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HealthEquity to Grow its Utah HeadquartersDecember 10 2015 - 11:58 am
For Immediate Release
Dec. 10, 2015
HealthEquity to Grow its Utah Headquarters
The Draper company will add jobs to the community as it grows to support new accounts
SALT LAKE CITY, UT—The Governor’s Office of Economic Development (GOED), along with HealthEquity, Inc., is pleased to announce the company will expand at its Utah headquarters, adding an estimated 200 jobs over the next six years.
“We congratulate HealthEquity on their continued growth,” said Val Hale, executive director of GOED. “We’re always thrilled when successful companies not only start but also stay here. As more company leaders acknowledge Utah’s business-friendly environment, they see their investment truly pays off.”
Founded in 2002, HealthEquity is a leader in health savings solutions. The company serves 70 of the nation’s top health plans, over 27,000 employers and 1.6 million HSAs. Additionally, HealthEquity recently acquired the majority of The Bancorp’s Health Savings Account (HSA) portfolio, which included approximately 160,000 accounts and $390 million in deposits.
“HealthEquity is honored to call Utah home,” said Jon Kessler, HealthEquity president and CEO. “This great state offers a highly skilled and educated talent pool, proactive communities and a government that promotes business. These amenities have been central to our continued growth.”
HealthEquity has indicated that the expansion will create up to 200 jobs over the next six years. The total wages in aggregate are required to exceed 110 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $66,597,253. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,849,585 over six years. The project is expected to generate up to $6.75 million in capital investment.
“EDCUtah would like to congratulate HealthEquity on their headquarters expansion in Draper,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “These types of jobs continue to bolster what is already the greatest economy in the country and ensure that 200 additional Utah families can prosper.”
HealthEquity may earn up to 20 percent of the new state taxes they will pay over the six-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. The GOED Board of Directors has approved HealthEquity for a post-performance tax credit rebate not to exceed $569,917. Each year as HealthEquity meets the criteria in its agreement with the state, it will earn a portion of the total tax credit rebate.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or email@example.com
Founded in 2002, HealthEquity is one of the nation’s oldest and largest dedicated health savings custodians. The company’s innovative technology platform and tax-advantaged accounts help members build health savings, while controlling health care costs. HealthEquity services more than 1.6 million health savings accounts for 70 health plan partners and employees at approximately 27,000 companies across the United States.