Utah has to come up with about 350,000 new jobs over the next 10 years to meet the demands created by in-migration and children who will become adults in that time.
And not just any jobs will do. Already, of the more than 1 million jobs available, not quite 10 percent provide wages to support the average family of four without seeking supplementary income.That's a big concern to Utah Gov. Mike Leavitt -- one he plans to address when he goes to Silicon Valley Monday to meet with venture capitalists.
Utah, recognized as "a technology capital," isn't attracting much in the way of venture capital. And he believes Utahns need to know why so they can make needed changes to keep the economy growing. The future will depend on technology.
Leavitt calls it the "new economy." And he believes it will require focus on education, creation of an entrepreneurial business atmosphere, emphasis on quality of life (including safe communities and strong infrastructure), as well as an influx of the sought-after venture capital that would allow innovative ideas to move rapidly into production.
Of the $48 billion in venture capital invested in 1999 in the United States, Utah attracted only about $100 million -- a small amount, given the state's recognition as a leader in technology development, he said.
Without venture capital, too many companies are "built to a certain point, then acquired and too often leave the state. We need to make certain we're not nurturing a crop and someone else is harvesting it."
Monday, the governor will talk about e-commerce and "Strengthening the American State in the New Global Economy" during a presentation to the Hoover Institution on War, Revolution and Peace at Stanford University.
Leavitt believes Utah has an asset other states lack: a work force that's growing at twice the national average.
"Our objective is to make sure (our youths) are well prepared for New Economy jobs." That puts "substantial pressure" on public and higher education, he said, adding that earlier this year he challenged colleges and universities to increase the number of students studying computer sciences and engineering. "Unfortunately, the trend now is in the wrong direction."
Companies are more interested in a well-trained work force than they are in tax breaks and other incentives, Leavitt said. That's where he believes Utah can really shine. And "education is not a component. It's the foundation."
The state, he cautions, must be successful in embracing and becoming part of the new economy. "Otherwise, our children and grandchildren may have to move out of state" to find good jobs. "That's one way we define quality of life here."
You can reach Lois M. Collins by e-mail at lois@desnews.com