With both Governor Gary Herbert and President Barack Obama calling for a doubling of exports in the next five years, it is especially significant that Utah was the only state where exports doubled in the past five years. In 2010 Utah shipped $13.57 billion in merchandise exports to international markets. According to the U.S. International Trade Administration and U.S. Bureau of the Census, direct export supported jobs linked to manufacturing in Utah account for an estimated 93,000 jobs for Utah families.
Although by population, Utah is a small state, it performs like a large state in many ways. According to the Kauffman Foundation in their 2010 New State Economy Index, Utah was in the top ten states for “Export Focus for Manufacturing and Services.” Utah as a state ranked #6 overall in the 2010 ranking report taking over the #1 spot as most improved export state.
Between 2006 and 2010 Utah’s targeted industry clusters and international trade has been significant. Looking at a few key indicators, Utah averaged the following growth in export commodities over the 5-year period:
• Electric Machinery which includes integrated and printed circuits grew at 63%.
• Aerospace grew at 18%.
• Industrial Machinery including computers grew 12 %.
Selected State of Utah International Trade Organizations:
- GOED Intl. Trade & Diplomacy Office: The International Trade and Diplomacy Office (ITDO) assists companies in developing markets for their products and services in other countries. ITDO helps Utah companies understand the benefits of expanding into international markets and provides assistance securing international business connections. It also helps companies as they master the process of exporting goods and services. Contact Craig Peterson, Program Director (801) 538-8778.
- World Trade Center: As a partner of the Governor’s Office of Economic Development, the World Trade Center Utah (WTCU) has been delivering on its bold mission for Utah: to guide Utah companies into profitable global markets. The WTCU daily brings together private and public sectors by offering, often in conjunction with its talented partner agencies, a variety of indispensable resources and services. Contact Lew W. Cramer, President & Chief Executive Officer (801) 532-8080.
Utah offers aggressive relocation programs to corporations looking to do so. Corporate Incentives Utah. Financial incentives are provided by the Utah Governor’s Office of Economic Development for business relocation and expansion. Incentives may be offered as either grants or tax credits. Contact: Christina Oliver, Director of Corporate Recruitment and Incentives (801) 538-8792.
**Any views or opinions presented in this article are solely those of the author and World Trade Daily and do not in any way represent those of UBM Global Trade or PIERS. Some of the trade reports utilized in this article were derived from the PIERS Prospects & StatsPlus applications and are used by permission.