By Roneshia Thomas
From the September/October 2022 Issue
Earlier this year, Utah focused on the manufacturing industry through the Utah Manufacturing Modernization Grant. The $10 million program incentivizes Utah businesses to modernize, establish, relocate, retain, or develop manufacturing in the state. The goal of the new grant is to update Utah companies’ manufacturing, increase supply chain resilience, and lessen American dependence on foreign manufacturing.
“We’re very excited to be able to offer this grant to our Utah businesses,” said Dan Hemmert, Executive Director of the Governor’s Office of Economic Opportunity. “Supply chain issues have been a problem for the past few years, and we hope this grant will help Utahns increase the supply chain in our state. We encourage all businesses who qualify to apply.”
The state offers a variety of programs and incentives to companies such as post-performance tax rebates, private activity bonds, and custom job training support. To attract more industrial and other large corporate expansion projects, Utah announced the launch of the Site Ready Utah program. The program is combined with the existing Mega Sites program, which focuses on properties of at least 400 acres. The Site Ready Utah program expands to target properties of 50 to 400 acres in size. This program addresses the needs of expansion projects with timely and precise data, making industrial relocation and expansion to Utah much easier.
“When it comes to economic development, we realize the importance of having real estate product that’s vetted and ready for serious consideration by a company,” said Hemmert in a press release. “This program will help Utah communities, urban and rural, accelerate their product development efforts and earn more looks from professional site selectors.”