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Utah Business & Economic Profile

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Utah Business & Economic Profile Utah Business & Economic Profile COMPREHENSIVE DOCUMENT HIGHLIGHTING UTAH INDUSTRIES & BUSINESS 14 Table of Contents EDCUTAH STAFF ..................................................................................................................................................... Section 1 GEOGRAPHY ........................................................................................................................................................... Section 2 DEMOGRAPHICS ..................................................................................................................................................... Section 3 EDUCATION ............................................................................................................................................................. Section 4 WORKFORCE ........................................................................................................................................................... Section 5 LANGUAGE SKILLS ................................................................................................................................................ Section 6 UTILITIES .................................................................................................................................................................. Section 7 DISTRIBUTION & TRANSPORTATION ................................................................................................................... Section 8 REAL ESTATE .......................................................................................................................................................... Section 9 TAXES ..................................................................................................................................................................... Section 10 BUSINESS INCENTIVES ........................................................................................................................................ Section 11 BUSINESS FINANCING OPTIONS ........................................................................................................................ Section 12 ECONOMIC CLUSTERS ......................................................................................................................................... Section 13 QUALITY OF LIFE .................................................................................................................................................. Section 14 RECENT ECONOMIC ACTIVITY ............................................................................................................................ Section 15 RANKINGS & HEADLINES .................................................................................................................................... Section 16 ECONOMIC DEVELOPMENT CORPORATION OF UTAH 01/31/14 edcUTAH Staff Economic Development Corporation of Utah (edcUTAH) 201 South Main Street, Suite 2150 Salt Lake City, Utah 84111 Phone (801) 328-8824 Fax (801) 531-1460 www.EDCUtah.org JEFF EDWARDS President & CEO [email protected] Linda Townsend Finance & Operations Manager [email protected] Kendall VanHorssen Administrative Assistant [email protected] Dennis Nordfelt Community Relations TODD BRIGHTWELL Chief Operating Officer [email protected] Kimberly White Business Development Coordinator & Administrative Assistant [email protected] Stephanie Frohman Director, Special Projects [email protected] Beth Colosimo Sr. Business Development Manager [email protected] Brad Baird Loaned Executive / Sr. Business Development Manager [email protected] ECONOMIC DEVELOPMENT CORPORATION OF UTAH 01/31/14 1.1 Jorge Sanchez Business Development Manager [email protected] Donna Kessler Business Development Manager [email protected] Erin Laney Business Development Manager [email protected] R. Lee Chaplin Research Analyst [email protected] Sherrie Martell Investor Relations [email protected] Taylor Brightwell Business Development Analyst [email protected] Russell Fotheringham Utah County Economic Development Manager [email protected] KIMBERLY FROST Director, Marketing & Communications [email protected] Marcie Young Cancio Senior Marketing Manager [email protected] 1. 