Business & Economics in Utah AN OVERVIEW OF UTAH S ECONOMY CREATED BY EDCUTAH 0
ON THE COVER The Utah State Commemorative Quarter Released on November, 00, the Utah quarter is the fortyfifth coin in the State Quarter series. The design represents the famous joining of the Union Pacific and Central Pacific Railroads at Promontory Point on May,. Why Utah? The Business and Economics in Utah profile provides comprehensive information about Utah s economy. Topics include Utah s geography, demographics, wages, education, industry, taxes, utilities, incentives, and more. It is designed for the interested company considering moving to Utah, the Utah company considering expanding, and anyone else who has an interest to better understand Utah s unique value proposition. The Economic Development Corporation of Utah (EDCUtah) also produces industryspecific profiles which highlight more detailed information on Utah s competitive advantages in major industries. Utah boasts the most diverse economy in the nation, while also providing expertise in areas such as Medical Device Manufacturing, Outdoor Products Manufacturing, Aerospace, Information, and more. Utah is a national leader in job growth, unemployment, low cost of doing business, and talented labor. Utah regularly tops rankings for best states for business, careers, living, health, and quality of life. For more information about Utah, or how EDCUtah can help you expand your business to the state, please reach out to one of the contacts on the back cover. We would love to talk. mike flynn, chief operating officer City Creek Center, a 00,000 sq. ft mixeduse development at the heart of downtown Salt Lake City. EDCUTAH BUSINESS & ECONOMIC PROFILE EDCUTAH.ORG EDCUTAH.ORG EDCUTAH BUSINESS & ECONOMIC PROFILE Updated Feb. 0
International markets with direct flights from Salt Lake City International Airport: Utah Shipping Channels Vancouver, Canada Seattle, WA Tacoma, WA -Hour Trucking Zone (Approximation) Seattle, WA - London, England - Vancouver, Canada - Paris, France - Mexico City, Mexico - Amsterdam, The Netherlands - Toronto, Canada -Hour Trucking Zone (Approximation) WA ME ND MT London, England VT Paris, France MN Amsterdam, The Netherlands NH OR ID Boston, MA NY WY Minneapolis, MN MA WI SD MI CT RI Toronto, Canada Detroit, MI New York, NY Newark, NJ PN Chicago, Il IA NJ NE Philadelphia, PA OH NV DC Oakland, CA DE MD San Francisco, CA IL Denver, CO WV IN CA CO VA KS MO Direct daily flights to the top busiest airports in the nation: - Atlanta, GA KY - Boston, MA Las Vegas, NV NC - Charlotte, NC Charlotte, NC AZ Los Angeles, CA - Chicago, IL TN - Dallas/Ft. Worth, TX OK Long Beach, CA - Denver, CO SC AR Atlanta, GA Phoenix, AZ - Detroit, MI NM - Houston, TX GA - Las Vegas, NV MS AL - Los Angeles, CA The top five west coast deep water ports are one to two days away from Utah*: Dallas/Ft. Worth, TX - Miami FL LA - Minneapolis/ St. Paul,MN TX Orlando, FL - Seattle, WA Houston, TX - Tacoma, WA - Orlando, FL - Oakland, CA - Philadelphia, PA - Los Angeles, CA LINE KEY *Based off 0 TEU data. Interstates E D C U TA H B U S I N E S S & E C O N O M I C P R O F I L E - Phoenix, AZ Flights Railroad* Deep Water Ports * Railway lines in the mid-west and eastern states were not depicted on the map due to their complexity. Mexico City, Mexico - New York, NY - Newark, NJ FL E D C U TA H. O R G E D C U TA H. O R G Miami, FL - San Francisco, CA - Seattle/Tacoma, WA H AV E A Q U E S T I O N? P L E A S E C A L L U S - 0 0 - -
