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HealthEquity Expands Operations Campus in Draper, Utah

10/15/2018
HealthEquity, Inc., the nation’s largest independent health savings account custodian, will make an estimated $27 million in capital investment to expand its operations in Draper, Utah. The company plans to add up to 500 associates.

According to the Governor’s Office of Economic Development, in December 2015 HealthEquity announced it would expand at its Draper headquarters to create up to 200 jobs in Utah within six years. With the addition of the 26 new team members based in Price, HealthEquity has surpassed that goal, adding 207 new jobs in less than a year.

“HealthEquity’s best asset is our team members,” said Jon Kessler, HealthEquity President & CEO. “By partnering with GOED, we have expanded employment opportunities in Carbon County and attracted the Wasatch Front’s top talent to create our unique and extraordinary, purple culture.”

As an incentive, HealthEquity may earn up to 20 percent of the new state taxes they will pay over the seven-year life of the agreement in the form of a post-performance Economic Development Increment Finance tax credit rebate. As part of the contract with HealthEquity, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $2,038,720. Each year that HealthEquity meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

“HealthEquity has called Utah home for almost 15 years,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah. “We’re thrilled that they’re continuing to expand here in Utah.”

“HealthEquity is a community-focused organization that provides opportunities for rural and urban communities in Utah,” said Val Hale, Executive Director of the Governor’s Office of Economic Development. “Not only do they provide employment opportunities along the Wasatch Front, but they have also opened their doors in Price, Utah. We look forward to further watching the impact this company has on the communities they serve and call home.”

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