Article No. 2: Backing Business in the 2024 Utah Legislative Session
The Legislature wrapped up its annual session on Friday with a final budget for next year of $29.4 billion. Among the millions of dollars in new funding heading out into the state are initiatives large and small to support Utah’s business community and continue driving the best state economy in the nation.
This round-up highlights programs in the critical areas of business creation and development, promotion and trade, and workforce development.
Business Creation and Development
Lawmakers looked to alleviate specific challenges business leaders and would-be entrepreneurs face, including access to capital and mentoring, industry-specific training, partnership development, and forward-thinking regulation for new innovations.
Rural Communities Opportunity Grant - This existing program will receive additional funding to advance rural economies in the state, including through business development, workforce training, and infrastructure improvements.
Utah Innovation Lab - Housed within the Utah Board of Higher Education, the lab is a fund that acts as an early-stage investor for promising Utah start-ups and also provides operational support.
Breaking Barriers - This program will offer training and support to entrepreneurs that would otherwise lack educational and mentoring resources.
Utah-MEP Alliance - The Utah Manufacturing Extension Partnerships, Utah Manufacturers Association, Utah State University, and others will receive new funds for workforce safety training programs and other support for the manufacturing industry.
Utah Advanced Materials Manufacturing Initiative - The initiative is a public-private partnership that provides no-cost support to small businesses engaged in advanced manufacturing.
Food Related Federal Grants - The Department of Agriculture is receiving additional funds to encourage economic development related to farms, including farm-to-school programs, regional food business centers, and food systems infrastructure.
Central Utah Agri-Park - The park will be a new agricultural processing hub in Juab County, with the aim of elevating family farms and other local producers, supporting economic gains and increased food security.
State Artificial Intelligence Lab Office - A new state entity housed in the Department of Commerce, the office will collaborate with businesses to develop policies for regulation of AI-related technologies, supporting innovation while mitigating downside risks.
Promotion and Trade
Seeking to elevate Utah’s companies to greater state, national, and international audiences, lawmakers supported several initiatives that raise the profile of local companies and build key connections with other markets.
Utah Tech Week - This event celebrates the success of tech in Utah, creating future opportunities for funding and partnerships.
Foreign Direct Investment Incentive - These funds will allow the World Trade Center Utah to help 370 companies explore international markets, to organize trade missions, and to develop an office in South Korea, in partnership with the University of Utah.
Utah Trade & Economy Asia Partnership - The World Trade Center Utah, the University of Utah, EDCUtah, and the Governor’s Office of Economic Opportunity are creating a new partnership to establish a trade corridor with Asia. Also based in South Korea, the partnership aims to facilitate economic development and research in the semiconductor, life science, automation, AI, and gaming industries.
Workforce Development
Businesses across industries are facing labor shortages, with low unemployment, rising wages, and increasing skills mismatch between business needs and workforce capabilities. Lawmakers supported ongoing and creative new programs to help Utah’s workforce meet marketplace demands and secure well-paying employment, while helping businesses thrive.
Talent Ready Connections - This grant program, administered by the Utah Board of Higher Education, funds innovative apprenticeship and work-based learning opportunities, in partnership with industry.
Life Sciences Workforce Initiative - Also within the Utah Board of Higher Education, the initiative provides grants to technical colleges and universities to create new micro-credentials, certificates, apprenticeships, and degrees to meet demand in the rapidly-expanding life sciences sector.
Statewide Energy Education and Workforce Initiative - The initiative will provide education and training for the future energy economy, with a focus on rural areas and engineering innovation, through Utah State University.
High-Temperature Materials Engineers for Hypersonics - By expanding degree programs at Weber State University, this effort will train students in the design and manufacturing of materials for environments that are hypersonic, nuclear, and highly-corrosive.
Student Credential Account - This State Board of Education program helps students identify their aptitudes and skills, allowing administrators to connect them to career pathways and local employers.
With its recently-passed budget, the Legislature prioritized supporting the state's thriving business community and maintaining its position as a national economic leader. Through these funding initiatives, the Legislature aims to address key challenges faced by entrepreneurs and business leaders, expand Utah's reach in domestic and international markets, and equip its workforce with the skills needed to fill in-demand jobs. These investments position Utah for continued economic success and solidify its reputation as a hub for innovation and opportunity.
Stay tuned for more round-ups of legislative action and the resulting economic impacts!
*Except where otherwise noted, these programs are usually funded through the Governor’s Office of Economic Opportunity. Reach out to the office for more information and to access funding applications.