WA S AT C H F R O N T C AC H E MAJOR UNIVERSITIES AND COLLEGES C O U N T Y S E AT S Utah State Westminster Brigham Young Weber State Salt Lake Snow of Utah Southern Utah Community Utah Valley Dixie State LO G A N CACHE BOX ELDER WEBER GREAT SALT LAKE DAVIS SALT LAKE CITY Randolph Rich County Brigham City Box Elder County Ogden Weber County Morgan Morgan County Farmington Davis County Manila Daggett County Coalville Summit County Salt Lake City Salt Lake County Tooele Tooele County Heber City Wasatch County Vernal Uintah County Duchesne Duchesne County Provo Utah County Nephi Juab County Logan Cache County MORGAN OGDEN RICH SUMMIT DAGGETT SALT LAKE TOOELE WASATCH PROVO UTAH LAKE UTAH JUAB DUCHESNE CARBON EMERY 0 SEVIER MO A B ARCHES NATIONAL PARK BEAVER CAPITOL REEF NATIONAL PARK PIUTE CANYONLANDS NATIONAL PARK WAYNE WEBER OGDEN DAV I S Salt Lake Community Utah Valley Brigham Young A P P L I E D T E C H N O LO GY C O L L E G E S ( AT C ) Richfield Sevier County Moab Grand County Beaver Beaver County Loa Wayne County Junction Piute County Parowan Iron County Panguitch Garfield County Deer Valley Monticello San Juan County Brighton St. George Washington County Solitude Kanab Kane County Alta Snowbird Sundance LAKE Ogden-Weber ATC Davis ATC Mountainland ATC SKI RESORTS WEST Drive time to San Francisco hrs. PROVO U TA H LAKE Powder Mountain Nordic Valley Snowbasin WA S ATCity CH Park Resort EAST Drive time to Denver hrs. Trax Train local/airport SOUTH Tooele ATC Southwest ATC Ogden-Weber ATC Mountainland ATC Dixie ATC Davis ATC Uintah Basin ATC E D C U TA H F I N A N C I A L S E R V I C E S P R O F I L E E D C U TA H B U S I N E S S & E C O N O M I C P R O F I L E U TA H T R A N S I T R O U T E S FrontRunner Train long distance commuter KANE A P P L I E D T E C H N O LO GY CO L L E G E S 0 S A LT Westminster SAN JUAN ST. GEORGE Bridgerland ATC Fillmore Millard County U TA H of Utah ZIONS NATIONAL PARK Castle Dale Emery County WASHINGTON Weber State BRYCE CANYON NATIONAL PARK SAL T L AKE CIT Y GARFIELD SUMMIT IRON MAJOR UNIVERSITIES & COLLEGES MORGAN Manti Sanpete County hrs. GRAND MILLARD The Wasatch Front is the name given to the main business and residential area of Utah. This small area contains %* of Utah's population, creating a densely populated "city" roughly the size of other large cities such as the Greater Sacramento, CA, Charlotte, NC, or Pittsburgh, PA. Price Carbon County SANPETE Drive time to Portland UINTAH NORTH Drive time to Las Vegas E ED DC CU UT TA AH H.. O OR RG G hrs. *July, 0 census population estimate.
Labor Comparison: Annual Job Growth (0) Job growth is a key metric that shows the strength and trajectory of a state's economy. Utah has had one of the highest job growth rates in the nation since the great recession in 00. Labor Force Participation Rate The Labor Force Participation Rate represents the percent of the labor force that is employed or actively looking for work. During economic recessions, many workers get discouraged and stop looking for employment, resulting in a decrease in the labor force participation rate. Utah's labor force participation is almost % higher than the nation, and one of the strongest in the United States. Median Age Utah is the youngest state in the nation with a median age of 0., years younger than the national average. Utah has a young, well-educated, innovative workforce..0.0.0.0 0 0 0 0 0 0 0.