American Economy Professor Dave Jaye 1215200 3 State

American Economy Professor Dave Jaye 12/15/200 3 State of Utah Presented by “Janice” BOAE JIN Charmboae@hanmail. net

State of Utah

General Information

Introduction • Capital – Salt Lake City • Land Area-84, 904 mi 2 (13 th largest state in the U. S. ) • Population - 2, 354, 800 (35 th in the U. S. ) • Mountain Standard Time

History 1847 - First Pioneers arrive in Sal Lake Valley 1848 - Utah was ceded to the U. S. after U. S. won the Mexican War 1896 - Utah became the 45 th state 1900 s - Utah developed into economic state 2002 - Salt Lake City hosted the Winter Olympics

Utah Facts • State Nickname - The Beehive State • Median Age - 26. 3 years (youngest in the U. S. ) • Birth Rate - 20. 6 births/1, 000 pop (highest) • Death Rate - 5. 5 deaths/1, 000 pop (2 nd lowest) • 70% of population - Mormons • Number of counties: 29 • National parks: 5 • National monuments: 7

Utah Facts – Education Brigham Young University Univ. of Utah – sisterhood relationship with Ajou Univ. Utah State Univ. - sisterhood relationship with Suwon Univ. • 91% students have completed high school. • 28% persons 25 -years and older have attained bachelor degrees. • Over 52 foreign languages are taught in Utah Universities. • 25% of all people in Utah speak a second language • 94% of Utah population 18 to 64 was classified as literate. (the highest literacy rate)

National Utah rankings and stats • Provo, #1 Entrepreneur hotspot in the U. S. - Inc magazine • SLC/Provo, #2 for starting and growing a business - Inc magazine • Utah, #1 in the % of households with computers - Miliken Institute • Utah, most livable state, #1 based on housing costs, low crime rates, job growth rates, and education on quality - Business Facilities Magazine • Utah, the best state government Web portal on its innovation, Web-based delivering of government services, efficiency, economy, and functionality for improved citizen access -The Center for Digital Government

New Governor & Work Plan

Governor : Olene S. Walker She became Utah’s 15 th governor on November 5, 2003. New governor’s Work Plan • Maximizing Human Potential • Comprehensive Tax Reform

Maximizing Human Potential • Top priorities are students and literacy - Higher Education is the engine of economic development - Children are Utah’s greatest asset. - They are Utah’s future workforce. - Utah continues to promote literacy for people of all ages.

Comprehensive Tax Reform • Be fair, just and balanced. • Support a business -friendly economic environment. • Focus on funding critical needs – primarily education. • Have structural balance – the state must maintain its bond rating. • Be a tax system for the 21 st Century. • Balance state and local obligations and revenue sources.

Economy

Economic overview - 48 th largest national economy in the world - Producing over $70 billion per year in goods and services - 100, 000 Utah workers owe their jobs to international business activities ( Total workers ≒ 1, 080, 000 )

Major industries and products • Natural resources Minerals : copper, coal, salt, zinc, lead, gold, silver Agricultural products : beef, diary products, pork, turkey • Industry Aerospace, hi-tech Industry, biomedical business • Tourism Five national parks, famous ski resorts, lake, archeological sites

Utah’s Hi-tech Industry • Rapid Hi-tech Industry growth • Size of Utah’s IT industry 2002 Total Utah IT companies 2, 777 Total Utah IT Employees 57, 442 Average Annual Utah IT salary $50, 685 (average annual nonagricultural wages = $30, 400)

IT Enterprise Growth in Utah 3000 2500 2000 1500 1000 500 0 1996 1999 2002

Recent Economy • The Utah economy came screeching to a halt in 2002, like that of the nation. - Industry in slump: Information Technology, Construction, Trade, Transportation, Utilities, Manufacturing and Mining - Industry in growth: Services, Leisure and Hospitality • Current outlook is for a gradual, strengthening economy.

Economic Record 2001 Total Employment (Thousands) Unemployment rate 2002 2003 1, 081. 7 1, 070. 4 1, 082. 3 4. 4% 5. 6% 5. 2%

Data of Exports

Utah Exports (based on 2002 dollar value in millions of dollars) 1999 – 3, 133. 5 2000 – 3, 220. 8 2001 – 3, 506. 4 2002 – 4, 542. 7

Top 10 Exports from Utah in 2002

Top Utah Export Destinations ( 2000 / 2001 / 2002 ) (Based on 2002 dollar value in millions of dollars) 1. Switzerland 452. 9 / 696. 4 / 1341. 2 2. United Kingdom 246. 0 / 421. 3 / 710. 2 3. Canada 605. 8 / 543. 3 / 513. 3 4. Japan 402. 1 / 396. 4 / 427. 1 8. South Korea 128. 9 / 127. 6 / 88. 4 12. China 32. 6 / 40. 6 / 64. 2

DECD : Department of Community and Economic Development

Mission of the DCED 1. Develop and expand foreign markets for Utah goods and services 2. Increase level of exports and number of exporting companies

Mission of the DCED 3. Attract foreign investment to build Utah businesses and communities 4. Develop and maintain business and diplomatic relationship with countries around the world

Applied Technology Education (ATE) • Provide students with applied skills for entry level employment, and the academic and more advanced technical skills. - Credit and noncredit programs - Utah College of Applied Technology (UCAT) • Focus on the needs of the global economy and workforce training

College or Univ. for credit and noncredit programs Utah State University Southern Utah University Snow College of Eastern Utah Dixie College Weber State University Utah Valley State College

Utah College of Applied Technology (UCAT) Birdgerland ATC Ogden-Weber ATC Davis ATC Salt Lake-Tooele ATC Mountainland ATC Unitah Basin ATC Central ATC Southwest ATC Dixie ATC Southeast ATC

The International Business Development Office • The IBDO is a program of the Utah Department of Community and Economic Development (DCED) under the Division of Business and Economic Development (DBED).

The International Business Development Office • Since 1982, IBDO of the State of Utah has assisted Utah companies to develop markets for their products and services in foreign countries.

The International Business Development Office • The IBDO leverages an in-house team of trade experts and an international network of trade representatives to prepare and introduce Utah companies to foreign marketplaces.

Partner organization in 11 targeted countries Asia Beijing, China Seoul, South Korea Singapore Tokyo, Japan The Americas Mexico City, Mexico Santiago, Chile São Paulo, Brazil Europe Dortmund, Germany Brussels, Belgium Stockholm, Sweden London, U. K.

The location of international offices Europe • • Dortmund • • • • Brussels • London Stockholm • Linkõping Americas Graz Mexico City • Santiago São Paulo • • Asia Beijing • Seoul Singapore Tokyo Nanjing • •

Duties as a trade representative • Introduce Utah companies to contacts and resources in Korea. • Provide industry-specific reports and information for the International Office and Utah companies. • Identify potential sources of investment for Utah, and represent Utah in Korea.