At the most recent Business Development breakfast for EDCUtah investors, the Business Development (BD) team celebrated a surge in Utah project wins.

Previously, in September, we closed the first quarter of the fiscal year with two project wins. While this was fewer wins than the same period last year, it was also expected – we've found that companies often delay or pause their final site selection decisions in election years.  

But wins picked up again, with 10 companies announcing plans to expand in or relocate to Utah between October 2024 and February 2025. As a result of these wins, EDCUtah exceeded our capital expenditure forecast for the year and landed well ahead of our forecast for square footage absorption.

January 2025 was our busiest month for project wins, with four companies announcing their site selection decisions. For context, EDCUtah has only closed this many monthly wins four times in the last three years.  

Securing these site selection decisions for Utah always requires the hard work and contributions of many partners across the state. EDCUtah’s public and private investors bring invaluable expertise, resources, and connections that help companies envision themselves in Utah. As John Merlini of JSL Partners said, “You make the process seamless and present great contacts ... [this] played a significant role in JSL choosing Salt Lake City over Phoenix.”

Here are a few of the project wins we discussed at the BD Breakfast:  ‍

Nucor Forges the Future with Brigham City Expansion‍

EDCUtah was pleased to host representatives from Nucor at the BD Breakfast, where they were able to connect with EDCUtah investors. In January, Nucor announced plans to expand in Brigham City, a decision that was nearly four years in the making. EDCUtah supported the project by coordinating requests for information (RFIs) in 2022 and 2023; facilitating connections with Brigham City, UIPA, and D.A. Davidson; as well as organizing a site visit to advance the initiative. Their final decision was the result of collaboration among Brigham City, EDCUtah, Utah Inland Port Authority (UIPA), and the Utah Governor's Office of Economic Opportunity (GOEO). 

“This new facility marks a significant milestone for Nucor Towers & Structures as we scale up our operations to meet the growing demand for utility infrastructure in western states. Utah’s robust infrastructure and skilled workforce make it the ideal location for this investment,” said Laurent De Mey, vice president and general manager of Nucor Towers & Structures. “We are proud to deepen our roots in Brigham City and appreciate the partnership with local leaders.” ‍

OxEon Roves into New Terrain in Davis County

Representatives from OxEon Energy also joined EDCUtah staff and investors at the BD Breakfast. In January, the company announced plans to expand its existing Davis County operations with 103 new high-paying jobs and an estimated investment of $99 million over the next six years. 

The company’s announcement came as the result of collaboration among EDCUtah, the Northern Utah Economic Alliance (NUEA), Davis County, and the Utah Governor's Office of Economic Opportunity (GOEO).

EDCUtah supported OxEon by facilitating strategic networking opportunities and providing guidance throughout the tax incentive process. While OxEon worked with GOEO on the state incentives application, EDCUtah provided support and resources to help advance the company’s goals. EDCUtah will continue supporting OxEon in future development phases.

Jessica Elwell, chief operating officer at OxEon Energy, said about the company’s decision to grow in Davis County, Utah: 

"Utah offers a unique combination of skilled professionals, a supportive business environment, and access to critical infrastructure, making it the perfect place to scale our efforts. […] We are excited to continue contributing to the state’s growth while driving progress in clean energy technologies." 

Nucor plans create 200 new, high-paying jobs in Brigham City and invest $200 million in Utah over the coming years, reinforcing its role in advancing the steel industry. ‍

Utah just got sweeter with Bridor’s expansion in Salt Lake City.

Also in January, Bridor selected Salt Lake City for a new food manufacturing facility that will add 400 new jobs and $277 million in capital expenditure over the next 13 years. EDCUtah collaborated with Bridor and a site selection consultant to issue an RFI, connecting the company with available sites and communities. The project received support from EDCUtah investors including JLL, Enbridge, and Salt Lake City. 

