Advanced Manufacturing

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:

• Employment — Manufacturing provides 143,461 jobs in Utah, the state’s fifth-largest industry. Approximately two-thirds of Utah manufacturing jobs are in durable goods.
• Earnings — In 2018, Utah’s manufacturing sector paid $10.4 billion in wages, the third-largest amount in the state. Average annual earnings in the manufacturing industry rank fourth at $72,565, 38.6% higher than the statewide average for all industries.
• Gross Domestic Product — At $19.6 billion in 2018, manufacturing is Utah’s third-largest source of GDP and the second-largest private sector industry.
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Aerospace & Defense

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.

Highlights:

• As of 2020, Utah’s aerospace industry accounted for 944 establishments and 31,390 employees.
• PwC ranks Utah No. 4 in the nation for aerospace manufacturing attractiveness.
• Hill Air Force Base is home to the F-35 Lightning II program.
• Hill Air Force Base is located in northern Utah, just south of the city of Ogden and near the towns of Layton, Clearfield, Riverdale, Roy, and Sunset. The base is about 30 miles north of Salt Lake City.
• Around the globe, Utah consistently attends and exhibits at AUVS, CAMX, and the Paris Air Show.
• Aerospace companies piloted Utah’s groundbreaking Talent Ready Utah pathways program to fill jobs.

Financial Services

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 financial services industry has experienced employment growth of more than 18% over the past five years, and has an employee base of over 84,000 workers.
• Utah was ranked the 8th best state in the 2021 State Business Tax Climate Index compiled by the Tax Foundation.
• SoFi, MX Technologies, Lendio, HealthEquity, Womply, and many others make up a growing fintech sector.
• Utah’s 14 industrial banks held $140.6 billion in assets at yearend 2019, equating to 93.5% of the U.S. total for industrial banks and 0.8% of the U.S. total for any type of bank insured by the Federal Deposit Insurance Corporation.
• Twelve education institutions in Utah offer programs related to financial services, and Brigham Young University is nationally acclaimed for accounting and finance programs.

Life Sciences & Healthcare

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.

Software & IT

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.

Highlights:

• As of last year, Utah’s tech industry accounted for 4,201 establishments and 68,184 employees.
• Forbes named Salt Lake City as the No. 1 city “Poised to Become Tomorrow’s Tech Meccas”
• Tech is super-charging several other industries in Utah including healthcare, financial services and real estate.
• In terms of venture capital, Utah punches above its weight. Silicon Slopes’ Salt Lake City and Provo have both surpassed Silicon Valley in per-deal average for specific years.
• Thanks to rapid growth, there are thousands of tech job openings in Utah. Come join us!