Why Utah?

Why Utah?

Video – Why Utah?

Top industries in Utah (Utah GDP in billions of USD)

  • Manufacturing: $17.6
  • Retail/wholesale trade: $14.3
  • Finance and insurance: $13.9
  • Professional, scientific, and technical services: $7.8
  • Health care and social assistance: $7
  • Information: $4.5
  • Mining: $2.8

For three years running, Utah has won top ranking as Forbes Magazine’s “Best State for Business and Careers”. From a diverse economy with strong life sciences, information technology, aerospace/aviation, and other industry clusters, favorable and sensible tax/regulatory environment, young and educated workforce, robust international trade, to high quality of life. Innovation, industry, education, and good governance culminate in Utah to create a diverse and thriving economy. World-class companies in Utah create synergies in their respective industries. Foreign direct investment (FDI) is actively encouraged.

Where better place than Utah is there to expand your business? Utah has a stable and predictable business friendly climate. It consistently receives recognition for its low operating costs, high economic growth, and excellent governance. Utah has propelled to the top without question due to a unified purpose of community leaders, from education, business to government working together to maximize opportunities. Local experts say that Utah’s growth is due to a business-friendly environment built over years of investment. During the past 10 years, Utah’s net growth in new businesses averaged 6.3 percent while the national average was 3.9 percent, according to the U.S. Census Bureau. Companies that move to Utah soon discover that their needs are met. Utah’s transportation, communication, and energy infrastructures are the best.  Utah offers tax rebate incentives to companies that make capital investments in the state and create jobs. Utah doesn’t just house successful businesses, it grows them.

 
The Utah Fund of Funds program supports the state’s thriving venture capital industry. The state-sponsored fund uses its portfolio of US$5 billion of investable capital to inject money into local and regional venture capital and private equity funds.

  • Utah is home to the majority of commercially owned industrial loan companies in the USA
  • 38 Utah companies have raised over US$201 million for the Utah Fund of Funds portfolio
  • Nearly US$1.3 billion of capital commitments have been made in Utah-based venture capital and private equity funds

 
COST OF DOING BUSINESS

  • Utah is home to the majority of commercially owned industrial loan companies in the USA
  • 38 Utah companies have raised over US$201 million for the Utah Fund of Funds portfolio
  • Nearly US$1.3 billion of capital commitments have been made in Utah-based venture capital and private equity fund
  • One of the lowest tax states in the U.S.
  • One of the lowest operating cost states in the U.S.
  • Second-lowest commercial electric and third-lowest natural gas rates in the U.S.

WORKFORCE

  • 24 total public and private universities, colleges, and other accredited higher education institutions
  • 39 percent of the workforce has an associate degree or above
  • Utah’s workforce has been recognized for its productivity
  • Over 103 different languages are spoken in commerce daily
  • Competitive wage rates
  • Youngest population in the country with a median age of 29

ACCESSIBILITY

  • #1 state in export performance
  • Salt Lake City International Airport hosts over 700 daily flights
  • One-day truck service to most major cities in the western U.S.

QUALITY OF LIFE

  • 4 of the top 20 ski resorts in North America are within one hour of the international airport
  • Home to 5 national parks, 7 national monuments and 43 state parks
  • Named “happiest state in the U.S.”