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1.20.2020 Display .Indd www.slenterprise.com January 20, 2020 Volume 49, Number 26 $1.50 OF NOTE Outlook: Utah economy may be nation's best state,” Spendlove told the crowd. “We con- the state,” he said. Brice Wallace tinue to have one of the strongest, if not the Likewise, Utah’s employment growth The Enterprise very strongest, economy in the nation.” is tops in the U.S. and twice the national Among Utah’s attributes is having the average. Healthcare is the strongest growth The 2020 economic prediction season second-fastest-growing population, tied sector, followed by construction, and all is underway, with the local kickoff event with Nevada and Arizona and trailing only sectors are growing. “At the national level, indicating Utah is well-positioned com- Idaho, putting Utah “right in the middle of natural resources and mining was contract- pared to other states. the fastest-growing area of the country,” ing, but in Utah it continues to expand,” he At the Zions Bank 2020 Economic he said. Utah’s population of 3.2 million is said. Outlook, Robert Spendlove, senior econo- growing about 50,000 per year, about the mist and public policy offi cer for the bank, size of the city of Taylorsville. see OUTLOOK page 18 Coming to a pump near you listed several statistics showing Utah’s eco- “It’s good because it’s feeding our over- The continuing growth in domes- nomic might outshines that of most other all economic growth, but it’s also something tic oil production will soon start states and the nation overall. we need to be very serious about, looking at showing up at the gasoline pump. “We are in such a good place in our transportation and infrastructure needs in Crude oil prices fell to a six-week SLC ranks near low last week as U.S. govern- ment data revealed hefty weekly increases in domestic supplies of top as job market gasoline and distillates. Experts expect the supply increase to start showing up as lower retail for millennials gas prices. Turns out that Salt Lake City is a pretty Industry News Briefs good place to be a millennial. The nation- wide commercial real estate listing service pages 8-9 Commercial Café lists Utah’s capital as No. Business Calendar 5 among the country’s metropolitan areas as page 11 a good place for the younger generation to work. The study ranked the cities based on Opinion seven indicators, including millennial pop- page 16 ulation growth, regional price parity, mil- lennial unemployment rate, percentage of A concept drawing shows the 220,000-square-foot headquarters building of the Northrop Grumman Roy Innovation Center, currently under construction at Hill Air Force Base. The facility will become the millennials with employer-based health in- home of the Northrop Grumman team supporting the Department of Defense’s Ground Based Strategic surance and commuting time. Deterrent (GBSD) program, the replacement for the nation’s current aging missile defense system. Millennials are defi ned as the genera- tion following Generation X or two genera- tions after the 1946-to-1964 baby boomers. The group currently makes up the largest $380 million expansion will bring segment within the U.S. labor force. Salt Lake City ranks best in the nation for unemployment for its millennial resi- 2,250 jobs for Northrop Grumman dents among the 10 cities ranked at the top result in new wages of more than $4.48 bil- of the study — roughly 2.4 percent — and Brice Wallace lion over the next fi ve years and new state ranked second for commuting time, with an The Enterprise tax revenues of nearly $200 million during average of 23 minutes. that time. The average wage for the new Salt Lake City also has the fourth-high- A project to help Northrop Grumman jobs is $102,140. est proportion of millennials of its overall Corp.’s rocket-like growth in Utah has got- “This is a great opportunity for Utah,” population, roughly 16 percent. It also ranks ten a fi nancial boost from the state of Utah. said Jerry Oldroyd, chairman of the GOED fourth for the percentage of millennials with The Governor’s Offi ce of Economic board. “This is as important an incentive as employer-based health insurance. Development (GOED) board, at its January we’ve ever done.” Overall, the four top-ranked met- meeting, approved a $59.9 million tax cred- According to GOED documents, 92 ros in the millennial employment survey it incentive over 20 years for the company, percent of the new jobs are associated with are Denver/Aurora/Lakewood, Colorado; tied to the creation of 2,250 high-paying Austin/Round Rock, Texas; Raleigh/Dur- jobs over the next two decades. ham, North Carolina; and Seattle/Bellevue, see GOED page 6 The $380AFCU-Business-Strip.pdf million project is expected 1 5/7/19 to 5:02 PM Washington. C M Y CM 1-877-AFCUBIZ MY