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Utah ranked No. 1 for business again

By KSL.com | Posted - Nov. 23, 2011 at 7:55 a.m.



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SALT LAKE CITY -- For the second year in a row, Utah is Forbes' No. 1 state for business and careers.

The business magazine chose Utah in part because of its economic consistency.

The Forbes website said, "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."

Those six categories are Business Costs, Labor Supply, Regulatory Environment, Economic Climate, Growth Prospects and Quality of Life.

Utah highlights include:

  • Energy costs 31% below the national average
  • Employment growth that averaged 0.6% the past five years compared to a national average of negative 0.6% since 2005
  • 5% corporate tax rate is well below neighbors Arizona, Idaho and New Mexico
  • Ranks sixth in a new Tax Foundation study that looks at the tax burden on business

Best states for business & careers

RankingState
1.Utah
2.Virginia
3.North Carolina
4.North Dakota
5.Colorado
6.Texas
7.Washington
8.Nebraska
9.Oregon
10.Iowa

Forbes also says the overall business cost in Utah is 10 percent below the national average.

Forbes says companies are also attracted by Utah's population growth, which is one of the fastest in the nation. That translates to a bigger and better workforce.

"Utah has a young, dynamic economy with a vibrant high-tech sector," says Mark Zandi, chief economist of Moody's Analytics.

In a news release, Utah Gov. Gary Herbert said, "Being again recognized by Forbes as the country's best state for business and careers is certainly an outstanding honor. But it is no accident; it is the result of deliberate efforts to make Utah the most business-friendly state."

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