Strategic Plan 2024
Executive Director Message
It’s a great time to live in the Beehive State as Utah continues performing as the nation’s top economy. National publications, including Forbes magazine, the Milken Institute, and WalletHub, highlight Utah’s economic prowess. U.S. News and World Report ranked Utah as the Best State for the past two years, while Rich States Poor States ranked Utah No. 1 for having the Best Economic Outlook for 17 consecutive years. WalletHub highlighted Utah as the Best State to Start a Small Business, and the list of accolades continues to grow.
According to the 2020 U.S. Census, Utah was the fastest-growing state in the nation between 2010 and 2020, shifting from a small state to a mid-sized state (ranked 30th). Each year, the state’s population increases by approximately 56,000 residents, which equals 150 people daily. By 2060, Utah’s population is expected to grow from 3.4 to 5.5 million people — an increase of 63%. The need for infrastructure investment and quality job creation is greater than ever.
Utah’s demographics continue evolving, as approximately one in four Utahns is ethnically diverse. Utahns speak 131 languages — including the language of entrepreneurship and innovation. As the youngest state in the country, Utah’s median age is 31.3.
The state’s economic strategy focuses on supercharging specific targeted industries. These include Aerospace and Defense, Advanced Manufacturing, Life Sciences and Healthcare Innovation, Information Technology and Software Development, and Financial Services and Technology. Utah focuses on these sectors which create high-quality jobs and diversify the state’s economy. According to The Hachman Index, Utah’s economy is among the most diverse nationwide.
The accompanying strategy develops a framework for continued economic prosperity for years to come. This plan draws from previous economic strategies, including the 2019 GOEO strategic plan, the One Utah Roadmap, Utah Home, the 2023 Coordinated Action Plan, and the 2030 UEOC Utah Economic Vision.
The plan’s success relies on deep partnerships with government and industry leaders. As state leaders adhere to the six cornerstones of this strategic plan, Utah will continue to experience sustained economic growth, prosperity, and upward mobility while remaining the best state to live, work, and play.
Sincerely,
Ryan Starks Executive Director
Utah Governor's Office of Economic Opportunity
Department Overview
The Governor’s Office of Economic Opportunity (GOEO) champions Governor Cox’s commitment to providing economic opportunities for all Utahns. The office works with Utah businesses and communities to foster smart economic growth. GOEO helps facilitate business expansions and capital investments, creating durable, high-paying jobs.
Mission
Cultivate economic prosperity for all Utahns
Vision
Develop and sustain the world’s greatest economy and quality of life
Values
▪ Collaborative partnerships
▪ Exceptional communication
▪ Working at the speed of business
▪ Community stewardship
▪ Superb customer experience
▪ World-class research and data
Organizational Chart
Program Descriptions
Business Services
APEX Accelerator — APEX helps Utah businesses find, bid, and win procurement opportunities with federal, state, and local government entities.
Entrepreneurship — The Startup State is an initiative that fosters and supports Utah's entrepreneurial ecosystem. A new online resource is available at startup.utah.gov to help entrepreneurs throughout their business lifecycle.
Immigration & Integration — The Utah Immigration Assistance Center coordinates with state and federal government partners to facilitate the successful use of foreign labor programs. The center also helps connect Utah businesses and individuals with immigration resources.
Innovation Center — The award-winning Utah Innovation Center catalyzes technology innovation and helps secure non-dilutive funding for Utah startups through SBIR/STTR grants.
Utah Small Business Credit Initiative — The USBCI program focuses on developing opportunities in underserved communities lacking capital and building financial ecosystems that support entrepreneurs and small businesses.
Economic Growth
Broadband Center — The Utah Broadband Center works to support broadband deployment throughout the state, improve efficiencies, and expand statewide access and usage.
Corporate Recruitment and Expansion — The Corporate Recruitment and Expansion team leverages financial incentives — including the EDTIF incentive — for local and out-of-state companies seeking to expand or relocate to Utah.