%.%.%.%.%.%.00%.%.%.%.%.%.%.%. KEY DEMOGRAPHICS & WAGES Utah s labor force is well educated, growing, and affordable. Utah created nearly,000 jobs in 0 and maintained the highest job growth rate in the nation for nine months of the year. Utah is the youngest state in the nation with a median age of 0. and has an average wage of $,0, which is % lower than the nation....... Utah s Diverse Economy The Hachman Index measures economic diversity. A value of 0 means that the distribution of employment among industries is exactly the same as the nation. Since the United States has an extremely diverse economy, the closer a state's value to 0, the more diverse the state's economy. OR. CA. WA. NV. ALASKA. HAWAII. ID. UT. MT. WY. CO. AZ. NM. ND. SD. NE. KS. TX. OK. Utah has the highest Hachman Index score in the nation at., demonstrating the diversity of Utah s economy. A diverse economy provides great stability in times of economic recession, and the ability to bounce back more quickly. Utah continually displays this ability to recover from economic recession and is nationally recognized as one of the best states for business. MN. WI. IA. MO. AR. LA. IL. MS. IN. MI. TN. AL. KY. OH. GA. WV. SC. PN. VA. NC. NH VT.. NY. ME. MA. RI. CT. NJ.0 DE. MD.. 0.0 0..0 0 0.0 Median Household Income Household income is a measure of the combined incomes of all people sharing a particular household or place of residence. Utah's household income is higher than the national average. Population Growth (July 0 to July 0) Utah is the fastest growing state in the nation, with natural increase accounting for % of population growth, and net-migration accounting for %. $0K 0K 0K 0K $, $,00 $,0 $, $, $, $,.%.%.%.0%.%.%.% Industry Index 0 = MOST DIVERSE 0 = LEAST DIVERSE A location quotient is a value that quantifies how concentrated an industry is in a particular region. This graph shows an index based on location quotients. Any industry value above the national average of 0 demonstrates a competitive advantage in Utah. Outdoor Products FL. Life Sciences Aerospace and Defense Union Membership Utah is one of the least unionized states in the nation, with only.% of total workers as members of a union. 0.%.%.%.%.%.%.% Information Financial Services *SOURCE: BLS, Census Bureau 0 0 National 0 00 0 00 0 00 0 00 Average EDCUTAH BUSINESS & ECONOMIC PROFILE EDCUTAH.ORG
Labor Comparison: MAJOR INDUSTRY BREAKDOWN & EDUCATION Major Universities,000 Enrollment Graduates National Average enrollment to graduates Financial Activities Information 0,000 Education & Health Services,000 Construction.%.%.%.% 0,000,000,000 Manufacturing Other: Natural Resources, Other Services, Administration, Unclassified.%.% Utah has the most diverse economy in the nation while also maintaining industry expertise in many industries, such as aerospace, life sciences, and finance. Utah also has one of the fastest growing IT industries in the nation, at.% 0.%,000 NAME TYPE ENROLLMENT GRADUATES EXPERTISE Brigham Young Provo Private,, Business, Finance, Accounting, Biology Utah Valley Orem,, Liberal Arts, Business of Utah Salt Lake,, Research, Genetics, & Medicine Utah State Logan,, Engineering, Agriculture Weber State Ogden,,0 Business, Healthcare Southern Utah Cedar City,,0 Education, Business Dixie State St. George,0 Liberal Arts, Business Salt Lake Community * Salt Lake,0, Liberal Arts, Business Leisure & Hospitality.