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Stimulating Economic Growth Through Corporate Recruitment

by WTC Utah President and CEO Derek Miller With all the news about Utah competing to win Amazon’s second HQ, this is a good time to look behind the scenes at how corporate recruitment enhances Utah’s economic prosperity. To get a better understanding of how Utah approaches corporate recruitment I reached out to EDCUtah President and CEO, Theresa Foxley. One of the important things she shared with me was the recently released report on her organization’s economic impact for the fiscal year 2016-17. Building a Pipeline for the Future Over the next 10-20 years, EDCUtah’s 34 project wins in 2016-17 will equate to 24,237 direct and indirect jobs.  Additionally, the compensation and wages from those jobs will have a direct impact of more than $641 million and a total impact of more than $1.4 billion. Overall, she said the direct capital investment from those project wins is estimated at more than $915 million, while the total capital investment impact will reach more than $4.7 billion. Those are impressive numbers. What’s more, if we extrapolate numbers like that over the 30-plus years that EDCUtah has been leading the corporate recruitment effort the results would, I am certain, be quite staggering. As Theresa and I talked, I wondered how many people in Utah realize the impact EDCUtah, or “Team Utah” as they like to be called, is having on the state in terms of corporate recruitment and sustainment. Given the strength of Utah’s economy—which has steady economic growth and just a three percent unemployment rate—few people see the effort put in behind-the-scenes to ensure Utah’s economic success. Theresa said her team...

Utah Prosperity Project: Vision and Leadership Start at the Top

Vision and Leadership Start at the Top by WTC Utah President and CEO Derek Miller Utah is consistently recognized as the best performing, most diverse economy in the nation. Over the past seven years, Forbes magazine has named Utah the “Best Place in America for Business and Careers” six times. This kind of success does not happen without great leadership, and in Utah, we are lucky to have Gov. Gary R. Herbert at the helm. The purpose of the “Utah Prosperity Project” is to highlight Utah’s economic successes and areas for improvement. With that goal in mind, there is no better person to speak with than Gov. Herbert. I had the chance to speak with the governor about future goals for the state and discuss areas we need to focus on if we want to continue to achieve economic success. Strengths Undoubtedly one of the state’s greatest successes is the strength of its economy. To illustrate this, Gov. Herbert noted that Department of Labor Statistics data shows Utah has the best private sector job growth creation rate of any state in America today. But he was careful to note that it is not just about the economy. Utah is doing well in a lot of areas. It has been able to meet its infrastructure needs and demands despite being the fastest growing state in America. “That’s a significantly heavy lift,” said Gov. Herbert. “We’ve dealt with our infrastructure needs in a fiscally prudent way, while improving efficiency throughout much of our state government by 25 percent. We have fewer state employees today than we did 15 years ago. These...