Spectators file into the Olympic Medal Plaza in downtown Salt Lake City, Utah, during the 2002 Olympics. Buildings are draped with Olympic athletic figures, and the Olympic rings glow on the mountainside above the city, Feb. 16, 2002.
AFP Photo/George Frey via Getty Images
This story is part of CNBC’s quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees.
Salt Lake City has grown from a winter sports venue to a vibrant technology hub in just two decades, leveraging the legacy of the 2002 Winter Olympics to transform into one of America’s fastest-growing business destinations.
Known as part of Utah’s “Silicon Slopes,” the city has become a magnet for entrepreneurial spirit, venture capital and a flourishing workforce. Over the past decade, wages have risen by 51%, and the population has increased by 10%, according to the Census Bureau.
Former Utah Gov. Michael Leavitt credits the Olympics with spurring major infrastructure projects in Salt Lake City, attracting technology talent and establishing an economic legacy that continues to shape the region’s identity.
“The Games were a great catalyst. And big economic growth needs a catalyst like that,” Leavitt told CNBC for the upcoming “Cities of Success: Salt Lake City” special, premiering Tuesday at 10 p.m. ET.
$2 billion and turned a profit. The University of Utah’s Kem C. Gardner Policy Institute reports the state’s allocation for the Games resulted in a $164 million surplus, with $59 million returned to taxpayers.
In the 15 years following the Games, skier visits to Utah increased by 43%, hotel and lodging revenue grew by 70%, and visitor spending soared by 66%, according to the Gardner Institute.
cumulative $40.1 million investment.
With state funding, colleges and universities rose to the challenge, aligning programs with student interests and industry demands. Since then, public and private investments have continued to grow, driven by the region’s increasing need for tech workers.
Adobe years later acquired Utah-based Omniture for $1.8 billion, signaling Utah’s capacity to build competitive tech enterprises, Leavitt said.
“It was the combination of a clear vision, dramatically ratcheting up the number of engineers we were educating, and having the Olympics and a place they wanted to live,” Leavitt said. “All of that came together into what’s become one of the most robust economies in the country around technology.”