Governor's Office of Economic Development

Overview

The Governor's Office of Economic Development (GOED) charter is based on Governor Huntsman's commitment to economic development statewide. GOED is an agency with two strategic business units, business development and tourism. The mandate for the office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around industries or “economic clusters” that demonstrate the best potential for development.

The Utah Governor's Office of Economic Development (GOED) operates with an integrated economic development strategy comprising; access to capital; a government supported infrastructure including such things as talent recruitment and development, corporate incentives etc. GOED has programs established for business promotion, growth, creation, and recruitment. GOED also contracts with the private sector in order to expand its effectiveness and reach with business support programs and initiatives. GOED utilizes state resources and private sector contracts to fulfill its mission.

“The initiatives help create an environment where industry, research universities, capital, talent, technology and government can align around emerging or mature industry sectors that possess the greatest sustainable competitive advantage,” says Jason Perry, Executive Director of GOED. “The net effect is that these factors combine to create higher paying jobs, strengthen education and maintain a highly trained and efficient workforce which has raised the overall standard of living in Utah ,” Perry continued.

To more effectively fulfill its strategy the Governor's Office of Economic Development has divided its office into four principle functions. These four functions include corporate recruiting, business creation and growth, and the promotion of Utah both as a tourist destination and a great place to do business.

Corporate Recruiting

The corporate recruiting pillar of GOED has two main functions. The first function is the recruiting of headquarters and other companies to Utah that have strategic value to Utah 's economy. These companies are able to create new, and higher paying jobs that help diversify the states economy, increase its tax base, attract and retain top-level management, and encourage graduates of in-state universities to remain in Utah and improve the standard of living of its citizens.

With the State of Utah at basically full-employment the need for talent has increased significantly. The second function of the corporate recruiting pillar is to reach out and recruit new professional level candidates to continue to help grow Utah 's economy. As an example, GOED along with some of its partners have identified a need for the immediate placement of approximately 1,000 trained engineers.

Data Source: GOED
(note: the IM Flash project inflated the 2006 data for this chart)

Metrics:

1. Headquarters incented to relocate to Utah
2. Number of Jobs incented
3. Average Wage of Jobs incented (Urban and Rural)
4. Number of resumes placed with companies through the Utah Recruitment Initiative
5. Number of job placements through the Utah Recruitment Initiative

Create Business

The Create Business pillar of the Governor's Office of Economic Development focuses primarily on business creation key Economic Clusters. Clusters are groups of related businesses and organizations within industry whose collective excellence, collaboration and knowledge base provide a sustainable, long-term competitive advantage to the State. Focusing on Cluster Development allows the GOED to help align industry, research universities, capital, talent, technology and government around emerging or mature industry sectors. This allows businesses to have access to suppliers, services, resources, technology and workforce skills needed.

Utah 's Targeted Economic Clusters

• Aviation and Aerospace
  • Advanced Composites
• Defense and Homeland Security
  • Unmanned and Autonomous Vehicles
• Life Sciences
  • Personalized Medicine
• Outdoor Products and Recreation
• Software and Information Technology
• Energy and Natural Resources
• Financial Services
• Upcoming Competitive Accelerators
  • Advanced Manufacturing
  • Logistics and Distribution
  • Nanotechnology

Through its Centers of Excellence Program, the create team plays an important role in identifying and providing funding necessary to bring and commercialize university technology which is market ready. The creation of new business through technology commercialization plays a great roll in creating high paying jobs, additional spinout companies, and increasing state revenue.

The create team is also involved in helping small businesses and entrepreneurs by providing access to the appropriate resources a small business owner or entrepreneur might need to be successful.

Metrics:

1. Jobs Created through the Centers of Excellence Program
2. Spinout companies created through the Centers of Excellence Program
3. Average Salary of jobs created through the Centers of Excellence Program
4. Number of people employed in each cluster
5. Average monthly wage of employees in each cluster

Grow Business

The grow business pillar helps Utah's economy through programs that focus on helping businesses win government contracts, assist economic development in Rural Utah, provide resources and necessary information on doing international businesses, and by assisting the creation of Business and Technology Parks where university-related technology commercialization can occur, new businesses can relocate, and high paying jobs can be created.

The programs within the grow business pillar of the Governor's Office of Economic Development also partner closely with groups such as the Utah World Trade Center, Utah Valley State College, and the Utah Defense Alliance. Partnering with these organizations ensures greater accessibility to GOED's services, and a more vibrant economy.

Metrics

1. Jobs created through the Procurement Technical Assistance Center
2. Amount of government contracts (in dollars) awarded to Utah companies through the Procurement Technical Assistance Center
3. Number of companies assisted in doing business internationally
4. Trade Mission , and number of organizations attending trade missions
5. Economic Development Contracts
6. Funds committed to the development of Utah Technology Parks

Promote Utah

The primary function of the promote Utah pillar is to promote the state as a prime location to vacation, work, play and do business. The Utah Office of Tourism is able to greatly influence Utah 's image for both business and tourism, and increase Utah 's tax base through transient room revenue and other related taxes. More visitors have been coming to Utah than ever before since the Governor's Office of Economic Development's Utah Office of Tourism launched its new “Life Elevated” brand in April of 2006.

The Utah film commission markets the State as a prime location for film production of features, television commercials and documentaries. By incenting film production in the state and promoting Utah through various film festivals, the office is able to greatly influence the impact that the film industry has on Utah 's economy.

Metrics:

1. Total travel spending in the state
2. Transient Room Tax Generated
3. State and National Park Visits
4. Jobs created through the Utah Film Commission
5. Dollars spent in the state by film production companies
6. Economic Impact of Utah Film Festivals