clock menu more-arrow no yes

Filed under:

EDCU PLAYED MAJOR ROLE IN LURING 11 FIRMS TO UTAH

In the fiscal year ending June 30, the Economic Development Corp. of Utah played a major role in landing 11 companies with combined earnings of $50.6 million and $5.9 million in tax revenue generated.

According to the annual report of the public-private economic development organization, the companies relocating to Utah were Advanced Drainage Systems; American Bin and Conveyor; Banner Aerospace; Boise Cascade; CDP Technologies; Certified Vacations; Dana Corp.; Image Casting; Metasys; Roadway Systems; and Valmont Industries.The report said the 1,153 employees in the 11 relocating companies will have a $27.1 million annual impact and will result in a $23.4 million indirect impact on companies with 1,318 employees. The companies absorbed 839,000 square feet in the area real estate market.

According to the report, EDCU received 722 inquiries about the state and its economy, which resulted in 104 total prospects. California companies made the most inquiries with 185, followed by Colorado with 45; Texas, 42; Illinois, 41; New York, 36; Arizona, 35; and Georgia, 28.

Of the clients generated, offices led with 30.2 percent; manufacturing with 24.4 percent; electronics and computer at 16.3 percent, distribution warehouses with 15.1 percent; medical and biomedical at 5.8 percent and 8.1 for all others.

In addition to helping companies relocate to Utah, EDCU helps existing companies. In the fiscal year, 28 percent of the requests came from companies wanting to expand; 22 percent came from companies wanting help in getting started, 21 percent wanted help with government resources; 11 percent for employees assistance, 10 percent inquired about export and procurement; and all others totaled 8 percent.

The report said EDCU had revenue of $1.23 million in the fiscal year and expenses of $1.22 million, leaving a balance of $1,700 to be applied to the current fiscal year's budget.

EDCU investors include several county and municipal governments, mainly along the Wasatch Front, chambers of commerce, private companies and educational institutions.