“We Build Together” — An Interview with EDCUtah’s New Executive Director
The Economic Development Corporation of Utah (EDCUtah) is pleased to announce that Ryan Starks will be the new Executive Director and will start on May 19. We caught up with Ryan to learn his thoughts about this new chapter for our organization.
What are your short-term and long-term goals for EDCUtah?
First of all, I want to state that I have been a long-time fan of EDCUtah and believe in its mission. I admire the leadership of Jeff Edwards, Theresa Foxley, Scott Cuthbertson, and others who have helped shape Utah’s economy in lasting ways. Their contributions and leadership are legendary.
Long-term I want to establish EDCUtah as the private sector leader in the economic development space, and that means working closely with our different partners. There are a lot of different entities out there: associations, chambers of commerce, economic development organizations, and the State of Utah. I want EDCUtah to lead in convening these groups to accomplish shared goals. The time is now to do that convening and to create that shared vision. As part of these long-term efforts, I want to increase our membership significantly.
In the short term, I want EDCUtah to establish local and national relationships that will lead to long-term projects. This means a focus on in-state and out-of-state marketing the likes of which we’ve never yet done as a state. I feel like there’s a space for EDCUtah to really own that business branding, much the way the Utah Office of Tourism is branding the state in the travel sector. I think EDCUtah can do similar work, to help tell the story to the business community of why we’re such a great place to do business.
In a recent LinkedIn post, you talk about “We Build Together.” Please elaborate on that.
It’s pretty simple. It’s not just EDCUtah, rather it’s many people working together. When it comes to building business ecosystems and building a lasting economy, it’s all hands on deck. We have to look at ways in which we can solve some of the big problems that the state has, to attract new companies, and to facilitate existing company growth.
It takes all of us working together. “And” is an important, powerful word. It takes the public sector and the private sector. It takes rural Utah and urban Utah. It takes legislative leadership and executive leadership and leadership from EDCUtah. It takes universities and associations. How do we build together? We do it in partnership and in collaboration, in a way that will support job creation, capital investment, infrastructure, human talent, and an unparalleled quality of life—across the state. It’s not a one or the other approach. It’s a collective approach where we leverage the relationships with all partners, and we help drive positive economic growth through EDCUtah. I want to emphasize that.
How would you describe your management style?
I like to work hard. I like to have a lot of fun while working hard. I like to lift other people up who I get to work with, and so I believe in delegation. I believe in positive feedback and helping people become their best selves. I’ve taken different tests over the years, including StrengthFinders. It says that one of my inherent strengths is building other people up.
I also like to look at process, looking for efficiencies, pulling people together to solve complex problems. I love tackling big challenges, with a positive, focused attitude.
How did your time leading the Governor’s Office of Economic Opportunity set you up for this role?
What my time at GOEO gave me is an understanding of the ins and outs of economic development across the state. I visited every single county, and spoke with city and county leaders, with chambers of commerce, with economic development directors.
I was at GOEO for six years, but I think we can look even further back than that. I worked for Wasatch County for eight years, and that gave me the county-level perspective. I learned that every county has unique opportunities, and that counties can really benefit from a partnership with EDCUtah. Wasatch County was an investor in EDCUtah, and we were able to do a lot of our work in partnership with EDCUtah. There’s value in strategic partnership between counties and EDCUtah because we can all leverage resources in a greater way.
I learned in these jobs that economic development is not a one-size-fits-all proposition. It takes unique strategies to solve the various economic development issues in every part of Utah. The GOEO experience also helped me understand the tools and resources available at the State level. That could be grants or incentives, or even the power of just convening people.
At EDCUtah, I envision doing similar things, working with stakeholders and communities, connecting them with those resources that I became so familiar with, and connecting them to the vision of building a strong economy, into where the State’s going. There are a lot of unique lessons that I only could have learned from the State, and I’m excited to apply those lessons now to the private sector.
There are concerns about a downturn in the economy. What’s your take on that?
