EDCUtah Announces FY18's Economic Development Success
SALT LAKE CITY, Sept. 12, 2018—During its annual meeting yesterday, EDCUtah celebrated the state’s economic development successes of the past fiscal year.
In FY18, Utah won multiple expansion and relocation projects for high-profile companies like Facebook, Pluralsight, Adobe, Black Diamond, and PillPack. The hard work of the EDCUtah team, its members, its partners, and the community led to:
- 35 project wins (those projects that resulted in a final decision to relocate or expand in Utah. Thirty-five wins represents a win rate of about 23%, right around EDCUtah’s average.)
- 153 net new projects (The total number of projects that entered EDCUtah’s pipeline in 2017-18. A “project” is defined as an interested company able to provide 3 of the following: number of jobs, capital investment, square footage, project timeline, and budget approval. This year’s number is a new state record—almost 20 more than last year.)
- $1.7B in capital investments (Often referred to as “CapEx,” capital investment quantifies the total amount of money that relocating or expanding companies have committed to investing in Utah real estate and equipment over the life of their projects.)
- 11,558 new or retained jobs (The number of jobs that companies have committed to create—9,827—or retain—1,731—over the life of their projects.)
- 3.2M in square footage (The total real estate footprint represented by project wins—how much physical space these newly-relocated or newly-expanded companies will ultimately absorb.)
“Economic developers have the best jobs in the state; we get to promote all of the things that make this state unique,” said Theresa Foxley, President and CEO of EDCUtah. “I’m so thankful for the opportunity to serve in this role and help to build on EDCUtah’s great legacy. Next year, we will double down on what we’re good at—and what we know works: building a sharp and talented team, driving value for our partners, and continuing to attract high-value companies to Utah while strengthening relationships with those already here.”
At the meeting, EDCUtah also recognized community members for their outstanding leadership in economic development. Jerold G. Oldroyd, Chairman of the Governor’s Office of Economic Development Board and Senior Counsel at Ballard Spahr, was honored with the Thayne Robson Leadership in Economic Development for his work in the public sector. Scott Anderson, President and CEO of Zions Bank, received the Nick Rose Leadership in Economic Development for his work in the private sector.
EDCUtah’s annual report can be found online here.
Since 1987, EDCUtah has worked with state and local government and private industry to attract and grow competitive, high-value companies and spur the expansion of local Utah businesses. EDCUtah is a private, nonprofit organization.