2022/2023 Annual Report
Since 1987, EDCUtah has served as Utah’s premier nonprofit public-private partnership for catalyzing economic prosperity across Utah.
This long-standing statewide effort to attract competitive, high-value companies and spur the expansion of successful Utah businesses, has helped Utah become — and remain — one of the most desirable business destinations in the U.S.
Key Performance Indicators
EDCUtah recruits job opportunities and corporate investments that raise quality of life for Utahns. We ask each company we work with to provide an estimated project timeline, number of jobs, capital expenditure, and real estate needs. The numbers below represent the total multiyear project commitments announced during EDCUtah’s fiscal year.
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Net New Projects
This is the total number of projects that entered EDCUtah’s pipeline in FY 2023, defined as an interested company able to provide three of the following: number of jobs, capital investment, square footage, project timeline, and budget approval.
Project Wins
These projects resulted in a final decision to relocate or expand in Utah. Fifty percent of FY 2023's project wins were Utah companies who decided to expand or relocate within Utah rather than choose an out-of-state site.
New or Retained Jobs
The number of jobs that companies have committed to create—4,387—or retain—765—over the life of their projects. This is perhaps EDCUtah’s most important KPI because of what it represents: opportunities for Utah job seekers.
Capital Investment
Often referred to as “capex,” capital investment quantifies the total amount of money that relocating or expanding companies have committed to investing in Utah real estate and equipment over the life of their projects. EDCUtah's FY 2023 capex forecast was $1.2 billion. A major announcement from Texas Instruments in February 2023 added $11 billion to our annual metrics, more than eight times the fiscal year forecast.
Square Footage
The aggregate total of real estate footprint of project wins—how much physical space these newly-relocated or newly-expanded companies will ultimately absorb.
