Positive outlook for Utah housing market

Tuesday, February 26th, 2013

(L to R): Natalie Gochnour, Bryson Garbett, Grant Whitaker, Clark Ivory

When the economy hit a historic rough patch in the fall of 2008, it was housing that was hardest hit. But three housing industry leaders told the Salt Lake Chamber Board of Governors that things have turned around and they are optimistic about the future.

“The refrain was that housing got us into this mess and housing will be a key indicator that we’ve put it behind us,” says Natalie Gochnour, chief economist of the Salt Lake Chamber who moderated the discussion.

The Utah economy lost nearly 100,000 jobs during the Great Recession–some 60,000 were related to housing. While the state economy has regained all 100,000 jobs lost, housing has been slower to recover.

“Housing is definitely coming back,” says Grant Whitaker, president and CEO of Utah Housing Corporation. “From 2007-2011 Utah’s population grew by 237,000 people and they have to live somewhere. That’s made a big difference for us.”

While one in five Utah homeowners are underwater (they owe more on their homes than the home is currently worth) and many are hesitant to sell, the number of existing homes available has dropped by 33 percent in the past 12 months. Our experts say housing is a cyclical business and Utah is ready for an up-cycle.

“The biggest problem we have is finding subcontractors–dry wallers, roofers and plumbers,” says Clark Ivory, CEO of Ivory Homes. “That’s going to make growth more of a challenge.”

Ivory also says there has been a significant shift in the types of homes now in demand. In Salt Lake County, single-family homes are up, but there is a significant increase in homes for single occupants.

“The thing that is most positive is household creation,” says Ivory. “Utah is always strong in this area, but our in-migration has been stronger than in surrounding states.”

Bryson Garbett, president of Garbett Homes, also thinks the outlook for the next 24 months is positive.

“There have been a lot of changes in the way we build homes when it come to energy efficiency,” he says noting those improvements can save homeowners money and serve as an enticement to buy. “Things look very positive.”

Source: Garbett Homes

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Investment in education vital for American competitiveness

Thursday, February 7th, 2013

The head of the General Electric Foundation spent Wednesday meeting with elected officials and business leaders to reinforce the connection between an educated workforce and the ability to thrive in the global marketplace.

Bob Corcoran, the president and chairman of the GE Foundation, shared three recommendations for the business leaders that gathered from across the state:

1. Help Prosperity 2020

2. Be a lightning rod on educational issues

3. Be a steel rod; be the extra rebar that helps decision makers withstand the pressure

Utah taking steps in the right direction
Corcoran says Utah’s adoption of the goal to have 66 percent of all Utah adults hold a college degree or skilled trade certificate by the end of the decade is impressive.

“I’m not aware of another state in the country that has taken that kind of step to take on a goal like that for itself,” he says. “The movement to set high standards for college and career readiness is very good but 46 other states are doing the same thing. That’s necessary to compete. The work the business community has done is actually distinctive.”

It’s important to adopt a strong internationally competitive standard for what children should learn, know and be able to do. Breaking down the testing of those skills by grade level can help make sure every student is on point to succeed in their education. Prosperity 2020 has a goal of having 90 percent of third and sixth graders proficient in reading and math by the year 2020.

“The jobs we have require a higher educated workforce,” Corcoran says also noting that an educated population ushers in a lifetime of opportunity for everyone. A quality education not only increases the chances of finding a job and contributing to the economy, but also to an increase in quality of life and being able to provide for a family. The ability to send our children to school and have them master skills like analytic problem solving and comprehension can make a huge difference.

“Good quality education levels the playing field for all kids,” he says. “That investment is crucial. They are going to be working for you one day, but if they are really good, you may end up working for them.”

A changing world
We live in a completely different world than we did two decades ago. The way we work, the way we communicate and the way we play have been transformed. The way we learn has to evolve as well.

Corcoran pointed out that America used to be the number one country when it came to the number of high school graduates (under the age of 30) per capita. Today we are tenth in the world.

“This is a huge problem for us,” Corcoran says, adding that one of the most significant shifts is that states no longer face competition just from other states when it comes to business recruitment and attracting top talent. He says in the 21st century, the 50 states collectively face strong competition from other countries.

“Americans have this view that the world is not as good as us,” Corcoran said. “Maybe 20 years ago that may have been partially true.”

