Lt. Governor Greg Bell. Utah-Accolades & Headlines Utah #1 – “Best State for Business” (Forbes...
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Transcript of Lt. Governor Greg Bell. Utah-Accolades & Headlines Utah #1 – “Best State for Business” (Forbes...
Utah-Accolades & Headlines
• Utah #1 – “Best State for Business” (Forbes 2011)
• Utah #1 – “Best Managed State” (Pew Center, 2011)
• Utah #1 – “Expected Economic Recovery” (ALEC, 2011)
• Salt Lake –“Worlds 15 best new cities for business” (Fortune Magazine)
• Business Facilities Magazine ranks Utah:– #1 “Quality of Life”– #2 “Best Education Climate”– #3 “Best Business Climate”– #7 “Economic Growth Potential– #7 “Employment Leaders”– #8 “Best Transportation Infrastructure”– #10 “Best Business Tax Climate”
Utah-Accolades & Headlines
Utah Quality of Life
Utah residents enjoy life. And why shouldn’t they?
• Utah #1 “America’s Best States To Live” (Forbes)
• 5 National Parks• 14 Ski Resorts• Economic Vitality• Quality Health Care• Affordable Housing• Low Crime Rate
Good Governance Positions Utah to Lead the Economic Recovery
• Rainy Day Fund of $500M & other significant reserves• AAA Bond Rating• Pro Business Environment– Low taxes– Low Energy Cost (lowest natural gas rates in US; 4th lowest
power rates, US Energy Information Administration)– Sustainable, Competitive Incentive Programs
• Stable & Predictable Legal & Regulatory Climate• Unprecedented Partnerships– Balanced Resource Committee– Governor’s Education Excellence Committee
Utah - A Global State
• Utah is the only state to double exports over the last 5 years• International trade directly supports 90,000 jobs in Utah• Trade Missions: Taking Utah’s business leaders to meet with
foreign government & business counterparts
Source: GOED
Utah Economic Clusters
• Aerospace & Aviation• Defense & Homeland Security• Energy & Natural Resources• Financial Services• Life Sciences• Software Development & IT• Outdoor Products & Recreation
Recruitment & Incentives
• 2011 efforts by the GOED have resulted in 15 post performance incentives.
• These 15 incentives amount to real economic growth for Utah:
• 8,600 new jobs• $2.4 billion in capital investment• $4.9 billion in wages over 20 years
• Utah’s Wasatch Front nicknamed “Silicon Slopes”
Davis County & Utah’s Industry Cluster
• Davis County is uniquely positioned for Utah’s Aviation/Aerospace & Defense/Homeland Security Clusters
• Current or Future Home to:– Hill AFB– Falcon Hill– Janicki Industries– Northrop Grumman– ATK– Lockheed Martin
Utah’s Workforce
• Educated, Motivated• Bi-lingual, Tech Savvy• American’s Youngest Median Age
• Two Level 1 Research Universities– University of Utah surpasses MIT to become
America’s #1 business startup University (AUTM & Inc. Magazine)
Percent of Age Group With a Bachelor’s Degree or Higher 2010
25 to 34 years 35 to 44 years 45 to 64 years 65 years +0%
5%
10%
15%
20%
25%
30%
35%
UtahUS
Source: US Census
Poverty vs. Educational Attainment
Less Than High School
High School/GED
Some College Associate Degree
Bachelor's Degree
Graduate/Prof. Degree
0%
5%
10%
15%
20%
25%
30%25.6%
11.8%8.9% 7.4%
5.1%2.1%
Source: 2009 ACS PUMS Data for the State of Utah, U.S. Census Bureau
“A mother’s educational attainment is the most consistent determining factor to ending intergenerational poverty.” – Kristen Cox, Executive Director, DWS
All Individuals in Utah
25 Years and Older
Where Do Davis County Students Go?
USU-CEU
Snow
Dixie
SUU
UVU
Utah State
SLCC
U of U
Weber State
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000
32
156
191
232
734
1847
1940
2534
8674
Source: Utah State Board of RegentsExcludes BYU, UCAT, & other Proprietary Schools
Economic Conditions
• Third Quarter GDP Growth Was 2 ½ percent, in line with the pace of modest recovery
• Labor market conditions are stable• Inflation has recently eased a bit• Europe appears to be sliding into a deeper
recession
Third Quarter Growth Matched Recovery Average
Source: Economic & Monetary Policy Developments, Federal Reserve Bank of Kansas City, 11/10/2011