There are concerns, but Utah maintains one of the most diverse economies in the country.With that economic diversity, we’ve proven in the past that we’re able to weather difficult storms. COVID-19 is an example of Utah coming out as the best state in terms of our recovery.
Another example is the Rich States, Poor States Report, commissioned by the American Legislative Exchange Council. Using 70 different data points, the report just ranked Utah as having the best economic outlook in the country for the eighteenth year in a row.
Even though there’s some economic uncertainty right now, the future still looks very bright. This is a time where we need to continue to build, and not pull back.The challenges are real. But the strength of our economy is also very real, and I’m confident that we can maintain our strength by continuing to invest in the long term. I believe our best days are still ahead of us, and I invite businesses and organizations to join us in this important cause and movement.
What specific message do you have for current and future EDCUtah investors?
That the State of Utah is growing, that our economy is hot. That we need to stay focused on growing our economy in smart and strategic ways. We have the 2034 Olympics knocking on our door. We have a unique opportunity to prepare for those Olympics by making key investments into infrastructure and into Utah’s economy. These investments will create long-term returns that will benefit the next generation of Utahns.
EDCUtah can be more than an organization to promote the economy. It can be an integral part of a movement that benefits and lifts all communities in the State. I’m really confident that this window of time is going to create some unique opportunities for EDCUtah and for the State to accomplish big things. We can recruit big companies, support rural Utah, and hone in on our targeted industries.
Our investors have a voice in Utah’s economic growth. This is the opportunity to jump onboard with us, and together create some amazing things over the next decade.
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For additional information or to schedule an interview, please contact us.
Small Business Opportunity with Comcast RISE Grant Program
May 16, 2025
EDCUtah investor Comcast is bringing a cash-and-services small business grant program to the Wasatch Front. We caught up with Deneiva Knight, external affairs director, to learn more.
Please give us a high-level overview of the Comcast RISE grant program.
Comcast RISE started during the Covid pandemic, to help small business owners overcome hurdles during that time. In the last five years, we’ve awarded more than $140 million in monetary, marketing, and technology grants to help 14,000 small businesses nationwide. This year, the program focuses on five markets across the country, specifically Boston, Grand Rapids, Nashville, Seattle, and a segment of the Wasatch Front.
Small business owners in the communities of Bluffdale, Draper, Herriman, Riverton, Sandy, South Jordan, West Jordan, and White City are eligible to apply. The grant includes $5,000 cash, which the awarded business can use any way they want, plus a technology makeover, creative production, a media schedule, educational resources, and business consultation services. The marketing package includes professional commercial spots that are aired on our cross-channel networks.
Comcast speaks of “small businesses and entrepreneurs committed to uplifting their local communities.” Please elaborate on that and what would distinguish an applicant for this program.
We know based on research that small businesses are the fuel that keeps our economy going. Typically, the money that small business owners spend stays and circulates in their local communities. Furthermore, small businesses have a genuine and tighter relationship with the folks that they serve. So part of uplifting the community is just being an active business owner.
A way to stand out in your application is describe how your business supports the community. This could be anything. Does your business encourage employees to do any kind of community service work? Does your business provide funding for local initiatives or support employees volunteering for them? If you’re a small restauranteur, maybe you occasionally make meals for different groups that might need it, such as firefighters during the summer firefighting season. In other words, how does your businesses step up during a time of need?
The opportunity has a defined geographic area. What stood out about the Wasatch Front cities you mentioned above when Comcast developed the program?
First of all, Utah in general was chosen for a couple of reasons, one being that for the last couple of years we have ranked as the startup capital of the nation by a number of publications. Our economy is very strong, and we have a growing small business community. Being selected for the program is a nice accolade in itself.
As far as the specific cities, it was really hard to make the selection. We had to make that hard choice by focusing on communities with a high number of small businesses that have started over the last several years.
If they win a grant, what will small businesses find of most value in the package of services?
