# Utah Governor’s Office of Economic Development Utah Governor’s Office of Economic Development is a Government Agency based in Salt Lake City, United States. ## Overview - **Organization type:** Government Agency - **Headquarters:** Salt Lake City, United States - **Region:** North America - **Address:** Salt Lake City, UT, United States - **Founded:** 1967 - **Assets under management:** Undisclosed - **Website:** business.utah.gov ## Regulatory record - **Reports private funds:** No ## About Utah established its formal economic development agency in 1967, consolidating efforts under the Governor’s Office of Economic Development (GOED) in 2005. The agency is led by Executive Director Dan Hemmert, who took the role in 2021 after serving as a state senator. The office operates through divisions including Business Services, Rural Development, and the Utah Office of Tourism — all focused on diversifying the state’s economy beyond its traditional mining and agriculture base. GOED’s primary deployment tool is the Economic Development Tax Increment Financing (EDTIF) program, which offers post-performance tax credits for job creation and capital investment. The agency has used these incentives to attract major operations from technology companies such as Adobe (the company’s largest campus outside headquarters, established in 2016), Goldman Sachs (a large operations center in Salt Lake City, opened 2000), and eBay (significant presence since the 2000s). It also targets aerospace and defense sectors, with Northrop Grumman and Boeing maintaining substantial Utah operations facilitated by state incentives. GEODE’s portfolio includes rural business development grants, although the specific investment figures are not publicly disclosed. The agency reports directly to Governor Spencer Cox. GOED works alongside the Utah Legislature, which approves incentive budgets annually. The office has a staff of approximately 60 professionals (per state workforce data). In 2023, Utah was ranked the top state for economic performance by the Milken Institute for the third consecutive year, citing GOED’s policies as a key driver. What distinguishes GOED from a typical family office or investment firm is its public mandate: it uses taxpayer-funded incentives, not private capital, and its “return” is measured in jobs and tax base growth, not financial IRR. Its incentive agreements require companies to meet specific job and wage targets to receive credits, a structure that shifts risk to the private participant. ## Sectors - Economic Development - Infrastructure - Technology - Life Sciences - Aerospace & Defense - Energy - Manufacturing ## People - Dan Hemmert — Executive Director - Ryan Starks — Managing Director of Business Services ## Questions ### What sectors does GOED specifically target for business development? GOED publicly targets high-growth sectors including technology (software, data centers), life sciences (medical devices, biotech), aerospace and defense, energy development (including renewables), and manufacturing. The agency’s “Utah’s Industry Clusters” reports highlight these as priority areas, with recruitment often focusing on companies that bring high-wage jobs. Per state economic development documentation, the agency also supports rural industries like agribusiness and outdoor products. ### Does GOED provide direct financial investment or equity in companies? No. GOED does not invest equity or provide venture capital. Its incentives are exclusively tax credits and grants tied to performance. The agency’s tools are designed to offset company costs on condition of job creation and capital expenditure, as verified by the Utah Tax Commission. Private capital partners like the Utah Science Technology and Research Initiative (USTAR) administer separate state-funded innovation programs. ### Who oversees GOED and its decisions? The agency is led by an executive director appointed by the Governor, currently Dan Hemmert. Major incentive agreements require approval by the Governor’s Office of Economic Opportunity Board, which includes legislative leaders and private-sector appointees. The Utah State Legislature sets annual budget allocations for GOED’s program budgets (per state code 63N-1-201). ### How does Utah’s GOED compare to other state economic development agencies? Utah’s GOED is known for its “post-performance” incentive model, meaning companies must first meet job and wage targets before receiving tax credits. This contrasts with states like New York or Texas that sometimes offer upfront incentives. Utah has been consistently ranked top in economic outlook by ALEC and the Milken Institute, attributing part of the performance to GOED’s cautious use of public funds (per Milken Institute’s 2023 Best Performing Cities report). ### What is the agency’s track record on job creation? GOED’s EDTIF program has generated over 100,000 jobs since enactment, per state reports. For fiscal year 2024 alone, GOED reported 12,000 new jobs committed by companies receiving incentives (per Utah Economic Dashboard). Independent studies by the Utah Foundation have found that the program’s economic multiplier effect adds roughly $1.20 of state tax revenue for every $1 of tax credit granted. ## Related profiles - [The Boulevard Investment Group](https://altss.com/profile/the-boulevard-investment-group) - [The Signature Memorial Group](https://altss.com/profile/the-signature-memorial-group) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/utah-governors-office-of-economic-development Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology