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Utah is becoming a well-known destination for businesses in high-tech manufacturing. GAF, along with the Governor’s Office of Economic Development (GOED) and its partners at the Economic Development Corporation of Utah (EDCU), announced that it will expand in Iron County.
The company is expected to invest approximately $40 million in purchasing and constructing its manufacturing and distribution facility.
“Utah’s manufacturing industry is the third largest sector employer in the state of Utah,” Gov. Gary R. Herbert said. “The GAF expansion will help encourage other manufacturing companies to choose Utah as a place to set up their operations as well.”
GAF will add at least 50 positions in Iron County over the 15-year agreement which it entered into with GOED. The employees will be paid an amount at least equal to the prevailing average annual compensation of the Iron County workforce.
“This is really a great project for Cedar City,” said Mayor Joe Burgess. “GAF is an outstanding company and a perfect fit for our community. They are bringing quality jobs and we have quality people in an ideal location. We’re thrilled to have this new partnership and to be expanding our manufacturing base.”
In addition, over the 15-year duration of the agreement, it is expected that GAF will pay approximately $3.5 million in new state tax revenue as a result of its Utah operations.
“This announcement demonstrates GAF’s continuing efforts to provide our customers with the highest-quality products produced in a manner that ensures availability when and where they are needed,” stated Bob Tafaro, president and chief executive officer of GAF. “It also demonstrates GAF’s commitment to U.S. manufacturing and creating new, skilled manufacturing jobs in this country.”
“Including GAF on our list of businesses operating in Utah is a positive addition for our manufacturing industry,” GOED executive director Spencer Eccles said. “We are making a serious effort to help manufacturing grow in our rural communities.”
Roughly 9.6 percent or nearly 114,700 of Utah’s workers are employed in manufacturing. The average monthly wage of this industry is 22 percent higher than the average statewide monthly wage.
The GOED Board of Directors has approved an $886,712 Economic Development Tax Increment Financing (EDTIF) post-performance refundable tax credit, which represents approximately 25 percent of the new state tax revenue anticipated to be paid by GAF over the 15-year life of the agreement.