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July 24th 2006

In This Issue

Economic Snapshot – Twelve Months FY2005-2006

Economic Notes:

This Weeks Leads


 

Scorecard

Economic Development and Corporate Income Taxes - 2006

In 1990, Ireland’s total work force was 1.1 million. This year it will hit two million, with no unemployment and 200,000 foreign workers (including 50,000 Chinese).

Irelands economic development advice is very simple:

  • Make high school and college education free;
  • Make your corporate taxes low, simple and transparent;
  • Actively seek out global companies;
  • Open your economy to competition;
  • Speak English
  • Keep your fiscal house in order; and
  • Build a consensus around the whole package with labor and management.

Then hang in there, because there will be bumps in the road – and you too, can become one of the richest countries in Europe.

”It wasn’t a miracle, we didn’t find gold. It was the right domestic policies and embracing globalization.” – Irish Economic Development Official.

Source: Financial Times, 2006

Make high school and college education free! How do we compare?

RankSelected SchoolsIn-State Tuition 2005-2006 ($)
NR Brigham Young University, Provo 3,410
1 University of Wyoming, Laramie 3,426
2 University of Alaska, Anchorage3,497
3 University of Nevada, Las Vegas 3,532
4 Utah State University, Logan 3,672
5 University of Hawaii, Manoa 3,772
6 Idaho State University, Pocatello 4,000
7 University of New Mexico, Albuquerque 4,109
8 University of Utah, Salt Lake City 4,298
9 Arizona State University, Tempe 4,406
10 University of Arizona, Tucson 4,497
11 The University of Montana, Missoula 4,699
12 University of South Dakota, Vermillion 4,829
13 Montana State University, Bozeman 5,221
14 University of Colorado, Boulder 5,372
15 University of Washington, Seattle 5,610
16 University of Oregon, Eugene 5,613
17US Median (half higher, half lower) 5,634
18 Washington State University, Pullman 6,010
19 University of California, Los Angeles 7,062
20 University of California, Berkeley 7,434
21 University of Massachusetts, Amherst 9,278
22 University of New Hampshire, Durham 9,778
23 University of Vermont, Burlington 10,748

Note: BYU is shown for comparison, it is not a public University.


Men's Journal Names Salt Lake a Heart- Healthiest City

Did you know where you live is just as important for your heart health as how you live? Alongside diet, mental health, and exercise routines, where one resides is an equal component to the maintenance of a healthy heart. As part of the comprehensive guide to preventing heart disease featured in Men’s Journal’s August 2006 issue, the magazine combed through America to uncover the top eight cities across the country that are conducive to a healthy heart.

The special section in Men’s Journal details how embracing a life of adventure and being active is an effective way to promote heart health. A city that promotes exercise and physical activity through a culture of activity is one that will prove beneficial to your heart. The magazine determined that the essential ingredients for a city promoting a healthy heart is the easy accessibility to the outdoors, a culture of activity, a strong park and trail system, and it should be dense, but not too big.

Men’s Journal’s Heart Healthiest Cities are as follows (cities are not ranked):

  • Salt Lake City, Utah - A citywide fitness program awards prizes to citizens who exercise 30 minutes a day, four times a week. Locals can chart their progress on slcgetsfit.com.
  • Minneapolis-St. Paul, Minnesota. - In April the city urged residents to enjoy its 50 miles of trails and 150 parks with Take Your Shoes for a Walk Day; the mayor led employees on a lunch-hour hike to the Stone Arch Bridge.
  • Austin, Texas. - City programs such as the Mayor’s Fitness Program aim to get residents moving to help reduce disease. Mayor Will Wynn also wants to make Austin the fittest city in the U.S. by the year 2010.
  • Boulder, Colorado - The local Daily Camera newspaper created a trail guide to Boulder’s 300-plus hikes that residents can download to their iPods. The city is also developing a Mapquest-like computer program that shows the best way to cycle across town.
  • Flagstaff, Arizona - In 2005 Flagstaff's Chamber of Commerce began a community running series. For $125, residents can run five 2 to 10K races with the proceeds going to local charities.
  • Santa Fe, New Mexico - During “Bike Month” this past May, local businesses gave treats to residents who stopped by on bikes.
  • Corvallis, Oregon - Corvallis was a health frontrunner when it banned smoking in 1998. And now every neighborhood has footpaths linking it to a park, a school, or shopping.
  • Omaha, Nebraska - Trails promote biking and walking. Plus, the city will soon build a $25 million pedestrian bridge to nearby Council Bluffs, Iowa.

