Utah ranked top economic outlook & performance in Rich States, Poor States study

Friday, May 24th, 2013

The nation is stuck in a slow recovery but Utah’s economic status is one to envy. According to many reports Utah is one of the top economic performers in the country, and also has the best outlook of the bunch. All of this despite policies from the federal government that actually hinder economic growth.

The sixth edition of the Rich States, Poor States economic competitiveness study, released by the American Legislative Exchange Council, is the most recent to list Utah as having the Best Economic Outlook–for the sixth year in a row, no less.

Among the 15 important state policy variables from which the Economic Outlook rankings were deduced, Utah ranked in the top spot in the Estate/Inheritance Tax Levy, State Minimum Wage, and as a Right-to-Work State. Other variables where Utah ranked in the top ten include Personal Income Tax Progressiveness (2), Top marginal Corporate Income Tax Rate (8), State Liability System Survey (9), and Average Workers’ Compensation Costs (6). The lowest ranking Utah received was 31st in Sales Tax Burden.

Seven out of 15 in the top 10 isn’t bad!

As far as economic performance goes, Utah ranked third on the list behind Texas and Nevada. Economic Performance was ranked on a ten-year timeline in three categories that are highly influenced by state policy: State Gross Domestic Product, Absolute Domestic Migration and Non-Farm Payroll Employment.

The combined economic outlook and performance rankings gives Utah an overall number one score.

Each state wants to be economically competitive and Utah is doing quite well, thanks to a business-minded Legislature and governor, and an increased focus on education to improve economic prosperity.

“I want to thank the authors of Rich States, Poor States and ALEC for providing policymakers and the public with this valuable resource,” said Utah Sen. Pres. Wayne Niederhauser.There is no question that states like Utah are reaping the benefits of sound fiscal policy. It is clear that limited regulation, low taxes, low debt and balanced budgets create the best environment for business, investment and jobs.”

Rich States, Poor States is an annual economic competitiveness study authored by Dr. Arthur Laffer, Stephen Moore of the Wall Street Journal, and Jonathan Williams, Director of the Tax and Fiscal Policy Task Force at the American Legislative Exchange Council. This study “reviews fiscal policies that contribute to economic growth compared to policies that detract from such growth.”

Salt Lake County, a “Best to Invest” Area

Wednesday, May 15th, 2013

Salt Lake County Economic Development is being called one of the nation’s top performers in supporting innovation and entrepreneurship in the community by the May 2013 edition of Site Selection Magazine.

The magazine says Salt Lake County is one of the areas “Best to Invest” in the nation for 2013. They say the “Best to Invest” organizations in the U.S. all demonstrated a resiliency to bounce back from previous economic setbacks.

“In 2012, the top-performing economic development organizations in America all possessed this one chief characteristic: They threw out the mold for what worked yesterday and rewrote the rule book for their own industrial future,” the magazine articles said.

When the recession hit, Utah wasn’t as adversely affected as other states. Since then, Utah has emerged has one of the strongest economies in the nation with one of the lowest unemployment rates.

For 2012, Utah has $994 million in capital investment and 6,993 new jobs, ranking the state as one of the strongest local economies in the country.

“We have created an environment that is friendly to business and conducive for growth,” said Salt Lake County Mayor Ben McAdams in the article. “We have a large multi-lingual and highly educated work force, along with a population that is internationally experienced. We have affordable energy and a great transportation network of air, rail and highways. And our tax structure is stable, predictable and friendly for business.”

The Salt Lake Area is growing and becoming a major tech center with big investments from Adobe, eBay, Goldman Sachs and Boeing.

Salt Lake County Economic Development’s recently retired director Dale Carpenter credits the region’s extraordinarily productive workforce, citizens and elected officials’ support of economic development best practices.

Other economic development organizations recognized in Site Selection Magazine in the “Best to Invest” national group include Austin Chamber of Commerce (Tex.), Baton Rouge Area Chamber (La.), The Upstate Alliance (Greenville-Spartanburg, S.C.), Greater Houston Partnership (Tex.), Metro Atlanta Chamber of Commerce (Ga.), Mobile Chamber of Commerce (Ala.), Pittsburgh Regional Alliance (Penn.), The Siouxland Initiative (Iowa), Southwest Louisiana Economic Development Alliance, and Wayne County Economic Development Growth Engine (Mich.).

