Utah's Next Economic Blueprint

om y

dE

oad

con

so

f th eW est

, UTAH S NEXT ECONOMIC BLUEPRINT We ll-

div

ers

Cro

ifie

ssr

WHAT CAN BE DONE TODAY TO BUILD A STRONGER TOMORROW?

y nom Eco ng

pik e

ty

ods

igh

Go

ers S

alley ke V

lt La

Sa ettle

eM

Pro d

uci

nS

rt so m ur sso c e Blo Pr t r se De

se Ro A e Lik

Th

Go lde

h ot

e Pion

t

ne

ter

n eI

5

Dear Business Leaders, The history of Utah’s economy is one of transformation, industry and purposeful planning. Our forebears developed a principled blueprint for our current economic success. Thanks to their foresight, today Utah is known as a great place to live, work, innovate, play and connect to global markets. However, disruptive innovations, globalization and local challenges require a new forward-looking framework for Utah’s continued economic success.

An engaged and active statewide business community plays a vital role in Utah’s prosperity, which is why the Salt Lake Chamber’s board, committees and partners have built on current and past efforts to sketch Utah’s Next Economic Blueprint. Over 6 months, more than 85 business leaders engaged in this process to develop an innovative and business-driven strategy that includes the 20 top objectives and 54 key milestones to guide Utah’s future.

Because of your engagement and dedication to the overall economic success of our state, this blueprint will serve as an invaluable guide to ensuring a strong and vibrant economy now and for generations to come.

Lane Beattie

President & CEO Salt Lake Chamber

THE PROCESS BEHIND SKETCHING UTAH’S NEXT ECONOMIC BLUEPRINT

Rather than setting reactive objectives that serve as improvements upon last year’s achievements, the Salt Lake Chamber asked the business community to reorient their planning process. Instead of looking in the rear view mirror and making adjustments, business leaders adopted a futurist’s vantage point, dreamed big, and created a plan to achieve an ideal economy.

Participants upended their beliefs about what they knew to be possible, and instead of saying, “Here’s where we are, how can we do it better?” they asked, “Where do we want to go and how do we get there?”

January 2017

June 2017

Launched Initiative to Sketch Utah’s Next Economic Blueprint

Board of Governors Retreat: Sketching the Blueprint

May 2017 Executive Board Retreat: Focus on Megatrends

December 2017 Finalize Details with Stakeholders

Summer|Fall 2017 Working Groups: Formation of Big Ideas

January 2018 Announce Signature Blueprint Projects

, UTAH S NEXT ECONOMIC BLUEPRINT Executive Board Identifying megatrends • Protect Utah’s Collaborative Spirit • Engage the Next Generation of Business Leaders

Unleashing Opportunity Boosting economic mobility and high-wage job creation • Epicenter of Opportunity for Individuals • Epicenter of Opportunity for Every Community • Epicenter of Opportunity for Business

Knowledge Capital Creating a workforce for tomorrow’s jobs • Create Knowledge • Operationalize Knowledge • Attract and Retain Knowledge

Global Crossroads Amplifying global competitiveness and connectivity • Globally Competitive Infrastructure • Globally Recognized Business Destination • Hosting the World

Transformative Choices Making strategic capital investments • Transformative Collaboration • Transformative Network • Transformative Investments

Unrivaled Location Enhancing quality of life, health and happiness • Unrivaled Sustainability • Unrivaled Access and Hospitality • Unrivaled Livability

Economic Dynamism Fostering innovation and entrepreneurship • Economic Headquarters of the Intermountain West • Dynamic Workforce • Fundamentals of Dynamism

GLOBAL CROSSROADS Amplifying global competitiveness and connectivity Co-chairs: Reed Forrester, Delta Air Lines and Derek Miller, World Trade Center Utah

Globally Competitive Infrastructure • Support exploring the development of an inland port • Support the completion of the $3 billion redevelopment of the Salt Lake City International Airport • Maintain Utah’s competitiveness as a global logistics hub Globally Recognized Business Destination • Excel in existing global economic rankings • Increase Utah’s overall visibility on a global scale • Focus marketing efforts in key target markets Hosting the World • Support the state’s efforts to host the 2026/2030 Winter Olympics • Host the World Trade Centers Association General Assembly before 2025 • Host the ICC World Chambers Congress before 2025

TRANSFORMATIVE CHOICES Making strategic capital investments Chair: Melanie Vartabedian, Ballard Spahr