We’re hearing from business owners that have won over the last couple of years that they find three things very valuable. These are the mentoring and consultation support, the marketing support, and the business services.
I think a lot of small business owners launch a business due to passion and because it’s something that they resonate with. The owners may not necessarily come with all the business skills or acumen that are sometimes needed for a business to be successful. And so consultation and mentoring seem to be really helpful for small business owners. The consultants are from our Comcast business team locally, our regional marketing team, and some senior leaders at the company. It’s a great mix.
On the second point, oftentimes marketing budgets are tight. Connecting with our marketing team, then refining and reviewing a marketing strategy that will work and that is tailored specifically to these businesses, that interaction is invaluable. And then being able to place a 30-second commercial spot on our cross-channel network to drive business and bring in more customers, that’s also a big plus.
Lastly, I would say our Comcast business services – having a full suite of Comcast business services available – allows a business owner to streamline operations. It increases efficiency and allows those business owners to do the job they need to do, which is just to make sure their business is successful versus having to do a lot of the behind the scenes work taking up time.
How can a business owner get more information or reply? And then is there any “homework” before they apply?
The deadline to apply is May 31st. The application is available at www.ComcastRISE.com.
Applicants will want to gather their paperwork together. Your EIN number, some recent tax forms showing time in business, that sort of thing. And then I think just giving some thought to how your company does business in the community that you’re in, and what sets you apart, either about the products or services you offer, your customer experience, or how you engage with the community as a whole. What kind of things set you apart from other businesses would be helpful to think about before folks start to apply for the grant.
Comcast will host working sessions to help small business owners apply for the grant if they’re experiencing trouble or just want to do it in collaboration with a Comcast representative. At these sessions, we’ll talk about criteria and the application process.
We’re working with local chambers of commerce and economic development organizations throughout the state to set up these working sessions. We’ll do communication around that in the next couple of weeks, but we just encourage folks to reach out to their chamber of commerce to inquire when these working sessions will be taking place.
What specific message for EDCUtah investors do you have? How can they help?
The call to action for EDCUtah investors is if you know of any small businesses, say in your supply chain or customer base, or if you are a small business owner in any of these communities that are eligible, you could apply for the grant and or encourage some small business owners in your network to apply for the grant. We’re hoping to get at least 500 small businesses in Utah to apply. We’ll make 100 awards.
We have a toolkit that includes communications and social media content you can use to share this news with your network.
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For additional information or to schedule an interview, please contact us.
EDCUtah Announces Ryan Starks as New Executive Director
May 7, 2025
The Economic Development Corporation of Utah (EDCUtah) is pleased to announce that Ryan Starks will be the new Executive Director and will start on May 19.
“We are thrilled for Ryan to step into this position and lead the EDCUtah team,” said Derek Miller president and CEO of the Salt Lake Chamber, the parent organization of EDCUtah. “Ryan brings a wealth of knowledge and experience, leadership skills and new ideas, and we are confident in his ability to elevate the business sector in this capacity.”
Previously serving as the executive director of the Governor’s Office of Economic Opportunity (GOEO), Ryan was instrumental in its growth. His leadership helped achieve historic wins, including Texas Instruments’ $11 billion investment, helping bring over 13,000 high-paying jobs to Utah and $16 billion in capital to Utah, and more.
“It’s an honor to step into this role at EDCUtah,” said Ryan Starks. “I’m deeply passionate about Utah’s dynamic business environment and look forward to building on the strong foundation that’s already in place. I’m excited to contribute in ways that support the important work of strengthening communities, driving growth and creating opportunities statewide.”
Ryan’s career spans public service, education and entrepreneurship, with prior roles at the Heber Valley Chamber of Commerce, Brigham Young University and as founding director of Wasatch CAPS. He also led international trade missions and launched initiatives like the Startup State and Joint Utah Mexico Partnership (JUMP) program to strengthen Utah’s global and rural economic reach.