%.% Trade, Transportation, & Utilities *Due to size of enrollment and graduates, Salt Lake Community has been included in the Universities graph. Utah s of **,00,000,00 Professional & Business Services,000 Education Percent of Population (+) with a Diploma & Percent of Population (+) with a Bachelors Degree or er,00,000 0 0 0.0%.%.% 0.%.%.%.% NAME TYPE Davis Kaysville Ogden-Weber Ogden Mountainland Lehi Uintah Basin Roosevelt Bridgerland Logan Southwest Cedar City Dixie St. George Tooele Tooele 0 0 0.%.%.0%.%.%.%.% ENROLLMENT GRADUATES EXPERTISE,, Homeland Security, Culinary Arts, Materials Engineering, Precision Production,, Welding, Mechanic, Engineering, Transportation Transportation 0 Transportation Mechanic, Computer Sciences 0 0 Welding, Business **Due to varying program lengths and students obtaining multiple degrees/certificates, graduates many exceed enrollments. EDCUTAH BUSINESS & ECONOMIC PROFILE EDCUTAH.ORG EDCUTAH.ORG HAVE A QUESTION? PLEASE CALL US -00--
Business Costs Utah ranks well across business costs compared to regional competitor states. Utah has a favorable tax climate-ranked th best in the nation-and has low utility and real estate costs. Utah also has a business friendly government and has eliminated or modified nearly 00 business regulations since 0 to ease the burdens placed on businesses. Total Tax Climate Rank OR # CA # WA # NV # ALASKA # HAWAII # ID #0 UT # MT # WY # CO # AZ # NM # ND # SD # NE # KS # TX # OK # MN # WI # IA #0 MO # AR # LA # IL # MS # IN # MI # TN # AL # KY # OH # BUSINESS TAX CLIMATES BEST WORST SOURCE: taxfoundation.org (0) GA # WV # SC # PN # VA # FL # NC # NH VT # # NY # ME #0 MA # MA RI # # CT # NJ #0 DE # MD # DC # Real Estate: Office $ 0 0 0 $ 0 0 0 UTAH $.0 ARIZONA $. CALIFORNIA $.0 Construction ($/sq.ft.) Real Estate: Industrial UTAH $. ARIZ. $. CALIF. $.0 Construction ($/sq.ft.) Utilities: Commercial UTAH. ARIZONA. CALIFORNIA.0 COLORADO $.0 COLORADO $.0 COLORADO.0 IDAHO $. IDAHO $. IDAHO.0 SOURCE: RSMeans NEVADA $. NATIONAL $. $0 0 SOURCE: RSMeans $ NEVADA..0 NEVADA $. NAT. NAT. $. $ SOURCE: Loopnet UTAH $. ARIZ. $. CALIF. $.0 COLO. $. ID. $. NEV. $. NATIONAL N/A Lease ($/sq.ft.)* SOURCE: Loopnet UTAH $. ARIZONA $. CALIFORNIA $. COLORADO $. IDAHO $. NEVADA $. NATIONAL N/A Lease ($/sq.ft.) SOURCE: Energy Information Administration, April 0 UTAH $. ARIZONA $. CALIF. $. COLORADO $.0 IDAHO $. NEV. $. NAT. $. Taxes SOURCE: taxfoundation.org Electricity / Commercial ( /kwh) Natural Gas / Commercial ($/00 Feet ) $00 0 00 00 00 UTAH $ ARIZ. $,00 $, CALIFORNIA $, COLORADO Property Tax (Collections per capita) IDAHO $ NEVADA $ NATIONAL $, % % % % % % Flat Rate UTAH.% Flat Rate ARIZONA.% Flat Rate CALIFORNIA Corporate Income Tax.% Flat Rate COLORADO % Flat Rate RD = Tax Credit on R&D MA = Sales Tax Exemption on Manufacturing *GRT: Gross Receipt Tax ID. GRT* NEV..% Average NATIONAL Utilities: Industrial** UTAH. ARIZONA. CALIFORNIA.0 COLO.. IDAHO. NEVADA. Electricity / Industrial ( /kwh) Natural Gas / Industrial ($/00 Feet ) *Average of Class A, B, and C **Commercial and Industrial rates differ due to NAICS codes or demand. NAT.. $ SOURCE: Energy Information Administration, April 0 EDCUTAH BUSINESS & ECONOMIC PROFILE EDCUTAH.ORG EDCUTAH.ORG HAVE A QUESTION? PLEASE CALL US -00-- UTAH $.00 ARIZONA $.0 CALIFORNIA $.0 COLORADO $.0 IDAHO $. NEVADA $. NAT. $.
