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Utah Direct Financial Incentives 2014

Area Development Online Research Desk (Q1 2014)
Utah's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. More

Regional Report: Mountain States’ Economies Striving to Reach New Heights

Steve Stackhouse-Kaelble (Directory 2014)
The Mountain States are posting positive news on the jobs and business location and expansion front. More

Critical Location Decision Factor #4: “Connected” Locations Support Innovative Companies

Mark Crawford (Q4 / Fall 2013)
Locations offering a robust telecom infrastructure — with adequate speed, choices, and bandwidth — are becoming hotbeds for technology development and entrepreneurship. This is the Seventh in a series of articles examining the top-10 site selection factors as decided by the respondents to AD's Q1 Corporate Executive Survey. More

Critical Location Decision Factor #6: Powering Up While Keeping Costs Down

Steve Stackhouse-Kaelble (Q4 / Fall 2013)
While some operations are more energy-intensive than others, reducing energy costs is always an important consideration in the location decision. This is the Fifth in a series of articles examining the top-10 site selection factors as decided by the respondents to AD's Q1 Corporate Executive Survey. More

Criteria for Selecting a High-Tech Cluster

Amber Schiada, Research Manager, Markets, Jones Lang LaSalle (Q4 / Fall 2013)
Companies locating in “tech-friendly” communities can find the foundation for their success, while also helping the local economy to grow — a win-win situation all around. More

Work Force Development Programs Can Make or Break a Site Selection Deal

Mark Crawford (Q3 / Summer 2013)
With scant time and resources for recruiting and training workers, companies are looking at states that will help them to quickly satisfy their labor force needs. More

Leading Locations for 2013: The Mountain Region MSAs

Area Development Magazine Special Presentation (July 2013)
A mixture of modern and emerging sectors — including aerospace, biotech, information technology, and financial services — has driven the economies of the Mountain States’ (Colorado, Idaho, Montana, Nevada, Utah, and Wyoming). More

Regional Review: FDI Adds to Vitality of the Mountain States

Dan Calabrese (Location USA / April 2013)
The Mountain States’ economies were driven over the past 12 months by a mixture of modern and emerging sectors, including information technology, and old standbys like dairy. At the same time, foreign investment came from a variety of sources to add to the vitality of the region. More
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Studies/Research
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Around The Web
 
Studies/Research

UTAH at a glance

POPULATION: 2,817,220 (2011)

LABOR FORCE: 1,338,260 (2011)

RIGHT TO WORK: Yes

TRADITIONAL INDUSTRIES:Manufacturing, mining, government, agriculture

EXPANDING INDUSTRIES: Life sciences, healthcare, outdoor products/recreation, advanced composites, autonomous vehicles, renewable energy, financial services, digital media

COLLEGE GRADUATES: (Age 25 and over) 29.7% (with four-year degree

BASIC BUSINESS TAXES:
Corporate Income and Franchise Tax: 5 percent

Sales and Use Tax: 5.95-8.35 percent

Property Tax: Property tax per capita of 2.9 percent (2011)

BUSINESS INCENTIVES:
Commonly used incentives:

• Economic Development Tax Increment Financing (EDTIF) (a postperformance refundable tax credit incentive)

• Industrial Assistance Fund (IAF)

• Rural Fast Track Program (RFTP)

• Enterprise zones

SPECIALTY INCENTIVES:
• Renewable Energy Development Incentive (REDI)

• Custom Fit Training Program

• Economic Opportunities (EO)

• Film incentives

• Private activity bonds (PABs)

• Recycling zones

• Manufacturing equipment sales tax exemption

• Short-term intensive training/ incumbent worker training

• Workforce Investment Act (WIA)

• Industrial development bonds

• Aerospace tools tax exemption

Principal Manufacturing industries

  • Primary Metals
    49.0%
  • Chemicals
    30.0%
  • Computers & Electronics
    9.0%
  • Food
    3.0%
  • Transportation Equipment
    3.0%
  • Other Manufacturing Industries
    6.0%