spot_img

Beyond Silicon Valley: Utah Emerges as Best Bang for Buck in US Expansion

Episode 2 of 6: Salt Lake City Region

For UK and European tech and digital scale-ups evaluating US expansion in 2025, Utah offers a compelling proposition backed by consistent top rankings for business success. In this focused episode from GTM Global’s comprehensive US regional showcase, David Carlebach from the World Trade Center Utah and Wayne Coleman, principal at C3 Associates, reveal why the state’s dynamic business ecosystem deserves serious consideration for your US market entry strategy.

The Best Bang for the Buck

Consistently rated among America’s top business destinations, Utah presents a unique value proposition that David Carlebach, having led Goldman Sachs’ expansion into what became their second-largest US office, describes as “the best bang for the buck.” The state combines reasonable operating costs with outstanding workforce quality and accessibility at the crossroads of the American West.

Key Advantages of Expanding to Utah

Key advantages include:

  • Youngest population in the country
  • Fastest growing state by population
  • Highly educated workforce
  • Most diverse state economy by industry representation
  • New $4.1 billion international airport with Delta hub
  • Direct flights to Europe and new Seoul connection for Asian access

Key Industry Sectors

The state’s commitment to diversified economic growth is evident across several thriving sectors:

  • Advanced Manufacturing: Including Northrop Grumman’s $13 billion Sentinel program
  • Life Sciences: Long-term leadership in medical devices through companies like Merit Medical
  • Financial Services: Home to major operations including Goldman Sachs’ 3,000-employee presence
  • Technology: Strong SaaS sector with growing commitment to AI development

Foreign Trade Zone Program: A Standout Feature

A standout feature is Utah’s foreign trade zone program, administered by World Trade Center Utah, offering significant advantages for international companies. As Wayne Coleman explains, the program allows companies to reduce or eliminate duties on imported components used in US manufacturing, providing substantial cost savings for operations.

Major Catalysts for Utah’s Bright Future

The state’s future looks particularly bright with several major catalysts on the horizon, including:

  • New NHL club
  • New baseball franchise
  • 2034 Winter Olympics
  • $100 million state funding for AI research and development at the University of Utah, a boost for the Utah startup environment and Utah tech ecosystem

A Proven Market for International Businesses

For UK and European companies interested in exploring Utah’s international business opportunities, the state offers a consistently business-friendly environment, strong infrastructure, and a proven track record with international businesses. The combination of reasonable costs, quality workforce, and strategic location makes Utah an increasingly attractive alternative to traditional coastal hubs.

US Market Entry Insights: A Comprehensive Panel Discussion

This episode is part of a comprehensive panel discussion featuring six dynamic US regions, each offering unique advantages for international companies. The full session, hosted by Mark Stimpfig and Ian Collins of GTM Global, provides insights into alternative locations for US market entry, supported by Frazier and Deeter’s expertise in US tax and business regulations, and Ryuken Capital offering access to debt finance and investment capital. You can watch the full panel discussion here.

Author

Ian Collins
Ian Collinshttps://www.gotomarket.global/
Ian Collins, with an extensive background spanning over 30 years in business development and general management, co-founded GTM Global in 2015. His experience encompasses hi-tech industries such as security, artificial intelligence, business intelligence, and enterprise software solutions. In his career, Ian has started several tech companies, overseen two corporate ventures, executed a management buy-in, and led two business turnarounds. He has also been involved in buying, selling, and merging various of his companies, and has achieved two successful business exits. Ian's expertise is particularly focused on business growth strategies and leading-edge proposition development.

Share