Lt. Governor Greg Bell. Utah-Accolades & Headlines Utah #1 – “Best State for Business” (Forbes 2011) Utah #1 – “Best Managed State” (Pew Center, 2011)

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Presentation transcript:

Lt. Governor Greg Bell

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; 4 th 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 Source: US Census

Poverty vs. Educational Attainment 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? Source: Utah State Board of Regents Excludes 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

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