“Ryan’s experience and unique qualifications to lead this organization will be exceptionally valuable, as he has an impressive understanding of Utah’s economic landscape,” said Tom Morgan, chair of EDCUtah’s Board of Trustees. “His passion for growth, partnerships and economic development is evident. I look forward to working closely with him to see that continue.”
As the executive director, Ryan will work closely with business leaders, site selectors and public partners to support recruitment efforts, provide strategic data and insights and grow the business community. Ultimately, EDCUtah is a one-stop shop for both companies and site selection teams, offering a wide range of business retention and expansion services to help business leaders make their next location decision.
Upon hearing the selection, Gov. Spencer Cox said, “Ryan has been a key part of my Administration’s efforts to keep Utah the best state for business and opportunity. I am thrilled that he will continue this important work leading the Economic Development Corporation of Utah and look forward to the public and private sectors working together as ‘Team Utah’ to drive economic prosperity.”
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For additional information or to schedule an interview, please contact us.
Best Practices for Managing Tariff Changes
April 30, 2025
EDCUtah recently tuned in to a webinar hosted by the Reshoring Institute, a non-profit dedicated to reshoring manufacturing back to the United States. The Institute interviewed 18 executives across a wide range of industries on recent changes to tariffs. The webinar covered a lot of ground, so this recap focuses on what corporate executives are doing to manage volatile situations.
Rosemary Coates, executive director of the Reshoring Institute, led the discussion. She started with an historical perspective on tariffs, then outlined the goals and aspects of the recent moves by the Trump administration. Some takeaways include:
- “We’re moving away from sole sourcing to give us more options.” According to Coates, this quote from one executive was a common theme throughout all the discussions they had in the study. Domestic sourcing is likely to grow over the next few years, Coates observes, though she cautions that redeveloping a domestic supply base can take as much as 18 months to put into effect. She notes that two-thirds of the respondents are seeking to increase domestic supply chains.
- “Our capital investments are frozen because we don’t know what to expect.” Uncertainties are causing companies to slow or stop major expenditures. Coates said that there is a similar chilling effect on hiring, at least until “outlooks and tariff rates are stabilized.” This finding was another point of consistency in all the conversations.
- Respondents indicated that, especially in the electronics sector, which imports components from China, uncertainty and geopolitics are causing disruptions. The elimination of de minimus shipments (value less than $800) is also creating an increased workload and delays for U.S. Customs.
- Companies would like to manufacture in the United States, but the economics are challenging. Investments in automation would be a significant part of this approach.
- “We are asking our Chinese suppliers to give us a discount – at least 50 percent of the tariffs.” At the same time, suppliers are asking U.S. clients to absorb more freight charges. In general, companies recognize they will have to increase prices to customers, and are asking suppliers to share the load. In addition, most companies are working with forwarders and brokers to review import classifications, potential duty drawbacks, and using foreign trade zones to delay or reduce costs.
- Companies can also look at U.S. Customs strategies, such as the First Sale Rule, to lower costs. For example, a Chinese manufacturer may sell to a Hong Kong trading company, which then sells to a U.S. importer at a marked-up price. The duty can then be calculated on the lower first sale price rather than the final U.S. sale price. There are provisions that must be followed to utilize this technique; companies are urged to work with their brokers to manage the details.
- Lastly, as of this writing, there are trade partners with lower tariffs to consider. Goods covered by the US-Mexico-Canada Agreement (USMCA) are duty-free. India, Indonesia, the Philippines, Taiwan, South Korea, Vietnam, Thailand and Malaysia have relatively low tariffs at this point.
Going forward? In Coates’ words, a number of the companies are “stuck, not knowing what to do.” Others are modeling various alternative strategies and “what-if” approaches, using cross-functional teams. This involves an analysis of geopolitical risks (particularly with China and Taiwan), as well as consideration of moving manufacturing to alternative low-cost countries such as Vietnam, India and Mexico. Coates also notes that companies can work with economic development partners to facilitate managing tariff changes and reshoring.
