From the Governor
“With positive job growth in every sector, Utah is now the healthiest and most diverse economy in the nation today.” —Gov. Gary Herbert
Booming Economic and Population Growth in the Beehive State
Utah is the third-fastest growing state in the nation by percentage, with nearly 2% population growth between 2017 and 2018. Economic growth in the Silicon Slopes and a high quality of living is attracting both talent and employers. Tech companies Teem and Quick Base have both announced in the past year notable expansions of their Salt Lake City operations
Economic Development Tax Increment Financing: Offers a refundable tax credit of up to 30% of new state revenues paid over the life of the project for companies that create at least 50 jobs paying wages of 100% of the county average.
Rural Fast Track (RFT): Offers up to $50,000 in grant and incremental funding for projects creating new jobs that pay greater than the county average wage.
Life Science and Technology Tax Credit: Offers post-performance tax credit for up to 35% of the investment over a period of three years.
Utah Governor’s Office of Economic Development: business.utah.gov
Economic Development Corp. of Utah: edcutah.org
Salt Lake City Economic Development: slc.gov/ed
Utah Valley Economic Development Partnership: utahvalleyinformation.com/utahvalley
Highlighted Program or Initiative
Talent Ready Utah helps businesses enhance education through activities such as internships, job shadows, industry tours and classroom presentations. The pro- gram recently expanded the Utah Aerospace Pathways program in Tooele County to foster more interest in the industry among high school students.
- Teem announced in January 2019 it will expand its operations in Salt Lake City and create up to 250 jobs over the next five years.
- Food manufacturer Oatly announced in January 2019 a $40 million expansion of its operations in Weber County.
- Tyson Fresh Meats announced in May 2019 a $300 million food production plant in the Salt Lake City area that will create 1,200 jobs within three years.
- Quick Base announced in May 2019 it will expand its facility in Salt Lake City and create more than 485 jobs over the next five years.
- Infab Corporation announced in May 2019 it will expand operations in the state and create more than 90 jobs in the next five years.
- GOEX announced in June 2019 a $15 million expansion in the state that will add up to 100 jobs.
“We have enjoyed tremendous success in Utah in large part because this is such a great place to find and attract talent….We are excited to work with Governor Herbert’s administration to continue to expand our team and create economic opportunity in the place we call home.” —Shaun Ritchie, CEO, Teem
“Salt Lake City has become a vibrant technology hub with an impressive pool of talent, which made it an obvious choice as we looked for locations for our second office.” —Rick Willett, CEO, Quick Base
“We believe Utah is a great location because of the availability of labor and property and the access to highways and rail. Once built, the new facility will help us meet growing demand for case ready meat in the western U.S.” —Nate Hodne, Senior Vice President and General Manager of Case Ready Meats, Tyson Fresh Meats
“Our new Cedar City, Utah location supports GOEX’s ongoing commitment to ensure timely delivery of extruded sheet products… And we are eager to witness firsthand the great things we have been told about the workforce in southwest Utah.” —Joshua Gray, President and CEO, GOEX