Economic Development
Over the past five years, we have worked hard to make Utah economically competitive. Because of our success, and despite the most recent downturn, Utah is looked upon as a leader by those within our region and throughout the nation. For example, based upon extensive criteria, the American Legislative Exchange Council recently ranked Utah as the state best positioned to emerge from the recession.
The best methods to foster job growth are not complex or secret, but require discipline: low taxes, limited government spending, and a focus on a business friendly environment to encourage private capital investment.
I am committed to strengthening businesses already creating jobs locally, while still aggressively marketing our state to industries looking to expand in the West. As I noted in my Inaugural and State of the State Addresses, I have directed the Governor’s Office of Economic Development (GOED) to target their efforts towards Utah businesses first, and we are already beginning to see the benefits. In 2010 alone, corporate recruitment incentive offers from GOED have resulted in the creation of 3,386 jobs, nearly $3 billion in new state wages, $250 million in capital investment and $260 million in new state revenue.
One of the most successful efforts of GOED: The Economic Clusters Initiative. In a nutshell, economic clusters are groups of related business within an industry whose excellence and geographical concentration provide an advantage over their competitors in other regions. Utah is focusing on economically sustainable, high paying sectors for this initiative. For example, the Life Sciences cluster effort focuses on Utah’s strength within the medical research and technology sector. A good example of home-grown success story is Merit Medical, a leading producer of medical devices, especially cardiovascular and radiology equipment.
All of this work in our state comes against a backdrop of our national leaders in Congress and in the White House crafting road maps for our economy that can only lead to ruin. Much of the confidence of investors in business enterprises comes from understanding and anticipating market trends, which becomes nearly impossible with President Obama and the Democratic Congress constantly tinkering with enormous portions of the economy. Government cannot do what free markets and the free enterprise must do: create lasting wealth. We cannot control the actions of a spendaholic Congress and the President’s misguided agenda, but as Governor, I am committed to keeping Utah’s economic climate attractive, and our policies predicated on getting Utahns back to work.
