The Utah Governor’s Office of Economic Development announced June 11 that Lunar Resources will build its HELIX-1 Factory in Salt Lake County, a project expected to create more than 400 new high-paying jobs.
Details of investment and tax incentives
Under an agreement involving the state's Economic Development Tax Increment Financing program, Lunar Resources will invest nearly $85 million in Utah over the next decade. The company will receive a post-performance tax reduction as part of the incentive package.
Lunar Resources company specialization and facility
Lunar Resources specializes in pulsed power technologies used for defense, energy, and industrial power systems. The new facility is expected to be the largest pulsed power manufacturing plant in the United States.
Leadership statements on Utah expansion
Jefferson Moss, commissioner of the Utah Governor’s Office of Economic Development, stated that the expansion will help establish Utah as a leader in advanced manufacturing and technology. Elliot Carol, CEO of Lunar Resources, noted that the company chose Utah due to its talent pool and supportive business environment.
Outlook for other technical sectors
While high-tech manufacturing expands in the state, other technical sectors continue to show stable outlooks. According to the U.S. Bureau of Labor Statistics, employment for heating, air conditioning, and refrigeration mechanics is projected to grow 8 percent from 2024 to 2034, which is much faster than the average for all occupations.