The company issued the following statement about its decision to locate in Salt Lake City: “Utah’s connectivity to major transportation routes, top-notch labor market, and proximity to diverse and rich agricultural products quickly elevated Utah to the top of our five-state regional review. The strong local support of our project helped Bridor visualize the roadmap for establishing operations here.” 

AeroVironment Zeros in on Salt Lake City

After working with EDCUtah, AeroVironment (AV) announced plans in February to expand its Utah presence by creating 500 new, high-paying jobs in Salt Lake City and investing $42 million over the next five years. 

Site selectors at CBRE reached out to EDCUtah at the onset of the project to pull together the right partners for successful deployment. EDCUtah assisted AV in navigating state incentive programs and coordinated a site visit, connecting the company with potential communities and key partners. 

“The workforce and economic environment in Salt Lake City and the State of Utah was a great fit for this project,” said Sydney August, director of CBRE, who represented AV in the site selection process. “The ease of doing business here, combined with the strong community support, makes Utah an ideal location for the expansion.”

‍Hypercraft Powers Up in Utah

Hypercraft is the most recent electric vehicle (EV) company to announce an expansion in Utah, with plans to create approximately 183 new high-paying jobs and invest $39 million in Utah over the next seven years. 

The company’s decision to expand in Utah was facilitated by EDCUtah and the Governor’s Office of Economic Opportunity (GOEO). EDCUtah assisted Hypercraft in navigating state incentive processes and in coordinating with communities across Utah’s Wasatch Front region. GOEO approved Hypercraft for Economic Development

Tax Increment Financing (EDTIF). EDCUtah will continue to help Hypercraft with incentives from other agencies and by connecting them with our network of private and public sector partners.  

CleanJoule Fuels Up in Salt Lake City

Utah continues to advance its leadership in innovative aerospace solutions. In December, CleanJoule announced plans to bring approximately 100 new technically-oriented jobs to Salt Lake City and invest $150 million in Utah over the next ten years.  ‍

EDCUtah supported the project by coordinating requests for information on behalf of the company and facilitating connections between CleanJoule and local brokers, including Newmark. Jeff Rossi of Newmark assisted the company in finding its location.

“Utah has an incredible talent pool and excellent leadership at the city and state levels, and Utah’s business-friendly legislature has been instrumental in allowing us to attract outside capital and drive growth,” said Mukund Karanjikar, CEO and founder of CleanJoule. “We see immense potential in the Salt Lake City community and are excited to be part of an ecosystem that values forward-thinking approaches and cultivates an environment where businesses and individuals alike can thrive.”  

Fervo Breaking Ground in Beaver County.

In October, Fervo broke ground on an enhanced geothermal energy production project in Beaver County. Cape Station is slated to produce 400 megawatts of power in the first two phases of the project, and Phase I will begin delivering around-the-clock power to the grid in 2026. Fervo Energy is a potential partner to future companies as they begin generating power, which can be used to attract new development to Beaver County.

“We are so lucky to be building our first greenfield project in Beaver County, Utah,” said Sarah Jewett, vice president of strategy for Fervo Energy. “The community has been hugely welcoming and collaborative and has been an essential partner in the progress we’ve made to date.”

EDCUtah was connected to Fervo Energy by Beaver County and the Governor’s Office of Economic Opportunity. EDCUtah assisted Fervo in exploring available incentive programs in Utah and introduced the company to the Utah Office of Energy Development and the Utah Inland Port Authority. Fervo Energy is a potential partner to future companies as they begin generating power, which can be used to attract new development to Beaver County. Together, EDCUtah, Beaver County, and Fervo Energy will work to attract other companies that will benefit the community.

Looking Ahead

While we were pleased to see the surge in project wins, we’re keeping a close eye on corporate expansion activity for the rest of the year. The uncertainty of international trade policies and other macroeconomic trends may have a dampening effect on corporate investments—but we don’t yet know how these impacts will play out in the Utah market.  ‍

“The Prosperity Post” highlights examples of the impact of your investment and EDCUtah’s work in communities across the state. Do you have a story you’d like us to share? Email connect@edcutah.org.