If you are thinking of moving to Utah, there is good news! “Our state is growing now, and as we look to the horizon, Utah’s growth prospects are truly bright,” Gov. Gary Herbert said in his State of the State speech on January 25, 2012, noting that is something not many governors can say, according to KSL news.
While the national economic future remains tenuous, Herbert said, the Utah economy surges ahead. The unemployment rate continues to steadily fall and the state currently has the second-fastest rate of job creation in the nation. And again, Forbes magazine named it the best place in the nation for business, he said.
Utah repeats this year as Forbes Best State for Business and Careers in our sixth annual look at the business climates of the 50 states. No state can match the consistent performance of Utah. It is the only state that ranks among the top 15 states in each of the six main categories we rate the states on.
Utah highlights include energy costs 31% below the national average and employment growth that has averaged 0.6% the past five years. Compare that to the U.S. as a whole where job growth has averaged negative 0.6% since 2005. Utah’s 5% corporate tax rate is well below western neighbors Arizona, Idaho and New Mexico. Utah ranks sixth in a new Tax Foundation study that looks at the tax burden on business in each state across different industries.
Businesses are getting the message on Utah. Procter & Gamble, ITT, Home Depot and Boeing all announced expansions in Utah this year. The Goldman Sachs office in Salt Lake City is its second biggest in the Americas with more 1,000 employees and significant expansion expected over the next four years.
Technology companies particularly have had Utah on their radar as an affordable alternative to California with overall business costs in Utah 10% below the national average. Adobe Systems, eBay, Electronic Arts and Oracle have all expanded in Utah in recent years.
Companies are also attracted by Utah’s population growth which is one of the fastest in the country and provides a burgeoning workforce. “Utah has a young, dynamic economy with a vibrant high-tech sector,” says Mark Zandi, chief economist of Moody’s Analytics.
The Utah story is far from over. Job growth is projected to be 2.4% annually through 2015 according to Moody’s, sixth best in the country.
To read about the inventory of homes in Utah, go here.
Thanks to Forbes.com and KSL.com for the information for this post.