In Utah in particular, EDCUtah investors are encouraged to work with the Salt Lake City Department of Economic Development and the World Trade Center Utah on foreign trade zone matters, and with the Manufacturing Extension Partnership on supply chain development and manufacturing best practices. EDCUtah will continue to engage with companies looking to reshore or diversify operations, and with foreign companies looking to find a manufacturing “landing zone” in the United States.
You can view the entire presentation here. For more information on the Reshoring Institute, visit their website.
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For additional information or to schedule an interview, please contact us.
EDCUtah Announces Scott Cuthbertson’s Departure
April 18, 2025
The Economic Development Corporation of Utah (EDCUtah) announced this week that Scott Cuthbertson will be stepping down from his position as president effective April 25.
Scott has led EDCUtah since 2023, championing Utah’s business environment to help catalyze strategic economic opportunities across the state. During his tenure, Cuthbertson adopted EDCUtah’s five-year strategic plan, oversaw a community services revamp, navigated a transition with the Utah Governor’s Office of Economic Opportunity, unified EDCUtah within the Salt Lake Chamber family of teams, and launched a successful state-to-state economic development initiative with South Carolina.
“Scott has demonstrated consummate professionalism throughout his tenure at EDCUtah, consistently setting a high standard for himself and those around him,” said Tom Morgan of Zions Bank, who serves as chair of the EDCUtah Board of Trustees. “Scott’s exceptional work ethic and ability to engage with partners has led EDCUtah through notable transitions and toward remarkable achievements. His focus on job creation has positively impacted communities across the state, providing new opportunities and driving economic growth.”
Erin Farr, EDCUtah vice president of business development, will serve as interim director during the transition. Farr has worked with EDCUtah for more than 10 years over the course of her career. In her current role, Farr leads a team focused on supporting businesses seeking to create new job opportunities and invest in Utah communities. She brings extensive experience in advancing strategic initiatives, generating new business opportunities, and fostering strong and lasting client relationships.
“It’s been a pleasure to work alongside Scott, whose dedication to Utah has shaped EDCUtah. His commitment to economic prosperity is evident in the work we’ve seen over the years he’s been involved,” said Derek Miller, president and CEOof the Salt Lake Chamber, EDCUtah’s parent organization. “EDCUtah remains in good hands with Erin’s steady leadership, guiding EDCUtah to its next chapter – one that we’re confident will be filled with strength, purpose and growth for Utah’s business community.”
Miller is leading the search committee to oversee the selection of EDCUtah’s next executive director. The committee includes executive leadership at the Salt Lake Chamber and EDCUtah, as well as representatives of EDCUtah’s Board of Trustees.
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For additional information or to schedule an interview, please contact us.
Building Together: Utah Project Wins Surge Early in 2025
March 31, 2025
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.
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“Building Together” highlights examples of the collective 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.
For additional information or to schedule an interview, please contact us.
Meet the Team Behind EDCUtah’s Public-Private Partnerships
December 4, 2024
EDCUtah is Utah’s only statewide economic development organization with a public-private partnership model. We are supported by more than 200 investors working to create a prosperous and resilient economy for generations of aspiring Utahns. EDCUtah’s investor network includes local experts in real estate, construction, finance, law, talent recruitment, utilities, and more.
EDCUtah’s Investor Relations team facilitates connections among Utah communities, local businesses, site selection teams, and companies considering Utah for their next expansion. We drive value for EDCUtah investors while also generating the support needed to create economic opportunity statewide.
Read on to learn about more about the team dedicated to our shared success.
Greg Bisping, Vice President of Investor Relations
Greg leads EDCUtah’s investor engagement initiatives. Previously, Greg worked for the University of Utah, building partnerships among the university, its students, and the real estate and financial services business community. When Greg is not busy connecting Utah’s community, he can be found enjoying time with his twin daughters.
Greg continually seeks innovative ways to enhance value for EDCUtah investors through new initiatives and services. He focuses on strengthening client relationships, fostering connections across communities and deepening private sector engagement that supports EDCUtah’s mission.
