Targeted Economic Clusters
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lusters 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 shared 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 and universities benefit by direct engagement with industry.
TARGETED ECONOMIC CLUSTERS Focused development on emerging Utah industry strengths: Aviation & Aerospace • Advanced Composites • Aircraft Maintenance Defense & Homeland Security • Unmanned & Autonomous Vehicles • Logistics and Distribution Energy & Natural Resources • Renewable Energy Financial Services Life Sciences • Biotechnology/WIRED • Natural Products
Outdoor Products & Recreation The Governor’s Office of • Cycling Economic Development (GOED) established the EcoSoftware Development & Information Technology nomic Clusters Initiative as a catalyst to focus people, ideas • Digital Media 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 these factors combine to create higher paying jobs, strengthen education and raise the standard of living in Utah.
While this past year has been a challenge for many businesses in light of the current economy, several areas have been able to seize on opportunities or are positioning themselves for future growth. This report will specifically discuss key Cluster areas GOED focused on this year. Life Sciences According to the Utah Department of Workforce Services, in 2008, the Utah Life Science Industry accounted for roughly 20,000 jobs in the state with an average monthly salary of $4,693 (33% higher than the average monthly nonfarm salary in the state). The 1,638 life sciences companies account for approximately $1.13 billion in total wages and represents an increase of almost 18% since 2005. Utah and its life science companies had a strong presence at the 2009 Biotechnology Industry Organization (BIO) International Convention in Atlanta, GA. The Utah pavilion demonstrated to the international biotechnology community that the life sciences are a critical component of the dynamic economic environment in Utah.
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Governor’s Office of Economic Development • Annual Report 2009
