Industry Briefs 11-4-24

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ASSOCIATIONS

• The Economic Development Corporation of Utah’s joining with the Salt Lake Chamber is official, following a vote by the EDCUtah Board of Trustees to adopt new governing bylaws. The boards of both organizations in July agreed to move forward with a framework and process for the combination. For nearly 40 years, EDCUtah has operated as a private nonprofit organization that supports businesses with the resources they need to relocate or expand their operations in Utah. In the combination, EDCUtah will maintain its name and brand, and EDCUtah and the Salt Lake Chamber will remain distinct organizations with defined missions, unique services and separate financial accounts. EDCUtah’s Board of Trustees will continue to operate as the organization’s governing body.

BANKING

• U.S. Bank has opened a branch at 13383 S. Rock Wren Lane, Riverton. It is the company’s 39th branch in Utah. During the grand opening event, the bank donated $5,000 to Warrior Rising, a nonprofit organization dedicated to transforming veterans into successful entrepreneurs.
• TAB Bank, based in Ogden, has closed a $4 million working capital facility with a metal manufacturer serving the aerospace, defense, medical, marine and renewable energy industries. The facility will help the unidentified manufacturer consolidate two newly acquired machine shops and expand its operations to meet increased demand. It had $18 million in sales in 2023 and has projections of $24 million for 2024.

ECONOMIC INDICATORS

• Utah is the 11th-best state to visit this fall, a list compiled by LawnStarter. It compared the 48 contiguous U.S. states based on four categories, considering the projected length of fall foliage and peak foliage, scenic drives, and pumpkin patches. Utah is No. 1 for the projected number of days of peak fall foliage, No. 8 for total acreage of state and national parks, and No. 22 for cideries per 100,000 residents. The top-ranked state overall is California. The bottom-ranked state is Louisiana. Details are at https://www.lawnstarter.com/blog/studies/best-worst-states-to-visit-in-fall/.
• Eighty-one percent of public employees are concerned they won’t have enough money to last throughout their retirement years, according to a survey by MissionSquare Research Institute, in collaboration with Greenwald Research. Seventy-eight percent say they won’t have enough money to live comfortably in retirement, and only 9 percent say the benefits provided through their employer are “very sufficient” to meet their retirement needs.
• Interstate 15 in Ogden is “Utah’s Scariest Road,” according to a survey of drivers conducted by Gunther Volkswagen Delray Beach to discover which roads they mostly would avoid after dark. It is the 58th-most-feared road nationally, followed by No. 65 Big Cottonwood Canyon Road and No. 118 Emigration Canyon Road. The highest-ranked road in the U.S. is Route 9 in Sleepy Hollow, New York. Details are at https://gunthervwdelray.com/spooky-streets.htm.
• Three Utah locations are on a list of the “most zen zones in America,” compiled by Mission Connection following a study analyzing Google review scores to reveal the cities across America that embody a true “zen” experience through Google review scores of wellness businesses across the country. They are No. 28 Park City, No. 29 Moab and No. 114 Springdale. The highest-ranked zen city in the U.S. is Sedona, Arizona. Details are at https://missionconnectionhealthcare.com/blog/zen-zone/.
• Utah has an “untapped pool” of over 400,000 singles, according to a survey and a study of census data by TexasDivorceLaws.org to determine how many people are sitting out the dating scene altogether. The percentage in Utah is 33 percent, equating to 402,693 singles. The top pool is in California, at 9 million singles (65 percent). The highest percentage is in Arkansas, at 85 percent. Details are at https://texasdivorcelaws.org/survey-78-million-u-s-singles-quit-dating-in-2024/.
• Forty-three percent of Utah gamers consider their online communities as potential dating pools, according to a survey by gaming gadget company GravaStar. The survey asked Utah gamers if they had ever developed romantic feelings for someone they met online, and 43 percent said they had. Seventy-nine percent of gamers said they believe that relationships formed through gaming are just as valid as those cultivated in person or on dating apps. The highest percentage overall is in Delaware, at 75 percent. The lowest is in New Mexico, at 17 percent. Details are at https://www.gravastar.com/blogs/learn/pixel-passions.
• Utah parents believe 16 should be the minimum age for social media accounts, according to a survey by online education company Test Prep Insight. The national average is age 14.

