My view: Utah needs an Olympic-size investment to fuel economic growth

Twelve days from now, the eyes of the world will be on Vancouver, Canada, as they usher in the 29th Olympiad. We know how this feels and what it means to a community because we have been there before. Utah's Olympic investment netted $4.8 billion in sales, 35,000 job years of employment and $1.5 billion in earnings for Utah families. It was a win for the Utah economy and holds lessons for the 2010 legislative session. If we make prudent investment today, we can reap another Olympic-like investment in the future.

Education is an economic engine in Utah. An investment of $1 in higher education at the University of Utah generates $7 in outside funding for our state. The U. started 74 companies in the past four years and is on track to bring in $414 million in federal research grants and contracts this year. Clearly, our investment in education fuels economic growth.

To understand where we are and what we need to do, let's take a quick look back at where we've been.

It's early 2002, just prior to Salt Lake City hosting the Olympic Winter Games. We are united with mutual excitement about taking a more prominent place in the national and global economies. With phenomenal leadership and careful planning, we invested heavily in infrastructure, transportation and economic development leading up to the Games, and hosted what Dick Ebersol, Chairman of NBC Sports, called "far and away, the most successful Olympics, summer or winter, in history." When the torch went out, Utah was left with a substantial Olympic legacy — a rebuilt freeway system, light rail, winter sport venues, university housing and $100 million in Olympic profits.

Between the Salt Lake Games in 2002 and the Torino Games in 2006, Utah, along with other Western states, rode a wave of growth. Population increased, property values escalated, income rose rapidly and the overall economy was vibrant. Utah thrived during this period and positioned itself well for tougher times.

In 2006, Utah began to separate from the crowd and differentiate itself as a state. As other states spent their way into debt, Utah built up a $518 million rainy day fund and education savings account. Additionally, we focused on recruiting jobs and businesses to our state. The Legislature also funded USTAR, which brings the magic of innovation to our entire economy. These key investments by our Legislature set Utah apart and gave us a distinct economic advantage heading into the future.