Transformative Collaboration • Support collaborative forums to align transportation, land use, and economic development efforts • Adopt a regional perspective to build a 90-mile metropolitan brand and make an intentional push to merge our metro statistical areas • Encourage resolutions and formal support from chambers, cities and counties across the entire Wasatch Front to adopt the shared vision of Wasatch 2050 Transformative Network • Fully fund Utah’s Unified Transportation Plan and synchronize planning cycles for transportation, local land use, and state and regional economic development • Support transportation governance and funding modernization • Align incentives for smarter land use policy Transformative Investments • Educate the business community on key capital investments • Encourage balanced economic development along the Wasatch Front • Support the Governor’s 25,000 Jobs Initiative by increasing access to broadband in rural Utah

UNRIVALED LOCATION Enhancing quality of life, health and happiness Co-chairs: Ty McCutcheon, Daybreak Communities and Amanda Covington, Vista Outdoor

Unrivaled Sustainability • By 2050, achieve Envision Utah’s goal of 40% reduction in total emissions, adopt a zero tolerance stance on red air days and encourage declining yellow air days • Encourage every member of the Salt Lake Chamber’s Board of Governors to become a Clean Air Champion • Make Utah Lake a regional asset for recreation, quality of life and future water needs Unrivaled Access and Hospitality • Support continued reasonable modifications to Utah’s liquor laws including several legislative proposals for 2018 • Support strategic efforts to preserve accessibility to recreational opportunities such as a transit rail system for our Wasatch canyons • Advance Utah’s State Parks system to become the envy of the Nation Unrivaled Livability • Maintain quality of care while reducing the upward trend of health care costs • Address housing affordability and support strategies to reduce barriers to meet the demand for new housing • Support the Governor’s goal of 1,000 miles of family-friendly trails and bike paths over the next 10 years

ECONOMIC DYNAMISM Fostering innovation and entrepreneurship Co-chairs: Theresa Foxley, EDCUtah and Dean Luikart, Wells Fargo

Economic Headquarters of the Intermountain West • Make Utah the regional headquarters location of the Intermountain West • Significantly grow the executive level talent pool • Support the expansion of existing locations to regional headquarters from strategic growth industries Dynamic Workforce • Increase the labor participation rate above 70% to match historic levels • Ensure the most cost effective and accessible child care in the Intermountain West • Champion voluntary pro-family efforts by employers Fundamentals of Dynamism • Align state, county, and local motivations for job creation • Maintain competitive economic development tools • Preserve Utah’s premier business environment and stay in the top ten for tax climate

UNLEASHING OPPORTUNITY Boosting economic mobility and high-wage job creation Co-chairs: Keith McMullin, Deseret Management Corporation and Spencer Eccles, The Cynosure Group

Epicenter of Opportunity for Individuals • Achieve the Prosperity 2020 goal for private sector engagement in the educational system • Support the Intergenerational Poverty Initiative to reduce affected Utahns • Connect the underemployed population with viable career options Epicenter of Opportunity for Every Community • Support hiring in rural Utah to meet 25K Jobs in 25 rural counties • Apply a strong emphasis on 11 key counties to achieve positive job growth • Promote telecommuting jobs across the state Epicenter of Opportunity for Business • Ensure the ‘Utah Business Friendly Communities’ initiative is undertaken by the majority of cities and counties • Implement regulation reform to eventually establish a state budget for Utah’s regulations • Accomplish legislative objectives to pass pro-business tax modernization

KNOWLEDGE CAPITAL Creating a workforce for tomorrow’s jobs Co-chairs: Sean Slatter, LSI and Vance Checketts, Dell EMC

Create Knowledge • Achieve the Prosperity 2020 goals to improve Utah’s educational outcomes • Attain 5,000 Utahns enrolled in Career and Technical Education (CTE) training in rural and urban areas • Encourage a high level of involvement from the business community on academic advisory boards Operationalize Knowledge • Document workforce development programs and require performance metrics to be set upfront to enable effective analysis and accountability • Support the development of Talent Ready Utah to take an assertive leadership role and become a one-stop shop for employers looking for workforce services • Support the Utah Department of Workforce Services in taking an assertive leadership role and becoming a one-stop shop for employees looking for career opportunities Attract and Retain Knowledge • Explore economic development incentives for workforce improvement • Retain 70% of all degree and certificate earning graduates in the state • Protect Utah’s cost of living advantages in the intermountain region

175 E. University Blvd. (400 S.) #600 Salt Lake City, Utah 84111 801.364.3631 slchamber.com