EDUCATION/TRAINING

• Fervo Energy, a developer of geothermal energy, along with Southern Utah University and Elemental Impact, a nonprofit investing platform, have launched a geothermal apprenticeship program to help oil and gas workers and Southwest Utah residents join the geothermal industry. The program, administered by SUU and funded in part by Elemental, will provide those seeking new skill sets with the opportunity to learn geothermal directional drilling and well completions, while combining on-the-job training with college-level coursework on geology and energy systems. The approach offers pathways for traditional college students as well as adult and working learners interested in careers in the geothermal energy industry. Twenty-two people working with 10 oilfield service providers operating in the area have registered for the program. By the end of 2024, the program aims to enroll at least 40 apprentices, providing them with an opportunity to fill an immediate workforce need upon completion of the apprenticeship. Funding from Elemental Impact, a nonprofit investor in climate technology and community focused initiatives, enabled Fervo to offer this workforce training program.

GOVERNMENT

• Gov. Spencer Cox has appointed Emy Faulkner Lesofski as his new energy advisor and director of the Office of Energy Development within the Department of Natural Resources. Lesofski joins the Office of Energy Development from the U.S. Senate Committee on Appropriations, Subcommittee on the Interior, Environment, and Related Agencies. She has served as a staff director and policy advisor in both houses of Congress. Lesofski studied Political Science at Brigham Young University.
• The U.S. Department of Agriculture has announced $1.5 billion for 92 partner-driven conservation projects through the Regional Conservation Partnership Program, a partner-driven approach to conservation that funds solutions to natural resource challenges on agricultural land. Partners will provide $968 million in contributions to amplify the impact of the federal investment. Selected RCPP projects will help farmers, ranchers, and forest landowners adopt and expand voluntary, locally led conservation strategies to enhance natural resources. The funding includes nearly $16.6 million for the Northfields Protection Initiative in the Heber Valley, focusing on conservation easements to ensure permanent land protection of the Northfields and critical to the continued success of the U.S. Bureau of Reclamation, Utah Reclamation Mitigation Conservation Commission’s 1,500-acre Provo River Restoration Project.
• The U.S. Environmental Protection Agency has announced nearly $21.9 million in new funding for Utah under the Bipartisan Infrastructure Law to upgrade water infrastructure and keep communities safe. The funding for Utah is part of $3.6 billion EPA is distributing nationally. The Bipartisan Infrastructure Law funds will flow through the Clean Water and Drinking Water State Revolving Funds, a longstanding federal-state water investment partnership. The investment will fund state-run, low-interest loan programs that address key challenges in financing water infrastructure. The announcement includes allotments for Bipartisan Infrastructure Law Clean Water General Supplemental funds for Utah of $13.1 million; Emerging Contaminant funds, $1.1 million; and $7.6 million under the Drinking Water Emerging Contaminant Fund.

HOSPITALITY

• The Grand Hyatt Deer Valley is scheduled to open Nov. 20 at the Deer Valley East Village. It will offer accommodations, dining and amenities, including an artisanal high chocolate experience, an underground bar, weekly nighttime entertainment, and more.

INSURANCE

• PCF Insurance Services, a Lindon-based insurance brokerage, has rebranded to Trucordia. The company said the name combines the words “trust” and “accord,” reflecting the integrity, harmony and collaboration that are the cornerstones of the business. Trucordia has more than 5,000 employees in the U.S.

INVESTMENTS

• Vanilla, a Salt Lake City-based estate planning software company, has closed a $35 million fundraising round, led by returning investor Insight Partners, in addition to contributions from Venrock, Vanguard and other previous investors. Vanilla also added new strategic investors Edward Jones Ventures, Nationwide and Allianz, and new investor Alumni Ventures. Vanilla said the funds will support its growth and customer adoption as well as expand its platform, which allows investment advisors, broker-dealers and other financial services providers to cultivate deeper, more valuable client relationships.
• Data Quality Co-op, a Salt Lake City-based clearinghouse for data quality measurement, has received its first funding round of $1.25 million. The funding was led by Kickstart Fund, joined by SaaS Venture Capital and Service Provider Capital, along with several individual investors. The company was established earlier this year. The company said it will use the funding to accelerate platform development and pursue its goal of helping people realize the transformative potential of its data.

