Forbes magazine has named Utah the Best State for Business for three years in a row. Numerous other publications and organizations consider the state to be the best – or one of the best – places to work and run a business. Why all the fuss over the state? Here are the main reasons the state is at the top or near the top of these economic development rankings:
Low corporate taxes. Utah’s 5% flat corporate tax rate is among the lowest of all states.
Low energy costs. Energy costs in Utah are nearly one third below the national average. If you’ve lived in or run a business in another state, you know that utility costs in the Beehive State are significantly lower than most everywhere else. For companies, this adds up in a big way, especially when combined with reasonable lease rates and operating costs.
Quality workforce. Utah’s median age is 29, making it the youngest state behind Texas. Workers are young, educated and tech-savvy. Several colleges and universities churn out a steady stream of graduates in a variety of fields. The state’s predominant religion, the Church of Jesus Christ of Latter-Day Saints, has an international mission program that results in a high share of workers being bilingual.
Quality of life. Perhaps the most important factor in Utah’s high ranking as a place to do business is its ranking in terms of quality of life. There are no shortages of people who want to live in Utah. That means for most positions, companies don’t have to do any arm-twisting to get people to take jobs here.
Want to read more about what puts Utah at the top of the list of places to do business? Read the full Forbes report.