Third time’s the charm! Forbes has picked Utah as the Best State for Business for the third year running. How’s that for bragging rights?
Since 2006, Utah’s economy has expanded 2.3 percent annually. This makes Utah’s economy fifth best in the nation, and our economic outlook is one of the most optimistic as well.
Several things make Utah ideal for both existing and new businesses, including the five percent flat corporate tax rate, a favorable regulatory climate and the state’s talented labor force.
A big draw for companies is Utah’s young, educated workforce. A third of the state’s workforce is bilingual (according to EDCUtah), and that is a major perk for companies wanting to gain a presence in the global market. This fact likely stems from many people learning a second language while abroad on Mormon missions.
Utah’s regulatory environment also ranked in the third spot.
“Utah is less likely to reward frivolous lawsuits or hand out excessive judgments,” says report co-author Jason Sorens. “Utah’s health insurance regulations are generally light, resulting in less costly policies and more choice for people in the small group and individual markets.”
Another plus is that energy costs in Utah are 29 percent below the national average. Utah is also one of seven states to maintain a triple-A bond rating from the three rating agencies.
“We have a very fertile environment for entrepreneurs and business,” said Gov. Gary Herbert.
So it’s safe to say that Utah’s business environment is worth its weight and more. Shall we go on?
Thanks to Utah’s business-friendly environment, many national and international companies have opened and expanded to Utah, such as eBay, Goldman Sachs, Oracle, Proctor and Gamble, and Adobe, which recently opened its new state-of-the-art LEED Gold certified facility in Utah County.
Forbes‘ ranking is based on six vital factors for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.
You can see the rankings for yourself by CLICKING HERE.