#11 Utah


8.05 out of 10 in Taxation and Regulation

8.58 out of 10 in Workforce Quality

8.53 out of 10 in Living Environment

Right to Work?


Surging Tech Growth in the Silicon Slopes

Like other Western states, access to the outdoors and quality of life are significant assets in recruiting and retaining talent. While Utah used to be an extraction and agriculture state, it has quickly propelled itself into the tech and aerospace sectors. “Silicon Slopes,” an area that encompasses Salt Lake City, Provo and Park City, is a hotbed of tech entrepreneurship. The Milken Institute named the University of Utah as a top school for the commercialization of technology, and a number of locally grown startups, including Pluralsight, Qualtrics, Domo and InsideSales, have been valued at more than $1 billion each.

From the Governor

“Utahns often boast the best opportunity America has to offer—and for good reason. We have successfully fostered an atmosphere in which advancements in disruptive technology, digital media, life sciences, aerospace and more abound.” —Gov. Gary R. Herbert

Key Industries

Aerospace, Financial Services, I.T., Biotech, Natural Resources, Recreation, Software Development

Key Companies

AutoLiv ASP
Goldman Sachs
Huntsman Corp.
Nu Skin
Overstock.com
Royal Bank of Scotland
SkyWest
C.R. England
Vivint
Delta Air Lines
JetBlue
Adobe
eBay
Lifetime Products
Merit Medical Systems

Key Contacts

Office of Economic Development

Q. Val Hale, Executive Director
801-538-8680
60 East South Temple,
3rd Floor
Salt Lake City, UT 84111
edwards@utah.gov
http://business.utah.gov/

Key Incentives

Economic Development Tax Increment Financing: Offers a refundable tax credit for up to 30% of new state revenues paid over the life of the project. Available to companies that add at least 50 jobs paying wages of 110% of the county average.

Rural Fast Track (RFT): Offers up to $50,000 in grant funding and incremental funding for new jobs paying above county average wage.

Industrial Assistance Fund (IAF): Offers post-performance grants for the creation of high-paying jobs in the state.

Life Science and Technology Tax Credits: Offers post-performance tax credit for up to 35% of the investment over three years.

Recycling Market Development Zone Tax Credit: Offers a 5% income tax credit on the cost of machinery and equipment, and a 20% income tax credit on eligible operating expenses for companies that recycle materials in their manufacturing process.

EDCs

Utah Governor’s Office of Economic Development: business.utah.gov

Economic Development Corp. of Utah: edcutah.org

Utah Valley Economic Development: utahvalleyinformation.com/utahvalley

Highlighted Program or Initiative

Talent Ready Utah promotes STEM education initiatives to train high school students for jobs in aerospace manufacturing, diesel technology and life sciences.

Big Deals

  • UPS announced in September 2016 nearly 200 new jobs and a $200 million investment in its Salt Lake City facility.
  • PillPack announced in October 2016 it would expand its operations in the state with 300 new jobs and a $32 million investment.
  • Adobe announced in July 2017 the addition of 1,200 new jobs over the next 20 years and a $90 million investment in a phase-two building at its Lehi facility.
  • Pluralsight announced in September 2017 a $371 million expansion and said it will create more than 2,400 additional jobs in the next decade.

Big Companies

C.R. England
Vivint
Autoliv
Delta Air Lines
JetBlue
Adobe
Goldman Sachs
eBay
Lifetime Products
Merit Medical Systems

C-Suite Testimonials

“I cannot think of a better place to do business. Utah has the combination of a skilled, well-educated workforce; excellent quality of life options; and state and local governments that promote business growth.” —Susan Opp, President, L3 Communications Systems-West

“Silicon Slopes’s deep talent pool for software engineers and other technical jobs is thriving. That’s why we plan to keep investing in this community.” —Aaron Skonnard, CEO and co-founder, Pluralsight

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