The top performers were evaluated by the amount of jobs, capital investment, jobs per capita, investment per capita, creativity of economic development strategy, depth and breadth of project activity, ability to generate breakthrough deals, and the ability to properly document the contributions of the economic development organization to actual results.

Also in their May edition, Site Selection ranked Utah ninth in the Top Ten Competitive States of 2012 and Best States: Living the Dream of 2012 lists.

Utah: A Premier Global Business Destination

Saturday, May 11th, 2013

Why is Utah such a hot spot for business? How come Forbes keeps has ranked the Beehive State the Best State for Business three years in a row? Look no further–this infographic explains it all.

Infographic source: http://business.utah.gov/whyutah/business-in-utah/

SLC International ranked 9th best regional airport in North America

Wednesday, May 8th, 2013

Salt Lake City International Airport is in rare air, both on a regional and international scale, according to the World Airport Awards.

Jumping up five spots from last year, Salt Lake City International Airport ranks as the 94th best airport in the world. The airport in the top spot for 2013 is Singapore Changi Airport.

In North America, however, SLC International ranks as the ninth best regional airport, securing its spot among the region’s most active and popular airports, such as Cincinnati/Northern Kentucky International Airport, Denver International Airport, Halifax Stanfield International Airport, Minneapolis-Saint Paul International Airport and Detroit Metropolitan Wayne County Airport among others.

Maureen Riley, executive director of the Salt Lake City Department of Airports, suggested in a Salt Lake Tribune article that recent renovations in the restaurant and concession venues could have triggered the upswing of positive remarks about SLC International.

And now your help is needed to continue to improve our state’s international airport. Over the next several years, a new terminal will be built at Salt Lake City International Airport, and the Terminal Redevelopment Project wants your input to create the most efficient and functional terminal possible. Visit MyAirportSLC.com to share your thoughts about how to make our airport better.

The World Airport Awards are based on more than 12.1 million survey questionnaires completed by airline customers in 395 airports worldwide. The survey evaluates traveler experiences across 39 different airport service and key performance indicators – from check-in, arrivals, transfers, shopping, security and immigration through to departure at the gate.

The Airport of the Year survey is an independent Passenger study managed by Skytrax, and only airport survey that achieves a true worldwide participant base – known as the “Passenger’s Choice” awards.

Utah named “boom state” by U.S. Chamber

Tuesday, May 7th, 2013

Not only has Utah been ranked the Best State for Business three years running by Forbes, but now Utah is the best state to start a business, according to the Enterprising States report released by the U.S. Chamber of Commerce.

The fourth annual Enterprising States report measures state performance across five policy areas important for job growth and economic prosperity:

-  Exports and international trade
-  Entrepreneurship and innovation
-  Business climate
-  Talent pipeline
-  Infrastructure

In this year’s report, Utah is called “perhaps the best-performing state overall,” as it fosters business growth and job creation. The Beehive State ranked in the top 10 in each of the five policy area rankings, as well as third in overall economic performance, making Utah the only state to rank in the top 10 on all six lists.

“The state is booming, ranking second in both short- and long-term job growth,” the report said.

The manufacturing and technology industries give Utah an edge. During the recession, the national manufacturing scene contracted, while Utah saw slight growth. The Beehive State creates STEM-related jobs at the third fastest pace in the nation, and has the seventh highest concentration of high-tech companies. More and more technology companies are moving to Utah because of the state’s business-friendly environment. climate. Tech growth in Utah, particularly in Utah County, has earned the area the nickname “The Silicon Slopes.”

The Utah Science, Technology, and Research initiative (USTAR) also received $6 million in 2012 to support research and innovation at Utah’s universities, creating commercial opportunities leading to private sector business development and attraction.

In the report, Utah also ranked third in exports and “business birthrate.”  In infrastructure, and innovation and entrepreneurs, Utah ranked fourth.

The Governor’s Office of Economic Development said, “The Enterprising States report underscores that, in Utah, whether a business is large or small or if the technology is new or mature a growing business can find a supportive environment in Utah.”

This year, Utah has also been named as the most small business friendly statethe fourth best state when it comes to well-being, and as having the 10th best tax climate. Salt Lake City is considered the third best city for jobs this spring and also the best city for college graduates.

