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Utah’s Advanced Manufacturing industry includes various cutting-edge companies dedicated to expanding the advanced materials, manufacturing, technology development, and design sectors.
Go Utah works closely with the Utah Advanced Materials and Manufacturing Initiative (UAMMI) and the Kem C. Gardner Policy Institute to further advance Utah’s footprint in this vital industry.
A report from the Kem C. Gardner Policy Institute, commissioned by the Utah Governor’s Office of Economic Opportunity, shows that in 2018, Utah’s manufacturing industry provided 7% of total state employment and paid 9.6% of overall earnings. The report also states the sector accounted for 11% of Utah’s gross domestic product.
In 2018, the total economic impacts of Utah’s manufacturing industry, both indirect and induced, included 427,980 jobs, $26.4 billion in earnings, and $44 billion in GDP. Overall, manufacturing supports one-fifth of all Utah jobs and one-quarter of Utah’s total GDP and earnings.
Other highlights of the report:
Anchored by Hill Air Force Base, Utah is home to prestigious companies like Boeing, Duncan Aviation, Janicki, Lockheed Martin, L3Harris, Northrop Grumman, and more.
Utah’s core aerospace and defense competencies include design, composites manufacturing, software and control systems, sophisticated testing, and repair and maintenance. All of these support regional and national air service as well as advanced space systems.
The state is also home to Falcon Hill Aerospace Research Park, one of the largest Enhanced Use Lease (EUL) initiatives in the Air Force and one of the largest commercial EULs in the Department of Defense.
Thanks to research universities such as Utah State University, the state leads the nation in aerospace technology development. In addition to cutting-edge programs at Hill Air Force Base, Utah hosts high-tech military testing at Dugway Proving Grounds and various developments at the Utah Unmanned Aerial Systems test center.
Utah’s financial roots run deep, ranking No. 8 in the nation for banking assets with a burgeoning fintech sector.
Utah’s financial services industry is the state’s largest and fastest-growing targeted industry. Utah’s home to 51 banking institutions (valued at over $800 billion), including national, regional, community, and industrial banks.
The state’s credit union industry includes 64 institutions with over $37 billion in assets. Thanks especially to a growing technology industry, Utah also punches above its weight in venture capital and deal flow growth.
Utah’s largest employers are healthcare companies, such as Intermountain Healthcare and the University of Utah Health.
Utah’s life science industry develops, manufactures, and distributes pharmaceuticals and medical devices that make modern healthcare possible, generating $9.6 billion in annual sales. International life sciences companies such as BioFire, Merit Medical, and Myriad Genetics began in Utah.
The Utah life sciences industry provided more than 40,000 full-time and part-time jobs in Utah during 2018, a 5.9% increase from 2017.
Since 2002, the annual growth in Utah life science employees was 3.5%, compared to 2.0% for all other companies in Utah. These employees’ average earnings were more than 50% above the average for Utah jobs in different industries in 2018.
The cutting-edge technology, world-class research, and robust workforce within Utah’s life sciences ecosystem attracted $4.1 billion in investment from 2013 to 2017. These investments included venture capital, subsequent funding rounds, mergers and acquisitions, and public stock offerings.
As the life sciences industry expands, more inputs are required from suppliers, creating additional jobs and investment opportunities in other parts of the state’s economy.
In 1969, the fourth node of the internet was at the University of Utah. Today, the state’s broadband infrastructure gives it the fastest internet speed west of the Mississippi.
And in 1985, Utah was home to two of the largest software companies in the world, Novell and WordPerfect.
Our state has been the home of robust information technology and software companies since the 80s, and “Silicon Slopes” is now a household name.
Sure, we have Google, Amazon, and Dell EMC. More remarkable are the companies that have started and grown here, like Pluralsight, Qualtrics, Instructure, and Vivint, to name a few.
With a job growth rate of nearly 6%, there’s no question that Utah will continue to have a strong tech industry.