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Utah Technology Council (UTC) Notes New Milestones in Utah's Technology and Life Science Growth

Posted on: Wednesday, 16 May 2007, 18:00 CDT

The Utah Technology Council (UTC) today released new data on Utah's technology and life science industry growth. In interviews with leading Utah publications, Council leaders Richard R. Nelson, president and CEO, and Will West, chairman, president and CEO of Control4, discussed Utah's technology industry growth and shared perspective on Utah's position in the national market.

Using data from the Utah Department of Workforce Services and the U.S. Bureau of Labor Statistics for a set of 50 NAICS (Northern American Industry Classification System) codes defined by UTC as the technology industry, Nelson and West noted the following:

There are currently more than 4,300 Information Technology and Life Science companies in Utah, an increase of 600 over last year's data, and comprising more than 62,000 high-paying jobs (an increase of 5.1 percent, comprising some 3,000 new technology jobs).

The average technology salary continues to be 66 percent higher than the statewide average annual nonagricultural wage.

Overall, Utah's technology and life science industry grew by 10.4 percent from 2005 to 2006 (up from 7.3 percent growth from 2004 to 2005). The greatest one-year growth occurred for Electronic Shopping/Auctions and Internet Publishing and Broadcasting (a 34.3 percent and 35.9 percent increase in the number of companies, respectively).

Additionally, the 2007 Kauffman Foundation State New Economy Index named Utah in the top five in nine categories, including:

1. Number One in Economic Dynamism

2. Number Two in Inventor Patents (929 awarded patents in 2006)

3. Number Four in Fastest Growing Firms

4. Number Five in Venture Capital.

Nelson and West noted that Forbes recently highlighted Utah as one of the Best States for Tech Jobs.

"Utah's technology and life science industries are clearly growing," said Nelson. "Even more exciting is that our growth continues to set new milestones within the U.S. as a whole. Utah is rapidly advancing its prevalence and presence on a national scale."

"The Utah Technology Council is pleased to serve as the voice of this critical industry," West added. "These new companies are essential to Utah's tax base. We are also extremely pleased that Utah companies are becoming increasingly able to attract and retain the executive talent they need in order for our growth to continue and our technology industries to continue to thrive."

The organization has been essential in supporting state legislation to advance the technology industry. Nelson noted that UTC played a significant role in legislative issues including USTAR, substantial new funding for the Engineering Initiative, new tax credits for research activities, capital gains tax credit resolution to individuals and businesses who reinvest at least 70 percent of capital gains back into Utah companies, and increased funding for the Centers of Excellence.

About UTC

As the premier professional organization for Utah's 4,300-plus technology and life science companies, the Utah Technology Council exists to form closer relationships with industry and community leaders, develop superior management talent, sharpen professional skills and help gain access to capital. For more information on UTC, please visit www.utahtechcouncil.org.

Source: Business Wire

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