Incentives STATE INCENTIVES Economic Development Tax Increment Financing (EDTIF) DETAILS The EDTIF tax credit is a post-performance, refundable tax credit rebate for up to 0% of new state revenues (sales, corporate, and withholding taxes paid to the state) over the life of the project (typically - years). It is available to companies seeking relocation and expansion of operations to the State of Utah who are looking to add at least 0 jobs with annual wages of at least % of county average annual wages, have demonstrated company stability and profitability, and have demonstrated competition with other locations. Companies must also obtain commitment from the local government to provide local incentives Industrial Assistance Fund (IAF) The Industrial Assistance Fund is a post-performance grant for the creation of high-paying jobs in Utah. Companies are required to obtain commitment from local government to provide local incentives, create new high-paying jobs in the state (at least 0 jobs and at least % of county average annual wages), demonstrate company stability and profitability, and demonstrate competition with other locations. Rural Fast Track The Rural Fast Track (RFT) Program is a post-performance grant available to small companies in rural Utah. The program provides an efficient way for existing small Utah companies to receive incentives for creating high paying jobs in the rural areas of the state and to further promote business and economic development. Custom Fit Training Custom Fit Training is a partnership between the Utah s of and other select sister institutions across the state, and the local business community. Its mission is to provide customized employee training to businesses at an affordable cost. The Utah State Legislature appropriates funds each year as an investment in custom fit training. LOCAL INCENTIVES Tax Increment Financing (TIF) Revolving Loan Funds (RLFs) DETAILS Cities and counties may award incentives to companies locating in Economic Development Areas (EDA), Urban Renewal Areas (URA) or Community Development Areas (CDA). The city or county determines EDA/URA/CDA areas on a local level. Incentive dollars are generated through the creation of new property tax increment that a development will generate. When a company constructs a new building, for example, its property tax increment is the result of the assessed value of the building multiplied by the property tax rate. In an EDA or URA, all public entities entitled to property tax agree to rebate their increment back to the new development for a specified period of time to incent the development to occur. In a CDA, public entities must opt-in on a property tax rebate if they see fit. Incentives are awarded as a percentage of the tax increment created by the development. EDAs are intended for development on land sites that will result in the value-added creation of jobs. There is no requirement for blight in an EDA and the property can be vacant or partially improved land. URAs are blighted areas that require local assistance to reasonably justify any type of economic renewal. CDAs are intended to undertake any economic or community development purpose of the city, including job growth or retail sales. Numerous RLF programs have been established in the state to promote economic development within Utah. RLFs are a gap financing measure used primarily for development and expansion of small businesses. Communities in Utah offer RLFs to provide access to a flexible source of capital to be used in combination with more conventional sources. Often RLFs act as a bridge between the amount a borrower can obtain through private market funding and the amount needed to start or sustain a business. RLFs issue loans at competitive market rates. Durations and loan amounts vary according to the use of funds. Goldman Sachs l ANNOUNCEMENT YEAR 00, 0, 0 l TOTAL JOBS,0 Our Utah office has grown to become the th largest office in the world for Goldman Sachs. That growth is largely attributed to the quality of life and access to talent that Utah provides. DAVID LANG, PARTNER, GOLDMAN SACHS EDCUTAH BUSINESS & ECONOMIC PROFILE EDCUTAH.ORG
Featured Wins AEROSPACE LIFE SCIENCES YEAR Albany Engineered Composites Spanish Fork,0 / $M 0% / / $. M Manufacturing Biofire Diagnostics Salt Lake City / $0M % / 0 / $. M Research and Diagnostics 0 Boeing West Jordan / $M % / 0 / $. M Manufacturing CHG Healthcare Midvale 0 / $.M 0% / / $. M Headquarters 0 Duncan Aviation Provo 00 / $M 0% / / $. M Maintenance & Repair Connolly Salt Lake City / $K 0% / / $0, Regional Office 0 Hexcel Corporation West Jordan / $0M % / / $. M Manufacturing OttoBock Salt Lake City / $M 0% / / $,0 Manufacturing and R&D 0 SyberJet Aircraft Cedar City,00 / $0M % / 0 / $. M Manufacturing Varian Medical Systems Salt Lake City,000 / $0M 0% / / $. M Manufacturing and R&D 0 FINANCIAL SERVICES OUTDOOR PRODUCTS YEAR YEAR Allstate Ogden City 00 / $M % / 0 / $. M Regional