HTRZ Program — This program enables a municipality or a public transit county to implement a Housing and Transit Reinvestment Zone, or HTRZ, around strategic transit stations along the Wasatch Front. An HTRZ is a strategic tool that enables a portion of incremental tax revenue growth to be captured over a set period of time to support development costs that would not occur without this investment.
FHIZ Program — Similar to the HTRZ program, this program enables a municipality to implement a First Home Investment Zone, or FHIZ. This allows an area to use incremental tax revenue growth, over a set period of time to develop single-family, affordable, owner-occupied housing that would not occur without this investment.
Marketing & Communications
The Marketing and Communications team leads the office’s public relations, marketing, and branding efforts. The team manages business.utah.gov, publishes the Business In Utah magazine, and manages social media posts.
Operations
The Operations team leads out on contracts, compliance, finance, and business intelligence. The team liaises with the state’s human resources division and the attorney general’s office.
Strategic Initiatives
Center for Rural Development — The Center for Rural Development works with Utah’s rural counties, communities, and businesses, providing economic development resources. The center manages the Rural Opportunity Fund, which supports business and community prosperity.
Office of Regulatory Relief — The Office of Regulatory Relief allows businesses to experiment with products, production methods, or services by temporarily waiving state law and allowing entrepreneurs to determine whether customers value products that don't fit within the state's current regulatory framework.
Unified Economic Opportunity Commission The Unified Economic Opportunity Commission develops, directs, and coordinates Utah’s statewide and regional economic development strategies. The commission informs policy decisions and builds consensus. Gov. Spencer J. Cox chairs the commission. It includes the President of the Senate, Speaker of the House, senior leaders from Utah’s legislative and executive branches, education, local government, and subject matter experts.
UPSTART Program — The UPSTART education program is an in-home, technology-delivered kindergarten readiness program for preschoolers. UPSTART is designed to give Utah preschoolers an individualized reading, mathematics, and science curriculum with a focus on reading. UPSTART is designed to help prepare young learners and their families for a lifetime of academic success.
Public Private Partnership Facilitator — The PPP facilitator identifies and supports public-private partnership projects which provide support for Utah's economic development efforts.
Tourism & Film
Utah Film Commission — The Utah Film Commission markets the entire state of Utah for film, television, and commercial production. It provides quality work for Utah's contractors and entrepreneurs who support film production with cast and crew, and more.
Utah Office of Tourism — The Utah Office of Tourism stimulates traveler spending in Utah and helps destinations around the state manage the visitor economy. Its mission is to elevate life in Utah by advancing the visitor economy through marketing, stewardship, and destination development.
Trade & Diplomacy
Center for International Trade and Diplomacy — The center facilitates diplomacy for the state and leverages diplomatic contacts to develop and expand foreign markets for Utah companies.
Strategic Objectives Framework
Utah's unique shape includes six sides and six cornerstones. Similarly, Utah’s economic strategy focuses on six key cornerstones. Each of these cornerstones represent important elements of sustaining economic prosperity throughout Utah. They also represent the statewide focus needed to support both urban and rural communities.
Goals and Objectives:
CORNERSTONE ONE: Enhance the Talent Pipeline
People are Utah’s greatest asset, and investing in workforce programs and talent development are the state’s best strategies for economic success.
