Utah

Sectors it is courting

• Aerospace and Defense
• Financial Services
• Information and Communication Technology
• Healthcare
• Industrial Materials
• Energy
• Business and Professional Services
• Travel and Tourism
• Consumer Goods

Investment it is seeking from

• United Arab Emirates
• Saudi Arabia
• United Kingdom
• Germany
• Mexico
• France
• Singapore
• Vietnam
• Japan
• Canada
• Australia
• South Korea

Supply-chain projects it is looking for

Biotechnology, Large Capacity Batteries, Medical Devices

Site-selection services it offers

Utah offers a comprehensive suite of services to support foreign business investors in establishing or expanding within the state through a collaboration among the Economic Development Corporation of Utah (EDCUtah), the Governor's Office of Economic Opportunity (GOEO), and the Site Ready Utah program. EDCUtah provides tailored economic data, real estate options, introductions to local officials and industry leaders, and support for all facets of the relocation process, while Site Ready Utah ensures fast access to statewide property data, streamlining site evaluation. GOEO complements these services with performance-based incentives, including tax credits and grants, for companies creating jobs and boosting local economies. This public-private partnership ensures that investors have the resources and connections to make informed, efficient site decisions in Utah.

Incentive programmes

• Tax Credit

  The Utah Legislature created the Economic Development Tax Increment Finance (EDTIF) corporate incentive program in 2005. As the state’s needs and economy continue to evolve, the Legislature fine-tunes the EDTIF program to maintain Utah's robust environment for economic development. The EDTIF program is available for companies expanding in targeted industries in urban counties. These targeted industries include: advanced manufacturing, aerospace and defense, financial services, life sciences and healthcare, and software and information technology. The Go Utah office may also authorize additional, non-retail projects outside of these targeted industries in rural communities. With the rural modifications to the EDTIF program, known as REDTIF, projects within rural Utah qualify for more significant incentive amounts. The Governor’s Office of Economic Opportunity will evaluate projects applying for the EDTIF program, in urban and rural areas, on the following criteria: 1. The average wage of planned new jobs; 2. Capital expenditure investment; 3. Type and number of new jobs created; 4. Whether or not the jobs are related to headquarters or innovation operations; and 5. The company’s corporate citizenry efforts.

Shovel-ready sites

• Utah currently offers 10 "mega sites" with over 28,000 acres ready for greenfield and brownfield foreign direct investment (FDI). These sites are divided into three categories to suit different project scales and requirements. 1) Certified Sites (50 to 400 acres) are tailored for large-scale projects, offering thorough site information, infrastructure mapping, and community support, reducing investor risk. 2) Mega Site Stage 1 spans over 400 acres and includes preliminary analyses like labor reports and zoning verification, ideal for expansive developments. 3) Mega Site Stage 2 also covers 400+ acres but provides additional certification, including environmental, cultural, and geotechnical reports and wetland mitigation plans, supporting complex, long-term projects requiring detailed planning.

  Site details

Technology-sector sub-sectors sought

AgTech (including FoodTech), HealthTech (including MedTech), ICT (including Software / Cybersecurity / AI)

Programmes for international technology startups

Whether growing from within or recruiting targeted industry firms, Utah’s economy continues to lead the nation with its business-friendly environment. The office’s Corporate Retention and Recruitment team recommends financial incentives for local and out-of-state companies seeking to expand or relocate to Utah. The Go Utah Board votes on all proposed incentives in a public meeting. The office’s executive director provides the final sign-off on all awarded incentives. Incentives are available to select companies creating new, high-paying jobs that improve quality of life, increase the tax base, and help diversify state and local economies. Incentives are offered as tax credits or grants. The incentives are disbursed only after the company has met contractual performance benchmarks, including job creation, capital expenditure, and payment of new state taxes. Since its 2005 inception, approximately two-thirds of the companies participating in the state’s tax credit incentive program (EDTIF) are Utah-based companies.

Programmes for international clean-energy projects

The Utah Office of Energy Development offers a number of tax credits. The Renewable Energy Systems Tax Credit (RESTC) can be applied to residential and commercial renewable energy generating systems. Commercial eligible technologies that are applicable include wind, geothermal, hydro, biomass, or certain renewable thermal technologies. The Production Tax Credit is available for large scale solar PV, wind, biomass and geothermal electricity generating renewable energy projects over 660 kilowatts nameplate capacity system size. The High Cost Infrastructure Tax Credit (HCITC) supports significant infrastructure investments in the state, including energy or water delivery systems, electric transmission railroads, and other eligible projects. The Alternative Energy Development Incentive (AEDI) is a fixed post-performance credit of 75 percent of new eligible state revenues for 20 years, for qualifying projects that produce at least two megawatts of electricity or 1000 barrels of oil equivalent from qualifying hydroelectric, solar, biomass, geothermal, wind, nuclear or certain unconventional resources.

Additional services

Utah boasts a vibrant entrepreneurial ecosystem with 35 investment funds, 7 university or student-led funds, and 4 highly rated accelerators, all open to foreign investors. Notable investment funds include Kickstart Seed Fund, Park City Angels, Album VC, Frazier Group (AppleTree Capital), SLC Angels, Epic Ventures, Pelion Ventures, Utah Angels 2, Prelude Ventures, JNivin, Zetta Venture Partners, Mercato Partners, Rees Capital, Signal Peak Ventures, Renewable Tech Ventures, GSD Capital (formerly Rock & Hammer Ventures), Crocker Ventures, Peterson Partners, Salt Lake Life Science Angels, Clarke Capital, Banyan Ventures, KEB Enterprises Private Equity, 42 Ventures, DW Healthcare Partners, Mountain Pacific Fund (BioTech), Sentry Private Equity, Cherokee and Walker Private Equity, Alerion Capital Group, Dolphin Capital, Sorenson Capital, Decathlon Capital Partners, Medici Ventures, Aries Capital Partners, Alta Ventures, and Plus 550. The state also supports entrepreneurial education and growth through university and student-led funds such as University Growth Fund, Cougar Capital, Campus Founders Fund, U of U Startup Center Seed Fund, Weber State’s Wildcat Seed Fund, University Venture Fund, and UVU Wolverine Fund. Additionally, highly rated accelerators like BoomStartup, LIFT - Outdoor Rec Accelerator, RevRoad, and Hen House provide resources and mentorship to help startups scale, making Utah a hub for innovation and investment.

In its own words

Utah has several strategies to attract FDI to the state. As seen in prior sections, the state is incredibly business friendly and offers numerous tax incentives for companies. Utah also prioritizes diplomatic relationships and hosts over 60 diplomatic visits from 30 countries. The state government partners with World Trade Center Utah for a number of international activities. WTC Utah hosts several governor-led trade missions and trade shows to key regions in targeted industries annually, and occasionally leads small business trips to key markets to promote international investment and business expansion. By both welcoming international partners and dedicating time abroad, the State of Utah is committed to becoming the crossroads of the world, one business at a time.

Regional partner organisations

• World Trade Center Utahinfo@wtcutah.com+1 (801) 532-8080

Who to contact

• David CarlebachCOO, Managing Director, International Programsdcarlebach@wtcutah.com(435) 640-0724

60 East South Temple, Suite #300, Salt Lake City, UT 84111