LAW

• Dentons Durham Jones Pinegar has elected three new shareholders: Tyler R. Cahoon and Cole P. Crowther in the firm’s Real Estate practice and David B. Nielson in the Commercial Litigation and Family Law practice. All are located in Lehi. Cahoon represents clients in transactions and litigations involving state and federal environmental laws. His practice also includes water, land use, zoning, oil and gas, mining, wetlands, real estate and product labeling. Crowther focuses his practice on commercial litigation, real estate and environmental litigation, and related transactions. His practice also encompasses land use, environmental law, zoning, oil and gas, mining, and USDA compliance. Nielson assists clients with commercial litigation matters, as well as domestic related disputes, including divorce, post-decree modifications, contempt, terminations, guardianships, conservatorships, protective orders and prenuptial and postnuptial agreements. All three graduated from the S.J. Quinney College of Law at the University of Utah, while Nielson also earned a B.S. from Brigham Young University.

MANUFACTURING

• Stadler, a Swiss company focused on the design and manufacture of passenger trains, has been selected by the Utah Transit Authority Board of Trustees for a contract for up to 80 new light rail vehicles as part of the agency’s TRAX Modernization project to upgrade and expand service over the next decade. Stadler will build the vehicles at its Salt Lake City-based U.S. headquarters and manufacturing facility. The new vehicles will carry 14 percent more passengers than UTA’s current fleet. The initial $129 million contract is for 20 new Stadler Citylink light rail cars and is funded, in part, by a Federal Transit Administration grant. Pending additional funding, the contract includes options for 60 additional vehicles. The UTA order is Stadler’s first U.S. light rail contract. Stadler established its U.S. headquarters in Salt Lake City in 2016 when the company expanded to North America from Europe. The company now employs more than 500 people at its Salt Lake City manufacturing facility and employment will continue to grow as Stadler expands to meet market demands across the country.

NONPROFITS

• Promethean Spark International recently had a masquerade ball at The Wild Oak Venue in Lindon, with proceeds benefit the nonprofit organization’s efforts to teach essential life skills to impoverished youth around the globe through the performing arts.

PHILANTHROPY

• Maverik and Kum & Go have launched their fourth annual “Round Up Your Change” campaign in support of Feeding America. Through Dec. 4, customers are invited to round up their in-store cash and credit transactions to the nearest dollar, or contribute even more. Donations will support the movement to end hunger in the local communities across the brands’ 20-state footprint. Ninety percent of donations raised will stay local to the community where the donation was made, with the remaining funds supporting the activities of the Feeding America national organization. Maverik recently began this year’s giving Feeding America a $1 million donation. In 2023, Maverik donated more than $573,000 to Feeding America, equivalent to 5.7 million meals. Maverik has also been expanding its Food Rescue Donation Program, rescuing surplus food and redistributing it to local Feeding America partner food banks. Since this program was established in 2021, Maverik has donated more than 3.2 million pounds of surplus food, the equivalent of nearly 2.7 million meals. The program is active in over 370 stores in 16 states.
• Industrial Supply Co., based in Salt Lake City, raised $45,000 for the Utah Food Bank at its annual charity golf tournament in August. The contribution will directly benefit Utah Food Bank’s mission to fight hunger statewide. An active supporter of the Utah Food Bank since 2007, Industrial Supply has donated a total of $290,706 and 6,019 pounds of food, which is equivalent to over 1 million meals (enough to feed 239 families of four for a year).

REAL ESTATE

• Millrock Capital and Woodbury Corp. have officially opened The Grandeur at Holladay Hills at 1920 E. Rodeo Walk Drive. The Grandeur offers studios, apartments and penthouse condos for ownership. It is the first phase of the 58-acre master-planned community within Holladay Hills.
• Linden Hill Apartments, a residential community in Magna, has opened for leasing. It has a variety of floor plans, including one-, two- and three-bedroom apartments, plus on-site amenities. Adjacent to Linden Hill, two new retail pads will feature a Chipotle restaurant and Swig Drinks, expected to open soon.

