Salt Lake City has grown from a winter sports venue to a vibrant technology hub in just two decades, leveraging the legacy of the 2002 Winter Olympics to transform into one of America\u2019s fastest-growing business destinations.<\/p>\n
Known as part of Utah\u2019s \u201cSilicon Slopes,\u201d the city has become a magnet for entrepreneurial spirit, venture capital and a flourishing workforce. Over the past decade, wages have risen by 51%, and the population has increased by 10%, according to the Census Bureau.<\/p>\n
Former Utah Gov. Michael Leavitt credits the Olympics with spurring major infrastructure projects in Salt Lake City, attracting technology talent and establishing an economic legacy that continues to shape the region\u2019s identity.<\/p>\n
\u201cThe Games were a great catalyst. And big economic growth needs a catalyst like that,\u201d Leavitt told CNBC for the upcoming \u201cCities of Success: Salt Lake City\u201d special, premiering Tuesday at 10 p.m. ET.<\/p>\n
In 2002, the world watched as Salt Lake City welcomed athletes and spectators to the Winter Olympics. But for Leavitt, who served as governor from 1993 to 2003, the Games meant much more than 17 days of sporting excitement.\u00a0<\/p>\n
\u201cThe 17 days of the Games is very important,\u201d Leavitt said. \u201cBut it\u2019s what happens in the seven or eight years in advance \u2014 and what happens in the 10 years after \u2014 that ultimately makes the Games a worthwhile experience, both economically and culturally.\u201d<\/p>\n
The 2002 Games utilized 10 facilities, all of which continue to serve the community and attract major events, including the Olympic Oval, a premier speed skating venue still used by aspiring Olympians today.\u00a0<\/p>\n
The multimillion-dollar facility is said to have the \u201cfastest ice on Earth\u201d by athletes who have broken records on it.<\/p>\n
Experts say the high altitude \u2014 more than 4,600 feet above sea level \u2014 reduces air resistance, which may help give skaters an edge when it comes to speed.<\/p>\n
In preparation for the Games, Leavitt said, Utah invested in infrastructure improvements, including light rail and major highways, creating lasting benefits for both residents and visitors.<\/p>\n
\u201cIt\u2019s a lot like having a party at your house \u2014 a lot gets done with that deadline,\u201d Leavitt told CNBC. \u201cWe competed with the world and realized we can win.\u201d<\/p>\n
Salt Lake City\u2019s 2002 Olympics cost about\u00a0$2 billion and turned a profit. The University of Utah\u2019s Kem C. Gardner Policy Institute reports the state\u2019s allocation for the Games resulted in a $164 million surplus, with $59 million returned to taxpayers.<\/p>\n
In the\u00a015 years following the Games, skier visits to Utah increased by 43%, hotel and lodging revenue grew by 70%, and visitor spending soared by 66%, according to the Gardner Institute.<\/p>\n
\u2033[The early 90s] was at a time when technology was just beginning to emerge,\u201d Leavitt said. \u201cUp until that point, Utah had been both agriculturally based as well as defense \u2014 but there was an ambition on our part to become a tech capital.\u201d<\/p>\n
During preparations for the Olympics, Leavitt met with Adobe co-founder and Salt Lake City native John Warnock in Silicon Valley to discuss building a tech community in Utah.<\/p>\n
Leavitt recalled a comment Warnock made to him: \u201cIf you want [me] to come to Utah, I need engineers.\u201d<\/p>\n
Acting on Warnock\u2019s advice, in 2001, Leavitt and the state of Utah launched the Engineering and Computer Science Initiative. The program aimed to improve higher education in these fields by expanding faculty and programs, ultimately doubling the number of engineering and computer science graduates over two decades with a\u00a0cumulative $40.1 million investment.<\/p>\n
With state funding, colleges and universities rose to the challenge, aligning programs with student interests and industry demands. Since then, public and private investments have continued to grow, driven by the region\u2019s increasing need for tech workers.<\/p>\n
Adobe years later acquired\u00a0Utah-based Omniture for $1.8 billion, signaling Utah\u2019s capacity to build competitive tech enterprises, Leavitt said.<\/p>\n
\u201cIt was the combination of a clear vision, dramatically ratcheting up the number of engineers we were educating, and having the Olympics and a place they wanted to live,\u201d Leavitt said. \u201cAll of that came together into what\u2019s become one of the most robust economies in the country around technology.\u201d<\/p>\n
With the 2034 Winter Games set to return to Salt Lake City, Utah aims to build on its existing infrastructure with\u00a0an estimated $31 million in upgrades\u00a0\u2014 a modest cost compared with the $286.7 million spent in 2002.<\/p>\n
The state expects the upcoming Games to generate $6.6 billion in economic activity, create 42,000 job-years of employment \u2014 the equivalent of 4,200 full-time jobs for 10 years \u2014 and add nearly $3.9 billion to Utah\u2019s economy, solidifying the Olympics\u2019 role in Utah\u2019s flourishing tech landscape.<\/p>\n
\u201cWe now have advantages we didn\u2019t have,\u201d Leavitt said. \u201cWe have all of the infrastructure that\u2019s there, and we have a reputation. The Games will be done well in 2034. There\u2019s just no question about it.\u201d<\/p>\n
Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.<\/em><\/p>\n<\/p>\n Salt Lake City has grown from a winter sports venue to a vibrant technology hub in just two decades, leveraging the legacy of the 2002 Winter Olympics to transform into one of America\u2019s fastest-growing business destinations. Known as part of Utah\u2019s \u201cSilicon Slopes,\u201d the city has become a magnet for entrepreneurial spirit, venture capital and […]<\/p>\n","protected":false},"author":0,"featured_media":13127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=13126"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/13127"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=13126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=13126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=13126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}