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9-11-17 Display.Indd www.slenterprise.com September 11, 2017 Volume 47, Number 7 $1.50 SLC benchmarking ordinance Salt Lake home Weber & Davis Counties aimed at city's carbon footprint prices show no for over a year,” Biskupski said. “Over that Brice Wallace pages 15-18 time, it’s been a case study in collaborative The Enterprise Sponsored by: policymaking, and I want to thank all the sign of slowing stakeholders involved. I’m proud that we The rate at which home prices are A new Salt Lake City ordinance will re- ended up with a policy that will help clear increasing seems to be slowing slightly quire benchmarking and annual measuring Heritage the air, save building owners’ money, im- — everywhere but in Utah. According to of energy use by commercial buildings of prove transparency and reduce Salt Lake CoreLogic, a California-based property in- over 25,000 square feet. Businesses City’s carbon footprint.” formation and analytics fi rms, home prices The city council recently passed the or- pages F1-F8 The Energy Benchmarking & Trans- in the Salt Lake City market were 11.8 per- PAGE F1 dinance, proposed by Mayor Jackie Biskup- parency Ordinance has a phase-in of new cent ahead of last year in July while nation- ski and the city’s Sustainability Department, requirements for commercial buildings wide, the increase sits at 6.7 percent. The which is designed to cut energy costs, im- over 25,000 square feet. Building own- monthly increase from June to July was 1.2 prove local air quality and reduce the city’s Sponsored by: percent in Utah and 0.9 percent across the carbon footprint. country. The CoreLogic Home Price In- “This ordinance has been in the works see ORDINANCE pg. 18 dex (HPI) includes distressed sales such as foreclosures and short sales. Looking ahead, the CoreLogic HPI Forecast predicts that home prices will in- crease by 5 percent on a year-over-year ba- sis from July to July 2018, and on a month- over-month basis home prices are expected to increase by 0.4 percent from July to Au- gust. The CoreLogic HPI Forecast is a pro- jection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. “In July, home price growth in the Pa- cifi c Northwest and mountain states led the nation with the highest appreciation rates,” said Frank Nothaft, chief economist for CoreLogic. “The sharp increase in prices in Washington and Utah has been especial- Members of the Utah delegation learn about a partnership between Rio Tinto and Accenture In- ly striking, with home price growth in both novation Hub during a recent trade mission stop in Singapore. Twenty Utah companies had rep- states accelerating by 3 percentage points resentatives participate in the trade mission, led by Gov. Gary Herbert. Rio Tinto is partnering since the beginning of this year.” with Accenture Innovation Hub in Singapore to create technology-driven solutions to improve In an analysis of the country’s 100 effi ciency and safety in their operations around the world. Photo by Teren Taniuchi. largest metropolitan areas, based on hous- ing stock, 34 percent of cities have an over- valued housing stock as of July, according to CoreLogic Market Conditions Indica- Utah fi rms make connections tors (MCI) data. The MCI analysis cate- gorizes home prices in individual markets as undervalued, at value or overvalued by on trade mission to Far East comparing home prices to their long-run, Representatives of 20 Utah companies ners in both nations. sustainable levels, which are supported by joined Gov. Gary Herbert and others on a “Trade missions facilitate opportunities local market fundamentals, such as dispos- recent trade mission to Singapore and Viet- for companies to build connections with po- able income. Also, as of July, 28 percent nam. tential clients and partners,” said Derek B. of the top 100 cities were undervalued and Ten of the private companies partici- Miller, president and chief executive offi - 38 percent were at value. When looking at pated in Gold Key business matchmaking cer of World Trade Center Utah. “Singapore only the top 50 markets, based on housing services facilitated by the U.S. Commer- cial Service and designed to connect Utah see HOME PRICES pg. 5 companies with potential clients and part- see MISSION pg. 4 TIME IS RUNNING OUT SEE BACK PAGE TONY ROBBINS FOR DETAILS DON’T MISS YOUR CHANCE TO SEE TONY ROBBINS IN PERSON AT MAVERIK CENTER WITH OTHER SPECIAL GUESTS 2 • September 11-17, 2017 • The Enterprise - Utah's Business Journal Chamber joins forces with Mexican chambers to fi ght for pacts like NAFTA including the North American executive offi cer, said Mexico is ing countries, and that without it, the