Tech, women and growth round out 2018’s top 5 business stories
It’s been a very, very busy year for business in Utah County.
Looking back on 2018, the year marked some noteworthy turning points for the future of business in the county and across the state. This year’s countdown of the top business stories looks at those events, announcements and trends that bode well for the future of business within the county and state.
5. Facebook coming to Eagle Mountain
In all of its 20 years as a town thus far, Eagle Mountain was known as a bedroom community a seemingly long drive from Provo and Salt Lake City. But that old notion is no longer. Eagle Mountain announced in May that a 1 million-square-foot Facebook data center was coming to the Sweetwater Industrial Park in the town. The center will be Facebook’s 10th data center in the nation and 13th overall. It’s projected to be completed in 2020.
This was big news not only for Eagle Mountain, but also for the entire Silicon Slopes area, cementing the technology industry as an economic driver for the area for years to come. The effect of this center is already starting to change the face of Eagle Mountain, and Facebook will not be the only data center development there. In November, at the request of a property owner, the Eagle Mountain City Council approved adding a Regional Technology and Industry Overlay Zone to another project, where a developer hopes to install solar facilities and storage battery facilities.
Eagle Mountain’s technology overlay zone is now about 2,000 acres total.
4. The rise and success of women in business this year
Utah has a long way to go for women’s parity in business leadership roles, but Utah women shared significant prominence in business roles in 2018. Multiple women filled C-suite roles in businesses all over the county this year, their announcements hitting the Daily Herald’s business briefing section almost weekly.
Despite data from a May Utah Women & Leadership Project research brief release saying there were less women in leadership roles in 2018 than in 2014, female business leaders were honored and lauded throughout the year.
The Sego Awards kicked off its first annual awards gala in May, honoring 16 Utah female business founders and leaders from a variety of industries. The Utah Global Forum featured five Utah university and college female presidents on a panel discussing international business. The Women Tech Council utilized multiple awards and mentoring events connecting women to business leaders across Silicon Slopes.
Utah’s women are founding and running businesses in Utah, even if they often go unnoticed.
3. Qualtrics bought, Pluralsight and Domo go public
When German company SAP Cloud Business Group announced in November its intent to acquire Provo’s Qualtrics for $8 billion, the reverberations were felt across the state.
The acquisition announcement came just as Qualtrics was prepping for an IPO launch — following the footsteps of fellow Utah unicorns Pluralsight and Domo public launches earlier this year. Pluralsight went public in May and Domo went public in June. Clint Betts, Silicon Slopes CEO, called the Qualtrics transaction the largest in Utah tech history.
“The event caps off an historic year for Silicon Slopes. The year 2018 will be remembered as the moment our community proved once and for all that Utah is no longer a regional startup and tech hub. We are a global force, and we’re not slowing down anytime soon,” he said in a November release.
2. Valley Visioning, planning for county growth
According to recent population studies, Utah County will have 1.3 million residents by 2050. Utah County leaders know growth is coming, and are trying to responsibly plan for it. To that end, the Utah Valley Chamber of Commerce joined with other chambers and government and business leaders this year to visualize the county’s future.
The first Valley Visioning event was in May, and started with these leaders. The next step took place in November and expanded its reach. Organizers behind the Valley Visioning process hope to create a workable plan over the next 18 months. Envision Utah is currently working with the valley chambers to survey residents and workers in the valley. The next step will include model scenarios for valley growth, and phase three will be to develop a cohesive vision with proposed scenarios.
1. Local businesses dealing with the impact of national trade decisions
National machinations, both at home and abroad, had a ripple effect on Utah businesses, and will continue to do so in the next year. Small businesses reported the need to adjust some of their business practices as national trade issues heated up with China. Utah’s construction and manufacturing industries quickly felt the effect of the United States’ tariff choices this year, especially as steel prices jumped in reaction to national decisions.
Utah’s leaders consistently spoke out against protectionist policies on the part of America’s current presidency, charting the state’s own inclusive international vision. As Gov. Gary Herbert explained at the Utah Global Forum in November, Utah’s future is tied to a different approach than the nation’s.
“When it comes to higher tariffs and trade wars and protectionism — that’s not what we’re doing in Utah. We understand we want to have mutually beneficial trade,” Herbert said then. “We want win-win relationships …. Our top priority is to, in fact, not only help our economy, but to help people grow their economy and their countries.”
With all of these trends in place from 2018, Utah’s economy seems to be on track to continue to grow in the next year.