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Thoughts on industrial real estate, bbq recipes and other meaningful things. 

Advanced Manufacturing Continues to Make an Impact

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In 2020, the COVID-19 pandemic prompted unanticipated global supply chain challenges. Solutions emerged, including onshoring and nearshoring of manufacturing in North America. This promoted groups such as the National Science Foundation and the Department of Labor to come together to invest in advanced manufacturing and create workforce development programs to support the companies in this sector. Over $100 billion has been invested in advanced manufacturing with over $400 billion committed to future investments. These commitments have allowed companies in various industries to expand and improve our economy. 250,000 jobs and millions of square feet in industrial development and leasing have also been created due to the movement to expand advanced manufacturing in the U.S.

The question that would arise locally then would be; How does this affect Utah, and who are the advanced manufacturers here? For starters, Utah is home to an impressive list of advanced manufacturers who are proud to run their operations here. The newest, monumental move is the Texas Instruments $11 billion facility, located in Lehi. This facility will focus on 300-millimeter semiconductor wafer fabrication, the wafers are used for logic/memory chips that are placed in analog devices. This new plant will bring over 800 jobs to the state, and the company plans to invest $9 million in student opportunities and outcomes here in Utah. Copper Crossing Industrial Park in Salt Lake City is also home to two manufacturing giants, Northrop Grumman and Holcim, who occupy a combined 965,000 square feet in the park. Advanced materials, Aerospace, and Life Sciences are three other major industries that Utah houses for advanced manufacturing. Boeing, Black Diamond, and Edwards Lifesciences are among some of the incredible companies that occupy industrial space here in Utah. These companies and industries alone provide well over 100,000 jobs for Utahns and stimulate our robust economy in many different ways.

Manufacturing will continue to support local economies, provide new quality jobs to Americans, and change the future of technology. The movement to bring advanced manufacturers back to the United States will strengthen our nation in ways that we have never seen before; it is certainly an industry to keep an eye on in the near future.

The World on Fire

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"It was exactly two years ago now that several hundred homes were evacuated in the Summit Park and Pinebrook neighborhoods, and my wife and I were one of them. I can tell you first hand how scary that was to be told we couldn’t go into our house except to collect pets or priceless possessions. What I can’t imagine is losing everything you own in a single night, or losing your entire family to a tragic disaster. But that is exactly what has happened to hundreds upon hundreds of people in the last two weeks on Maui.

We have been fortunate so far this summer in Northern Utah to be spared serious fire threats, but it can happen at anytime and it can happen fast.
People from the State of Utah are known to be stalwart providers of relief and service when anyone rings the crisis alarm. Well, I hear the bell ringing and feel moved to help. If any of you have ideas beyond donations to our amazing first responders like American Red Cross or the LDS church, I would love to hear from you. Here is a link to a local Maui organization that I may attempt to get more involved with.

https://lnkd.in/eNJAVrqm

I am so grateful for the people we get to work with every day and the generosity and spirit of care they embody.  Our thoughts and prayers go out to all people suffering loss from both natural and human caused disasters. We will count and share our blessings as best we can."

Michael Jeppesen, SIOR, LEED AP

Utah's Economic Growth

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Utah's remarkable population growth has sparked a surge in demand for housing, services, and goods which has greatly benefitted industrial real estate. A recent study conducted by the Kem C. Gardner Policy Institute at the University of Utah provides valuable insights into migration patterns within our state and specifically the Wasatch Front region which includes Davis, Salt Lake, Utah, and Weber Counties.

To effectively address the evolving demands, Utah must align the development of industrial real estate with migration patterns and it has been taking significant steps to do so already. By investing in strategically positioned facilities in the northwest quadrant and along the Salt Lake/Utah County border, distributors and manufacturers have begun streamlining supply chains, reducing logistic costs, and generating new job opportunities.

Developers’ conservative approach has not only fueled economic growth, it has also enhanced Utah's appeal as a destination for businesses as a regional hub serving Nevada, Idaho, Arizona, and other growing western states despite national economic challenges. With Utah boasting the best economic outlook for its 16th year while holding the nation's youngest median age at 30.5 years and the highest average household size our state is primed to see significant future internal and migrant-driven population growth which will require continued significant investments to service.

The Power of Onshoring

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In Part 3 of our onshoring blog series, Jay Flynn explores how the convergence of robotics, supply chain optimization, and a growing focus on manufacturing efficiency has fueled a compelling movement to bring manufacturing back to the U.S. and neighboring countries. Click here to read: https://lnkd.in/gHCHE6y5