Gov. Jon Huntsman Jr. tied a bow on the Utah economy Thursday, but warned that the state must always be looking forward.

"Let's take advantage of the most memorable time in our state's history," he told a large gathering of business people at the Nebo Economic Summit on Thursday in Payson.

Huntsman said the state is in a growth mode and cautioned against making policy based on present standings.

"Force yourself to see where we will be in 20 years," he said. "We don't want to be stuck flat-footed."

He singled out the Nebo district as growing twice as fast as the rest of the state and then added, "The rest of the state is growing three times as fast as the nation, so we are at about five times the national average."

"We have in Utah what is completely in demand," he said. "Quality of life."

He pointed out that development must not be focused in one corner of the economy. He also warned against losing the best and brightest of our young people.

Huntsman counted off several of Utah's major companies, several of which had their start and incubation in the state and grew to international dominance, including Novell, Convergis, Nu Skin and MyFamily.com, as well as Nestle Foods and Micron, which have major holdings in the state.

"Capital is what we're after," Huntsman said "not just jobs. Capital is cowardly; it will go anywhere where it is safe haven. If risky, it will flee."

Huntsman said Denver and Phoenix are considered safer and "capital feeds the entrepreneurs who feed the jobs." In the next 20 years, he sees Utah as a major center for bioscience which, in turn, will spawn a whole new series of businesses.

Huntsman said he envisions greater partnerships between universities and the business community, echoing UVSC president William A. Sederburg.

"Education is important to economic progress," Sederburg said. "The path to economic success lies through colleges and universities."

Sederburg spoke of the "vectors of change" in a county that used to make its living from farms.

"We are responding to public demand. We have a different type of faculty and student," Sederburg said.

Jim Robson, Regional Economist, Work Force Services, confirmed Sederberg's views. "Education is the most important industry in Utah County," he said. "Twenty percent of all jobs are related to education."

Robson presented a series of charts updating the economy and delineating the U.S. Annual Economic Growth, U.S. Job Creation, U.S. Nonfarm Payroll Jobs & Unemployment Rate; Monthly U.S. Trade Deficit and Federal Budget. He also distributed a series of charts for the State of Utah showing it is in the center of the fastest growing region in the country with strong job growth, low unemployment, healthy construction values and strong retail sales.

"We are in the best economic condition in nine years," he said.

This story appeared in The Daily Herald on page D4.