Health Catalyst, along with the Governor’s Office of Economic Development (GOED), announced today that the company will expand at its headquarters location in Salt Lake City. The expansion is expected to create 291 jobs.
“It’s always wonderful to see a home-grown company succeed like this,” said Val Hale, executive director of GOED. “Health Catalyst makes significant contributions to both our IT and health care industries, and we are proud to support their continued growth.”
Health Catalyst, a health care data warehousing, analytics and outcomes improvement organization, was founded in Salt Lake City in 2008. The tech company develops IT systems and services that help some of the nation’s largest health care organizations improve the quality of patient care while lowering costs. Health Catalyst customers include more than 200 hospitals and 2,000 clinics nationwide that together serve over 50 million patients. The growing company will be hiring for multiple positions including data architects, clinical data analysts, process improvement consultants and business intelligence developers.
“Health Catalyst, like its founders, grew up in Salt Lake City, which combines a vibrant technology sector with one of the nation’s leading laboratories for health care improvement,” said Dan Burton, CEO of Health Catalyst. “We feel the region is one of the best places in the U.S. today to operate as a health care technology company, and we’re grateful that GOED is working with private companies like Health Catalyst to nurture an even stronger environment for innovation and job growth.”
Health Catalyst has indicated that its expansion will create up to 291 jobs over the next five years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $67,335,447. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be approximately $3,530,889 over five years. The expansion will generate an expected capital investment of $7.6 million.
“We congratulate Health Catalyst on their decision to expand their rapidly growing operations in Utah,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “This major investment in Utah reflects our strong commitment to the business community and is a result of the cooperative effort of Utah’s economic development community.”
As part of a contract with Health Catalyst, the GOED Board of Directors has approved up to a maximum tax credit of $706,178 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentives, which is 20 percent of the new state taxes Health Catalyst will pay over the five-year life of the agreement. Each year, as Health Catalyst meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
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