Contact Greg at gbisping@edcutah.org or 801-971-4922.
Greta Hepworth, Investor Engagement Manager
Within our partner network, Greta focuses on providing service to our private sector investors. She helps connect our investors to the EDCUtah team, each other, and the business development team’s project pipeline.
With professional experience ranging from managing events to producing photoshoots, Greta joined the team as an events manager in 2022. Greta introduced EDCUtah’s first formal employee experience program in 2023, enhancing the organizational culture. Beyond work, she’s either on pickleball courts, exploring antique stores, or playing Settlers of Catan with her husband.
Contact Greta at ghepworth@edcutah.org or 801-323-4246.
Jaime Hernandez, Community Insights Manager
Jaime’s role focuses on research, data analysis, and geographic information system applications to support community strategy and investor relations initiatives. Jaime brings extensive experience in economic development across various levels. He has contributed to local economic development in Texas, supported regional economic growth through his work with the Seattle Metropolitan Chamber of Commerce, and has collaborated with public and private stakeholders to advance statewide economic development in Utah. Outside of his professional endeavors, Jaime enjoys spending time with friends and family, often engaging in strategy board games
Contact Jaime at jhernandez@edcutah.org or 801-386 7524.
Building Relationships is What We Do!
EDCUtah strengthens and diversifies Utah economy by supporting businesses that want to hire Utahns and invest in our communities. When you invest in EDCUtah, you gain a trusted partner in economic development. Not sure who to contact first? Reach out to Greg Bisping or send an email to connect@edcutah.org, and we’ll connect you to the right person for the job.
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For additional information or to schedule an interview, please contact us.
EDCUtah Announces Tom Morgan as New Board Chair
October 30, 2024
The Economic Development Corporation of Utah (EDCUtah) is pleased to announce that Tom Morgan of Zions Bank will serve as the new chair of EDCUtah’s Board of Trustees. Morgan has served on the Board of Trustees since 2017, most recently as chairman of the finance committee and member of the executive committee. He succeeds Judd Cook, who served as board chair for EDCUtah’s 2023-2024 fiscal year.
“It has been humbling and such an honor to serve as chair of the EDCUtah Board of Trustees,” said Cook, vice president and general manager of Enbridge Gas Utah, Wyoming, and Idaho. “Some of the most innovative, thoughtful, and influential members of our community are a part of this wonderful organization, providing vision and a roadmap for economic stability and growth for future generations of Utahns. Over the last year, EDCUtah was able to create a lot of momentum, and I am excited to see Tom, as the incoming chair, continue to build upon that progress.”
Tom Morgan serves as director and executive vice president of retail, business banking, and omni-channel banking at Zions First National Bank. He has held several leadership roles over the course of 35 years working at Zions Bank. He studied business, banking, and finance at Fresno State University and The Pacific Coast Banking School, hosted at the University of Washington. As an active community leader, Morgan has served on the board of trustees of several large corporations, including Intermountain Healthcare, Select Health, and as the Chairman of the Utah State Charter School Board.
“The vision and resources EDCUtah brings to Utah’s economic prosperity have tremendous value,” said Morgan. “As EDCUtah enters this new and enhanced chapter of influence throughout the state, I’m looking forward to working closely with Scott Cuthbertson and his team of consummate professionals. I couldn’t be more thrilled for this opportunity.”
In addition, the EDCUtah board of trustees welcomes five new members: Jake Boyer of Boyer Company, Mayor Garth Green of Cedar City, Brad Holmes of the Larry H. Miller Company, Jeff Palmer of Layton Construction, and Deneiva Knight of Comcast Utah.
The following FY 2025 officer appointments were also approved by EDCUtah board members:
- Jason Hill of Rio Tinto as the Board’s private sector vice chair;
- Mayor Dirk Burton of West Jordan as the Board’s public sector vice chair;
- Dan Richards of Select Health as Board treasurer; and
- Judd Cook of Enbridge Gas as Board secretary.
