Utah is known for its beautiful mountain ranges, red rock formations, and ski resorts. But beyond the postcard views, it’s also home to a thriving business community. Companies are flocking to Utah to take advantage of the state’s pro-business policies, educated workforce, and low taxes.
The Economic Landscape
Over the past decade, Utah’s economy has diversified beyond traditional sectors like mining and agriculture. Now, finance, tourism, and technology drive much of the state’s growth. Major employers include Goldman Sachs, Adobe, eBay, and Ancestry.com. Utah also has a growing startup scene, with incubators and accelerators in Salt Lake City and Provo.
With over 3% GDP growth annually, Utah’s economic expansion continues to outpace the national average. The state has one of the lowest unemployment rates in the country. And business costs in Utah rank below the national average in all categories. This business-friendly environment makes Utah an attractive place to build a company.
Key Industries
Technology
Many technology companies have major outposts in Utah, especially in ‘Silicon Slopes’ near Salt Lake City. The state offers tax incentives for tech firms and R&D grants through organizations like the Utah Science Technology and Research Initiative (USTAR).
Utah is also home to top computer science programs at schools like the University of Utah and Brigham Young University. These feed talent into the state’s tech sector.
Finance
With its central mountain time zone location and educated workforce, Utah is an ideal hub for financial services and insurance companies. Many major banks have established operations centers in Salt Lake City, including JPMorgan Chase, Wells Fargo, and Goldman Sachs.
The presence of these large firms, along with Utah’s business-friendly tax structure, make it an appealing destination for financial startups too.
Tourism
Utah’s ski resorts, national parks, and outdoor recreation draw visitors from around the world. Tourism is an important industry, accounting for nearly 10% of the state’s GDP. Popular destinations like Park City, Moab, and Zion National Park are go-to spots for adventurers.
Hospitality companies have invested heavily in the state’s tourism infrastructure from resorts to restaurants. This creates an environment ripe for tourism-related startups as well.
Support for Growing Companies
For entrepreneurs starting a business in Utah, there are plenty of resources to tap into.
- Funding – Venture capital firms like Pelion Ventures and Mercato Partners invest in Utah-based startups. And Podium raised one of the largest Series A rounds ever for a Utah tech company.
- Incubators – Programs like Boomstartup and Lassonde Entrepreneur Institute provide training, mentorship, and funding for early-stage startups.
- Higher education – With top research universities cultivating talent, companies have access to a skilled workforce right in their backyard.
- Lifestyle perks – Utah offers a balanced lifestyle with a low cost of living and access to the outdoors. Many tech workers are choosing Utah over congested Silicon Valley.
By focusing on growth sectors and supporting new businesses, Utah has created the ideal environment for companies to thrive. It’s no wonder so many are choosing to call Utah home.
For more on launching a business in Utah, check out the Utah commercial contractors. They provide a wealth of resources on incentives, business regulations, and more in the state.