2 01/31/14 KEY CONTACTS Geography STATE OF UTAH MAP WITH COUNTY SEATS Source: EDCUtah ECONOMIC DEVELOPMENT CORPORATION OF UTAH 01/31/14 2.1 TOPOGRAPHY, NATURAL FEATURES & CLIMATE Geographic Areas Utah is located in the Rocky Mountain Region of the U.S. and is a land of snow-covered peaks, natural rock formations, and beautifully colored canyons. Utah’s geography can be classified into three major land areas: the Rocky Mountains, the Basin and Ridge Region, and the Colorado Plateau. The Rocky Mountains Utah has two ranges that extend through the northeast corner of the state: the Uinta Range and the Wasatch Range. The Uinta Range extends from Colorado east almost all of the way to Salt Lake City in the north central portion of Utah. The Wasatch Range extends from Mount Nebo in north central Utah northward into Idaho. The Basin and Ridge Region The Basin and Ridge Region of Utah spreads over the western portion of the state and is covered by small mountains and basins except on the east and west edges where the mountains are higher. The Great Salt Lake is located in the northeastern corner of this region with the Salt Lake Desert to the west and southwest of the lake. The Colorado Plateau The Colorado Plateau covers most of the southern and eastern portions of Utah and is characterized by broad high country cut by deep canyons and valleys. Famous areas such as Bryce Canyon, Cedar Breaks Canyon, and Zion Canyon are found in the Colorado Plateau area, as well as the Colorado River, which passes through Utah’s southeastern corner. Size and Elevation Utah covers 84,904 square miles, making it the 13th largest of the 50 states. The highest point is Kings Peak at 13,528 feet above sea level, and the lowest point is Beaverdam Wash at 2,000 feet above sea level. Being one of the three highest states in the union, the mean elevation of the state is 6,100 feet above sea level. The elevations of most cities along the Wasatch Front average between 4,200 and 4,500 feet. The Wasatch Front The population of the state is geographically concentrated along the Wasatch Front. The Wasatch Front is generally considered to consist of Weber, Davis, Salt Lake and Utah counties, all of which are situated along the western slope of the range of mountains called the Wasatch Mountains. These counties contain approximately 75.5% of the population of the state. Climate The highest temperature recorded in Utah is 117 degrees, Fahrenheit, recorded on July 5, 1985 in St. George. The lowest recorded temperature in Utah is -69 degrees, Fahrenheit, recorded on February 1, 1985 in Peter’s Sink. Salt Lake City Monthly Climate Averages Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Annual Avg Max Temp (F) 37.3 43.4 52.5 61.5 72.1 83.0 92.6 90.3 79.5 65.8 49.9 38.7 63.9 Avg Min Temp (F) 20.4 24.7 31.7 38.2 46.3 54.6 62.8 61.5 51.4 40.2 29.8 22.2 40.3 Avg Total Precipitation (in) 1.34 1.30 1.77 2.07 1.75 0.92 0.71 0.79 1.06 1.33 1.36 1.34 15.72 Avg Total Snowfall (in) 13.8 10.3 9.3 5.5 0.7 0.0 0.0 0.0 0.1 1.5 6.7 12.9 60.8 Source: The Weather Channel 2.2 01/31/14 GEOGRAPHY WASATCH FRONT MAP Source: EDCUtah ECONOMIC DEVELOPMENT CORPORATION OF UTAH 01/31/14 2.3 SALT LAKE COUNTY Source: EDCUtah 2.4 01/31/14 GEOGRAPHY Demographics OVERVIEW Utah’s population is characterized by its young median age, high level of education and large family size. The people of this state exceed national averages by a large margin with a population median age almost eight years younger and households that are roughly 20% larger. The benefits Utah brings to businesses are substantial, providing an abundance of highly educated, young individuals who are motivated to work and eager to succeed. The charts in this section quantify where the state stands compared to the nation and provide some insight of Utah’s unique markets in comparison to one another. For purposes of clarity, each demographic section has been broken into categories that revolve around the following key topics: . Population and Households . Age . Education . Income . Ethnicity Located above each of these sections are highlights and key points from that page. These provide a short summary for each section. For additional information about specific county demographics, please visit the following link: http://www.edcutah.org/countyProfiles.php MSA Changes in Utah1 It is important to note changes to the definitions of Utah’s metropolitan statistical areas (MSA’s) and the addition of two micropolitan statistical areas. The former Salt Lake-Ogden MSA has separated into two MSA’s: 1) the Salt Lake City MSA (comprised of Salt Lake, Summit and Tooele Counties), and 2) the Ogden-Clearfield MSA (comprised of Davis, Morgan and Weber Counties.) Logan and St. George have been added as official MSA’s in the state of Utah. The Logan MSA, located in northern Utah, is comprised of Cache County and Franklin County (located in Idaho). The St. George MSA, located in southern Utah, represents Washington County. Utah has five micropolitan statistical areas: Brigham City, located in Box Elder County; Heber City, located in Wasatch County; Price, located in Carbon County; Vernal, located in Uintah County; and Cedar City, located in Iron County. Micropolitan statistical areas are classified
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