Utah has emerged as an attractive destination for investors in recent years, thanks to its business-friendly policies, skilled workforce, and thriving innovation ecosystem. This article explores four promising sectors that present lucrative investment opportunities in Utah – technology, life sciences, tourism & hospitality, and real estate. With over 50,000 startups and fast-growing companies, access to world-class research institutions, a booming tourism industry, and hot real estate markets, Utah offers tremendous potential across diverse sectors for enterprising investors.
Utah’s Vibrant Technology Sector Presents Abundant Opportunities
The technology sector has exploded in Utah, anchored by Silicon Slopes in the northcentral part of the state. Home to over 8,800 startups and tech companies like Qualtrics, Pluralsight, and Ancestry, Utah’s tech scene is buzzing with activity. Areas like software, SaaS, fintech, cleantech, aerospace, and more are seeing tremendous growth and innovation. For investors, Utah’s tech sector offers exciting early-stage and growth equity opportunities across high-potential startups and emerging leaders.
Life Sciences Innovation Driving New Company Formation
With world-class research institutes like the University of Utah and burgeoning biotech activity, Utah has nurtured a thriving ecosystem for life sciences innovation and commercialization. Hundreds of promising biotech, medical device, and health IT startups are pioneering cutting-edge R&D, attacting significant investor interest. Subsectors like precision medicine, genomics, regenerative medicine, diagnostics, and digital health present abundant deal flow given Utah’s supportive startup infrastructure.
Tourism and Real Estate Fuel Economic Growth
Beyond its technology prowess, Utah leverages its natural assets to drive growth in tourism, hospitality, construction and real estate. Tourist spending has surged over 30% in the last decade, reaching $10 billion in 2019. With 5 national parks and 14 ski resorts, tourism activity entices hospitality investments across lodging, attractions, retail and restaurants. Additionally, with in-migration rising over 50% since 2010, real estate and construction present attractive investment plays for Utah’s flourishing residential and commercial markets.
Business-Friendly Environment Supports Investor Success
Undergirding Utah’s sector growth is a pro-business state government that actively courts outside investment. With incentives like the EDTIF tax rebate, the Utah Capital Investment Board providing early stage capital, and the USTAR tech commercialization initiative, the state encourages business formation and expansion. Combined with competitive tax rates, right-to-work legislation, and a highly skilled workforce, Utah rolls out the red carpet for investors betting on its future.
In summary, Utah provides a target-rich environment for promising investments given its vibrant startup ecosystem, research leadership, tourism appeal, and supportive pro-business climate across diverse sectors like technology, life sciences, hospitality and real estate.