The Governor’s Office of Economic Development and Overstock.com announced today the company will grow its employee base by bringing 333 additional jobs to Salt Lake County.
These IT positions, that in the past have been contracted out of state, will be brought back to Utah over the next 10 years.
“Overstock.com’s decision to bring hundreds of IT jobs to Utah showcases the confidence the company has in Utah’s top-notch workforce,” said Governor Gary R. Herbert. “Utah is known as a software and IT hub thanks to the continued investment and growth of companies like Overstock.com.”
“Overstock.com has benefited enormously from being headquartered in Utah,” said company CEO Patrick Byrne. “The state’s strong economy and a workforce that is educated and tech-savvy have been key factors in our growing to a $1.5 billion company. We look forward to hiring many more qualified IT professionals in Utah as we continue to grow and invest in this state.”
Founded in 1999, Overstock.com is a public company and online retailer offering discount brand name, non-brand name and closeout merchandise, including furniture, home décor, bedding and bath housewares, jewelry, watches, apparel, designer accessories, electronics and computers, sporting goods and many other products. The company also sells hundreds of thousands of current run books, magazines, CDs, DVDs and video games. Overstock.com’s website offers customers an opportunity to shop for bargains conveniently, while offering suppliers an alternative sales channel.
Overstock.com has indicated that it will be creating 333 new jobs over the next 10 years. The total wages, including medical benefits, in aggregate are expected to be at least 200 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $300,843,588. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $11,406,215 over 10 years. The Overstock.com expansion has the potential to result in an expected capital investment of $2,650,645.
“Utah’s competitive tax structure, highly skilled workforce and unparalleled quality of life provide a premier foundation for success for quality companies such as Overstock.com,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah.
As part of a contract with Overstock.com, the GOED Board of Directors has approved up to a maximum tax credit of $2,281,243 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Overstock.com will pay over the 10-year life of the agreement. Each year as Overstock.com meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
Overstock.com actively seeks to hire veterans through its support for and regular affiliation with the Wounded Warrior Program. The company also utilizes placement services that specialize in transitioning military personnel. Overstock.com has a strict non-discrimination policy as it pertains to hiring employees, and thus, has a focus on the recruitment and hiring of persons with disabilities. Utahns interested in applying for Overstock.com positions should go to http://www.Overstock.com/