Industry Briefs 2-24-25

Industry Briefs are provided as a free service to our readers. Company news information may be sent to brice.w@thecityjournals.com. The submission deadline is one week before publication.

ACCELERATORS

• Applications are being accepted until March 12 for Grow Utah’s spring 2025 cohort for RAMP, a startup accelerator for Utah product innovators. The 10-week (three to five hours per week) program is focused on consumer products, outdoor recreation, industrial, B2B products and more. RAMP is a mentoring and training course immersing innovators in a highly engaged and interactive learning experience with business mentors, manufacturing experts and topical specialists who have all built and scaled product companies. Details are at https://growutah.com/ramp/spring2025.

ARTS

• “Dreamscapes,” an immersive art exhibit, has reopened at The Gateway. After five months of rebuilding and reimagining its walk-through experience, Dreamscapes is back with its fourth iteration since debuting in November 2018. Visitors can expect new artwork, interactive elements, and some familiar pieces. A project of Utah Arts Alliance, it merges physical artwork, technology, upcycled materials and creativity to bring imagination to life. Initially a pop-up at the 2018 Illuminate: Light Art and Creative Technology Festival, the exhibit became a year-round attraction due to its popularity. Over the past six years, Dreamscapes has moved four times within Salt Lake County.

BANKING

• U.S. Bank has opened a branch at 1004 W. Clark Lane, Farmington, in Station Park. The branch uses space and technology to create a financial hub that is revolutionizing the outdated concept of the teller line. During a recent grand opening event, the bank donated $5,000 to the Davis Education Foundation, a Farmington nonprofit with the mission of breaking down barriers to learning, creating opportunities for every student, and building strong community connections through giving.

CONTESTS

• The Startup State Initiative, in collaboration with the Lassonde Entrepreneur Institute at the University of Utah, has launched the “Get Started: Business Idea Challenge,” offering aspiring Utah entrepreneurs up to $500 in non-equity funding to develop their business ideas. The program helps participants achieve short-term milestones like product validation and marketing, encouraging Utahns with any business idea to pursue their dreams by providing a supportive, low-pressure environment during its live pitch events. In tandem with providing funds to ignite any type of idea, the program is designed to assist and encourage participants in achieving specific, short-term milestones within 30 to 90 days of receiving funding. Applications are due by the first Wednesday of each month and can be submitted by Utah residents age 18 or older. Any individual who meets the criteria can apply multiple times a year, regardless of prior acceptance. However, only one application per email address will be accepted in a given month. Details are at https://startup.utah.gov/get-started/.

CORPORATE

• Green Dot Corp. recently confirmed that it has relocated its headquarters to Provo. The company is a financial technology platform and registered bank holding company that builds banking and payment solutions. Green Dot offers financial tools and services that address the most pressing financial needs of consumers and businesses, and that transform the way people and businesses manage and move money. The company headquarters had been in Austin, Texas, but now are at 1675 N. Freedom Blvd. (200 West), Provo. Founded in 1999, the company had net income of $6.7 million, or 13 cents per share, for 2023, on revenue of $1.48 billion. CEO George Gresham said the headquarters relocation “helps streamline our corporate and bank operations.”

DIVIDEND

• The board of directors of Nu Skin Enterprises Inc., based in Provo, has declared a quarterly cash dividend of 6 cents per share. The dividend will be paid March 5 to shareholders of record Feb. 24. Nu Skin Enterprises companies include Nu Skin, a beauty and wellness company, and Rhyz Inc., an investment arm.