Office 0 Armada Skis Park City / $00K 0% / / $, Headquarters/ Manufacturing 0 Goji Roy 00 / $00K 0% / / $.0 M Regional Office 0 Black Diamond Holladay / $.M % / / $, Manufacturing 0 Goldman Sachs Salt Lake City 0 / $0M 0% / 0 / $.0 M Regional Office 0 ENVE Composites Ogden / $0M % / / $. M Manufacturing 0 Snap Finance West valley City 00 / $.M % / / $, Customer Service 0 Selle Royal Ogden / $.M 0% / / $, Manufacturing 0 SoFi Cottonwood Heights 00 / $M 0% / / $. M Regional Office 0 Vista Outdoors Farmington 0 / $M 0% / / $. M Headquarters 0 INFORMATION TECHNOLOGY MANUFACTURING & DISTRIBUTION YEAR YEAR Dell EMC Draper 00 / $M % / / $. M Regional Office 0 Cabela's Tooele 00 / $M 0% / / $, Distribution Center 0 Entrata Lehi / $M 0% / / $,0 Regional Office 0 Prime Inc. Salt Lake City / $0M % / / $, Distribution Center 0 Jive Communications Orem / $.M % / / $, Regional Office 0 Procter & Gamble Tremonton 00 / $00M 0% / 0 / $. M Manufacturing 0 Peek Sandy 0 / $M % / / $0, Regional Office 0 Stadler Rail Salt Lake City,00 / $0M % / / $.0 M US Headquarters 0 SoFi Cottonwood Heights 00 / $M 0% / / $. M Regional Office 0 UPS Salt Lake City,00 / $0M 0% / / $. M Regional Distribution Center 0 EDCUTAH BUSINESS & ECONOMIC PROFILE EDCUTAH.ORG EDCUTAH.ORG HAVE A QUESTION? PLEASE CALL US -00--
Key Industry Clusters As Forbes Best State for Business (0, 0, 0, 0, 0, 0), the State of Utah enjoys a strong and diverse economy. Our success is due in part to aggressive support from state lawmakers to grow our targeted industries. With innovative programs to expand access to talent and capital, improve supply chain, share industry expertise, drive university research, and promote international trade, Utah is fertile ground for new business. These profiles are free upon request. Please contact one of the people on the back of this profile to get one or all six of the profiles shown below. We re happy to share with others the success we ve seen in Utah and possibly, a little insight in to how it all happened (and continues to happen). Again, call us, we re happy to help. Aerospace Utah has industry-recognized expertise in advanced materials applications and unmanned systems development. Utah has high employee concentrations of aerospace engineers, material scientists, machine operators, and many other aerospace related occupations. Boeing 00- Hexcel 00- Information Utah has a robust information technology industry and has been referred to as the next Silicon Valley, and an up-and-coming software and information technology hub. Utah ranked second in the nation in fastest-growing states for tech jobs at an increase of.% in 0. Adobe 00- DOMO 00- L- Communications 000- ebay 00-,0 Year Growth.% $, Northrop Grumman 00- Orbital ATK 00-, Year Growth.% $, IM Flash Technologies 00- Qualtrics 00- Manufacturing & Distribution Utah has high employee concentrations of industrial production managers, industrial machinery mechanics, machine operators, and many other manufacturing and transportation related occupations. Utah s Manufacturing and Distribution industry has experienced employment growth of over % over the past five years. Autoliv 000- BD (Becton Dickinson) 00- Life Sciences Utah is known globally for its robust medical device manufacturing industry. Utah offers a world-class effort in arterial and vascular access devices, producing 0% of all devices used worldwide. Utah is also a global leader in genetic and personalized medicine research. ARUP Laboratories Edwards Lifesciences 00-00- Boeing 00- Merit Medical System 00-, Year Growth.% $, Procter & Gamble United Parcel Service (UPS) 0-00 -, Year Growth.% $, Myriad Genetic Laboratories Varex Imaging Corporation 00-00- Financial Services Utah has a thriving financial services industry and is known as the nation s leader in industrial banking. Utah is home to the highest number of industrial banks in the nation with active industrial bank charters, eight of which are in the top ten in the nation by asset size. Discover Products 000- Fidelity 00- Outdoor Products Utah is a hotspot for outdoor products and recreation, with more than 00 leading outdoor companies calling Utah home. With its endless mountain ranges, rivers, lakes, deserts, and the largest ski resort in North America (Park City Mountain Resort), Utah is the ultimate product-testing facility. Amer Sports Armada Skis 0-0- Goldman Sachs 000- Black Diamond 0-,00 Year Growth.% $,0 Wells Fargo 000- Zions Bank 000-, Year Growth.0% $,0 Easton 0- Lifetime Products 00- EDCUTAH BUSINESS & ECONOMIC PROFILE EDCUTAH.ORG EDCUTAH.ORG HAVE A QUESTION? PLEASE CALL US -00--
EDCUtah questions? Call Theresa Foxley, President & CEO: 0-- Project questions? Call Stephanie Frohman, Interim VP, Business Development: 0-0- Research questions? Call Michael Stachitus, Research Project Manager: 0-- Have questions about Business and Economics in Utah? Call us at -00--. 0 South Main Street, Suite 0, Salt Lake City, UT -00--UTAH () edcutah.org