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Show 1 r f The five pillars of economic development Gov. Norman H. Bangerter 'spoke at the Utah Valley Industrial Development Association in 'Ortm o Jan. 16. Following are excerpts on economic development from his address: It has been a year since I announced that the objectives of our administration could be summarized by the three Es Education, Economic Development and Efficiency in Government. The Three Es are all interrelated. I've often felt that economic development and education are kind of a chicken and egg proposition: you cant have one without the other. Without an education and trained work force our economy cannot grow. Without a growing economy, resources will not be available to finance education. Without an efficient government, government takes too great a share of the wealth in taxes, stifles investment, and tends to and stifle business growth. Once in a while someone has asked why Ive put such emphasis on economic development. The answer can be found by strolling through any maternity ward or any school yard in Utah. Utahs population is one of the fastest growing in the nation, mainly due to our high birthrate. Our economic goal is for our economy to grow fast enough to keep up. Sometimes economic development is viewed solely as the effort to encourage businesses to move operations into our state. While this is part of what we mean by over-reg-ula- te 1986 16, Iomega to build new plant in Salt Lake City economic development; -- there is much, much more. Economic development ENTREPRENSURSHIP. in- HUMAN RESOURCES. cludes everything that expands our economic base, everything that creates jobs or generates wealth. In a very real sense economic development is tourism, education, and innovation, expansion of existing businesses, and retraining of dislocated workers and displaced homemakers. 1985 was a good economic year for Utah. We experienced a net increase of 22,400 jobs statewide, bringing our total employment to 740,000. By any measure, the growth in the number of jobs in Utah over the past year is good news. But I think the news increases from being good to remarkable when one considers that our net increase was in spite of some pretty significant layoffs. As a state we have sought to be aggressive in promoting a growing economy through several new initiatives. Several of the most significant initiatives are: Expanding tourist promotion through increased marketing, public-privat- e cooperation be- tween the state, ski resorts, Western Air Lines and Japan Air Lines, and local tourism agencies. Formation of Metro Utah to coordinate efforts among Utahs 11 metropolitan counties, and to encourage cooperation through a program of state matching funds to assist local efforts. Increased emphasis on assisting Iomega Corp. will build its new manufacturing plant at the Salt Lake International Center. 120,000-square-fo- Construction is expected to get un FINANCIAL CAPITAL. PUBLIC INFRASTRUCTURE. Gov. Norman H. Bangerter 1985 was good year . . . Rural Utah by providing additional technical assistance, increased communication with local governments, and through a matching-fund- s program to enhance local efforts. A dislocated worker resource center to assist workers laid off by Kennecott and other industries. Establishment of a Federal Procurement Office to assist Utah businesses to increase their share of the federal procurement pie. Economic development is a long-terdynamic process. We have identified five ingredients, five pillars that are crucial to the development of an economy. These five pillars of economic development are: by existing technology-baseindustries. I believe we must consider every reasonable option to increase the availability of financial capital the fourth pillar). This includes working with our banks, the federal Small Business Administration, and strengthening our securities laws so greater trust and confidence will exist in Utahs financial marketplace. Providing public infrastructure the fifth pillar, whether water systems, roads, or airports, isan important role of government. We are seeing a shift in our economy that has meant the elimination of many jobs in heavy industry over the past several years. Sometimes there has been criticism that the only jobs that are being created in Utah are in the service industry. While it is true that the services industry is the fastest growing segment of our economy, it is not accurate to stereotype service industry jobs as being Such jobs include engineers, health care, business management, and technical research and development. Utahs state motto is industry. I am sure that when our forefathers chose this motto they werent thinking of smokestacks and assembly lines. They had much more in mind. They knew, as we do, that industry includes every field of human endeavor that is productive, that creates wealth, d INNOVATION. . Although there are other ingredients that help or inhibit economic growth, it is these five pillars that provide the foundation for economic development. The first two pillars, innovation and entrepreneurship emphasize the importance of the private sector, and of individuals. Technological innovation can take place in a garage, a corporate boardroom, in a laboratory, on a farm, or in the classroom. It is through innovation that new goods and services are developed, more efficient means of production are found, or new markets are penetrated. Entrepreneurship is the process of taking new and better ideas to market, and involves willingness to take risks for potential profits. The third pillar, human resources includes all facets of the labor force: skilled, unskilled, laborers, technicians, scientists, accountants, and professionals of all kinds. It includes not only the quantity of the labor force, but, more particularly, its quality. The integrity, work ethic, and productivity of the work force is of paramount importance. The level of education and technical skill is crucial to the development of new innovations and enterprises, rnd to provide the brain-powneeded er der way by early spring with completion by fall. Expectations are that between 300 and 500 people will be employed at the new plant by the end of this year, with as many as 1,000 evenutally. that economic provides opportunities. The Newspaper Agency Calls US when they need service & repair Appearance will intrigue you. A test drive will convince you. YOU SHOULD TOO! NEW & USED EQUIPMENT Lake Take a look at the smooth, clean lines and contemporary styling of the 1986 Peugeots. 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