Countries like China that used to struggle are now producing some of the top engineering talent in the world, putting the United States behind the educational curve.

“We’re losing jobs to other countries,” Corcoran said. “They are saying that our educational system isn’t good enough for them.”

And that, too, is a big problem at home. We need the skilled and educated workforce to fill increasingly complex and mentally rigorous jobs, and to create businesses. In order to ensure we have  that workforce, a solid education system is necessary.

“Economic competitiveness is based on how strong our education is,” says Corcoran.

 

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Utah Economic Council on Utah’s future

Thursday, January 24th, 2013

When it comes to the state economy, Utahns have every reason to be optimistic. That was the consensus of a group of the state’s top economists during a panel discussion this morning at the Annual Utah Economic Review.

Utah is currently home to the second fastest growing economy in the nation, coming in behind only North Dakota, a state riding high on the wave of an energy boom. By comparison, Utah’s success is more evenly distributed across a variety of industries. In the past 12 months, the state has created 360,000 jobs and the unemployment rate stands at 5.2 percent (eighth lowest in the country).

While Utah’s economy is growing, the continued sluggishness of the national economy is cause for concern.

“They are simply putting patches on things, and not solving problems. They are focusing on special interests,” says Alan Westenskow of Zions Public Finance. “Those in Washington are not being honest with long term expense and how things will get fixed.”

Education
Emeritus Wells Fargo Economist Kelley Matthews says another significant threat to Utah’s economy is declining rates of educational attainment. He says education is a crucial part of maintaining a prosperous economy. Having the talented labor force that a postsecondary education can provide should not only be maintained, but also expanded. The business community and governor have both set the goal of having 66 percent of adults attaining a postsecondary degree or trade certificate by the year 2020.

“We need to be thinking about long term,” says Steve Kroes of Utah Foundation.”We shouldn’t think of education as something we spend money on. We need to think about what we spend or invest in education not as a cost, but as fiscal prudence. That will be the gem that keeps Utah competitive.”

“The importance is on whether we are going to maintain the quality and productivity of that labor force going forward,” Matthews says. “Our educational attainment is dropping dramatically. We’re not going to be able to stay on this path [of growth] and retain the productivity and educational abilities that we’ve traditionally had. We simply cannot stay the way that we are or we will have a less-educated workforce, and that will immediately affect productivity.”

Energy
The economists also affirmed that Utah’s energy sector needs to be a balance to avoid what is called the “boom-bust cycle.”

“Energy development is absolutely a part of economic development,” says Juliette Tennert of the Governor’s Office of Planning and  Budget. “We are well positioned, we have a competitive advantage, and that produces high-paying jobs and business in Utah, which keeps us competitive because of low prices.”

For Utah’s future, the panel agreed we should look further down the road, beyond 2013.

“We should challenge ourselves and our companies by thinking ahead,” says Natalie Gochnour, chief economist at the Salt Lake Chamber. ”Who’s focusing on 2020? 2030? That’s what we need.”

CLICK HERE for the Economic Outlook 2013 PDF released by the Governor’s Office.

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Utah Economic Forum: The Best & Worst of Times

Thursday, January 24th, 2013

On Thursday, over 250 people attended the Annual Utah Economic Review to hear about Utah’s economic forecast from members of the Utah Economic Council.

Lane Beattie, president and CEO of the Salt Lake Chamber, opened the forum with this statement:

Charles Dickens famously opened “A Tale of Two Cities” by writing “It was the best of times, it was the worst of times.”

We’ve all heard those lines before. They certainly apply to the Utah economy and the U.S. economy today. Utah’s growth is back to our historic, pre-recession levels. The U.S. economic growth is sluggish and growing at less than half the rate. Our state unemployment rate has fallen to 5.2 percent while the national rate remains at 7.8 percent.

But what is the key to our success? Why have we been able to put Utah on the prosperous path?

Less well known are the third and fourth lines Dickens wrote to open his novel. “It was the age of wisdom, it was the age of foolishness.”

Here in Utah, we have embraced the “age of wisdom” in what is too often “an age of foolishness.” We have stuck to our principles… we have made wise choices and we see the results very clearly. 

