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Show Page The Ogden Valley news Volume XV Issue XXII November 1, 200 Utah’s Economy Falls Victim to U.S. Recession Iverson Dental Celebrates 20-Year The weakest pace of Utah economic activity in five years is likely to continue well into 2009 before some improvement is expected, according to the Autumn 2008 issue of Zions Bank’s Insight—Economic News of Utah and the Nation released October 15. “Dramatic Utah economic slowing during 2008 is a painful reminder that what happens outside of the Beehive State’s border can have major positive and negative influence upon the state and its citizens. Current weakness should continue well into 2009,” said Jeff Thredgold, economic consultant to Zions Bank and author of Insight. Utah added an average of 44,300 net new jobs annually during 2004 through 2007, an average annual gain of 3.9 percent. In contrast, Utah employment is essentially unchanged from 12 months ago. Labor availability in Utah has increased, but still remains sharply below most of the nation. The quarterly Insight publication features updates on current and projected economic and financial developments for the state of Utah, the nation, and the global economy. The Autumn 2008 issue also examines economic bubbles in the market. Following are a few highlights from the Autumn 2008 issue of Insight: • Utah unemployment rose to 3.7 percent in August 2008, versus a 2.8 percent rate one year earlier. Utah's jobless rate still ranks among the nation's lowest. • Utah's new home construction sector remains extremely weak, with a loss of nearly 15,000 construction jobs during the past year. Related sectors supporting real estate sales and real estate finance are also recording job eliminations. Like the U.S., housing starts within Utah are at their lowest level since the early 1990s. • The state's manufacturing, information, and financial activities sectors also have slightly fewer workers than one year ago. In contrast, education and health services; government; trade, transportation and utilities; and the leisure and hospitality sector have added modestly to Utah employment ranks. • The August 2008 Utah "cost of doing business" estimate of Moody's conomy. com was 92 percent of the U.S. average. Similar costs for Salt Lake City and Provo-Orem were 97 percent and 94 percent, respectively. The "cost of living" estimate of Moody's Economy.com for Salt Lake City was 97 percent of the U.S. average, with Provo-Orem at 90 percent. The most recent data from the ACCRA cost of living index registered 98.8 for Salt Lake City, with Logan at 91.7, Cedar City at 91.5, and St. George at 97.3. Zions Bank is Utah's oldest financial institution. Additional information on Zions Bank is available at <www.zionsbank.com> Jeff Thredgold, Thredgold Economic Associates Economic Consultant to Zions Bank (801) 614-0403 (c)2008 Thredgold Economic Associates Credit Crunch Not Affecting Zions Bank’s Ability to Maintain Role as Top Lender to Small Businesses in Utah Helping infuse small businesses with the capital they need to grow and create jobs, Zions First National Bank today announced its rank as the top lender of U.S. Small Business Administration 7(a) loans in Utah for 2008. Zions has ranked as Utah’s No.1 SBA lender for the past 15 consecutive years. It has also ranked as the top SBA lender in Idaho’s Boise District for the past seven consecutive years. At a time when questions are being raised about banks’ willingness to make loans, Zions Bank approved 754 SBA 7(a) loans in Utah totaling nearly $59.2 million for the fiscal year ended Sept. 30, 2008. These loans represent 27 percent of the 2,702 SBAbacked loans approved in the state during fiscal year 2008. “While the media and consumers are expressing concern about banks lending money during the credit crunch, Zions Bank is proud to continue to demonstrate our institution-wide commitment to supporting small businesses as they build and drive our economies,” said Zions Bank President and CEO Scott Anderson. In addition to its No. 1 ranking in SBA lending, Zions Bank also leads all other financial institutions in Utah in marketing SBA loans to women- and minority-owned businesses. During fiscal year 2008, 40 percent (or 308) of the SBA loans approved by Zions Bank were to women and minorities. Zions Bank made 57 loans to minority-owned businesses, and 251 loans to businesses owned entirely or partially by women. Additionally, 22 percent of the total Utah SBA loans closed by Zions Bank in 2008 were made to rural businesses. SBA 7(a) loans are the most basic and most used type of loan in SBA’s business programs. The loan’s name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses. The SBA 7(a) loan program offers up to 25-year, fully amortized loans that result in lower monthly payments for the borrower. Proceeds from the 7(a) program may be used for most business purposes, including the purchase of real estate for business operations; construction, renovation or leasehold improvements; acquisition of furniture, fixtures, machinery, and equipment; purchase of inventory; and, working capital. In this decade alone, Zions Bank has administered 4,596 SBA 7(a) loans totaling $375.9 million. Nationwide, small firms with fewer than 500 employees represent 99.9 percent of the 26.8 million businesses in America. Small businesses employ about 50 percent of the private workforce, account for more than half of the nation’s private sector output, and are the principal source of new jobs in the U.S. economy. In Utah, about 97 percent of businesses qualify as “small businesses” (businesses with fewer than 500 workers). To provide entrepreneurs additional support, the Zions Business Resource Center offers small business owners and managers convenient access to information, seminars and workshops. Located at 310 S. Main in Salt Lake City, it provides multi-media business resources, including a computer lab for research and for writing business plans, a library of business startup guides, and other books and publications that offer