To see the Enterprising States interactive map report, click here.

SLC: This is the place for college grads

Friday, May 3rd, 2013

 

Image courtesy of the University of Utah

This week, the class of 2013 will be graduating from the University of Utah. I hope my friends about to toss their caps realize how lucky they have it. They are, after all, graduating in the number one city for college grads, according to Kiplinger.

In this slideshow, Kiplinger lists Salt Lake City as the best city for young graduates to live and to work. This didn’t come as a surprise to me. Aside from the fact that founder Brigham Young announced, “This is the place,” when the pioneers arrived, SLC has a lot going for it and many of those things can make for an awesome life as a recent college grad.

For starters, Utah has one of the lowest unemployment rates in the country, standing at 5.1 percent, almost a full three points lower than the national average. While not as low as we would like it (two to three percent is ideal), that means that there are jobs available, especially for those with an education since skilled workers are definitely needed to fill jobs in today’s progressive world.

For example, some of the biggest hiring companies in Salt Lake include the University of Utah and Delta Air Lines. And just south of SLC, the new Adobe campus along with other tech companies staking their claim in the “Silicon Slopes” are on the hunt for prospective employees. Which could easily be those students graduating with computer science or technology degrees (if you can’t decide on a major, there’s a hint right there).

Income for new grads in our capital city isn’t too shabby either. The median salary for recent graduates sits around $41,000 per year, and compared to the average cost of living, recent graduates can live pretty comfortably. To quote the Kiplinger article, “Below-average living costs, above-average pay and a population teeming with twenty-somethings (about 16 percent of the city’s population) make Salt Lake an excellent starting-out city.”

Aside from those statistics, Salt Lake City is becoming a thriving Western metropolitan area, complete with a variety of killer restaurants and countless opportunities for art enjoyment (anyone else looking forward to the Utah Symphony performing John Williams’ music this weekend?). It’s also 30 minutes from the picturesque mountains and the exhilarating outdoor activities they hold. It’s hard to pass up on the beauty and recreation that Utah offers.

I consider myself quite lucky. When I graduated from the University of Utah in 2011, I felt like the world was my oyster. Despite being an English major (which, according to statistics, means that I likely will have a hard time hunting down jobs compared to most other majors), I’ve been able to find opportunities that either match my interests or areas that I wanted to gain more experience.

About a year after I graduated (right after six months of working four part-time jobs/internships), one of those jobs offered me a full-time position that I love and actually incorporates skills I learned from my major. Not long after that, I moved into the heart of Salt Lake City. I’m able to walk or take TRAX to most places that I need on a regular basis, and there’s even a bakery around the corner from where I live. Now I can officially and happily call Salt Lake City my home. Recent grad making a life and a living in Salt Lake City — check!

Go Utes! And congratulations to everyone graduating this spring! Now Salt Lake City can be your oyster. Just don’t be afraid to use your education and your connections to your advantage.

Utah ranked best for small business friendliness

Friday, April 12th, 2013

Utah trumps all other states when it comes to small business friendliness, according to the Thumbtack.com Small Business Friendliness Survey. The newest results were released recently and Utah jumped from the fourth spot in 2012 to number one.

Utah got an A+ in overall friendliness and ease of starting a business. Our state garnered high scores with its lowest grade in ease of hiring (B). The Beehive State also received “high marks for the training and networking programs available to small businesses.”

Salt Lake City, in particular, earned an A grade for its overall small business friendliness and is ranked as the seventh easiest city to start a business in. Austin, Tex., was the top rated city.

There were a few key findings that Thumbtack took from the survey. Two of the most important factors for small businesses were the professional licensing requirements and the ease of obtaining health insurance. Only six percent of the owners surveyed said it was “Very Easy” to get and retain health insurance, whereas one-third of small business owners cited that it was “Very Difficult.”

The survey also indicates small businesses are “relatively unconcerned with tax rates,” with more than half feeling “they pay about the right share of taxes.”

“Small businesses are top-of-mind for lawmakers nationwide, but too often their needs are more a matter of conjecture rather than actual evidence,” says Sander Daniels, co-founder of Thumbtack.com. “Some 7,000 businesses owners across the country have told us that they care about a lot more than just taxes – for most businesses, simple licensing regulations and helpful training programs are even more important to their success.”