We have carefully cultivated the most business friendly environment in the nation. Businesses know Utah is a place where they can put down roots, where they can grow and where they can flourish. We have a consistent, reasonable tax rate. We have a regulatory environment that strives to level the playing field without punishing business or placing obstacles in the pathway to success. We have a government that strives to treat the tax dollar like the widow’s mite. We spend wisely and we invest for the future. 

We know we can outperform the nation, but that our economic success over the long term is directly tied to the fortunes of the nation as a whole. And so we continue to stand as the voice of Utah business at the State Capitol and in the nation’s capital. We stand in support of free enterprise and we stand in support of economic opportunity.

Beattie’s comments were followed by a summary of the economic outlook and comments from Gov. Gary Herbert. The governor says he knows there will be bumps in the road but that Utah’s economy is on the right path.

“It is not about the data or statistics–it’s about people,” says Gov. Herbert. “What we do in government ought to be viewed as what we can do to help people to improve their lives. At the end of the day its about the people we serve.”

Later in the morning, the Utah Economic Council discussed a variety of factors impacting the Utah and national economies.

CLICK HERE for the Economic Outlook 2013 PDF released by the Governor’s Office.

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This week on the Utah Business Report

Friday, December 21st, 2012

In case you missed one or more of the Salt Lake Chamber’s Utah Business Reports on KSL News Radio, here is a recap of what we talked about this week.

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A couple of weeks ago, the Salt Lake Chamber Board of Governors honored retiring Major General Brian Tarbet with the Patriot award. He is the 26th recipient of the award.

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After an extensive survey of all 50 states, 24/7 Wall Street determined that Utah is the fourth best-run state in the U.S.

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Salt Lake City-based humanitarian group Eagle Condor recently shipped plenty of medical supplies, educational materials and volunteers to Peru. But none of that compares to what they are about to ship next…

In conjunction with Honorary Consul to Peru in Utah David Utrilla, the Orem City Fire Department will donate a 2004 Ford ambulance to the University of Piura hospital. The ambulance will make a four thousand-mile journey to its new home in Piura, Peru beginning December 15th.

Piura is home to nearly over 377,000 residents, with approximately 31 percent of its population living below the poverty line.

In September, Eagle Condor Humanitarian and the Orem Fire Department presented the ambulance to the Ambassador of Peru to the United States, Harold Forsyth.

Both Ambassador Forsyth and the consul say this donation will greatly bless the city of Piura.

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The International Foodservice Manufacturers Association recently awarded the “Excellence in Distribution” award to Nicholas and Company, a leading food service distributor in the Intermountain West.

IFMA president and CEO Larry Oberkfell said the Distributor award winners are at the very top of their game in foodservice distribution. They are the best of the best.

From humble beginnings in 1939 to their current third-generation leadership, Nicholas and Company delivers the highest quality products and services to their customers.

The company has been honored with numerous awards including the Utah Department of Workforce Services Work/Life Award, Best Company to Work For from Utah Business Magazine, and also the Best of State Statue awards.

Nicholas and Company takes pride in their culture and practice philotimo—which is a Greek word meaning “the love of honor.” This captures the true importance of hospitality. They value their genuine partnerships and have a passion for serving people.

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Fifteen promising innovative technologies just got a $40,000 boost. For the first round of the new fiscal year, the Governor’s Office of Economic Development approved $600,000 in grants to support new technology and research.

The state approved Technology Commercialization and Innovation Program grant funding for 15 projects, some of which were new grants while others were follow-on grants to existing companies and projects. The approved grants from this cycle support technologies developed at the University of Utah, Utah State University and Weber State University.

The critical-stage grants are given to selected technologies with commercial promise that can show achievable milestones and can provide matching funds from federal grants or private investors.

Funded technologies include an online marketplace for event parking, a solid-state nanotube-based sensor for point-of-care tuberculosis detection, and an improved manufacturing process for semiconductor nano-crystals among several others.

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For the full reports from this week and weeks past, visit KSL Radio online. Remember to tune in between 12:30 and 1 p.m. to KSL News Radio every week day on 102.7 FM or 1160 AM. If your business is doing something great, let us know and we may just feature it on the Utah Business Report. 

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This week on the Utah Business Report

Friday, December 14th, 2012

In case you missed one or more of the Salt Lake Chamber’s Utah Business Reports on KSL News Radio, here is a recap of what we talked about this week.

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Climb on board! This week was the first of regular service on UTA’s FrontRunner South. Now passengers will be able to travel between Provo and Salt Lake City in under an hour.

