Utah Has #1 Economy Nationwide
LSI's Collaborative Efforts in Job Creation for the State of Utah
The state of Utah has now reached a pinnacle point in America’s economic game, and though some may find this news surprising, Utah has successfully secured its place at the forefront of all things business.
Once known as simply a gateway to the west, Utah has quickly become a gateway to the world. Corporations of all sizes are flocking to the Beehive State in masses with a hope to reap the benefits of its flourishing economy. With a large percentage of bilingual speakers coupled with a bustling workforce, and purposeful planning and stratagem, Utah easily rivals states of national reputation and industrious capital cities.
At the end of 2019, Forbes stated, “Following the release of the July 2019 employment numbers for the state of Utah, the U.S. Bureau of Labor Statistics data shows Utah is ranked No. 1 for total job growth in the nation at 3.6%. In addition, Utah is ranked No. 1 for private sector job growth at 4%.” In a December 2019 Fox Business interview, Utah’s Governor Gary Herbert says, “Our unemployment is at 2.4%, and that is the lowest we’ve ever had in our history.” To bolster these claims Fox Business anchor, Lauren Simonetti says about Utah, “Top in the nation when it comes to creating jobs; 51,000 in the last year.”
It’s worth pointing out that these impressive statistics have not always been the case for the state of Utah, and they did not come to fruition by just a stroke of luck. Scores of individuals with unparalleled dedication and expertise have given their careers to this purpose.
In 2007, LSI joined forces with the Utah Governor’s Office of Economic Development (GOED) and the Procurement Technical Assistance Center (PTAC), with a goal to help Utah businesses win government contracts.
This strategically-formed alliance would prove to be highly-effective in overall job creation for the state of Utah. LSI’s President and CEO, Sean Slatter stated, “We work with hundreds of federal, state and municipal organizations around the world. We have never had a better collaborative relationship than with the state of Utah. The first real strategy to become the United States’ leading economy started nearly 20 years ago. The execution of this strategy by Utah’s Governors, legislature and industry has been incredible.”
LSI’s economic development efforts in assisting this positive outcome have several key components worth highlighting including: the unwavering support of both small and large businesses, grant writing for federal programs, providing professional assistance for Utah businesses in capturing General Services Administration (GSA) contract work through U.S. Government agencies, and outreach networking. This unique approach to economic development has been just a handful of the myriad points that LSI has successfully implemented into a powerful strategy plan to assist economic growth in the state of Utah.
In conjunction with GOED and PTAC, LSI facilitated an impressive $194M contract dollars for the state of Utah in the fiscal year of 2007. This phenomenal success came not long after the initial inception of this partnership. Fast-forward to 2014 with a truly astounding figure of $697M and then an equally encouraging $591M in the fiscal year of 2019.
Doug Friedli, LSI’s Project Manager for PTAC says this: “At LSI, we have the opportunity to supplement the many services offered by PTAC. All of our senior consultants are retired Department of Defense (DOD) contracting officers with a vast array of contracting experiences. We help Utah companies find opportunities and assist them capture this new business. We provide outreach events with agencies or large businesses to present requirements needed to open doors for networking. If companies were to pay for these services elsewhere it would cost them upwards of $2,500-$16,000. In addition, we have grant support services to help the Utah economy. The bottom line is that all this assistance is available to Utah businesses at no cost. The result has been tens of thousands of jobs either new or retained by Utah companies.” It’s no wonder the world has its eyes set on Utah!
One of the simplest forms of motivation behind this remarkable economic upturn is the devotion to an incredible state on the behalf of these collaborative teams. Utah has something truly unique that natives understand, and those who relocate quickly come to appreciate. It can go without saying the Beehive State is a diamond in the rough for many industries, and LSI has the expertise to foster many prosperous outcomes.