A Diverse Economy Built for Growth Dots A Diverse Economy Built for Growth

Utah's Economy Gives Every Industry Room to Grow

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Utah has ranked the No. 1 state in the nation four years running, with GDP growth of 4.5% and unemployment at just 3.6%. That strength runs across sectors. Utah’s seven high-value industries have an established employer base and a workforce pipeline ready to grow with them. Whatever industry you’re in, EDCUtah connects you to the incentives, sites, and talent to build here.

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Panoramic view of Cedar Canyon and Highway 14 in Utah showing rugged mountain cliffs and green valleys

Utah’s Seven Target Industries

Aerospace and Defense

Utah’s aerospace, defense, and security industry generated nearly $100 billion in economic output in 2023 and supports close to 500,000 jobs statewide, 19.2% of Utah’s entire GDP.

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Financial Services

Utah bank deposits surpassed $1 trillion for the first time in history as of June 2025, and financial services now make up 9.1% of the state’s economy, its fourth-largest sector. The fintech segment alone created nearly 8,000 jobs and paid more than $1 billion in wages in 2023, at salaries roughly double the state average.

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Information Technology

Utah’s tech industry employment grew 5.0% in 2024, more than double the national rate, according to CompTIA’s State of the Tech Workforce report.

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Life Sciences

Utah’s life sciences industry contributes $22.6 billion to the state’s GDP and supports more than 182,000 jobs, with workers earning 50% more than the state average. Utah life sciences companies posted more than 40,000 job openings in December 2024 alone.

 

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Manufacturing and Distribution

Utah’s manufacturing industry employs nearly 153,000 people, and its advanced manufacturing companies pay wages 29% above the rest of the sector.

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Outdoor Products

Utah’s outdoor recreation industry supports more than 75,000 jobs and added $9.75 billion to the state’s economy in 2024, according to the U.S. Bureau of Economic Analysis.

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Renewable Energy

Utah’s Operation Gigawatt initiative aims to double the state’s electrical generating capacity to 20 gigawatts by 2034, and Rocky Mountain Power signed the state’s first major energy agreement under the February 2026 geothermal power plan. In May 2026, Utah’s solar generation topped all other sources for the first time, representing one-third of all electricity generated in the state that month.

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Distinct Communities, Shared Opportunities

Explore Utah’s Regions

Utah’s regions offer a range of industries, talent, infrastructure, and business opportunities. Explore communities across the state to discover the strengths and resources that can support your company’s growth.

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Companies Choosing Utah

Building Together: Utah Project Wins Surge Early in 2025
Aerospace, Manufacturing & Distribution, Renewable Energy

Building Together: Utah Project Wins Surge Early in 2025

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3 Companies Plant Seeds in Utah
Information Technology, Life Sciences

3 Companies Plant Seeds in Utah

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Find Your Opportunity in Utah

Whether you’re exploring a new location, expanding your operations, or investing in Utah, EDCUtah can connect you with the resources, communities, and industry expertise to help you move forward.

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utah downtown city with snowy mountains
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