EDCUtah announces FY 22 economic development successes and award winners

During its annual meeting held in Salt Lake City on September 8, the Economic Development Corporation of Utah (EDCUtah) celebrated significant successes of the past fiscal year. In addition, the organization recognized community members Mel Lavitt and Daniel Stewart, as well as the Dominion Energy Loaned Executive Program, for their outstanding leadership in economic development.

In Fiscal Year 2021-2022 (FY 22), in collaboration with partners such as the Governor’s Office of Economic Opportunity and local economic development offices, EDCUtah won multiple expansion and relocation projects for high-profile companies such as Jabil, Cytiva, and American Packaging Corporation. The hard work of the EDCUtah team, its investors and partners, and the community led to:

  • 37 project wins: Those projects that resulted in a final decision to relocate or expand in Utah. Thirty-seven wins matches FY 21’s total and represents a win rate of 22%, on par with EDCUtah’s historical average.
  • 168 new projects: The total number of projects that entered EDCUtah’s pipeline in FY 22, defined as an interested company able to provide three of the following: number of jobs, capital investment, square footage, project timeline, and budget approval. FY 22’s number is a new record for EDCUtah.
  • $2.21 billion in capital expenditure or “capex”: representing the total amount of money that relocating or expanding companies have committed to investing in Utah real estate and equipment over the life of their projects. Reflecting a mix of larger, more complex projects, FY 22’s number is a new record for EDCUtah.
  • 21,724 new or retained jobs: The number of jobs that companies have committed to create (21,600) or retain (124) over the life of their projects. This is perhaps EDCUtah’s most important KPI because of what it represents—opportunities for Utah job seekers. FY 22’s number is a new record for EDCUtah.
  • 3.6 million in square footage: The aggregate total of real estate footprint of project wins—how much physical space these newly relocated, or newly expanded, companies will ultimately absorb.
  • Diversity, Equity, and Inclusion: We are delighted to report that in its first twelve months, EDCUtah’s Center for Economic Opportunity & Belonging (CEOB) built a recognized brand, strengthened partnerships throughout the state in both the public and private sectors, and established itself as a reliable expert in elevating community-informed investment opportunities to close disparities tied to race and ethnicity in Utah.

“Fiscal year 2021-22 proved to be one of the busiest in EDCUtah’s history. Thanks to collaboration with the Governor’s Office of Economic Opportunity (Go Utah) and market demand for manufacturing and distribution projects, our active project pipeline stair-stepped upward throughout the year, and we met or surpassed our project win, job creation, capital investment, and real estate square footage absorption goals,” said Theresa A. Foxley, EDCUtah president and CEO. “We were also happy to see more than a dozen corporate expansions take place off the Wasatch Front, further diversifying Utah’s healthy economy.”

In the awards portion of the meeting, EDCUtah recognized community members for their outstanding leadership in economic development. Former Go Utah board member Mel Lavitt was honored with the Nick Rose Award; Cedar City economic development director Danny Stewart received the Thayne Robson Award; and Dominion Energy received the Larry H. and Gail Miller Family Cornerstone Award.

Former Governor Gary R. Herbert said, “Mel Lavitt has long been a champion of Utah among the business community, and his leadership as board chair helped elevate the expertise of what was then the Governor’s Office of Economic Development. His involvement in the growth and diversification of Utah’s economy is significant, and his fingerprints can be seen on many of the successful businesses that are here today and will continue to grow in the future.”

“Danny Stewart is truly a leader. He excels at bringing people to the table to find better solutions and opportunities for Cedar City and the surrounding region,” said Stephen Lisonbee, senior advisor for rural affairs, State of Utah. “Danny has a unique ability to adapt to changing market demands in economic development, and he’s very willing to be flexible and creative.”

“Having a Dominion executive on the team gave both our staff and our clients a more in-depth understanding of the utility infrastructure that supports both large and small business expansion projects,” said Stephanie Frohman, EDCUtah senior vice president of strategy & partnerships. “The people who worked with us through the loaned executive program were not only wonderful professionals, they’ve also become terrific friends.”

For more information on the award winners and EDCUtah’s annual performance, visit https://www.edcutah.org/annual-reports/2021-2022.

About EDCUtah

A private, non-profit organization founded in 1987, the Economic Development Corporation of Utah (EDCUtah) is a catalyst for quality job growth and increased capital investment in the state. EDCUtah is a statewide economic development organization (EDO) specializing in corporate recruitment, economic research, site selector marketing, and community development. A partner of the Governor’s Office of Economic Opportunity for corporate recruitment, EDCUtah is supported by state government, local governments, and organizations from the private sector. For more information, visit www.edcutah.org.