Six years ago, being a Utah-based technology company was an uphill battle, with hundreds of companies moving out of the state and hundreds more executives following, according to Richard Nelson, president and CEO of the Utah Technology Council.

Today, Utah ranks No. 12th in the nation in transforming itself from an "old industrial economic model" to an economy centered in the creation and retention of high value-added, high-wage jobs, according to a 2007 Kauffman Foundation report.

"It's a 180-degree difference from three years ago when we were still flat on our backs," Nelson said. "Utah's technology economy is the hottest economy in the country."

In an annual state-of-the-industry report released at the council's annual members' meeting Thursday, Nelson said Utah has more than 3,300 information technology companies, an 8.4 percent annual growth rate, employing 43,000 people.

In addition, the state has more than 500 life science companies, a 5 percent annual growth rate, with 18,900 jobs.

"Many are survivors of that very difficult depression," Nelson said. "It's just made them all the stronger."

Several awards were presented at the gathering. Nelson was chosen as CEO of the Year.

"He took the reins just before the bubble," Will West, chairman of UTC, said at the meeting. "And then he rode that horse down the other side of the mountain and it was ugly. ... But he stuck with it, and because he stuck with it we have what is the UTC today."

Other awards handed out included best chief technology officer, emerging corporate executive officer, human resource executive of the year, best trustee of the year and best legislator of the year.

The council's meeting also included a speech by Shane Robison, executive vice president and chief strategy and technology officer for Hewlett-Packard.

Robison said his biggest concern for Utah's IT industry was continuing to connect with the rest of the world.

"I've traveled all over the world," Robison said. "Every month, I'm somewhere on a different continent. The one concern I always have about the state is getting too isolated. The pace of change out there is just incredible."

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