DOING BUSINESS IN UTAH

Utah Governor’s Office of Economic Opportunity
1-801-520-9528
business@utah.gov

Business.utah.gov

Doing business in UtahUtah 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
Doing business in Utah
Salt Lake City, Utah (Photo credit: Jay Dash Photography)

  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

From the July / August 2023 issue of Business Facilities

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