Forward looking: Utah competes in a global marketplace
By Derek Miller and Nancy McLernon | For The Tribune
Published March 19, 2018
From watching a game at Rio Tinto Stadium to the construction of Stadler Rail’s new expansion in Salt Lake City, Utahns see evidence of “foreign” investments every day, to the extent they hardly seem “foreign” at all. Utah is home to one of the most vibrant economies in America, and part of that success stems from a recognition that global partnerships matter.
The state is home to approximately 500 international employers. Global investment currently supports more than 42,000 jobs in Utah, a 34 percent increase in the past five years alone. These jobs earn nearly 60 percent higher compensation than the state’s average.
OOCL is one of the world’s largest container shipping companies and is also one of Utah’s biggest international employers. Based out of Hong Kong, OOCL established its North American headquarters in Utah in 2013. In addition to employing hundreds of Utahns, the company adds value to the state by actively engaging with the community. Most recently, a representative from OOCL provided expertise to a committee exploring the possibility of establishing an inland port in Utah.
Petzl is another example of a foreign-owned company positively contributing to Utah’s economy. With its U.S. subsidiary in Utah since 1999, Petzl America’s office was originally located in Clearfield. As the company continued to grow, it moved to West Valley, where it built a beautiful, new LEED Platinum facility with state of the art Technical Institute, and Distribution Center. Petzl designs and manufactures tools to help people operate safely in vertical or dark environments. Utah is a prime location for its North American headquarters because of its strong outdoor recreation industry…