TARGETED ECONOMIC CLUSTERS Focused development on leading Utah industry strengths Clusters are groups of related businesses and organizations within industry whose collective excellence, collaboration and knowledge base provide a sustainable competitive advantage. Strong Clusters translate directly into tangible benefits for Utah’s businesses, citizens and educational institutions. In Clusters, businesses have access to suppliers, services, resources, technology and workforce. In addition, related businesses work together to achieve new economies of scale, distribution channels and, ultimately, increased profitability. Universities benefit by direct engagement with industry.
TARGETED ECONOMIC CLUSTERS Focused development on leading Utah industry strengths: Aviation & Aerospace • Advanced Composites Defense & Homeland Security • Unmanned & Autonomous Vehicles Life Sciences • Personalized Medicine Outdoor Products & Recreation
The Governor’s Office of Economic Development (GOED) established the Economic Clusters Initiative as a catalyst to focus people, ideas and resources on our greatest opportunities for success. The initiative allowed us to align industry, research universities, capital, talent, technology and government around emerging or mature industry sectors that possess the greatest sustainable competitive advantage. The net effect is that these factors combine to create higher paying jobs, strengthen education and raise the standard of living in Utah.
Software & Information Technology Energy & Natural Resources Financial Services Upcoming Competitive Accelerators • Advanced Manufacturing • Logistics & Distribution • Nanotechnology
Within Utah we initially established six economic clusters and, this past year, added a seventh. They are: Aerospace; Defense and Homeland Security; Energy and Natural Resources; Financial Systems; Life Sciences; Outdoor Products; and, Software Development and Information Technology. While all seven clusters demonstrated growth this past year, including information technology, this report specifically focuses on four of them. Photo courtesy of ATK
Utah-based ATK was awarded a $1.8 billion contract in 2007 to develop the first stage of NASA's new launch vehicle Ares I, which is slated to replace the Space Shuttle when it retires in 2010 continuing missions to the International Space Station and later, missions to the Moon.
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Aviation and Aerospace The Aerospace industry within Utah generates revenues in excess of $400 million annually and has been growing at a 10% rate the past several years. Much of the aerospace industry is located in Davis, Weber and Salt Lake counties, as an outgrowth to the defense missions at Hill Air Force Base. While many sectors within the aerospace industry are projected to experience constant growth, one in particular, advanced composites, is expected to grow exponentially, and Utah is very well placed in this sector.
Governor’s Office of Economic Development • Annual Report 2007