Groundbreaking for the FrontRunner South project happened back in 2008. The four-year project features more than 50 structures, 34 public at-grade crossings and 30 bridges.

The new FrontRunner South line includes stops in Murray, South Jordan, Draper, Lehi, American Fork, Orem and finally in Provo. Two other stops may be added down the line.

To finally have this addition to our transit system is very exciting. It will be a great connector between Utah County, Salt Lake, Davis and Weber County by feeding into the Salt Lake Central Station downtown.

The Chamber recognizes that having efficient transit options like the FrontRunner and TRAX operations is crucial to economic growth and stability. These options also can help contribute to cleaner Utah air by lessening the amount of vehicles and emissions on the road.

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It’s time to welcome a new restaurant to the Greater Salt Lake City community.

Last week, Midvale welcomed a new steakhouse: the state’s first-ever LongHorn Steakhouse restaurant. It is located at 10th East Fort Union Boulevard.

Each restaurant is approximately 6,300 square feet. And they each create around 80 to 100 new jobs for the surrounding community. This opening represents a 20-year commitment to the greater Salt Lake valley.

LongHorn Steakhouse prides itself on providing guests with a cut-above steakhouse experience through expertly grilled and boldly seasoned steaks, as well as friendly service. All of this in a setting that celebrates the rugged landscape of the American West.

Longhorn is planning to open six to eight more restaurants in Utah over the next two years. Right now, LongHorn operates more than 400 restaurants in 37 states.

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Right now, businesses across the nation are facing difficult choices as they weigh their options for health benefit packages they will provide for their employees next year. Now there is a new tool available to Utah businesses.

The Chamber’s Health System Task Force recently launched the Employer’s Toolbox, an online practical guide featuring 12 strategies for businesses to control health care costs.

The Toolbox is broken into four different sections: Health and Wellness, Purchasing Insurance, Information and Transparency, and Consumer Solutions.

The Employer’s Toolbox is full of information, resources and examples of Utah companies taking control of the different costs that health care can insure.

You can learn about workplace clinics, corporate health culture, defined contribution models, Clinical Health Information Exchange, Health Savings Accounts and so much more with this Toolbox.

Click here to learn more about the Employer’s Toolbox and keeping health care costs down.

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Come Celebrate Downtown with the Downtown Alliance this holiday season.

Each weekday, you can hop-on and off the Jingle Bus between 5 and 10 p.m. It’s absolutely free of charge—the payment is your participation in the Christmas caroling. A favorite carol is a version of Jingle Bells aptly named “Jingle Bus.”

Until December 28, the Jingle Bus will connect The Gateway, Temple Square, Gallivan Plaza and City Creek Center. On the ride, you can enjoy the holiday lights and storefront decorations, while learning fun downtown facts from volunteer hosts.

And Gallivan Plaza this season is home to the Downtown Holiday Market. The market brings holiday charm to Salt Lake’s urban center with a focus on local and handmade goods. You’ll find unique one-of-a-kind items.

There are only two weekends left of the Holiday Market, so don’t miss out. It takes place Fridays and Saturdays from 11 a.m. to 8 p.m.

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For the second year in a row, the State Workforce recently earned national recognition for its excellence in Unemployment Insurance programs at the National UI Directors’ Conference.

The U.S. Department of Labor recognized Utah as the top-performing medium-sized state in the three critical areas of unemployment benefits, appeals and tax operations.

This is the second time Utah has earned the UI Triple Crown—a task previously thought impossible until Utah did it last year. No one had achieved this honor in the first 76 years of the unemployment program.

One of the key Unemployment Insurance initiatives this past year has been to improve integration of unemployment insurance with the workforce development and employment programs.

The American Institute for Full Employment recently honored the Department of Workforce Services with their Full Employment Best Practices Award. They recognized the department as the state agency that best exemplifies a commitment and dedication to reemployment of UI claimants through proactive policies and innovative programs.

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For the full reports from this week and weeks past, visit KSL Radio online. Remember to tune in between 12:30 and 1 p.m. to KSL News Radio every week day on 102.7 FM or 1160 AM. If your business is doing something great, let us know and we may just feature it on the Utah Business Report. 

