The U.S. Chamber of Commerce released its Enterprising States report yesterday and Utah ranks in the top ten in four of six important categories.

Our state ranked third overall for entrepreneurship and Innovation, second in exports, seventh in workforce and training and tenth in taxes and regulation.

The report says, “there is only one route to sustainable state economies, and that is through broad-based economic growth. The road to that objective can vary by state, but the fundamental goal needs to be kept in mind if we wish to see a restoration of hope and American optimism about the future.”

Here is the U.S. Chamber’s take on Utah in each category:

Utah ranks 3rd  in Entrepreneurship and Innovation
Utah’s top ranking in net business birth rate helps it move up five places to third in innovation and entrepreneurship this year. The state ranks no worse than 18th in any metric and is sixth in small business lending activity, ninth in STEM job concentration and ninth in high-tech business concentration. Utah is making investments in research commercialization infrastructure with its Utah Science, Technology and Research Initiative and offers an outreach and business assistance program for technology companies.

Utah ranks 2nd in Exports
Utah continues to be a leader in export measures, with exports up 45 percent since 2009. The state’s International Trade and Diplomacy Office serves as an intermediary between Utah companies and international markets, promoting the state’s products and helping companies prepare themselves to operate globally. The Governor’s Office of Economic Development also partners with the World Trade Center Utah to promote increased exports.

Utah ranks 10th in Taxes and Regulation
Utah ranks in the top 17 in four of our five tax and regulation measures, landing it in 10th place. The Beehive State recently launched an advisory committee to optimize its state government. Comprised of public and private sector experts, the committee made over 50 recommendations, including calling for review of regulatory processes that impact businesses in the state. Greater coordination between regulatory agencies was identified as a way to maintain a business friendly environment and avoid harmful duplication of services and unneeded red-tape.

Utah is tied for 7th for Workforce and Training
Utah ranks in the top 10 in higher education productivity and affordability, and 25th in educational attainment of its young workforce. In order to help drive innovation and attract high-tech firms to the state, Governor Gary Herbert’s administration has set a goal to expand the number of citizens with degrees and professional certifications to 66 percent of adults by 2020. The governor has also called for an increased focus on science, engineering, and math careers in the state’s educational system.