Capitol benefi t everyone. Brice Wallace Free Trade Agreement (NAFTA). Utah’s third-largest trading part- economic prosperity would other- “When we sign an agreement The Enterprise Speakers said NAFTA needs to ner, with exports to Mexico hav- wise be impossible,” Beattie said. like this, it’s not just for Hispan- be updated but should remain in ing grown 231 percent over the “That’s why as Utah’s ‘Voice of ics,” said Guzman, who noted that The Salt Lake Chamber has place, despite President Trump past decade. Trade between the Business’ that we are emphasizing there are nearly 10,000 Hispanic- joined forces with counterparts in saying it probably will be termi- U.S. and Mexico totals more the importance of doing no harm owned businesses in Utah. Mexico in an attempt to keep free nated. than $4 billion. Business Round- to the North American Free Trade “Economy doesn’t really have trade agreements between the The Salt Lake Chamber rep- table recently said that NAFTA Agreement. any language. Economy doesn’t U.S. and Mexico in place. resents more than 8,000 business- led to Utah exporting $3.1 billion “While the Salt Lake Cham- have any culture. The economy At a recent ceremony at the es with more than 500,000 em- of goods and services in 2015 to ber believes the existing free trade and the business opportunities we Utah Capitol, representatives of ployees. Concanaco Servytur has Canada and Mexico, and trade agreement should be modernized have in front of us are exactly that: the local chamber and the Asso- more than 225 chambers of com- with those two nations supported to include key areas like e-com- an opportunity to grow, an oppor- ciation of Mexican Chambers of merce in 600 cities across Mexico 121,300 jobs in the Beehive State. merce and information technolo- tunity to offer, an opportunity to Commerce, known as Concanaco that promotes and defends more “It is clear to both the Utah gy, it is vitally important to Utah’s trade, an opportunity to buy, and Servytur, signed an agreement to than 670,000 businesses. and Mexico business communities economy that current trade rela- an opportunity to do sales at the show support for the protection Lane Beattie, the Salt Lake that there are overwhelming ben- tions are not disturbed. We hope same time,” Guzman said. of existing free trade agreements, Chamber’s president and chief efi ts to trading with our neighbor- that through this agreement and “We have a lot of things to of- others, the deep economic ties that fer to the world, but, at the same support thousands of jobs are pre- time, the world has a lot of things served and Utah can continue to to offer us, and what we’re do- enjoy the prosperity that interna- ing here is just showing our best tional trade provides. … With one intentions and interests to put our voice, the business community on words in action.” both sides of our borders are call- A second round of renegotia- ing for smart reforms where ev- tion talks on NAFTA took place eryone wins and our trade rela- last week, with little major prog- tions are allowed to thrive.” ress, according to The New York Don Salazar, chairman of the Times, although it reported that board of the U.S. Hispanic Cham- negotiators believed they could ber of Commerce, concurred with reach a deal by year-end. More the idea of improving, rather than talks are scheduled to take place ditching, NAFTA. later this month in Canada. “I agree that NAFTA must A few weeks ago, Trump de- continue, but, as anything, it needs scribed NAFTA as “one of the to be tweaked a bit,” said Salazar, worst deals that anybody in his- whose organization has 4.3 mil- tory has ever entered into,” and lion members, more than 250 cor- pledged to renegotiate NAFTA porate partners, 200 chambers and or terminate it. He predicted that 60 associations. “It’s an ancient “we’ll end up probably terminat- Signers of an agreement supporting free trade agreements between Mexico and the U.S. show copies following the agreement and we need to mod- ing NAFTA at some point. Prob- signing ceremony at the Utah Capitol. The group included representatives of the Salt Lake Chamber, the Associa- ernize and include many of the ably.” tion of Mexican Chambers of Commerce (Concanaco Servytur), the U.S. Hispanic Chamber of Commerce, the Utah new facets that we now enjoy.” After the signing ceremony, Hispanic Chamber of Commerce and World Trade Center Utah. Photo courtesy the Salt Lake Chamber. Salazar stressed that trade Beattie said he believes Trump with Mexico is “not a new thing,” will be swayed to retain an im- adding that Mexico has been proved version of NAFTA, rather among the top three U.S.
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