DOING BUSINESS IN UTAH
Utah Governor’s Office of Economic Opportunity
1-801-520-9528
business@utah.gov
Business.utah.gov
“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
The View From Utah: Governor Spencer J. Cox
Under Governor Spencer Cox’s direction, the Governor’s Office of Economic Opportunity (Go Utah) provides resources and support for business creation, growth, and recruitment. It also drives increased tourism and film production in Utah. As stewards of Utah’s economy and quality of life, the Economic Opportunity office utilizes federal, state, and private sector resources to administer programs in areas demonstrating the highest potential for economic development and the most opportunity for Utahns.
Examples include the office’s Business Services and Corporate Retention and Recruitment teams that help Utah businesses grow. The office’s International Trade and Diplomacy team supports the expansion of business into foreign markets. The Office of Economic Opportunity includes the Utah Office of Tourism and the Utah Film Commission. The tourism office promotes Utah as a world-class destination for domestic and international visitors. And the Film Commission supports Utah’s robust film industry and manages motion picture incentives.
“We believe in small government and free markets, and those principles guide our support for innovation with minimal regulation,” said Gov. Cox, when asked about the guiding principle for Utah’s business climate.
“We recently recruited successful businessman Brad Bonham to become the state’s first entrepreneur-in-residence, and we’re excited to have his expertise on the team. Utah has earned a reputation as ‘the start-up state’, and we want to continue to foster that culture of entrepreneurship,” the governor added.
Tax Incentives Support State’s Growth
The Go Utah office is focused on five strategic targeted industries that work together to diversify and enhance the state’s economy. These five industries are: advanced manufacturing, aerospace & defense, financial services, life sciences & healthcare, and software & IT.
In 2005, The Utah Legislature created the Economic Development Tax Increment Finance (EDTIF) corporate incentive program. As the state’s needs and economy continue to evolve, the Legislature fine-tunes the EDTIF program to maintain a robust environment for economic development. New guidelines from the 2022 legislative session focus on creating jobs while recognizing the unique challenges in the state’s urban and rural areas…
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
Top 10 Fastest Growing | 2024 State Rankings |
Top 10 Film & Television | 2024 State Rankings |
Top 10 Medtech/Medical Devices | 2024 State Rankings |
#1 Broadband Speed: Salt Lake City | 2024 Metro Rankings |
Top 5 Best Business Climate (Large): Salt Lake City | 2024 Metro Rankings |
Top 5 Best Business Climate (Small): St. George | 2024 Metro Rankings |
Top 10 Best Business Climate (Large): Provo/Orem | 2024 Metro Rankings |
Top 10 Fintech Leaders: Salt Lake City | 2024 Metro Rankings |
Top 10 Tech Talent Leaders (50k-125k): Salt Lake City | 2024 Metro Rankings |
Top 10 Fastest Growing Cities (by %): Lehi | 2024 Metro Rankings |