americafirst.com CY Federally insured by NCUA CMY K 2 • January 20-26, 2020 • The Enterprise - Utah's Business Journal for a rural community … so we with Utah state and local offi cials couldn’t be more excited for dealing on a fi rst-name-only ba- this project,” Tom Wadsworth, sis with P&G representatives and Evans Bank GOED associate managing di- the Economic Development Cor- rector, said at the board’s Janu- poration of Utah working through to open third ary meeting. He noted that since a real estate representative — and the company’s initial project an- unaware that P&G was his client nouncement in 2007 that the — for several months. Utah branch company “has been a huge eco- Reaction from Box Elder Burley, Idaho-based D.L. Ev- nomic driver for that communi- County offi cials to the expansion ans Bank has announced that it ty.” project was extremely positive. will open its third Utah branch in P&G currently sells prod- “I don’t know that people re- Logan in March. Located at 944 ucts in 180 countries, and its alize just what an impact Procter S. Highway 89, the Logan branch brands include Always, Bounty, & Gamble has in our communi- will be a full-service location of- Charmin, Crest, Dawn, Downy, ties,” Jeff Hadfi eld, a Box El- fering a full range of banking Gillette, Head & Shoulders, der County commissioner, told products and services with deci- Olay, Oral-B, Pampers, Pantene, the GOED board. “And you can sions made locally, the bank said Tide and Vicks. It has operations tell why they don’t lose a lot of in a release. The announcement in approximately 70 countries people — because they take very was made by John V. Evans Jr., worldwide. good care of their employees, president and CEO of D.L. Evans “This [expansion project] and they want to stay there.” Bank. could have gone to many differ- “Procter & Gamble is a D.L. Evans Bank opened its ent locations throughout North great company and has been fi rst Utah branches in Tremonton America, and the company chose great to work with,” said Mitch and South Ogden in 2018. The to come here because of what Zundel, director of Box Elder bank has 34 branches, mostly lo- has been created here in Utah,” County economic development. cated in Idaho. Darin Belnap, fi nance manager “They’re probably our biggest “The opening of the Lo- at the Box Elder plant, told the cheerleader for economic devel- gan branch aligns well with our GOED board. opment in Box Elder County.” expansion plans for D.L. Evans “We’re very excited,” he In a prepared statement, plant Bank,” said Evans. “We currently said. “As you know, P&G is a manager Joe Tomon said the ex- have a branch in Tremonton and $67 billion company and been pansion is the result of consumer in South Ogden and those two lo- With a tax credit incentive in hand, Procter & Gamble will almost double the size and customer demand, “and we of its toilet paper and paper towel manufacturing facility in Box Elder County. around since 1837, and we’re cations are doing great, serving coming because Utah has a great couldn’t be more pleased to meet their respective communities. We environment for business devel- that demand with the excellent will open the Logan branch in opment, and the county has been workforce of Box Elder County.” the spring of this year with David Procter & Gamble doubling just fantastic to work with, and “This expansion will cre- Mumm serving as the vice presi- the workforce is incredible in ate hundreds of new high-paying dent and branch manager. David Utah, so we’re very appreciative manufacturing jobs in Box Elder has over 30 years of banking ex- its Bear River City presence of the environment that has been County,” Val Hale, GOED exec- perience, with 26 years assisting nounced in 2015 was tied to a created by a lot of people in this utive director, said in a prepared customers in the Logan and Cache Brice Wallace capital investment of up to $500 room. statement. “This is a big win for Valley market with all of their fi - The Enterprise million. “We’re almost doubling our Utah as we continue to help build nancial needs. We are confi dent The newest expansion, a current manufacturing base to- our rural counties and create that he and the rest of the Logan Procter & Gamble will near- $310 million project, was an- day with this expansion. And for more jobs in these areas.” team will do an excellent job serv- ly double its manufacturing oper- nounced this month after the manufacturing jobs, they’re very “Procter & Gamble has been ing the city of Logan and the sur- ations in Box Elder County and Governor’s Offi ce of Economic high-paying and we’re very ex- a steady growth agent in Utah,” rounding areas.” add about 220 jobs over the next Development (GOED) board ap- cited to bring those people on said Theresa A.
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