AFP Photo/George Frey via Getty Images
Salt Lake City has evolved from a winter sports venue to a vibrant technology hub in just two decades, capitalizing on the legacy of the 2002 Winter Olympics to become one of America’s fastest-growing business locations. has changed.
Known as part of Utah’s “Silicon Slopes,” the city has become a magnet for entrepreneurial spirit, venture capital and a thriving workforce. According to the Census Bureau, over the past decade, wages have increased by 51%, and the population has increased by 10%.
Former Utah Gov. Michael Levitt credits the Olympics for spurring major infrastructure projects in Salt Lake City, attracting technology talent and establishing an economic legacy that shapes the region’s identity.
“The Games were a great catalyst. And great economic growth needs a catalyst like that,” Levitt told CNBC for the upcoming “Cities of Success: Salt Lake City” special, premiering Tuesday at 10 p.m. ET. .
A catalyst for economic growth
In 2002, the world watched as Salt Lake City welcomed athletes and spectators to the Winter Olympics. But for Levitt, who served as governor from 1993 to 2003, the Games meant more than 17 days of sporting excitement.
“The 17 days of games are very important,” Levitt said. “But it’s what happens seven or eight years ago — and what happens in 10 years — that ultimately makes sports a worthwhile experience, economically and culturally.”
10 facilities were used at the 2002 Games, all of which continue to serve the community and attract major events, including the Olympic Oval, which is still used by aspiring Olympians today.
Olympic Oval speed skating facility in Kearns, Utah near Salt Lake City. The facility is home to world-class speed skating events.
CNBC
The multi-million dollar facility is said to have the “fastest ice on Earth” by athletes who have broken records on it.
Experts say the altitude — more than 4,600 feet above sea level — reduces wind resistance, which can help speed up skaters.
In preparation for the Games, Levitt said, Utah invested in infrastructure improvements, including light rail and major highways, creating lasting benefits for both residents and visitors.
“It’s like having a party at your house — a lot gets done with that deadline,” Levitt told CNBC. “We took on the world and realized we could win.”
The 2002 Olympics in Salt Lake City cost approx. $2 billion and profit.. The University of Utah’s Kem C. Gardner Policy Institute reports that state appropriations for sports resulted in a $164 million surplus, with $59 million returned to taxpayers.
i 15 years after the GamesAccording to the Gardner Institute, Utah saw a 43 percent increase in skier visits, a 70 percent increase in hotel and lodging revenue, and a 66 percent increase in visitor spending.
From Olympic host to thriving tech hub
Todd Lodwick of the USA climbs the hill in front of the Olympic colors during the start of the men’s Nordic combined team relay in Soldier Hollow, near Salt Lake City, Utah, February 17, 2002.
Photo by Anaclito Wrapping/Los Angeles Times via Getty Images
“[The early 90s] It was a time when technology was just starting to emerge,” Leavitt said. “Until then, Utah was agriculture-based as well as defense — but we had a desire to be a tech capital.”
During preparations for the Olympics, Levitt met with Adobe co-founder and Salt Lake City native John Warnock in Silicon Valley to discuss building a tech community in Utah.
Levitt recalled a comment from Warnock: “If you want. [me] I need engineers to come to Utah.
Following Warnock’s advice, in 2001, Levitt and the state of Utah launched the Engineering and Computer Science Initiative. The goal of the program was 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. A total investment of $40.1 million.
With state funding, colleges and universities faced the challenge of aligning programs with student interests and industry demands. Since then, public and private investment has continued to grow, fueled by the region’s growing need for tech workers.
Acquired by Adobe years later Utah-based Omniture for $1.8 billionThat’s indicative of Utah’s ability to build competitive tech enterprises, Levitt said.
“It was the combination of a clear vision, which dramatically increased the number of engineers we were educating, and the Olympics and where they wanted to be,” Levitt said. “All of this has come together in what has become one of the strongest economies in the country around technology.”
Looking forward to 2034.
With the 2034 Winter Games returning to Salt Lake City, Utah aims to build on its existing infrastructure. An estimated $31 million in upgrades – A modest cost compared to the $286.7 million spent in 2002.
The state expects the upcoming Games to generate $6.6 billion in economic activity, 42,000 job years—the equivalent of 4,200 full-time jobs over 10 years—and about 3.9 percent of Utah’s economy. will add billion dollars, cementing the role of the Olympics in Utah. The flourishing tech landscape.
“Now we have advantages that we didn’t have,” Levitt said. “We have all the infrastructure, and we have the credibility. The Games will be well into 2034. There is no question about that.”
Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics holds the U.S. broadcast rights to all Summer and Winter Games through 2032.