EDCU making a big impact after 20 years

Some of the fiscal year 2007 operational statistics for the Economic Development Corp. of Utah were up from a year earlier and some were down, but its leader pointed out Thursday that all are "a far cry from the hardscrabble days of the late 1980s when we were created."

During the EDCU's annual meeting marking the organization's 20-year anniversary, Jeff Edwards, president and chief executive officer, said one key indicator of the agency's growth is 113 site visits EDCU coordinated during the fiscal year for companies considering relocations to or expansions in Utah. The figure was as low as 10 in 1988 and only about 20 as recently as 2001.

"So it's a remarkable thing to think about, where we've come in those 20 years," Edwards told the crowd of about 300 on Thursday.

Other key numbers from the fiscal year ended June 30 show that EDCU topped its prior-year record of total net jobs retained or added. Clients have committed to add 5,570 jobs and retain 840, for a total of 6,410 — topping last year's 6,131.

The number of corporate relocation, expansion or retention projects was 34, even with the prior year. And client capital investment commitments in Utah total $884.9 million.

Among the major companies EDCU aided last year are West Liberty Foods, Dannon, Amer Sports and Fresenius Medical Care. An investor-based public/private partnership working to promote the state, EDCU in some cases provided economic data and in others facilitated the recruitment of out-of-state companies and the expansion of local ones.

Other stats released Thursday indicate EDCU will remain busy during the current fiscal year. Its active client list totals 189, with 73 projects considered "hot" or "warm." And Edwards said that Utah is more and more on the "short list" for companies considering relocations to or expansions in Utah.

"I believe that in the coming year, looking back on it, it's been a remarkable experience and we've got more remarkable things to happen," Edwards said. "I believe that we will continue to prosper as a state in this coming year."

He foresees growth in the energy, manufacturing, financial services and distribution sectors, as well as new opportunities for rural parts of the state. He said that Utah's growing work force is its greatest asset.