Utah's 10-year economic development plan unveiled

Utah has a new statewide strategic economic development plan, one that Gov. Spencer Cox says is committed “to finding new ways to drive creativity, innovation and experiences that draw the world here.”

At a recent ceremony at the Utah Capitol, Cox and the Governor’s Office of Economic Development unveiled the 10-year plan, dubbed “Utah Elevated,” a play on the state’s “Life Elevated” slogan.

The plan aims to create “a more coordinated, outbound economic development posture for Utah and GOED,” with GOED assuming a central role in coordinating statewide economic development projects.

“We have to be committed and coordinated collectively — all of us together — to act as skilled Sherpas — a guide for investors, innovators and businesses that drive our state forward,” Cox told the audience. “And crucially, we need to act in a way for opportunities from outside our state, be it a company relocating or expanding, a foreign direct investment or a deeper partnership with another country. Make no mistake about it: We are in a competition with other states and other nations for financial capital, talent and business investment.”

Cox said that Utah faces both economic tailwinds and headwinds, and that the state government needs to “create the right environments” for business growth.

Jefferson Moss, formerly executive director of the previously named Governor’s Office of Economic Opportunity and now commissioner of GOED, said Utah is doing well economically and that the new plan came from input and feedback from businesses. The governor, he said, wanted “an actionable, measurable plan.”

GOED’s charge is to convene, with the right people discussing issues; to connect the right people with the right resources; and to catalyze, or how to help support businesses.

The vision focuses on three areas: innovation, including deep tech, energy and aerospace and defense, where Utah already is leading; the creative economy, in the form of film and other arts; and the experience economy, including outdoor recreation and events.

As listed in a 54-page booklet available at the event and now online at business.utah.gov/utahelevated, GOED is charged with leading coordination efforts to develop an action plan to establish those three elements as core pillars of Utah’s economic development ecosystem, and to ensure coordination among state agencies that touch those economies.

“It’s certainly a time of uncertainty in so many ways, but in times of uncertainty, in times of difficulty, that’s where opportunity exists, where states like us get a chance to really shine and to thrive.”

The plan also establishes the 2034 Olympic and Paralympic Games as “a natural runway and catalyst of critical priorities. Utah will once again return to the global stage, expanding the awareness of our state globally.”

The Games, it says, will be used to accelerate international business attraction and target foreign direct investment from trade mission markets, global family offices and others. The Olympics also will be
“a deadline to support the narrative for generational infrastructure investments such as transit and community connectivity.”

The plan also includes goals and measurements, among them tasking GOED to reach:

• An annual job growth rate of 2 percent or higher by 2030 and 2.5 percent or higher by 2035. The 2026 baseline figure is 1 percent.

• Nonfarm employment of 2.15 million by 2030 and 2.4 million-plus by 2035. It’s about 1.93 million now.

• Sustaining Utah’s top ranking for median household income, currently at $98,336.

• Business recruitment wins of 20-plus by 2030 and 30-plus in 2035, above the 15 in 2026.

• Annual goods exports of $28 billion by 2030 and $35 billion-plus by 2035. The 2025 figure was $22.4 billion.

During the event, Cox ceremonially signed legislation related to economic development, including the GOED name change, the establishment of an Economic Development Council, and changes to state permitting and workforce development.

“It’s certainly a time of uncertainty in so many ways, but in times of uncertainty, in times of difficulty, that’s where opportunity exists, where states like us get a chance to really shine and to thrive,” Cox said.

The governor noted several Utah economic advantages, including “the homegrown entrepreneurs that have made this place so special” and social capital that results in systems that build trust. Companies considering Utah for their operations, he said, will find a state with a high GDP, a booming tech ecosystem, a diverse economy, people who are “really nice” and speak many languages, a state still small enough that one can meet high-level officials but big enough that have direct flights to foreign locations, and a state where it’s easier to get through the process to invest.

“And then it becomes the easiest decision they’ve ever had,” Cox said. “They can’t believe they ever thought of going anywhere else.”