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; 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

Source: Economic & Monetary Policy Developments, Federal Reserve Bank of Kansas City, 11/10/2011

Source: Economic & Monetary Policy Developments, Federal Reserve Bank of Kansas City, 11/10/2011

Source: Economic & Monetary Policy Developments, Federal Reserve Bank of Kansas City, 11/10/2011

Source: Economic & Monetary Policy Developments, Federal Reserve Bank of Kansas City, 11/10/2011

Blog.LG.utah.gov

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