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Utah named Best State for Business three years in a row

Wednesday, December 12th, 2012

Third time’s the charm! Forbes has picked Utah as the Best State for Business for the third year running. How’s that for bragging rights?

Since 2006, Utah’s economy has expanded 2.3 percent annually. This makes Utah’s economy fifth best in the nation, and our economic outlook is one of the most optimistic as well.

Several things make Utah ideal for both existing and new businesses, including the five percent flat corporate tax rate, a favorable regulatory climate and the state’s talented labor force.

A big draw for companies is Utah’s young, educated workforce. A third of the state’s workforce is bilingual (according to EDCUtah), and that is a major perk for companies wanting to gain a presence in the global market. This fact likely stems from many people learning a second language while abroad on Mormon missions.

Utah’s regulatory environment also ranked in the third spot.

“Utah is less likely to reward frivolous lawsuits or hand out excessive judgments,” says report co-author Jason Sorens. “Utah’s health insurance regulations are generally light, resulting in less costly policies and more choice for people in the small group and individual markets.”

Another plus is that energy costs in Utah are 29 percent below the national average. Utah is also one of seven states to maintain a triple-A bond rating from the three rating agencies.

“We have a very fertile environment for entrepreneurs and business,” said Gov. Gary Herbert.

So it’s safe to say that Utah’s business environment is worth its weight and more. Shall we go on?

Thanks to Utah’s business-friendly environment, many national and international companies have opened and expanded to Utah, such as eBay, Goldman Sachs, Oracle, Proctor and Gamble, and Adobe, which recently opened its new state-of-the-art LEED Gold certified facility in Utah County.

Forbes‘ ranking is based on six vital factors for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.

You can see the rankings for yourself by CLICKING HERE.

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Making room for Adobe

Friday, December 7th, 2012

Today is an exciting day just south of the point of the mountain. The Utah Adobe Technology Campus, an architecture and design masterpiece on Utah’s landscape, is opening its doors after 18 months of construction.

Adobe first came to Utah in 2009 when it acquired Omniture, and since then its Utah employee base has boomed, increasing 56 percent. Now the 280,000 square foot Adobe Utah Campus workplace is ready to accommodate 1,100 employees. Additional phases will be built to accommodate future growth as well.

“The new building is an amazing symbol of the commitment Adobe has made to our community,” said Heidi Walker, chief operating officer of the Salt Lake Chamber. “Utah has crafted a business friendly environment and we’re investing in our future workforce. There are a lot of reasons we’re attractive to high tech businesses like Adobe.”

The construction of Adobe’s Utah Technology Campus was a boom for the local economy. Finishing on time and on budget, the project injected $5 million per month with more than 800 workers involved. Adobe has long-term plans to stay in Utah with a 20-year strategic plan in mind.

One of the big benefits of the Adobe campus stationed in Utah is the high-skilled, high-paying tech jobs available now and in the future. City Home Collective describes Adobe’s addition as “a big, shiny, gold star for Utah that will likely bring us some top-shelf tech talent in the next few years.”

Utah County is becoming quite the technology hub, with IM Flash Technologies, Microsoft, Oracle, Twitter and other companies expanding or starting there, and Adobe opening its doors is further proof of that.

See below for photos of the majestic architecture of the building and its amazing features (and surely amazing staff parties there, too).

Not only is the building racked with all kinds of amenities, such as an employee cafe, a full-sized basketball court, a video gaming room called “The Dungeon,” a rock wall, and a music room, but it was built with energy efficiency in mind, earning LEED Gold certification.

One of the energy saving measures includes using the heat emitted from data room servers to warm the building. And all of the glass that you see in the photos above? It’s 480,000 square feet of energy efficient glass that can reduce heating and cooling requirements. There are also low water consumption thanks to waterless urinals, low-flow faucets as well as drought-tolerant Xeriscaping (minimal irrigation water required) site design.

For those who use public transit, the Adobe Utah Campus is close to bus stops and the new FrontRunner commuter rail from Salt Lake City.

A tech giant builds a beautiful new building that’s environmentally friendly and is counting on a well-educated, tech savvy workforce. Sounds like a perfect match for Utah.

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All aboard that southbound train

Thursday, December 6th, 2012

Opening FrontRunner South from Salt Lake Chamber on Vimeo.

