Industrial growth, jobs, and payrolls.
These continue important in the development of Central Utah’s economy.
Thank goodness there are people who recognize the need for continued expansion and are lending a hand to natural processes in fostering such growth.
We’re speaking, of course, of UVIDA (Utah Valley Industrial Development Association) which held its 10th annual installation banquet Wednesday night.
UVIDA was created a decade ago out of a need for greater industrial development to provide payrolls to strengthen the local economy.
The need was evident partly in the migration of so many of our young people to other states to find employment opportunities.
One of the UVIDA concepts has been to work for desirable industries “anywhere in the valley.” When such a plant locates in one community it benefits the entire valley.
Another concept has been that the business or industry that is already here is valuable and should be encouraged and not neglected at the expense of luring new industries. Growth and expansion of a local industry is as important to the economy as enticing a new one to the valley.
Industry, commerce, manufacturing – their growth in Utah in a good diversification pattern has helped to keep employment in this state far better than national average during the recession.
Interestingly, despite the downturn in the economy during the past year, a total of 1039 new businesses were started in Utah during 1975 – one-third more than the year before and an increase over the previous 10 year average when the number has been about 200 per year.
Some of the businesses were small, of course; others were large or fair sized; all in all, they provided a great many jobs.
Figures presented during the UVIDA banquet the other night indicated there were 26 new industries, 120 new commercial establishments, and 2000 residences completed in Utah County during the past year. That amounts to a fair-sized boost to the economy, business downturn or not.
The Herald congratulates new businesses and industries for their faith in this area, and “old” establishments which have expanded.
We are pleased also to commend UVIDA for its efforts in fostering and encouraging desirable job producing growth. Congratulations are in order for the new officers, including President Raymond M. Klauck of Springville and President Elect Wayne S. Hansen of Provo. Mr, Kaluck succeeds Winston M. Crawford of Orem who headed UVIDA in 1975.
May 1976 be another fine year for UVIDA and for Utah Valley.