CORPORATE RETENTION & RECRUITMENT

UTAH SEES SUCCESS IN CORPORATE RECRUITMENT EFFORTS

The Governor’s Office of Economic Opportunity changed more than just its name. It also become more intentional than ever in our corporate recruitment efforts. Last year, revisions to Utah’s flagship corporate recruitment program (known as EDTIF) brought unprecedented opportunities to rural communities. This year, the office is raising the bar by focusing on five targeted industries—advanced manufacturing, aerospace and defense, financial services, life sciences and healthcare, and software and information technology (IT).

Rural Utah

Recognizing the unique challenges in rural communities, the office implemented rural modifications to the Economic Development Tax Increment Financing (EDTIF) program. These changes, dubbed “REDTIF,” increased the tax incentive available to companies growing in rural counties from a maximum of 30% to 50% of the new state tax revenue, as well as reducing the minimum required wage to 100% of the average county wage.

As a result, opportunities in rural Utah have exploded. In the six months since REDTIF’s implementation, the state has seen more EDTIF deals in rural Utah than in any other year. Since July 2021, the program has added over 5,000 new highpaying jobs in rural communities, over $4 billion in new rural state wages, and $937 million in capital investment. These results are greater than the preceding four years of successes in rural Utah combined.

Major wins in rural Utah include:

Owens Corning: In July 2021—the first month of REDTIF’s implementation—Owens Corning announced that it would be expanding its facility in Nephi, Utah. The project will bring an additional 70 high-paying jobs to the community, along with an estimated $52.5 million in capital investment.

Cytiva: It’s no secret that life sciences are booming in Utah, and this growth is occurring both on and off the Wasatch Front. Last fall, Cytiva announced that it will be expanding its facility in Logan, Utah. Cytiva delivers life-altering healthcare technologies across the world. Cytiva’s expansion is expected to bring in nearly 400 new high-paying jobs, $231 million in capital investment, and $147 million in new state wages.

Now more than ever, rural Utah has become a premier place to do business.

Targeted approach

Go Utah has been hard at work finessing what it does in Utah’s bustling cities. It’s no longer enough to bring just any jobs to Utah. It’s clear we need to bring the right jobs, with the right wages, and in sectors positioned to secure Utah’s future.

With that goal, the office focuses on five strategic targeted industries: advanced manufacturing, aerospace and defense, financial services, life sciences and healthcare, and software and IT. Moving forward, companies in urban Utah must fall into one of these sectors to be eligible for an EDTIF incentive. By focusing on these key industries, the office promotes highpaying jobs for Utahns, creates a stronger cluster environment, and attracts future opportunities to the state.