Jul 2, 2013
No Comments
Economic Powerhouse
In May of 2013, the U.S. Chamber of Commerce released its 2013 Enterprising States report, a study based on economic growth, business strength, and business income. The study took into account a number of factors in states across the nation, and one of the most consistent highly ranked states was Utah. The study ranked states on the following five areas:
Utah ranked in the top ten in all five categories, something few other states have ever done. Utah ranked second in short-term and long-term job growth, third in overall export growth, third in STEM job growth, and sixth in overall business climate. Utah ranked third overall for new businesses and seventh in increase of self-employed individuals. All of this points to Utah as a great place to open a business.
Forbes concurs with this assessment. Over the past five years, they have listed several Utah cities on their “Best Places for Business and Careers” list. In 2010, for example, Provo, Utah was listed as a strong city for new businesses thanks to the presence of Brigham Young University. Ogden, Utah, has also appeared on the list due to the opening of the first new Procter & Gamble manufacturing plant in the U.S. in over thirty years. In 2012, Forbes ranked Utah #1 on its list of “Best State for Business and Careers.”
Why Utah?
One of the biggest draws to opening new businesses in Utah is the low amount of taxes a new business must pay. In many states, business taxes are crippling, especially to new small businesses that may not even see a profit in their first year of operation. That’s why incentives are so important to new businesses. In the Pollina Corporate Real Estate list of the Top 10 Pro-Business States, Utah has consistently ranked in the top ten, and in 2012, it topped the list.
Businesses continue to move to, begin in, and grow in Utah. In the past five years, the state has fought against the recent economic recession, doing everything possible to increase the number of jobs in the state. Whether it’s through small business loans or tax credits, the end result is more jobs in Utah. This growth can be seen in the number of jobs Utah has gained and their low unemployment rate. Analysis of Utah’s business growth rate shows that it’s on-track to continue until 2015 and most likely beyond.