Other states in the top five from this survey include Alabama, New Hampshire, Idaho and Texas.

You can find the complete results here with a neat interactive score card.

The Thumbtack.com Small Business Friendliness Survey, in partnership with the Kauffman Foundation, is a survey of small businesses nationwide, drawing data from more than 7,000 small business owners. The study aims to learn what small businesses believe constitutes a healthy political and regulatory climate by having them rate how it is to do business in their specific location along various metrics.

Utah listed with Elite Five states for well-being

Friday, April 5th, 2013

It’s no secret that Utah is a great place to live.

The Gallup-Healthways Well-Being Index for 2012 has been released,  and Utah ranked fourth, moving up one spot since last year.

Our state has also been listed as one of the Elite Five states for well-being along with Hawaii, Minnesota, Colorado and Montana. The Elite Five have shown a sustained level of excellence over five years. Residents of elite well-being states rate their lives as better today and in the future, have better emotional health, have much lower obesity rates, carry reduced disease burden, enjoy their jobs more, and smoke less, but exercise more.

Utah’s largest metropolitan areas also garnered acclaim for their well-being scores. Salt Lake City earned the seventh spot in the Top Large Communities category; and the Provo-Orem region ranked third in the Top Mid-Size Communities. Metropolitan areas in the top quintile also included Provo-Orem as the fourth best.

The Well-Being Index is based off of the World Health Organization definition of health, which is “not only the absence of infirmity and disease, but also a state of physical, mental and social well-being.” More than 1.7 million people participated in the survey nationwide.

To see the complete Gallup-Healthways Well-Being Index, click here.

Photo Credit: Photo Dean

Forbes ranks SLC 3rd among top cities for jobs this spring

Tuesday, March 12th, 2013

Salt Lake City has been ranked as one of the top cities for job seekers this spring by Forbes.

The list, published this morning, ranks SLC in the third spot. Portland and Santa Jose, Calif. tied for first with SLC right behind–also tied with Tucson, Ariz. Our capital city ranked highly in the net employment outlook of 22 percent. Net employment is calculated as the percentage of employers that expect to add employees minus the percentage that expect to reduce their workforce.

Salt Lake Chamber President and CEO Lane Beattie is quoted in the article:

“Utah’s economic success used to be one of the best kept secrets in the nation, but that has shifted significantly in the past few years,” says Lane Beattie, president and CEO of the Salt Lake Chamber. “We’ve been ranked as the best state for business and careers by Forbes three years in a row, and we consistently rank as one of the fastest growing and best managed states. We have something very special going on in our state. Our business community is organized, united and ready to work with our elected officials. And we have a very pro-business governor and Legislature. That combination is rare, and it is the primary reason our economy is performing as well as it has.”

You can read the entire article and see the slideshow of the Top Ten here.

Image courtesy of Forbes.

SLC among nation’s fastest growing cities

Wednesday, January 30th, 2013

Utah is no stranger to Forbes lists of top places. We’ve been named the Best State for Business and Careers three years running. Now Forbes has ranked Salt Lake City as America’s fifth fastest growing city.

Salt Lake City ranks fifth, thanks in large part to a strong jobs market. The so-called “Crossroads of the West” posted nearly 3 percent job growth last year on top of a tiny 4.8 percent unemployment rate. “Salt Lake City serves as a commercial and financial hub regionally and it has a well-developed insurance-financial sector,” notes Pam Perlich, a senior research economist at the University of Utah who specializes in city and metropolitan planning. “The economy has become very diversified.” She points to a blossoming technology presence, growth in biomedical and genetic research, and a steady energy and mining sector. Several major transportation projects like a new light rail system have helped lure new businesses and residents to the area as well.

The presence of corporations and the promise of employment have spurred Americans to relocate to the intermountain hub: “People have continued moving here even as we have lost jobs during the last three downturns in economic cycles, so our migration patterns have come to resemble larger metro areas and you see that in the increased number of foreign-born residents,” adds Perlich.

The ranking comes less than a year after Forbes listed our capital city among the top cities for tech jobs and one of the happiest cities for college grads.

Provo (No. 7) and Ogden (No. 20) also claimed spots on the list.

 You can read the entire article here.