Vision Statement Utah will lead the nation as the best performing economy and be recognized as a premier global business destination.
GOED takes a three-pronged approach to realizing Governor Herbert’s economic vision: BUSINESS OUTREACH & INTERNATIONAL TRADE • Works to identify and leverage specific industries and business “clusters” where Utah has competitive advantages. • Assists emerging and rural companies with business needs. Encourages development of Utah’s physical infrastructure and facilitates networking, access to human capital and financing sources. • Through the International Trade and Diplomacy Office, conducts activities such as trade missions to encourage expansion of international business opportunities for Utah companies and to attract foreign investment. CORPORATE RECRUITMENT & BUSINESS SERVICES • Focuses on retention and expansion of existing Utah companies, and the recruitment and relocation of new companies to the State. • Works with existing small businesses to generate opportunities by engaging with local PTAC and BRC offices.
GOED Values • Utilizes incentives to companies, in the form • Work for Utah with integrity of post-performance • Drive change and continuous improvement grants and tax credits, • Coordinate and collaborate with partners for success which are contingent • Maintain the momentum of Utah’s “dynamic economy” upon the creation of • Be the best at what we do new jobs and the generation of new state tax revenue. Incentives are post-performance, disbursements made only after the company meets contractual performance metrics. • Incentives for film production have also become a determining factor in building the economic base of the Utah film industry. TOURISM, FILM & GLOBAL BRANDING • Focuses on publicizing Utah to key domestic and international markets through trade shows, sales missions and familiarization tours. • Promotes Utah to create a positive brand for the State, which attracts new businesses and assists Utah companies as they seek to market new technologies, increase international trade and generate economic activity. • Creates opportunities for production companies to utilize Utah’s scenic backdrop and skilled workforce for film, television, commercial and other uses.
2
Governor’s Office of Economic Development • Annual Report • www.business.utah.gov
