UT: HealthEquity to Grow its Utah HQ, Create 200 Jobs
5 Jan, 2016
The Governor’s Office of Economic Development, 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.