From the Governor
“The U.S. Chamber of Commerce, in recognizing Utah as the best-performing economy in the country, identified our ‘unique culture of collaboration as the foudnation of our job creation policy.’” —Gov. Gary Herbert
Steady Growth in the Silicon Slopes
The Silicon Slopes area continues to attract tech companies to the Beehive State. Cloud-based tech company Cornerstone and robotics innovator Sarcos announced major expansions in the summer of 2018. Israeli company 4Cast also announced in June that it will open an office in the state.
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 that pay wages of 100% of the county average.
Rural Fast Track (RFT): Offers up to $50,000 in grant and incremental funding for 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
Utah Valley Economic Development Partnership: utahvalleyinformation.com/utahvalley
Highlighted Program or Initiative
Talent Ready Utah was founded in 2017 as an effort to design workforce solutions and training in the state to meet industry needs. The program has a goal of filling 40,000 new high-skill, high-demand jobs over the next four years.
- a2b Fulfillment announced in March 2018 it will expand operations and add up to 75 jobs in Ogden.
- Clarus announced in May 2018 a $40 million expansion and 147 new high-paying jobs.
- Israeli tech company 4Cast announced in June 2018 it will locate U.S. offices in the state and hire 100 employees over the next three years.
- Robotics company Sarcos announced in August 2018 it will expand at the University of Utah Research Park and create up to 292 high-paying jobs.
- Aerospace and defense company Moog announced in August it will expand and create up to 120 jobs in Salt Lake City.
- Cloud-based technology company Cornerstone announced in September 2018 an expansion and 350 new jobs in Salt Lake City.
“The support from the governor’s office for these high-tech manufacturing jobs was key to making the decision to grow in Utah.” —Jon Liddle, Director of Defense Sector Operations and Supply Chain, Moog
“Utah meets our goals of managing expansion in a cost-effective and thoughtfully planned manner. In addition, Utah has a robust technology presence, a highly educated and trained workforce, and offers tremendous amenities for our employees, including cost-of-living and housing affordability.” —Brian Swarts, CFO, Cornerstone OnDemand