Source: Men’s Journal


Greetings!
  • Economic Snapshot – Twelve Months FY2005-2006
    • Sales and Use Taxes +10.2%
    • Corporate Franchise Taxes +85.6%
    • Individual Income Taxes +17.8%
    • Severance Taxes +45.4%
    • Motor Fuel Taxes -0.1%

    Source: Utah State Tax Commission, 7/18/06

  • Economic Notes:
    • NAHB Housing Market Index

    • Homebuilder optimism dropped three points to 39 in July, its lowest level since December 1991.
    • Chain Store Sales

    • Chain store sales fell 0.6% in the week ending July 15, according to the ICSC. Year-over- year growth tumbled to 2.0%, the lowest growth in 17 months. Weather, gasoline prices, and a pause before the start of back-to-school shopping were cited as negatives.
    • MBA Mortgage Applications Survey

    • Mortgage demand decreased last week, with the market index falling 4.6% in the week ending July 14. Purchase applications decreased 6.2% and refinance applications decreased 1.6%.
    • Treasury International Report

    • May net capital inflows to the U.S. amounted to $69.6 billion after a revised inflow of $51.1 billion in April.
    • Industrial Production

    • Industrial production increased 0.8% in June, easily besting consensus expectations. Manufacturing production led the gain this month, though both mining and utilities posted solid growth. Concurrently, capacity utilization increased 0.6 percentage points to 82.4%, a new high for this business cycle.
    • California Manufacturing Survey

    • The California Purchasing Manager’s index came in with a respectable reading of 60.3 in the second quarter. While this reading symbolizes positive growth, it is relatively close to the first quarter’s reading of 59.8. This month’s expansion marks the twelfth consecutive quarter of growth.
    • Global Survey of Business Confidence

    • Global business sentiment has stabilized so far in July after falling throughout much of May and June. Key to the more stable confidence readings is an improvement in sales. Hiring and investment also remain strong. Pricing pressures remain intense, however, rising to a new record high last week. North American, Asian, and South American are about as equally as optimistic. European business confidence continues to lag. High-tech and natural resource firms are the most positive. Non-auto manufacturers also remain optimistic. Vehicle manufacturers and retailers are negative. Confidence is consistent with a global economy that is expanding at its potential.
    • Consumer Price Index

    • The seasonally adjusted consumer price index rose 0.2% in June, after a 0.4% jump in May. The major reason for the smaller increase in top line inflation was a decline in energy prices. The core index, excluding food and energy prices, rose 0.3% in June; this was the fourth consecutive 0.3% monthly increase in the core CPI. Over the past year the core CPI inflation has run at a 2.6% pace. Today's release makes it even more likely that the Federal Reserve will raise interest rates at its meeting in early August.
    • Quarterly Household Credit Report

    • Credit quality deteriorated sharply in the second quarter despite continued strong borrowing. The aggregate delinquency rate jumped to its highest level in two years. The deterioration in credit quality was widespread, although it was led by auto loans and mortgages. Borrowing was led by student loans, mortgages, and bankcards. Subprime lending accelerated more than prime lending.

    • New Residential Construction (C20)

    • Housing starts decreased 5.3% to 1.85 million units in June. Housing permits decreased 4.3% during the month.

  • This Weeks Leads
    • Mitchell’s Fishmarket and Cameron’s Steakhouse
    • Cameron Mitchell Restaurants trades as Mitchell’s Fishmarket and Cameron’s Steakhouse.
    • The chain operates 27 locations in FL, IL, IN, KY, MI, OH and PA.. The restaurants use 4,500 sq.ft. to 5,500 sq.ft. in freestanding locations, malls, specialty centers and urban/downtown areas.
    • Plans call for six to eight openings throughout AZ, FL, IL, IN, KY, MI, NV, OH, PA and TX during the coming 18 months. Typical leases run 10 years with two, five-year options. Specific improvements are required.
    • Preferred demographics include a population of 250,000 within five miles earning $75,000 as the average household income.
    • For more information, contact: Caroline Brown, Cameron Mitchell Restaurants, 515 Park Street, Columbus, OH 43215
    • Brookstone
    • Brookstone Company, Inc. trades as Brookstone.
    • The 304-unit chain operates locations nationwide.
    • The specialty gift shops use 3,500 sq.ft. in malls, airports, specialty and tourist centers and urban/downtown areas.
    • Plans call for 26 openings nationwide during the coming 18 months.
    • Preferred cotenants include Ann Taylor and Williams Sonoma.
    • For details, contact: Bob Thomson Brookstone Company, Inc. 1 Innovation Way Merrimack, NH 03054-4873
    • Corey’s Jewel Box and The Loop
    • Corey’s Jewelry, Inc. trades as Corey’s Jewel Box and The Loop.
    • The 32-unit chain operates locations throughout MI and OH.
    • The jewelry stores use 240 sq.ft. to 1,000 sq.ft. in kiosks and inline spaces.
    • Plans call for one to two openings throughout the existing markets during the coming 18 months.
    • For details, contact: Mark Clark Corey's Jewelry 1301 Combermere Troy, MI 48083
    • Fire & Ice and Harbor Silver & Gold
    • Fire & Ice, Inc. trades as Fire & Ice and Harbor Silver & Gold.
    • The 11-unit chain operates locations throughout MD, PA and Washington, DC.
    • The jewelry stores occupy spaces of 900 sq.ft. in airports and malls.
    • Growth opportunities are sought throughout the existing markets during the coming 18 months.
    • For details, contact: Robert Levine 9578 Deereco Road Lutherville Timonium, MD 21093

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