Utah’s economy is on a roll, with no signs of slowing down. While the Utah Governor’s Office of Economic Development is unsurprisingly pleased with the state’s performance, it’s also optimistic that the momentum will continue for many years to come.
“We were named the No. 1 state for entrepreneurship by Forbes magazine, which said we are the best place to start a business. We also have the strongest middle class in America. We continue to receive tremendous accolades as our economy advances at an incredible rate,” said Val Hale, executive director of the Utah Governor’s Office of Economic Development.
When asked what contributes most to Utah’s economic upswing, Hale said: “First and foremost, Utah is a very business-friendly state. We have a relatively low tax rate, and we are easier to navigate when it comes to regulations,” also highlighting the governor’s policy of minimal intervention.
“Our governor’s slogan is, ‘I want to keep the government off your back and out of your wallet.’ And businesses love that type of attitude. So, that has been the foundation of it,” Hale added.
Moreover, Utah has an abundant supply of top talent regularly entering the workforce.
“Our colleges and universities turn out exceptional graduates. Some international companies don’t look farther than the West and East U.S. coasts, so they’re missing out on a tremendous opportunity in Utah. We still have a relatively low cost of living and a skilled bilingual workforce,” he said.