Utah has been a tech destination for years, with companies like eBay EBAY +0.65%, Oracle ORCL +0.00%, Microsoft MSFT +0.00% and Twitter TWTR +1.18% building up a heavy presence in the state as a low-cost alternative to California. However, the tech scene is evolving in Utah. “Places like Salt Lake City have been successful as the back office to Silicon Valley, but because of investments the talent pool has improved over time and now they’re ready to provide the workforce for more complex operations,” says Jeff Lessard who works with Cushman & Wakefield clients on their occupancy and location strategies.
Venture capital firms invested $801 million across 43 deals in Utah in 2014, according to the MoneyTree Survey compiled byPricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters. The total is more than three times the average of the previous four years in Utah. At $18.6 million per deal, the average investment is second highest behind only Florida and the per capita investment is third behind California and Massachusetts.