Utah

CEO Guide to Site Selection

#10

Utah

CEO Rank on Best & Worst States for Business

A BEEHIVE OF OPPORTUNITY

The tech powerhouse of the Silicon Slopes remains a driving force in Utah’s economy and helped pull it through 2020 when other states were hindered with shutdowns and the limitations of social distancing. The state continues to expand in other sectors, too. Malouf Companies announced a $420 million expansion and 4,200 new jobs in Cache Valley, American Packaging is building a $126 manufacturing plant in Cedar City, and Cytiva is working on a $231 million expansion in Logan.

“We want to ensure our work makes Utah a place where everyone can be happy, safe, healthy and successful.”

Spencer Cox

Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

Yes

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

“Our leadership team has built dozens of companies across the Wasatch Front, so we know from experience that Utah develops and attracts the best people any- where.”

“The booming growth of business in Utah is a testament to the Governor’s Office of Economic Opportunity. We’ve been able to work together to fuel our expansion and build out our international headquarters in Cache Valley, even through a difficult year. I’m excited to see what we can accomplish with this additional support from the state.”

“Utah provides clear benefits including access to a talented workforce and a deep aerospace industrial base. We appreciate the forward-leaning incentives provided by the Governor’s Office of Economic Opportunity that make this expansion possible.”

KEY INCENTIVES

Utah’s Job Creation (EDTIF) Tax Credit: Offers a refundable tax rebate for up to 30% of new state revenues, over the life of the project, for companies relocating or expanding their operations.

Industrial Assistance Fund: Offers a funding for companies that create at least 50 jobs in urban counties.

Utah New Market Tax Credit: Awarded to businesses that relocate or expand to the most severely distressed areas of the state.

Sales Tax Exemption for Manufacturing Equipment: Offers a sales tax exemption for manufacturers on the purchase of new equipment

EDCs

Utah Governor’s Office of Economic Opportunity

business.utah.gov

EDCUtah

edcutah.org

Salt Lake City Economic Development

slc.gov/ed

City of Provo, UT Economic Development

provo.org/departments/economic-development

HIGHLIGHTED PROGRAM OR INITIATIVE

In September 2021, Utah’s Governor’s Office of Eco- nomic Opportunity announced the launch of the Utah Technology Innovation Funding (UTIF) pilot program. It provides microgrants and nonrecourse loans for companies in the technology development sector that are pursuing non-dilutive funding through the federal Small Business Innovation Research and Small Business Technology Transfer programs.

BIG DEALS

American Packaging Corporation announced in July 2021 a $126 million manufacturing plant and 135 new jobs in Cedar City.
Malouf Companies announced in August 2021 a $420 million expansion and 4,200 new jobs in Cache Valley.
Lumio announced in September 2021 a $120 million ex- pansion in Salt Lake City, adding up to 3,697 high-pay- ing jobs in the next 20 years.
Cytiva announced in September 2021 a $231 million expansion and 396 new jobs in Logan.
Udo announced in October 2021 an expansion and 300 new jobs at its headquarters in Farmington.

BIG COMPANIES

5 Fortune 500 companies headquartered in state:

Zions Bancorporation
Nu Skin Enterprises
Overstock.com
PROG Holdings
SkyWest