Governor’s Office of Economic Opportunity

What Governor’s Office of Economic Opportunity does

Governor's Office of Economic Opportunity (GOED), also operating as the Governor's Office of Economic Development, is Utah's lead state economic development agency operating under Governor Spencer Cox. The agency was founded in 2006 and is headquartered at 60 East South Temple, Suite 300 in Salt Lake City. GOED administers nine core program divisions spanning business recruitment and expansion (including EDTIF and REDTIF post-performance tax credits of up to 30-50% of new state revenues), the APEX Accelerator (DoD-funded government contracting assistance covering all 29 Utah counties through seven regional offices), the Center for International Business and Diplomacy (40+ diplomatic visits annually, partnerships with World Trade Center Utah), the Center for Rural Development (Rural Opportunity Program, Rural County Grant, Rural Communities Opportunity Grant, Rural Employment Development Incentive), the Utah Center for Global Talent (foreign labor pathways, New Americans Task Force), Workforce Services (Utah Works, Custom Fit, Talent Ready Apprenticeship Connections), the Startup State Initiative, the Utah Film Commission, the Utah Office of Tourism, the Community Initiatives housing and transit zone programs (HTRZ, FHIZ, MSEVZ, RSDZ), and—effective July 1, 2026—the Division of Housing and Community Development. As of FY2025-2026, GOED also coordinates the UPSTART in-home kindergarten readiness program delivered through Waterford.org.

GOED's business model is that of a state government agency, not a commercial enterprise. The office receives annual appropriations from the Utah State Legislature and administers a portfolio of post-performance tax credits, competitive grants (e.g., up to $200,000 Economic Assistance Grant launching Fall 2026), and the Utah Small Business Credit Initiative. Revenue mechanics are therefore appropriation-driven rather than market-driven, with no external shareholders and no investor returns; instead, "returns" are measured in jobs created, capital invested, exports generated ($17.4 billion in goods in 2023 from 3,500+ Utah exporters), and companies recruited or retained. Technology usage is operational rather than productized: APEX Accelerator runs a proprietary bid-matching email notification system keyed to NAICS codes and keywords against federal solicitation portals, GOED publishes an interactive Utah Opportunity Zone Map across 37 census tracts, and the agency licenses third-party tools including the LYNX Alliance defense-market platform and the CONNEX public-private manufacturing-partnership database.

Name

Governor’s Office of Economic Opportunity

Legal name

Governor's Office of Economic Development (GOED)

Website

https://business.utah.gov

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Governor's Office of Economic Opportunity (GOED) is Utah's lead state economic development agency, administering tax incentives, grants, workforce, rural development, international trade, and (as of July 2026) housing programs across all 29 Utah counties.

Ownership category

akta.pro rank

Product category

Government Economic Development Services

NAICS

Administration of General Economic Programs (92611), Public Administration (92)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Trade, Industry & Economic Development Administration (BPAIAAAL)

Keywords

• Economic development services
• Government tax incentives
• Workforce development programs
• Government contracting assistance
• Rural community grants

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others, Technology or R&D, Infrastructure

Revenue model

1. Government Funding & Appropriations: GOED operates as a state government agency funded primarily through Utah State Legislature appropriations. The office receives annual budget allocations to manage various economic development programs and initiatives.
2. Tax Increment Financing Administration: GOED administers Economic Development Tax Increment Financing (EDTIF) and Rural EDTIF programs that provide post-performance tax credits to incentivize business expansion and job creation in Utah.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

The Governor's Office of Economic Opportunity (GOEO) is a state government agency that manages, develops, and sustains Utah's economic development services. It administers financial incentive programs (EDTIF/REDTIF tax credits, technology and life science tax credits), grants (Rural County Grant, Economic Assistance Grant up to $200,000), workforce development programs (Custom Fit, TRAC apprenticeships), government contracting assistance (APEX Accelerator), international trade and diplomacy services, rural development programs, housing and community development, tourism promotion, and film commission incentives for productions.

Product overview

The Governor's Office of Economic Opportunity (GOED) operates as a comprehensive government economic development agency offering a portfolio of interconnected programs, services, and initiatives rather than a unified software product. The core offerings include: APEX Accelerator for government contracting assistance, Startup State Initiative for entrepreneurship support, Utah Center for Global Talent for immigration workforce services, Center for Rural Development with various grant programs, Business Recruitment and Expansion with EDTIF/REDTIF tax incentives, Community Initiatives for housing and development zones, Division of Housing and Community Development, Utah Office of Tourism, Utah Film Commission, UPSTART early education program, Workforce Services including Custom Fit and apprenticeship programs, and the One Utah Summit annual event. The agency provides these services through direct counseling, grant programs, tax credit incentives, and strategic partnerships rather than through a traditional software platform.

Differentiator

Problem solved

Functional benefit

Products and services

• APEX Accelerator

Quantifiable outcome

• Population more than doubled since 1990, leading nation in real GDP growth, social capital, and upward mobility with lowest poverty rate in country
• +3 more outcomes

Named customers3 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Twelve partnerships are on record, tiered core, major and minor.