advice, ideas, and information. Zions First National Bank, a subsidiary of Zions Bancorporation (Nasdaq: ZION), is Utah’s oldest financial institution, and, today, is leader in providing electronic banking services, including electronic municipal bond trading. Founded in 1873, Zions has been serving the communities of the Intermountain West for 135 years. Additional information on Zions Bank is available at <www.zionsbank.com> IRAQ cont. from page 1 The temperatures have cooled down quite a bit; it’s no longer 130 degrees. It’s supposed to rain tomorrow, the first real rain since I’ve been here, so it should be a nice mud bath. I’d better get busy and do what I’m here for. In the picture, I’m the one in the back. Mike Hoffman DCMA QAR BLDG 1216 KBR OPERATIONS APO AE 09393 pleasures in life when you don’t have them. I also received a dental care package from Iverson Dental. I shared with others so we are all grateful to them for sending that. We are currently having a dust storm as we did yesterday. They are like our winter whiteouts except it’s dust, and it collects in every part of your body; it really seems to like my eyes and ears. Anniversary in Ogden Valley Iverson Dental is celebrating their 20-year Kim Iverson has also worked as a dental anniversary. Dr. Vern Iverson began practicing hygienist at the office with her husband, fullin August 1988 after graduating from Creighton and part-time, for the last 20 years. Over Dental School. He grew up in Brigham City the years, other registered dental hygienists and had always dreamed of practicing in a have been added. Currently Christine Barker, small town, so when the opportunity to prac- Lindee Wilcox, and Jenn Wold are worktice in Huntsville became available he and his ing with Iverson Dental with a total of 17 wife Kim jumped at the chance. Reflecting years of experience between them. “They on the practice’s beginare top-notch clinicians nings, “It was such a who treat periodontal tiny old, building—only disease, and aren’t con400 sq. ft. with two very tent to just ‘clean teeth.’ old dental chairs. Quite They are great educafrequently we had to tors and work hard to clean the nose prints off teach all their patients the front window from about the ‘mouth-body visitors looking in to see connection,’ and the if it really was an old importance of good pioneer dental office. dental health for opti(The equipment was mal physical health.” First building-1988. pretty darned old—but Iverson Dental has not quite that old!) It was kind of fun at times had other staff members work for a period of when there were patients in both chairs and time, mostly Ogden Valley residents, who have others out in the waiting room who knew each helped the practice grow by sharing their skills other. The conversation would just be fly- and abilities. Current staff members include ing and there was much fun and laughter. In Corrina Huddle as the front desk/appointment addition, periodically, some of the neighbors coordinator, and Jenna Christensen and Karen walking by would stop in to just say hello and Peterson as chairside assistants. “They have share the latest joke.” all been well-trained and prepared to jump As the practice grew, it also grew out of in and work in such a busy office. Dr. Paul the space in the old Huntsville office. After Larsen joined the practice nearly two years nearly eight years in Huntsville, a “new” ago. He already had five years of experience office was built in Eden at its present loca- in his own practice in Bountiful, and is a martion. Despite the disadvantages of working velous addition to our practice and the Ogden in such a small space with such old equip- Valley,” Dr. Iverson states. ment, the Iversons reminisce, saying that “The Iverson Dental staff enjoys spending they sometimes miss the cozy, intimate feel- time with each other even outside the office, ing of the old Huntsville office. and are truly friends and family.” Dr. Vern says that The Iversons add, he really enjoys per“If you were to ask forming all aspects of what is enjoyed most dentistry—from preabout working at ventative procedures, Iverson Dental, it has fillings, crown and been the opportunity bridges, implants, surof getting to know and gery, and dental sedadevelop friendships tion. Since it’s imporwith all the wondertant to keep up with ful people of Ogden changing technology, Valley. It is has been he spends at least 1 to such a blessing to be 2 hours each night reading and studying the able to work closely with, and serve our latest professional dental and medical jour- friends and neighbors. Seeing patients as they nals, and states that he enjoys attending every come into the office for treatment is great, but continuing education course he possibly can. seeing them at the Valley Market, supporting Kim adds, “Unlike some of his colleagues, them at their athletic events, and grabbing a he doesn’t just sign up for the courses, he bite to eat at one of the local restaurants is attends every single minute of them!” a bonus! How rewarding it is, especially to “Iverson Dental has been so blessed to go to a local event and see the elementary have the absolute best dental staff!” com- school–age children so excited to see the ‘denments Vern and Kim. “Something that is tist and his helper’ who came to their school to truly amazing is how long some of our staff teach them about taking care of their teeth.” members have been with us. Sue Hoffman Dr. Iverson also adds that living and has been an assistant for 19 years and Jeni working in Ogden Valley has been a dream Jordan has been the front desk/office manag- come true for him and his wife. “We feel er for 18 years. These two are awesome, and very blessed to have served, for the past 20 have truly made the practice what it is today. years, the people who live here. With Dr. With all the dental experience they now have, Paul Larsen’s help, Iverson Dental hopes to they could teach their own courses on how to be serving the great people of this valley for run a dental practice!” at least another 20!” The Iverson Dental staff. |