{"id":246437,"date":"2022-04-25T21:27:13","date_gmt":"2022-04-26T01:27:13","guid":{"rendered":"https:\/\/chiefexecutive.net\/?page_id=246437"},"modified":"2025-02-18T12:59:26","modified_gmt":"2025-02-18T17:59:26","slug":"utah","status":"publish","type":"page","link":"https:\/\/chiefexecutive.net\/best-worst-states-business\/utah\/","title":{"rendered":"Utah"},"content":{"rendered":"\t\t
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CEO Guide to Site Selection<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Utah<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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BOOMING IN THE BEEHIVE STATE\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Utah-based businesses continued to outperform and increase investments in the state during the 2024 fiscal year. The Governor\u2019s Office of Economic Opportunity noted the average capital expenditure per project rose compared to typical years due to increased investments in targeted industries like aerospace, information technology and advanced manufacturing. Between July 2023 and June 2024, 20 companies participated in the state\u2019s tax credit program, making more than $2.4 billion in capital investments and creating more than 8,500 jobs. State officials note these companies will pay more than $6.2 billion in state wages over the next 20 years.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\u201cUtah leads the U.S. in\nmanufacturing job growth\nwith a nearly 12% increase\nsince 2019. Why is Utah No.\n1? Because we\u2019re a pragmatic\nand hardworking people\nwho want to build a better\nfuture for our children.\u201d<\/div>\n\t\t\t\n\t\t\t\t\t\t
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Spencer Cox<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
Governor<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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TAXES<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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top corporate income tax<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t#<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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on the Tax\nFoundation\u2019s State Tax\nCompetitiveness Index<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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EDUCATION<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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of adults 25 years of age and older graduated high school<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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of adults age 25 and older have a bachelor\u2019s degree or higher<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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UNEMPLOYMENT RATE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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RIGHT TO WORK STATE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Yes<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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QUALITY OF LIFE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t#<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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POPULATION GROWTH<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t<\/span>\n\t\t\t\t0<\/span>\n\t\t\t\t%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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increase between\n2020 and 2023\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\u201cUtah continues to be a key component in our\nlong-term growth strategy\u2026. We love the incredible\ntalent pool, vibrant business climate and world-class\noutdoor entertainment in the Beehive State. We\ncan\u2019t think of a better place for our global headquarters and look forward to another decade of growth.\u201d \t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tDavid Wright<\/span>Co-Founder and CEO, Pattern<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\u201cUtah has a very talented workforce, and we\u2019re\nexcited to continue creating high-value jobs for the\nlocal community\u2026. The state\u2019s supportive business\nclimate and commitment to innovation, sustainability and economic growth aligns perfectly with\nTorus\u2019 mission and make Utah an ideal location for\nexpanding our operations.\u201d\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tNate Walkingshaw<\/span>Co-Founder and CEO, Torus<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\u201cWe\u2019re grateful for Utah\u2019s efforts to enable Strider\nto attract even more of the best and brightest from\nthe intelligence, technology and business communities to Utah and further establish the state\nas the center of gravity for innovation in national\nand global intelligence\u2026. Gov. Cox and GOEO are\ntaking important, decisive action to encourage\ninnovation, entrepreneurship and growth in the\nBeehive state. We applaud them for their efforts\nand look forward to continued partnership as we\nscale our operations in Utah.\u201d\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tGreg Levesque<\/span>CEO & Co-Founder, Strider<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tKEY INCENTIVES\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Economic Development Tax Increment Financing (EDTIF):<\/strong> Offers a refundable tax credit for up to 30% of new state revenues over the life of the project, up to 20 years.<\/p>

Rural Economic Development Tax Increment Financing (REDTIF):<\/strong> Offers a refundable tax credit of 30% and in specific instances up to 50% of new state revenues for up to two years.<\/p>

Industrial Assistance Account (IAA):<\/strong> Offers a grant to provide assistance to companies that plan to make a significant economic impact to the state in strategic areas where infrastructure or talent development needs can contribute to greater economic benefits to the region or statewide.<\/p>

Tax Increment Financing (TIF):<\/strong> Offers incentive dollars generate through the creation of a new \u201cproperty tax increment\u201d that a development will generate.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tEDCs\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Utah Governor\u2019s Office of Economic Opportunity<\/b><\/h5>

business.utah.gov<\/p>

EDCUtah<\/strong><\/h5>

edcutah.org<\/p>

Salt Lake City Economic Development<\/b><\/h5>

slc.gov\/ed<\/p>

City of Provo, UT Economic Development<\/b><\/h5>

provo.org\/departments\/economic-development<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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In April 2024, the Governor\u2019s Office of Economic Opportunity announced the launch of the Startup State Initiative. The initiative and website aims to support
startups, small businesses and entrepreneurs by unifying the state\u2019s entrepreneurial resources. It features things like a step-by-step business journey guide, a resource filter and a business plan generator along with a system to connect entrepreneurs to resources and opportunities.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tBIG DEALS\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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  • Ecommerce company Pattern announced a $25 million expansion of its headquarters and more than 500 new jobs over the next 10 years in Utah County.<\/li>
  • Minova announced in May 2024 a $24 million manufacturing facility and 58 new jobs in Tooele County.<\/li>
  • Wolverine Fuels announced in July 2024 an expansion in Emery County that will create more than 340 jobs over the next five years.<\/li>
  • Edwards Lifesciences announced in July 2024 a $34 million investment in Salt Lake City that will create more than 560 jobs over the next 15 years.<\/li>
  • Torus announced a $10 million expansion and 172 new jobs in Salt Lake County.
    Strider announced in October 2024 an expansion and 152 new jobs in Salt Lake City<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
    \n\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tBIG COMPANIES\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t\t\t\t\t\t\t
    • Fidelity Investments<\/li>
    • Intermountain Healthcare<\/li>
    • SkyWest Airlines<\/li>
    • Supervalu<\/li>
    • Teleperformance USA<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      CEO Guide to Site Selection Utah BOOMING IN THE BEEHIVE STATE Utah-based businesses continued to outperform and increase investments in the state during the 2024 fiscal year. The Governor\u2019s Office of Economic Opportunity noted the average capital expenditure per project rose compared to typical years due to increased investments in targeted industries like aerospace, information […]<\/p>\n","protected":false},"author":965,"featured_media":0,"parent":59194,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_acf_changed":false,"_oasis_is_in_workflow":0,"_oasis_original":0,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-246437","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nUtah<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chiefexecutive.net\/best-worst-states-business\/utah\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Utah\" \/>\n<meta property=\"og:description\" content=\"CEO Guide to Site Selection Utah BOOMING IN THE BEEHIVE STATE Utah-based businesses continued to outperform and increase investments in the state during the 2024 fiscal year. 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