ECONOMIC INDICATORS

• The highest-paying information technology jobs in Utah pay median yearly salary of $103,650, according to a study by RationalFX. The highest median annual wage is in California, at $142,270 as of May 2023. That is based on a mean hourly wage of $68.40 and includes more than 25 different occupations in the technology and math science fields. The lowest is in Mississippi, at $76,010 per year. Details are at https://www.rationalfx.com/forex-brokers/tech-employment-trends-the-highest-paying-it-jobs-in-the-united-states/
• Utah has 1,400 new single-family rentals under construction in 11 communities, according to a study of the build-to-rent market by Point2Homes.com. Those rentals are expected to boost the rental supply 30.5 percent. The surge is led by Salt Lake City, with more than 1,000 units underway. Ogden has 231 units and the Provo/Orem/Lehi area has 125. The Utah city with the largest growth figure is Riverton, at 200 percent with 364 units in the pipeline, with Bluffdale and Highland on track to more than double their inventories. Nationally, more than 110,000 single-family rentals are under construction, set to increase the BTR inventory by 53.5 percent once completed. Details are at https://www.point2homes.com/news/research/report-single-family-rentals-under-construction.html.
• Utah ranks No. 17 among states for electric vehicle market share, according to a new 2024 third-quarter report by the Alliance for Automotive Innovation. EVs accounted for 9.52 percent of the state’s new light-duty vehicle sales, up from 9.41 percent in the prior quarter and up from 8.95 percent in the year-earlier quarter. In the 2024 third quarter, 3,363 EVs were sold in Utah, bringing the total on the road to 60,840. Utah is ranked No. 29 for the ratio of EVs to public chargers. A total of 2,482 publicly available charging outlets were in place, a ratio of 25 EVs for every public port. Nationally, EV sales represented 10.6 percent of new light-duty vehicle sales in the 2024 third quarter, up from 9.96 percent in prior quarter and 10.13 percent in the prior-year quarter. In the quarter, there were 5.4 million EVs on the road and a total of 185,124 publicly available charging outlets, a ratio of 29 EVs for every public port.
• Fifty-three percent of Utah workers spend an average of 16 minutes on shopping websites as soon as they start work, according to a survey by HostingAdvice. Those sites include Amazon and eBay. Twenty-seven percent said they check social media such as Twitter/X, Facebook and Instagram; 10 percent check sports sites such as ESPN and Fox Sports; 7 percent check entertainment sites such as Buzzfeed and Reddit; 2 percent check sites related to their work; and 1 percent checking news sites such as CNN or Fox News. Details are at https://www.hostingadvice.com/studies/office-workers-browse-guilty-pleasure-websites/.
• Owning a lake house with a private dock on Bear Lake is Utah’s top status symbol, according to a survey by CardRates. In second place is owning a ski-in, ski-out mansion in Park City. In third place is an exclusive membership at Glenwild Club. Details are at https://www.cardrates.com/studies/survey-top-social-status-symbols/.
• Utah is ranked No. 20 on a list of “Best States for Single Seniors,” compiled by Seniorly and based on data from the CDC, FBI, Census Bureau, BEA, BLS and National Restaurant Association. The rankings were determined by analyzing 12 factors in all 50 states and D.C., including life expectancy, percentage of seniors that are single, gender ratio, and date-night costs. Utah is ranked No. 8 for strong health outcomes, No. 5 for high social engagement

No. 4 for low date-night costs, No. 5 for restaurant availability, No. 4 for recreational spending. It also is No. 51 for the percentage of single seniors and No. 48 for a rate of romance scam victims. The top-ranked state is South Dakota. The lowest-ranked state is West Virginia. Details are at https://www.seniorly.com/resource-center/seniorly-news/best-and-worst-states-for-single-seniors-in-2025.

• South Salt Lake, at No. 197, leads several Utah locations on a list of cities with the smallest lawns, compiled by LawnStarter. The city has an average yard of 0.121 acres. Salt Lake City is at No. 561, with 0.178. The lowest-ranked Utah city, meaning having the largest average yard size, is Riverton, at No. 1,635 and with 0.386 average acres. In comparison, Hoboken, New Jersey, has the nation’s smallest average yard, a 0.011 acre, while No. 2,000 on the list is Carney, Maryland, at 1.14 acres. Details are at https://www.lawnstarter.com/blog/studies/cities-with-smallest-yards/.

EDUCATION

• The University of Utah’s David Eccles School of Business is part of a new mini documentary-style film that is part of the “Leader Generation” series, an online series presented by the Association to Advance Collegiate Schools of Business and produced by BBC StoryWorks Commercial Productions. The 18-part series illustrates the role that business schools and educators can play in addressing the world’s economic, social and environmental issues through responsible leadership. The series includes a story produced for the Eccles School and focuses on the curriculum, resources, programming and services offered to address mental health and well-being. The episode features both Kreiner and Abbey Salamera, a program coordinator for Student Engagement & Belonging, highlighting a pair of Eccles School programs: the “In A Pinch Basic Needs Initiative,” which provides students access to food, housing, funding, mental health and family resources; and the undergraduate course “Responsibilities of Business Leaders,” which has a component that addresses mental health in the workplace.

GOVERNMENT

• The Salt Lake City Council recently approved a $350,000 Economic Development Loan Fund (EDLF) loan for Frontier Fruit LLC, a taproom and full bar opening soon in the Ballpark neighborhood. The business will open in the new Shades of Pale project revitalizing the old Engine Block Building at 1388 South and 300 West. Working with the Department of Economic Development’s Business Development division, Frontier Fruit received the loan, which will assist with machinery and equipment, furniture and fixtures, leasehold improvements and contingencies. The EDLF program’s purpose is to stimulate business development and expansion, create employment opportunities, encourage private investment, promote economic development, and enhance neighborhood vitality and commercial enterprise in Salt Lake City by making loans available to businesses.

HEALTH CARE

• Wellnest Fertility has opened a clinic at 1491 E. Ridgeline Drive, South Ogden. It serves as a center for comprehensive fertility solutions and has the only on-site embryology lab in the Weber-Davis region. This location is the first of several clinics being planned in secondary markets around the U.S. where there is little to no access to fertility care. While many local fertility providers’ focus is solely on the medical aspects, Wellnest’s team offers additional support services such as mental health care, nutrition and stress relief. The clinic will have a public open house March 1 at 10 a.m.

