Utah Governor’s Office of Economic Opportunity
“Utah consistently receives accolades for its diverse economy, young, educated workforce, high quality of life, and low regulatory environment. We’re also known as the Startup State, where we celebrate, inspire, and empower entrepreneurs.”
— Ryan Starks, Executive Director,
Utah Governor’s Office of Economic Opportunity
TARGETED GROWTH SECTORS
Rural Utah: Thanks to modifications to the economic development incentives programs, since October 2022, almost half of incentivized companies chose to locate their projects in a rural site.
Software & IT: Utah has been the home of robust information technology and software companies since the 80s, and “Silicon Slopes” is now a household name.
Financial Services: Utah’s financial roots run deep, ranking number 8 in the nation for banking assets with a burgeoning fintech sector. It is the state’s largest and fastest-growing targeted industry.
TOP PROJECTS
COMPANY | LOCATION | CAPITAL INVESTMENT |
Texas Instruments | Lehi | $11 billion |
Procter & Gamble | Brigham City | $400 million |
OmniTeq | Clearfield | $255.8 million |
Lakeshore Learning | Garland | $219.1 million |
Schreiber Foods | Logan City | $135 million |
FAST FACTS
Population (July 2022 est.): 3,380,800¹
Largest Cities (2020): Salt Lake City (199,587); West Valley City (140,209); West Jordan (117,186); Provo (114,048); St. George (95,927)¹
Real GDP (2022): $192 billion²
¹U.S. Census Bureau
²Bureau of Economic Analysis, U.S. Dept. of Commerce
STATEWIDE TAX CREDITS
Economic Development Tax Increment Finance (EDTIF): Utah’s EDTIF rewards companies that grow or relocate to the state. The program returns a portion of new state taxes paid back to qualifying companies in the form of a post-performance tax credit.
Rural Economic Development Tax Increment Finance (REDTIF): The REDTIF functions much like the EDTIF but is designed to give a greater portion of state taxes back to companies willing to locate and operate in rural Utah.
TOP BUSINESS FACILITIES RANKINGS
#2 Housing Market Growth | 2023 State Rankings |
Top 5 Best Business Climate | 2023 State Rankings |
Top 10 Tech Talent Pipeline | 2023 State Rankings |
Top 10 Medtech / Medical Devices | 2023 State Rankings |
Top 10 Fastest Growing (Population) | 2023 State Rankings |
#1 Best Business Climate (Large): Provo/Orem | 2023 Metro Rankings |
#2 Best Business Climate (Large): Logan | 2023 Metro Rankings |
#3 Best Business Climate (Large): St. George | 2023 Metro Rankings |
Top 5 Manufacturing Hubs (Mid-Sized): Ogden-Clearfield | 2023 Metro Rankings |
Top 10 Fintech Leaders: Salt Lake City | 2023 Metro Rankings |
LATEST NEWS
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Elevate Commercial Roofing Systems & Lining’s new LEED-certified manufacturing and distribution center in Salt Lake City will expand service to customers in the West.
Utah Tax Credits Assist With Expansions Across Industries
Companies across industries have chosen to expand their operations in Utah — due, in part, to tax credits.
FAA Grants Nearly $1B For Building Better Airport Terminals
Under this funding from the Bipartisan Infrastructure Law, 114 airports across the U.S, spanning 44 states and three territories will improve service and performance.
2023 State Of The Year: Opportunity Awaits In Texas
A robust business climate and strategic growth during 2023 earns the Lone Star State this recognition.
Mars Plans $237M Nature’s Bakery Facility In Utah
The new cutting-edge facility, which will create more than 190 jobs in Salt Lake City, Utah, will be fully operational in July 2025.