• Waterford.orgcoreImplementation/ SI/ Consulting PartnerWaterford.org executes the UPSTART Program as a vendor to the state of Utah. UPSTART is an in-home, technology-delivered kindergarten readiness program for preschoolers providing individualized reading, mathematics, and science curriculum.
• National APEX Accelerator Alliance (NAPEX)coreStrategic or Co-development PartnerGOED is a proud member of the National APEX Accelerator Alliance (NAPEX), a network supporting APEX Accelerator programs across the nation.
• LYNX Alliance / Department of War Office of Small Business ProgramscoreTechnology or IntegrationLYNX ALLIANCE is a dynamic, all-in-one digital platform designed to empower businesses with tools, connections, and insights needed to accelerate success in defense and other federal government markets.
• World Trade Center UtahcoreStrategic or Co-development PartnerGOED partners with World Trade Center Utah to oversee the state's international business promotion activities, including trade missions, trade shows, business workshops, and grant opportunities.
• British Consulate in Los AngelesmajorStrategic or Co-development PartnerGOED established four working groups with the British Consulate in Los Angeles to execute the UK MOU, focusing on procurement and trade barriers, aerospace and defense, academic collaboration and workforce development, and health and life sciences.
• Envision Utah and RCLCO Real Estate ConsultantsminorImplementation/ SI/ Consulting PartnerGOED selected Envision Utah and RCLCO Real Estate Consultants to analyze housing capacity by evaluating land availability, infrastructure constraints, and market projections across Utah.
• World Education Services (WES)majorStrategic or Co-development PartnerGOED is a Utah cohort for the Skilled Immigrant Integration Program in partnership with World Education Services, helping internationally trained professionals integrate into Utah's workforce.
• The Center for Economic Opportunity and Belonging (CEOB)coreImplementation/ SI/ Consulting PartnerCEOB provides day-to-day operations for the Utah Center for Global Talent's programs, including collaboratively managing the New Americans Task Force, through a public procurement process during FY2025-2026.
• Utah System of Higher EducationcoreStrategic or Co-development PartnerGOED partners with Utah System of Higher Education for workforce programs including Custom Fit training, Talent Ready Apprenticeship Connections (TRAC), and career pathway initiatives.
• Utah Inland Port AuthoritymajorStrategic or Co-development PartnerUtah Inland Port Authority (UIPA) Project Areas transform Utah into a premier global trade and logistics hub with multi-modal transportation access, reducing supply chain costs and enhancing efficiency.
• The Point DevelopmentmajorStrategic or Co-development PartnerThe Point is a 600-acre state-visioned and private-sector-driven development recognized as the 'most strategic infill development in America', catalyzing regional business, technology, and innovation between Utah's two most populous counties.
• Southern Utah University (SUU)majorStrategic or Co-development PartnerStarting in 2025, the One Utah Summit hosts a once-a-year three-day event at SUU every October, partnering with trade associations for specialized conferences.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Texas Economic Development Corporation: Public-private partnership supporting Texas economic development through business recruitment, incentives, and marketing. Directly comparable to GOED in mission (state-level business attraction and retention) and structure (state-affiliated entity administering incentives and promoting state competitiveness).
• Tennessee Department of Economic and Community Development: Tennessee's primary economic development agency administering FastTrack grants and tax credits, rural development, and business recruitment. Directly comparable mission and function as a state-level economic development department.
• California Governor's Office of Business and Economic Development (GO-Biz): California's lead economic development agency under the Governor, administering tax credits, small business assistance, and international trade promotion. Directly comparable as a state-level economic development office with similar program portfolio (incentives, small business support, international trade).
• Arizona Commerce Authority: Arizona's public-private economic development organization administering tax incentives, workforce programs, and rural broadband initiatives. Comparable as a state-affiliated economic development entity with similar geographic and economic positioning to Utah.
• Indiana Economic Development Corporation (IEDC): Indiana's lead economic development organization administering tax credits, grants, and workforce programs for business attraction. Directly comparable state-level economic development authority structure to GOED.
• North Carolina Department of Commerce: North Carolina's primary economic and community development agency overseeing business recruitment, workforce development, rural development, and international trade. Directly comparable as a state-level economic development authority.
• Georgia Department of Economic Development: Georgia's lead state economic development agency with comprehensive programs spanning business recruitment, international trade, tourism, film, and small business support. Directly comparable in scope and program breadth to GOED.
• Colorado Office of Economic Development and International Trade (OEDIT): Colorado's principal economic development agency administering tax incentives, film commission, tourism, and international trade programs. Directly comparable structure to GOED with overlapping program areas (business recruitment, tourism, film, rural development).
• Florida Department of Economic Opportunity: Florida's principal economic development agency administering business recruitment, workforce development, and rural economic programs. Directly comparable state-level economic development authority structure.
• Nevada Governor's Office of Economic Development (GOED): Nevada's lead economic development agency administering tax abatements, workforce programs, and business recruitment. Directly comparable as a state-level economic development agency sharing the GOED acronym and similar regional economic positioning.

Market position

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/businessutah
• Facebookfacebook.com/UtahGOED
• Instagraminstagram.com/utahgoed

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Governor’s Office of Economic Opportunity