Learn more about EDCUtah’s board.
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For additional information or to schedule an interview, please contact us.
EDCUtah Board of Trustees Approves New Governing Bylaws
October 22, 2024
The Economic Development Corporation of Utah (EDCUtah) has officially joined the Salt Lake Chamber organization. This announcement comes after a vote of the EDCUtah Board of Trustees on Oct. 8 to adopt new governing bylaws.
“This milestone is the result of a lot of hard work by EDCUtah staff and board leadership, and we are excited about the future,” said Scott Cuthbertson, president of EDCUtah. “We worked diligently over the last few months to create the governance structure to support EDCUtah’s combination with the Salt Lake Chamber. We’re thrilled with the advantages we’re already seeing and the opportunities ahead.”
In July, the boards of both EDCUtah and the Salt Lake Chamber agreed to move forward with a framework and process for the combination. The goal of the combination is to create a unified and powerful approach to statewide economic development that improves outcomes and increases Utah’s prosperity.
“This change isn’t just about better coordination,” says Derek Miller, president and CEO of the Salt Lake Chamber. “It will increase the effectiveness of both our organizations, especially in the areas of statewide economic development strategy, planning, and execution.”
For nearly 40 years, EDCUtah has operated as a private non-profit organization that supports businesses with the resources they need to relocate or expand their operations in Utah. Joining the “family of teams” at the Chamber offers EDCUtah an incredible opportunity to enhance its brand and mission while adding to and benefiting from the Chamber’s large statewide base of business and community leaders.
EDCUtah will maintain its name and brand, and EDCUtah and the Salt Lake Chamber will remain distinct organizations with defined missions, unique services, and separate financial accounts. EDCUtah remains Utah’s primary point of contact for site selectors and corporate decision-makers. We will continue to offer quality business expansion and relocation services, best-in-class economic research and data, and partnerships with public and private sector organizations across Utah.
EDCUtah’s Board will continue to operate as the organization’s governing body.
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For additional information or to schedule an interview, please contact us.
Building Together: Tooele City Feels Like Home to Central States Manufacturing
October 22, 2024
Manufacturing is a significant growth sector for the Utah economy thanks to companies like Central States Manufacturing. The company announced an expansion in Tooele City in June 2023, after working with EDCUtah and several Utah partners to evaluate locations for their next manufacturing facility.
An employee-owned business headquartered in Arkansas, Central States produces metal building components for residential, commercial, and agricultural projects. We caught up with CEO Jim Sliker to learn more about the company’s values and why it selected Utah and Tooele City for its expansion.
What prompted Central States’ expansion into Utah?
We’ve got big growth goals, and we’ve been blessed with results. When I stepped into this role, we had revenues of $265 million. This year, we’re going to close around $900 million in revenue. We doubled the number of our locations, and we’re expanding our reach regularly. We also reached a point in our business where we have enough sales west of the Rocky Mountains to support a western expansion.
We narrowed our western expansion down to three states, and we ultimately selected Utah for two reasons: Utah offers valuable logistics advantages, and we felt we could be successful hiring in Utah. In this day and age, the hardest thing about growing a company is securing and retaining talent.
What’s your experience working with the EDCUtah, Tooele City, and others?
From the very beginning, we experienced successful and open dialogue with everyone from EDCUtah, Tooele City, and other parties. I’ve been able to talk about our needs, concerns, and constraints openly and honestly. All parties are interested in finding win-win solutions, and we continue to receive support as we establish operations.
Tim Ruger, our business unit president over the facility, and I put boots on the ground to get feel for the communities we were considering. I met with Tooele City Mayor Debbie Winn, her team, and other community partners. A local company was kind enough to show us their operations. I also participated in a local community service project.
I was super impressed with Tooele City Mayor Debbie Winn. She truly cares about her constituents, and she wants to improve their well-being. She is a partner with businesses, easy to work with, and very transparent.