1. Provide professional opportunities for students and develop talent starting in high school
a. Support the Center for Advanced Professional Studies (CAPS) program throughout the state
b. Elevate the UPSTART program in partnership with the Utah Board of Education
c. Collaborate with Talent Ready Utah to double the number of participants in the Utah Pathways program
d. Double the size of the Talent Ready apprenticeship program and expand it into rural parts of the state
e. Increase the number of participants in work-based learning programs by 50% in the next two years
2. Expand education and training programs that support Utah’s targeted industries
a. Support the life sciences initiative to extend education capacity for 500 additional students per year
b. Create three new talent advisory councils in Deep Tech, Healthcare Occupations, and Life Sciences
c. Modify statute to assign a member of the Utah System of Higher Education to the GOEO board of directors to bridge the gap between industry and higher education
d. Work in partnership with Talent Ready Utah on the USHE Workforce Preparedness
Visitor Economy
Rural Utah
& Workforce Alignment Study to facilitate proactive industry-specific collaborations with the private sector
3. Support upskilling and training opportunities for all Utahns
a. Engage and upskill Utah’s workforce through the Utah Center for Immigration & Integration
b. Support the learn and work program to upskill Utah’s adult workforce
c. Increase the number of participants in Talent Ready Apprenticeship Connection (TRAC) programs by 50% in the next two years
d. Develop two new TRAC programs
e. Expand TRAC to two additional USHE campuses and supporting school districts
CORNERSTONE TWO: Bolster Entrepreneurship and Innovation
Innovation and entrepreneurship are part of Utah’s DNA. With a robust startup sector, Utah is poised to become the Startup Capital of the World. To achieve this vision and to support small-business growth, the state should focus on the following areas:
1. Increase the number of startups by 15% during the next four years
a. Provide $69 million in loans to Utah businesses through the USBCI program
b. Provide SBIR/STTR assistance to entrepreneurs through the Utah Innovation Center and the Utah Technology Innovation Funding (UTIF) program
c. Provide state regulation waivers for startup businesses, allowing for innovation development and testing through GOEO’s regulatory sandbox
d. Review state and federal regulations aligned with the state’s targeted industries to identify barriers
e. Lead out on GOEO’s 100 Companies Championing Women initiative
f. Inspire and promote entrepreneurship by hosting annual Startup State Entrepreneur Challenge
g. Streamline business registration process through partnership with municipalities
2. Establish Utah’s Global Position as the Start-up State
a. Appoint entrepreneur-in-residence
b. Develop startup.utah.gov website to be a resource for small businesses
c. Launch inspirational marketing campaigns to promote entrepreneurship
d. Support the Utah System of Higher Education and the Utah Innovation Fund to help commercialize university spinoff companies, research, capital
e. Establish a working group for innovation made up of key public and private leaders
3. Invest in Innovation Districts throughout the state
a. Support the launch of the Utah Innovation District and Convergence Hall at The Point of the Mountain State Land Authority to coordinate statewide innovation districts
b. Support University tech hubs, accelerators, and co-working spaces
c. Complete Utah's innovation ecosystem research project
CORNERSTONE THREE: Expand Industry Locally, Nationally, and Internationally
As the state continues to grow, the business expansion strategy needs to be laser focused on attracting and growing the right companies and industries. Utah’s domestic and international influence will continue to grow as the state supports growth within strategic sectors and markets.
1. Support and expand world-class ecosystems for the following targeted industries: (1) Advanced Manufacturing, (2) Aerospace and Defense, (3) Life Sciences and Health Care Innovation, (4) Financial Services and Technology, (5) Information Technology and Software Development
a. Launch quarterly industry advisory council, made up of industry and association leaders, to increase collaboration
b. Host monthly meetings with Gov. Cox and industry leaders to better understand challenges and opportunities
c. Prioritize nearshoring and strengthen supply chains
d. Collaborate with industry leaders to secure state and federal grants to support industry growth
e. Conduct strategic reports and analyses of each targeted industry in partnership with the Unified Economic Opportunity Commission (UEOC)
f. Prioritize and align state funding opportunities that advance economic development within Utah’s targeted industries
2. Establish Utah as the Fintech capital of the United States
a. Launch Utah Governor's Fintech Advisory Council and meet regularly to advance the industry
b. Position Utah as a global leader in Fintech innovation, attracting talent, investment, and international recognition
3. Facilitate in-state, out-of-state, and international business expansions within Utah
a. Utilize post-performance Economic Development Tax Increment Financing (EDTIF) tool to support the relocation and expansion of targeted businesses
b. Replenish the Industrial Assistance Account (IAA) to use as a closing fund to secure targeted business expansions
c. Prioritize Fortune 500 and 1,000 company headquarters as part of Utah’s recruitment strategy
d. Focus on semiconductor growth within Utah
e. Support Utah’s all-of-the-above approach to generating, storing, and transmitting power throughout the state
f. Implement service requirements for all companies that receive relocation and expansion incentives
g. Utilize software to actively promote key commercial sites throughout Utah
h. Empower Utah communities to market strategic resources and locations through statewide products and tools
i. Partner with industry trade associations and communities to attend select trade shows that support targeted industry growth
4. Increase exports by 20% over the next five years:
a. Identify primary, secondary, and emerging international markets to support Utah-based exports and commercial opportunities
b. Launch Joint Utah Mexico Partnership (JUMP) to increase trade with Mexico
c. Sign executive Memorandums of Understanding with targeted foreign countries.
