The Olympics played a crucial role in transforming Salt Lake City into a tech hub.

• Utah's "Silicon Slopes" have become a tech hub after the 2002 Olympics, drawing investment, talent, and business to the area.
• The tech sector in Utah was strengthened by engineering graduates who were inspired by projects that attracted big tech names like Adobe.
• Utah will invest $31 million in upgrades in anticipation of hosting the Olympics in 2034 and expects to reap billions in economic benefits.

CNBC's quarterly Cities of Success series examines cities that have evolved into thriving business centers, drawing in capital, corporations, and talent due to their entrepreneurial mindset.

In just two decades, Salt Lake City has evolved from a winter sports venue to a thriving technology hub, utilizing the legacy of the 2002 Winter Olympics to become one of America's fastest-growing business destinations.

The city, part of Utah's "Silicon Slopes," has attracted entrepreneurial spirit, venture capital, and a thriving workforce. Over the past decade, wages have increased by 51%, and the population has grown by 10%, as per the Census Bureau.

The Olympics played a significant role in promoting major infrastructure projects in Salt Lake City, attracting technology talent, and establishing an enduring economic legacy that continues to shape the region's identity, according to former Utah Gov. Michael Leavitt.

According to Leavitt, the Games served as a catalyst for economic growth in Salt Lake City, as stated in the upcoming "Cities of Success: Salt Lake City" special on CNBC, airing Tuesday at 10 p.m. ET.

A catalyst for economic growth

In 2002, the Winter Olympics took place in Salt Lake City, attracting athletes and spectators from around the world. For Leavitt, who served as governor from 1993 to 2003, the Games held a special significance.

"According to Leavitt, the 17 days of the Games are significant, but what happens in the seven or eight years before and the 10 years after are what make the Games a worthwhile experience, economically and culturally."

The 2002 Games utilized 10 facilities, all of which continue to serve the community and attract major events, including the Olympic Oval, a premier speed skating venue still used by aspiring Olympians today.

Athletes who have broken records on the multimillion-dollar facility claim it has the "fastest ice on Earth."

According to experts, skating at high altitudes, above 4,600 feet, can decrease air resistance, potentially enhancing speed.

In order to prepare for the Games, Utah made significant investments in infrastructure improvements, such as light rail and major highways, resulting in lasting benefits for both residents and visitors.

"Having a deadline is like hosting a party at your home - a lot gets accomplished," Leavitt said to CNBC. "We faced global competition and emerged victorious."

The 2002 Olympics in Salt Lake City cost approximately $2 billion and resulted in a profit. According to the Kem C. Gardner Policy Institute at the University of Utah, the state's investment in the Games resulted in a $164 million surplus, with $59 million returned to taxpayers.

According to the Gardner Institute, skier visits to Utah increased by 43% in the 15 years after the Games, resulting in a 70% increase in hotel and lodging revenue and a 66% increase in visitor spending.

From Olympic host to thriving tech hub

"In the early 90s, technology was still in its infancy, and Utah was primarily an agricultural and defense-focused state. However, there was a desire among the people of Utah to transform the state into a tech hub."

John Warnock, a Salt Lake City native and co-founder of Adobe, met with Leavitt in Silicon Valley during preparations for the Olympics to discuss building a tech community in Utah.

Warnock had remarked to Leavitt, "To get me to Utah, you need engineers."

In 2001, the state of Utah and Leavitt launched the Engineering and Computer Science Initiative, which aimed to enhance higher education in these fields by increasing faculty and programs, resulting in doubling the number of engineering and computer science graduates over two decades with a total investment of $40.1 million.

Since state funding, colleges and universities have aligned their programs with student interests and industry demands. As a result, public and private investments have grown, fueled by the region's increasing need for tech workers.

Omniture was acquired by Adobe for $1.8 billion years later, indicating Utah's ability to develop competitive tech companies, according to Leavitt.

"The combination of a clear vision, a significant increase in the number of engineers being educated, and the Olympics and a desired place to live resulted in one of the country's most robust technology economies."

Looking ahead to 2034

The 2034 Winter Games will be held in Salt Lake City, Utah, and the city plans to improve its existing infrastructure with an estimated $31 million in upgrades, which is a relatively low cost compared to the $286.7 million spent during the 2002 Games.

The upcoming Games are expected to generate $6.6 billion in economic activity, create 42,000 job-years of employment, and add nearly $3.9 billion to Utah's economy, further solidifying the Olympics' role in Utah's thriving tech industry.

"We now have advantages we didn't have," Leavitt stated. "We possess all the necessary infrastructure and have built a reputation. The Games will be executed flawlessly by 2034, leaving no doubt."

NBCUniversal, the parent company of CNBC, owns NBC Sports and NBC Olympics. NBC Olympics holds the U.S. broadcast rights to all Summer and Winter Games through 2032.