RECOGNITIONS

• The University of Utah has announced the recipients of the second annual Innovation Awards, which recognize the efforts UofU students, staff, faculty and startups have made to pursue impactful research and contribute to the university’s culture of innovation. The recipients are Morgan Doane, Excellence in Innovation Undergraduate Student Award; Michael Adkins, Excellence in Innovation Graduate Student Award; Justin English, Investigator on the Rise; Roger Altizer, Innovator of the Year; Utah Bionic Leg, Breakthrough of the Year; Jan Kubanek, Founder of the Year; 3Helix, Startup of the Year; Carl Wittwer, Lifetime Achievement. Details are at https://technologylicensing.utah.edu/news-events/university-of-utah-announces-2024-innovation-awards-recipients.
• The Executive MBA program at the University of Utah’s David Eccles School of Business is ranked No. 94 on a list of the world’s best such programs, compiled by the Financial Times. The program ranked No. 3 in the West and No. 19 nationally. It is the only school in Utah to be ranked. The Financial Times bases its rankings on two primary sources: 55 percent of the score is based on surveys of EMBA alumni three years post-graduation, and 45 percent of the score is calculated from 16 criteria in three areas, including alumni career progression, school diversity, international focus, and idea generation and research productivity of the faculty. Members of the class of 2021 who participated in this year’s survey reported an average salary increase of 51 percent in the three years post-graduation, translating to an average salary of $195,299 today. The Eccles School also ranked among the top 20 in the U.S. for the percentage of students who stated that their aims in pursuing an Executive MBA were achieved, and No. 30 globally for the success of its researchers, as measured by publications in the Financial Times-designated top international, academic and business journals.

RETAIL

• Elase Medical Spas has opened a location at 13351 S. Rock Wren Lane, Riverton, in the Mountain View Village Mall. It is the brand’s fifth location in Salt Lake City area. Elase has more than 15 spas in Florida, Idaho and Utah.

SERVICES

• Make It Market Ready, a Pleasant Grove-based service designed to help homeowners and real estate agents get their properties ready for sale, is now available in Utah and Salt Lake counties. In its pay-at-close model, the company provides full home renovations and staging with no upfront costs, and clients pay the company when the home sells.

TECHNOLOGY

• DigiCert, a Lehi-based provider of a platform for digital trust, has appointed Lakshmi Hanspal as chief trust officer. Hanspal will be based in Sunnyvale, California, and will oversee efforts to strengthen trust strategies, including digital identity, public key infrastructure and secure communications. Hanspal most recently served as global chief information security officer for Amazon Devices and Services. Prior to that, she served as chief security officer at Box and SAP Ariba and in security leadership roles at the Bank of America and PayPal. Hanspal also has served as a strategic advisor and board member for several organizations, helping shape security standards and governance frameworks that prioritize trust.

TRANSPORTATION

• Avelo Airlines has begun offering nonstop service between Salt Lake City International Airport and the Charles M. Schulz Sonoma County Airport in the California Bay Area. It will operate the route twice weekly on Thursdays and Sundays, using Boeing 737 aircraft. The flights create the 100th nonstop destination and the 14th airline serving the Salt Lake City airport. Since taking flight in April 2021, Avelo has flown over 5.7 million customers on over 44,000 flights. It serves 49 destinations spanning 23 states, Puerto Rico, Jamaica and Mexico.
• The Salt Lake City Department of Airports recently unveiled Phase 3 of the New SLC Redevelopment Program, which includes the Central Tunnel, Concourse B Plaza, 12 concessions and, initially, five Delta Air Lines gates. Four new art installations celebrate and recognize Utah’s beauty and natural history. The Central Tunnel connects the A and B concourses. The Concourse B Plaza includes the world map that once graced the floor of Terminal 1 in the original airport. The map was dismantled and placed in storage until it was relocated to Concourse B in this summer. Phase 3 includes a dozen new concessions: Bambuza Hospitality Group, HMSHost, Marshall Retail Group, Paradies Lagardère, SLC Airport Concessions Group and SSP America. They represent the following brands and concepts: Bambuza Vietnam Kitchen, Freddy’s Frozen Custard and Steakburgers, Maggiano’s Little Italy, Sunday’s Best, The Coffee Bean, Tea Leaf, Thirst, Cotopaxi, iStore Express, Relay, Travel Right, The Canyon and Weller Book Works.