d. Lead two+ trade missions per year to priority countries
e. Collaborate with the University of Utah and the World Trade Center Utah to hire a FT employee to foster trade promotion in the South Korea U of U campus.
f. Increase international trade within our targeted industries
5. 2034 Economic Visioning
a. Under the Unified Economic Opportunity Commission (UEOC) lead the statewide development of a 2034 economic prosperity visioning blueprint aligned with Utah’s hosting of the 2034 Olympics
CORNERSTONE FOUR: Invest in Infrastructure
Quality of life in Utah will remain high as state leaders invest in critical infrastructure throughout the state. From an economic development perspective, businesses will grow as they have access to land, water, housing, and broadband.
1. Identify and prepare commercial sites and support the needed infrastructure to foster business growth
a. Support the Utah Inland Port’s eight project areas: Golden Spike (Box Elder County), West Weber (Weber County), Northwest Quadrant (Salt Lake County), Tooele Valley (Tooele County), Twenty Wells (Tooele County), Verk Industrial Park (Utah County), Mineral Mountains (Beaver County), and Iron Springs (Iron County)
b. Support the infrastructure development of The Point of the Mountain’s land development, which will attract world-class innovation and business growth
c. Support active, transit, and transportation infrastructure (I-80, North Temple, and Jordan River) at the state-owned Fairpark and newly created power district
d. Support the Central Utah Agri-Park and the needed infrastructure
e. Support the development of businesses within MIDA project areas
2. Position Utah as the Intermountain Western hub for vertiport infrastructure and drone-based transportation and logistics
a. Partner with and provide one-time funding to 47G to hire an executive director of Project Alta — an initiative to build out vertiport infrastructure throughout Utah
b. Support regulations and policies to enable drone takeoffs, deliveries, and landings
c. Identify and support municipalities that can integrate vertiport infrastructure
d. Participate in the development of AAM solutions aligned with the 2034 Olympics
3. Implement policies to assess and review water and energy consumption for any company seeking state incentives or support
a. Support the growth of clean energy businesses, including hydro, geothermal, and nuclear technologies
b. Contract and engage water experts to understand the impacts of and best options for commercial water use
c. Contract and engage with energy experts to understand the impacts of and best options for commercial energy use
4. Support high-speed broadband access to all of Utah’s cities and towns
a. Conduct statewide internet speed test
b. Deploy $317.4 million federal Broadband, Equity, Access, and Deployment (BEAD) grant to increase access to high-speed broadband
5. Increase housing density and affordability throughout Utah
a. Facilitate Housing and Transit Reinvestment Zones (HTRZ) project areas
b. Implement the First-time Homebuyer Investment (FHIZ) incentive
c. Execute a Housing Capacity, Infrastructure, and Market Analysis
CORNERSTONE FIVE: Revitalize Rural Utah
Economic activity in Rural Utah is alive and well. Community organizations and businesses are increasing their planning and coordinating efforts to support their communities. This plan seeks to build on and expand the excellent work already happening in Rural Utah.
