A Price-based electrical power equipment company will expand in that city, adding 289 high-paying jobs over the next few years.
Intermountain Electronics Inc. made the announcement after being approved for a state tax credit incentive by the Governor’s Office of Economic Development board, which had its July meeting in Park City.
Company Chairman John Houston noted that rural Utah has a low unemployment rate. “As we move forward, we’re going to have some big challenges in developing that workforce and developing that skillset that’s needed there,” he told the board. “Our confidence level is way up there. We feel like this is something that we can do. But again, it’s going to be a learning curve. It’s going to be a big learning curve for Carbon County.”
Founded in Price in 1985, Intermountain Electronics designs and manufactures custom power distribution equipment for industrial customers. The company originally serviced the coal mining industry in Carbon and Emery counties but has diversified by adding customers in the oil and gas, utility, renewable energy and data center sectors. The company has more than 250 employees; manufacturing facilities in Price; Denver; Centralia, Illinois; and South Point, Ohio; and service centers in six locations.
“This is, by far, the most impactful, largest project for rural Utah that I’ve worked on in the five years that I’ve been here, so we’re really excited about it,” Thomas Wadsworth, GOED associate managing director, told the board. Wadsworth described the company as “a mainstay in Eastern Utah for a long time:” and said the 289 jobs will have “a tremendous impact” on Carbon County.
Utah competed with Denver for the $12.5 million project, which will have manufacturing and engineering jobs paying an average of $71,000.
The project is expected to result in new wages of $251.6 million over 15 years and new state tax revenue of nearly $21.6 million during that time. The tax credit is nearly $6.5 million.
“We have deep roots in Carbon and Emery counties and are excited to proceed with this expansion in Price,” Phil Blackburn, CEO, said in a prepared statement. “While we have other facilities outside of Utah that we considered for this expansion, the strong interest and collaboration from officials at both the county and state level helped us become comfortable with proceeding here. We have other challenges ahead, including growing our local staff. The support from both Carbon and Emery counties and the state of Utah gave us confidence that we have strong local partners to address these challenges going forward.”
Jerry Oldroyd, GOED board chairman, said the incentive is a model for rural Utah. “It’s a company that was developed in Price, Utah,” he told the board. “It was brought to us by the local community. The local community has been heavily involved in bringing it to Salt Lake and getting this thing finished; it’s been a tremendous partner with the state. And it’s in rural Utah, which has been an emphasis, as you know, from both the Legislature and the governor’s office for as long as I’ve been on this board, which is close to 20 years. … This is how it works. This is how it should work.”
Mel Lavitt, chairman of the GOED board’s incentives committee, said the project is noteworthy because “it helps keep people in Price, Utah.”
In a prepared statement, Larry Jensen, Carbon County commissioner, said the company’s expansion “is vital to the future of our local economy.”
“The scale of its expansion will ensure many of our children will not have to leave for employment and other local businesses will see growth as demands for products and services increase. We are very grateful to the Houston family and the Intermountain Electronics staff for their investment in our community, and we are committed to supporting their efforts well into the future.”
Gov. Gary Herbert said expansions like Intermountain Electronics’ “go a long way in creating valuable jobs and opportunities” in rural Utah.
“The vitality of rural Utah’s economy depends on the commitment of local entrepreneurs, like John Houston,” said U.S. Sen. Mitt Romney, R-Utah. “I am grateful for John’s commitment to creating jobs in Carbon County with the expansion of Intermountain Electronics. His investment in Eastern Utah will have a lasting impact on the community for generations to come.”
“This is a regional win for Carbon and Emery counties,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Intermountain Electronics weighed expansion options in neighboring states, but the counties, Utah State University and the local school districts demonstrated the resources and commitment to workforce development that the company appreciated.”