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How's this for a bold and optimistic prediction: Utah's struggling economy can be turned around by the end of this year. That message was delivered on Utah's Capitol Hill this morning by a group of business leaders, local government, educational and non-profit leaders organized by the Salt Lake Chamber.
They have specific ideas on how to do that, and they have the qualifications to back those ideas up. Their backgrounds are in banking, construction, home building, transportation, and tourism. They have a lot of ideas on how to jump-start Utah's economy.
Lane Beattie, president and CEO of the Salt Lake Chamber said, "As business leaders, we know that there are many things that are right in Utah."
The group has formed the Utah Economy Can-Do Coalition. It believes that if the anticipated $1.4-billion in federal stimulus money, plus $1 billion in state funds is spent in the right areas, the economic turnaround will be quick.
"It's all about receiving the fastest and highest return on our investment," Beattie said.
David Golden, executive vice president of Wells Fargo Bank said, "The coalition recommends state investment in roads, state buildings and housing that will infuse billions of dollars into the state economy."
That, in turn, could create an impressive number of jobs. "We estimate that approximately 60,000 jobs will be restored or created in the state economy," Golden said.
Two weeks ago, members of this group met with the House speaker and Senate president, who asked for specifics. The lawmakers, not wanting to just spend haphazardly, sought guidance to get more "bang for the buck."
Scott Beck, president of the Salt Lake Convention and Visitors Bureau, said, "We've been able to give those real specific answers as to the validity of the projects, the cuts, and the realities of where things are working and where things aren't working."
The "Can-Do" moniker for the group is optimistic in tone for sure, but members say sitting back and doing nothing is not an option.
Chris Redgrave, vice president and general manager of Bonneville Radio Group said, "So with the business community working with elected officials, Utah will be the first to emerge from this time of economic challenge."
The coalition is also urging the state to create investments that can be multiplied by private and federal matching funds. The group says some fees and taxes may have to go up to produce more state income.
E-mail: kmccord@ksl.com
