SALT LAKE CITY — Utah-based companies invested heavily in the state during fiscal year 2025, with new projects projected to generate billions in wages, tax revenue and capital investment, according to the Governor’s Office of Economic Opportunity (GOEO).
From July 2024 through June 2025, 18 companies were approved for the state’s post-performance tax credit program. Collectively, the projects are expected to create 3,841 jobs, pay $3.79 billion in wages, contribute $343 million in new state tax revenue and result in $6.68 billion in capital investments over the next two decades.
The state administers the Economic Development Tax Increment Financing (EDTIF) program and its rural counterpart, REDTIF, which offer temporary tax reductions to companies creating high-paying jobs in targeted industries such as aerospace, defense and advanced manufacturing.
“Utah’s growth trajectory remains strong as we set strategic goals to ensure long-term prosperity,” said Jefferson Moss, GOEO’s executive director. “Our EDTIF and REDTIF tax incentive programs bolster diverse industries, support private-sector job growth, and establish new benchmarks for economic growth that will benefit future generations.”
Three of the 18 projects were located in rural counties, generating 622 jobs and $556 million in capital investment. Officials noted those rural projects are expected to offer wages comparable to urban areas, aided by the REDTIF program’s higher tax credit levels.
Carine Clark, chair of the GOEO Board, said the incentives help Utah retain and expand homegrown companies while attracting new firms.
“By bringing new infrastructure and diverse industries to our state, we expand opportunities for Utahns to innovate and succeed,” Clark said.
Since its creation in 2005, about two-thirds of the program’s tax credits have gone to Utah-based companies expanding operations.
