2017-18 - EDCUtah Celebrates 30 Years and EDCUtah 3.0 (30 of 30)
As EDCUtah began its first full fiscal year with Theresa Foxley at the helm, a new vision for the company, affectionately called “EDCUtah 3.0,” was unveiled and put into action to move EDCUtah into the next generation of economic development. The vision focused on three areas within the company: refining the approach to EDCUtah’s public development initiatives, becoming a more data-driven organization, and a thorough re-evaluation of its membership model.
The Community Strategy (CS) team took on redefining EDCUtah’s approach to supporting our local community members by focusing on preparing communities for economic development opportunities. The CS team also participated in Governor Herbert’s 25k Rural Job Tour, completed 328 projects with member communities, helped 20 Utah communities attend the International Council of Shopping Centers (ICSC) RECon Trade Show, and awarded over $46,000 to Utah communities through the Community Match Grant program. In addition to this great work, the CS team certified the first Mega Site in Utah and established the official Utah Mega Site program.
The second area, being more data-driven, was taken on by the Research & Marketing team. EDCUtah has developed a robust internal process for responding to all corporate relocation requests in a data-centric way, focusing on proving why Utah is a great place to do business. One tool the team developed this year is the Labor Stack, which is an innovative method that analyzes a community’s ability to provide adequate labor to an incoming company. The Labor Stack was first used in Utah’s recruitment of Amazon HQ2 and was recognized by the Harvard School of Business for its inventiveness as a part of their national case study on the Amazon HQ2 proposal process.
The third area, EDCUtah’s membership model, was taken on by President and CEO Theresa Foxley. Throughout the year Theresa worked with the Board of Trustees as well as the Membership Committee to clearly define the membership model. The model presents EDCUtah’s unique value proposition and outlines the different levels of investment available.
EDCUtah 3.0 led to a record year for the organization. Major project wins in the 2017-18 fiscal year include Adobe, Snap Inc., Stryker, Parker Hannifin, Black Diamond, Facebook, and many more. EDCUtah ends the year with 35 project wins that represent 11,518 new and retained jobs, $1.67 billion in capital investment, and over 3.2 million square feet of real estate absorbed. The company also set a record for the number of new projects at 147.
EDCUtah is proud of the work that has been accomplished over the past 30 years that has only been possible by the support of its members. The organization looks forward to another year bringing more jobs and investment to the great state of Utah.