Estimated read time: 2-3 minutes
- Stryker announced a Salt Lake City expansion that will create 862 jobs and invest over $615 million in the state.
- The state's Economic Development Tax Increment Financing program supports Stryker's expansion efforts.
- Officials highlight the expansion's impact on local economy and global medical technology advancement.
SALT LAKE CITY — Medical technology company Stryker announced the expansion of its Salt Lake City operations in a move the company said will deliver 862 new jobs and an over $615 million investment in Utah over the next two decades.
The expansion was driven by the Utah Governor's Office of Economic Opportunity awarding Stryker with a post-performance tax reduction as part of the state's Economic Development Tax Increment Financing program.
Unlike other states, Utah doesn't offer incentives up front; instead, it awards companies after performance benchmarks are met.
Utah, in October, reached a similar agreement with fintech giant SoFi Technologies for its Salt Lake County expansion.
Stryker first started expanding its Salt Lake City site with the Governor's Office of Economic Opportunity's support in 2017, with the latest expansion plans aiming to build on that in a major way.
"Life sciences are a critical engine for Utah's economy and the health of our communities," Jefferson Moss, executive director of the Office of Economic Opportunity, said in a statement. "Stryker's expansion reflects the depth of talent in our state and the strength of an industry that creates high-paying jobs while advancing technologies that improve care for people across the world."
On Stryker's end, a release from the company said the state's "strong talent pool and innovation-friendly environment" positions it as the ideal location for the company to continue advancing medical technologies.
"We are proud to have been part of Salt Lake City for almost 25 years," Jim Marucci, president of Stryker's neurovascular division, said in a statement. "By expanding our presence in Utah, we're supporting the creation of more jobs and driving innovation that improves patient outcomes in the U.S. and around the world. We're pleased to continue our partnership with the Utah Governor's Office of Economic Opportunity, which has been instrumental in supporting our growth and impact here."
Stryker's Salt Lake City location is home to advanced manufacturing, a state-of-the-art surgeon training center, a bioskills lab and many of the company's neurovascular team members.
Lorena Riffo Jenson, Salt Lake City Department of Economic Development director, described the expansion as a win for Salt Lake City families and the local economy.
"These new jobs will provide meaningful opportunities for residents while reinforcing our city's role as a hub for lifesaving innovation. We're proud to support growth that strengthens our communities and improves lives right here at home and around the world," Riffo said in a statement.