1. Double the capital investments made into Rural Utah in the next five years
a. Utilize the Rural Economic Development Tax Increment Financing (REDTIF) tool to foster business expansions
b. Leverage the Rural Economic Development Initiative (REDI) to encourage rural employment opportunities
c. Secure ongoing funding for the Rural Communities Opportunity Grant (RCOG) to support bottom-up economic development in partnership with the state
d. Utilize the Utah Small Business Credit Initiative (USBCI) to deliver state-backed
loans to rural businesses
e. Employ the state’s rural loan fund to support business and community projects
f. Align statewide funding and federal funding with high-yield economic projects
2. Reimagine and improve small-business services and delivery throughout rural counties
a. Expand GOEO’s rural outreach model to align one outreach manager per region
b. Launch new Rural Ambassador program to connect successful entrepreneurs with aspiring business leaders
c. Conduct annual rural county tour to listen to local needs and coordinate services
3. Increase coordination of state and local resources to streamline service delivery
a. Finalize a coordination continuum between GOPB and GOEO to outline statewide planning and execution services to rural counties and regions
b. Assist rural counties in identifying and completing two major economic development goals per year
c. Spearhead a utilities and services working group to coordinate master planning
d. Launch a regional rural dashboard to coordinate key economic data and activities
CORNERSTONE SIX: Unleash the Power of the Visitor Economy
Utah’s travel experiences are unique and coveted. The visitor economy in Utah supports local businesses, provides thousands of jobs, and provides tax relief to state residents. The visitor economy in Utah is dynamic including: leisure; business; groups, meetings, and conventions; sports and events; outdoor recreation; and film and culture. We will work towards our vision to become a state united in welcoming the world to experience awe-inspiring adventure.
1. Enable Community-led Visitor Readiness
a. Educate residents on the value of tourism
b. Cultivate and empower advocates of the visitor economy
c. Strengthen communication and collaboration with stakeholders
d. Create a stakeholder communications plan
2. Quality Visitation
a. Be an industry leader in responsible visitation education and messaging
b. Host stakeholder engagement activities
c. Complete a change readiness assessment
d. Update key messages
e. Develop a change management plan
f. Develop a partner toolkit and assets
3. Improve Organizational Effectiveness
a. Evaluate and implement opportunities to strengthen cross-functional communication and collaboration
4. Attract national and international events, conferences, and film productions to bolster Utah’s economy and global image
a. Secure the 2034 Olympic Games and provide a world-class experience to residents and visitors
b. Renew and deepen partnership with Sundance Film Festival to attract iconic films and gatherings
c. Attract major film productions using the state’s Motion Picture Incentive Fund
d. Commemorate 100 years since the first movies filmed in Utah premiered and also the 50th anniversary of the Utah Film Commission, formed in 1974. Celebrate these milestones with a year of exhibits, events, and film screenings in collaboration with cities and counties throughout the state.
e. Support recruiting professional sporting events and activities (e.g., NBA All-Star Game, PGA Championships, U.S. Cross Country Nationals, etc.).
f. Support the recruitment of major conferences and events (e.g., Outdoor Retailers Show, Roots Tech Conference, etc.).
Customer Experience
The Economic Opportunity office strives for superb customer service. Every customer is important, and each one has different needs. To enhance the customer experience, the office launched its new updated website, designed for easier navigation with a modern look and feel. The business.utah.gov site features a search option to help customers quickly find the information they are searching for. We regularly update each page to ensure the content is current and relevant. A recent addition to the website is the “Why Utah” video, and we plan to do a miniseries on each of our five targeted industries. We believe these visuals help tell the Utah story and all we have to offer.
To support entrepreneurship in Utah, we also launched startup.utah.gov, designed to help residents start and grow their businesses. This site offers resources, guidance, and tools necessary for entrepreneurs. The Economic Opportunity office continually listens to customers' needs to help their entrepreneurship run smoothly. Additionally, in 2024, we are visiting all 24 rural counties to engage directly with local communities, understand their unique needs, and provide tailored support for their entrepreneurial endeavors. These visits ensure that our services are accessible and beneficial to all residents, regardless of location.
The office is committed to meeting our customers' evolving needs and enhancing their satisfaction. It constantly strives to work at the speed of business and cultivate economic prosperity for all Utahns.