UTA’s extension of FrontRunner from Salt Lake Central Station to Provo opens to the public this weekend. This morning’s inaugural ride marked an important milestone in Utah’s remarkable investment in our mobility infrastructure.

Investing in our state’s infrastructure (like the I-15 CORE project that recently brought much needed relief to commuters in  Utah County), expanding TRAX light rail and adding commuter rail became the Salt Lake Chamber’s top priority when Lane Beattie took over as president and CEO in 2003. From the beginning, the business community was at the forefront of the push for investment in our mobility infrastructure.

The 45 new miles of rail provide a stronger connection between the capital city and Utah County, home of  the booming technology hub with the businesses like Adobe and IM Flash Technologies growing rapidly. In fact, the area surrounding south Salt Lake County and north Utah County has a new nickname thanks to these technology companies: the Silicon Slopes.

This four-year mass transit project will allow passengers to travel from downtown Provo to Salt Lake within an hour, and connects to UTA’s TRAX system. At the Salt Lake Intermodal Center, FrontRunner South will also connect with the existing FrontRunner line that runs between Salt Lake and Pleasant View in Weber County.

The FrontRunner South project is two years ahead of schedule and the cost turned out to be 10 percent less than the anticipated budget. Based on funding and demand, more stations along the FrontRunner line may be added in the near future.

This Saturday, the public will be able to try out the new FrontRunner South for free (or with a donation of non-perishable food items for the Utah Food Bank) before the train starts officially running normal operations on Monday, Dec. 10.

The opening of the 45-mile line is a huge step in increasing mobility along the Wasatch Front, which is home to about 80 percent of Utah’s total population. FrontRunner South will operate with 30-minute inbound intervals to Salt Lake City during peak service hours, and 60-minutes outbound and during off-peak hours on weekdays between 5 a.m. and 11 p.m. Saturday service will be 90-minute service with shorter hours.

You can find a map and schedule for FrontRunner South by visiting RideUTA.com.

 

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Revised data shows Utah economy stronger than reported

Wednesday, October 10th, 2012

Editor’s Note: This post was written by Natalie Gochnour, the Chamber’s Chief Economist and Executive Vice President of Policy and Communication.

Hidden behind the national news about an underperforming labor market is a Utah economy that continues to impress. The most recent unpublished, but publicly available data from the Bureau of Labor Statistics shows job growth rates in Utah far outpacing earlier estimates. These revisions are so significant that Utah’s economy appears to have finally reached and even exceeded its historical trend. Here’s what business leaders should know about the new data.

- Back to normal – After a bruising recession, the Utah economy is now growing at or beyond its historical job growth performance of 3.1 percent. Revised year-over job growth in March of 2012 is 3.2 percent, April 3.0 percent, May 3.6 percent and June 3.6 percent. This significantly exceeds earlier job growth estimates that ranged from 1.9 percent to 2.6 percent over the same period.

- Almost recovered lost jobs – Before the Great Recession, the Utah economy peaked with 1,261,809 jobs in September of 2008. The contraction bottomed out in January of 2010 at 1,159,150 jobs for a gut-wrenching job loss of 102,669 jobs. The most recent solid tally of jobs in Utah is 1,254,986 in June of 2012 (there is always a lag with good data). This means that Utah’s economy officially is only 6,473 jobs shy of our pre-recession peak. For all practical purposes we have probably reached that by now, which is great news for everyone.

- Unemployment still a major problem – For all the good news, Utah still needs to make economic development job number one. The Utah Department of Workforce Services estimates that we have 78,700 Utahns out of work. It is a fact of life in Utah that even when jobs are eliminated we add more people to the labor force every year. Job creation should continue to be the top priority for business and community leaders.

- State policies are working – Utah continues to be a leading state in job growth. New job creators like Adobe, Goldman Sachs, ITT, eBay and many others are hiring, creating wealth and opportunity for Utahns. State and local economic development officials are doing a great job. Utah’s careful management of the public purse, low business costs, economically-minded immigration policies, superb transportation system, innovative health care policies and reinvention of the capital city make Utah attractive for business.

- We need continued vigilance – Nothing can deplete positive momentum faster than complacency during successful times. Utah business and community leaders must keep a laser-eye focus on the Utah economy, making prudent decisions that will ultimately return Utah to full employment.

Here is the complete Utah Economic Report from the Governor’s Economic Council, Oct. 11, 2012.

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