Tooele fits our culture, and everybody I met had that “own it, can do, act in love” mindset. We thrive in small towns – and it’s also a growing area, so the number of potential candidates is there. After the visit, Tim and I looked at each other and said, “This feels like home.”
When do you anticipate the Tooele facility to be up and running?
This plant is our 12th U.S. manufacturing facility, and it will be one of our largest at approximately 115,000 square feet. It will support our full product line for current large customers and new partners from the Rocky Mountains to the Pacific. Over the next five years, the company plans to invest over $25 million in the facility. It will have the capacity for three operational shifts, like most of our plants.
We named Jered Chandler the Tooele plant manager in September. Our current plan of record is to commission the site in May. In late March, we hope to do an open house, introduce ourselves to the community, do a big service project, and hold a recruiting fair. We might even do something fun like a community cookout.
We want to introduce ourselves and give people an understanding of who we are and what we’re about. We would then start hiring. Our commitment to Utah is to hire 150 jobs over the next five years. We’ll start out with a single shift of operation, but I’m excited to see that grow over five years, and I’m very optimistic about the plan we’ve got together. We’re happy to be part of the Utah family.
Tell us more about what it means to be employee-owned.
We’re a purpose-driven company. Our purpose is to provide well-being and financial freedom for employee owners and their families. We really live by it. It’s our true north. Part of this approach requires a meaningful compensation and benefits programs. It also takes training and development to help employees be all they can be and to find satisfaction in their jobs.
Employee ownership is our primary vehicle to financial freedom. We all have skin in the game and a stake in the outcome. Employees are an owner on day one of employment. At the end of every year, our share price is determined by a third-party, independent, unbiased trustee. Our employees get a contribution of stock, based on a percent of their earnings.
This keeps us focused on customer service. We operate in line with our values, and so that we can successfully grow the business and the share price—which accumulates wealth for all the employee owners.
Our values can be described in three simple phrases: Own It, Can Do, Act in Love.
We have a commitment to the customer, the company, and each other before self in that order. We’re trying to make raving fans out of our customers by being easy to work with, having a high degree of quality, and caring about our customer’s business as much as we care about our own.
We want to be reliable and do good work. We’re not perfect by any means. There are going to be constraints, there will be things that go wrong, and there will be things we don’t do well. We understand the need for change and we’re open to it. We take pride in what we do, and we try to understand root causes to get better.
We delegate the decision-making authority to the frontline employees who serve our customers. Our people can determine pricing, address issues, and approve reimbursements. We trust the owners to do a good job for customers.
When our customers visit our plants, the first thing they notice is that our people care about their work and the people around them. Our customers love their delivery drivers, they love their inside-sales people. That’s because we also strive to act in love. The word love for us is an everyday feeling. With every interpersonal interaction we have, either inside the company or externally, we get to choose how we act. We choose patience, kindness, and humility.
Those are our values, the foundational pillars of our culture—and that’s what makes us special.
How does being employee-owned impact the company’s goals and strategy?
Central States is the first company that I’ve worked for that’s employee owned. I’ve been here 11 years, but I don’t think my personal strategy has had to change. My philosophy and actions—transparency in the business, sharing all the scorecards, communicating financial results to all staff—already align with employee ownership. It’s my job to serve the people here.
The biggest difference is that when we set strategies, we evaluate whether it will help us provide well-being and financial freedom for employee owners and their families.
We have never had a layoff, nor would we ever, unless it was to truly protect the company from catastrophic conditions. We’re in the construction industry. It is very cyclical, and we go through ups and downs. But during COVID-19, for example, we never even talked about layoffs. That creates some challenges in the business in how we deal with business cycles.
The other big change for me is the passion. I love that people in this company speak freely. They challenge the business. They challenge me. That creates such a great dynamic inside the organization.
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“Building Together” highlights examples of the collective impact of your investment and EDCUtah’s work in communities across the state.
For additional information or to schedule an interview, please contact us.