INVESTMENTS

• Boostly, a Lehi-based provider of automated SMS marketing and feedback solutions for restaurants, has raised $22 million in growth capital, led by PeakSpan Capital and with participation from existing investors Y Combinator, Trestle Partners and Singularity Capital. The Series A round comes six months after Boostly’s $5.6 million seed round. The company said the funding will fuel innovation and expansion. Matt Melymuka, co-founder and managing partner at PeakSpan Capital, will join Boostly’s board of directors. Founded in 2017, Boostly serves over 1,200 restaurant locations across the U.S. and Canada.

PARTNERSHIPS

• Clip Money Inc., an Atlanta-based multi-bank, self-service deposit network for businesses, and Provo-based Green Dot Corp. have partnered to expand Clip Money’s over-the-counter deposit service for businesses through Green Dot network locations nationwide. Green Dot, in collaboration with retail partners, will enable Clip Money’s over-the-counter cash deposit service at more than 4,000 locations across the U.S. to facilitate easier deposits for businesses.

REAL ESTATE

• ViaWest Group, in a joint venture with GEM Realty Capital, has acquired 5400 South Commerce Park, a 28-acre industrial site at 7301 W. 5400 S., West Valley City. Financial and other details were not disclosed. ViaWest is a Phoenix-based, full-service commercial real estate investment, development and property management firm. GEM is a Chicago-based real estate investment company with over $6 billion in assets under management. The announcement was made by CBRE, which arranged the sale. Matt McAfee, Tom Dischmann, Jeff Richards and Chris Liddell of CBRE represented both the buyer and the seller in the transaction. The partnership plans to develop a new industrial park on the site, which will consist of three Class A buildings with front-park and rear-load configurations totaling approximately 470,000 square feet. CBRE has been retained by the partnership to market the new development for lease, with construction expected to break ground in mid-2025.
• Tri Pointe Homes has broken ground on The Crossings at Lake Creek, at 2732 E. Hayloft, Heber City, which will feature an estimated 139 single-family homes. The first homes are anticipated to open for sales this summer. The home designs are up to eight bedrooms, outdoor living areas, and up to 5,000 square feet when including finished basements. Tri Pointe announced its expansion to Utah in September 2023. Beyond the Heber City location, Tri Pointe Homes will soon be opening new communities in West Jordan and Holladay.
• Hell’s Backbone Grill & Farmin Boulder, Utah, has acquired the Boulder Mountain Lodge property for an undisclosed amount. Boulder Mountain Lodge offers 22 rooms and sits on 16 acres, 10 of which are a wetland and bird sanctuary. The purchase was completed through a unique community-funded initiative. The property’s new ownership team consists of chef-owners Blake Spalding and Jen Castle, along with team members Nina Brownell, Morgan Reedy and Nick Barretta. Brownell is a former farmer and general manager with a decade of experience. Reedy enters her fifth season and third as general manager. Baretta who joined in 2023, will co-manage lodge operations with Brownell. Improvements are planned, including the introduction of “Little Bone,” a new food truck operation on the lodge grounds.

RECOGNITIONS

• The South Valley Chamber of Commerce presented several awards at its recent State of the Chamber event at Salt Lake Community College’s Miller Campus. Awards and recipients are Board Member of the Year, Heather Curtis, Swire Coca-Cola; Tourism Award, Rick Medina, Mountain America Expo Center; Community Service Award, Ashley Guymon, Adaptive Arena; Chamber Service Award, Mieka Sawatzski, City Journals; Business Education Award, The Mill Entrepreneurship Center, Salt Lake Community College, Beth Colosimo; and President’s Award, Lew Cramer, Colliers International Utah.

RETAIL

• 1-800 Contacts, based in Draper, has launched a new brand called The Framery at 1-800 Contacts. It offers a variety of eyewear solutions including prescription, blue light and sun lenses, starting at $79. The website features seamless prescription integration, virtual try-ons, and a complimentary in-home try-on program. The Framery partners directly with manufacturers and designers, offering hundreds of premium frames without a designer markup.
• Momentum Climbing Gym has signed a lease to have a location at Trolley Square in Salt Lake City. The lease was announced by Mountain West Commercial Real Estate. Stephanie Buranek facilitated the deal. Joe Cooley and Scott Brady, also of Mountain West Commercial Real Estate, represented Momentum Climbing Gym in securing the space.
• Tommy’s Express, a Michigan-based car wash brand, has opened a location at 333 Crossroads Blvd., Saratoga Springs. The company’s second location in Utah, it will offer free car washes through March 2. The location will offer products and services and accept TommyClub memberships that allow vehicles to enter the wash automatically using a specialized license plate reader system. Tommy’s Express has over 230 franchise locations in North America.

SPORTS

• Youth sports league franchise i9 Sports has announced an expansion of its programs to Salt Lake City, Bountiful and Kaysville. The company offers activities for children ages 3 to 14, regardless of skill level, where they can learn and enjoy sports including soccer, baseball, flag football, basketball, volleyball and more. The programs in Salt Lake City, Bountiful and Kaysville are open for registration, with leagues beginning in April. Games and practices will be held at Kearns Saint Ann Catholic School in Salt Lake City, Bountiful Junior High School and Centennial Junior High School in Kaysville.