Issue Position: Utah Unlimited

Issue Position

Jon Huntsman's Plan to Double Utah's Economy
in the Next Decade
Star
The road ahead is challenging and Utah needs a bold vision that aims to do more than just get us "back to normal." In the coming years, Utah can create new businesses and products while attracting investment looking for the best place to grow. What's in it for Utahns? More than doubling our state's GDP from $180 billion to $500 billion, higher-paying jobs, entrepreneurial opportunities, and successful careers for our children and grandchildren.

Our state's potential is unlimited. By seizing opportunities in three emerging economic sectors: Biotechnology, Defense Technology and Financial Technology we can improve the lives of people across our state.

Biotechnology and AgTech
Utah is positioned to become a global leader in the biotechnology sector. Our universities lead the nation in converting their research and technology into businesses and products, but there is so much more we can do. Positioned correctly, Utah can lead in the following ways:

Discover breakthroughs in conquering disease and extending life. Research and innovation in this industry will be a transformational part of our future. We want those discoveries to happen here.
Initiate a public-private national laboratory to focus on education, manufacturing, agriculture and advance all Biotech industries.
Establish a dedicated fund that is designed to produce returns on investment from biotech and bioscience technology transfer royalties developed at Utah's universities.
BY THE NUMBERS
$4 Trillion
Projected annual direct economic impact of a mature biotech industry

60%
Projected amount of physical inputs to global economy produced biologically

400
Use cases already visible within the industry

Defense Technology
The talent flowing in and out of Utah's military installations is a significantly underutilized resource. Utah is primed to lead in developing defense technology including cybersecurity, quantum computing, neuro-synthetic biology, artificial intelligence, microsatellites and other next-generation warfare technologies. A thoughtful strategy and skilled diplomacy are needed to bring together the federal government and private industry. This initiative will focus on the following:

Funding: Attracting and taking full advantage of investments from the federal government and private sector in defense technology could add hundreds of billions of dollars to Utah's economy.
Business Creation: Establish an easily navigable regulatory environment that would entice defense technology companies to start in Utah and make it possible for former service-members to transition to opportunities in the private sector.
Talent Pipeline: The defense technology industry struggles to find workers with specialized skills who can obtain high-level security clearances and speak foreign languages. Utah fits the bill. Aligning the ecosystems of Hill Air Force Base, Utah's world-class universities and our substantial talent pool with the burgeoning defense industry will result in thousands of high-paying jobs and unprecedented growth.
BY THE NUMBERS
34.8%
Higher average salary as compared to non-defense industry jobs

$81,857
Average defense industry salary in 2018

$1 Trillion
Market size of microsatellite industry in the next decade

$400 Billion
Market size for neuro synthetic biology in the next five years

Financial Technology
Capital is the lifeblood of any economy -- and it's a coward. We should seek to make Utah the ultimate safe-haven destination for this sensitive industry. We will create an ecosystem of investors, financial institutions, professional services firms, policymakers and technological innovators committed to making Utah a global leader. Here's how we get started:

Through the establishment of the Utah Financial Innovation Network, we will create a single point of access to promote talent development, business opportunity (including favorable regulatory environments) and investment capital.
Work with investors and financial institutions to create financial technology innovation programs that will cultivate a thriving ecosystem for industries primed for disruption including insurance, accounting services and credit products.
There is no industry more global in nature than finance. Our world-class universities and leading business programs, combined with our natural curiosity of the world, give us a human capital advantage.
BY THE NUMBERS
$300 Billion
Estimated FinTech Market in 2020

25%
Growth rate predicted for global FinTech market

Source