "good news for Utah and Utah's high-growth companies." Utah's rankings were "impressive," especially its top-five rankings in several categories.
"With a governor who is tech-savvy and has put an emphasis on collaboration, Utah's innovative and entrepreneurial economy is thriving," Nelson said.
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