EDCUtah recently conducted an economic impact analysis for all of its FY 16-17 project wins.
According to the analysis, the 34 projects will stimulate the economy with billions of dollars in jobs and capital investment over the next 10 to 20 years.
By looking at industry benchmark job and sales multipliers on a country-level, EDCUtah was able to estimate the impact for each project win. The economic impact is based on new jobs, capital investment and compensation and the results provide insight into both direct and indirect impact. Direct impact is the committed jobs, wages, and capital investment from projects, while the indirect impact is associated jobs and sales that will be added to Utah’s economy in order to support the new businesses, such as supply chain jobs.
According to the data, Utah will see a direct impact of 9,483 new jobs over the next 10 to 20 years, and a total impact (direct and indirect) of 24,237 new jobs as a result of the 34 project wins. The compensation and wages for these jobs have a direct impact of $641,222,821 and a total impact of $1,453,665,293. Overall, the direct capital investment in Utah is estimated at $915,900,000 while the total capital investment impact reaches $4,744,429,183.
EDCUtah President and CEO Theresa Foxley commented on the successful year. “The EDCUtah team has put in extensive legwork to recruit new businesses to Utah and retain the growth of our amazing local companies. These relocation projects, in combination with company expansions, will provide significant positive impact on the Utah economy,” said Foxley. “I am grateful for the hard work of everyone on ‘Team Utah’ that contributed to these 34 project wins.”
While this impact will be spread across multiple years, Utah is already seeing a positive economic impact from the new businesses in terms of hiring and capital investment. EDCUtah looks forward to seeing all of the committed jobs and capital investment come to fruition and the positive impact they each will have on Utah’s economy.