Media Coverage

Key Takeaway:

• University president states they take a lot of pride in lining up degree programs with job demands
• After a degree in Utah, there are some “truly great opportunities”
• Strong healthcare, computer science, and engineering programs have seen growth and an emphasis on real-world experience.

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Why it matters:

Higher degree value indicates a stronger value proposition, which in-turn incentivizes the workforce to become highly educated. Highly educated workforces prop businesses up and generate increased consumer spending power.

Key Takeaway:

• U.S. News and World Report found Utah to be the best state in the nation overall for 2023
• State coffers have a surplus, which very few states can claim
• Many cities in Utah are experiencing rapid economic growth and development in a short period of time

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Why it matters:

As Utah continues to provide a high standard of living, more people will find the state ‘sticky’, will put down roots, and raise families, which will stimulate economic prosperity.

Key Takeaway:

• Ratings are based on data from the Bureau of Labor Statistics that was analyzed by an independent consulting company.
• Utah rated 10^th for a high business growth rate (8.4%), low corporate tax rate (4.85%), and low filing/yearly fees.
• The worst states experienced ≈ -18% business growth rates & significantly higher fees.

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Why it matters:

Businesses continue to pivot and adapt in a globalized world, understanding which U.S. states offer the most promising landscapes for expansion and success is crucial.

Key Takeaway:

• “The impact of tourism to national parks is undeniable”
• Tourist spending equates to >23K jobs in Utah
• The cumulative benefit to the Utah state economy is ≈$2.6M

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Why it matters:

Utah has many underrated or little-known strengths, tourism is one of them. The diversity of the Utah economy provides economic resiliency and variety to all stakeholders, resulting in a powerful ecosystem.

Key Takeaway

• Rating is based on U.S. Census Bureau’s data that showed at least 15% population growth for five consecutive years, thriving local economies, a more affordable cost of living, appealing retirement destinations, vibrant college-town atmospheres, and milder climates.
• St. George secured the highest (#1) employment growth among all the metro regions listed.
• Utah claimed 10% of the top twenty cities in the U.S ratings.

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Why it matters

Employment growth and population increases are tried and true signs for a resilient local economy. Utah is positioned well to weather macro-economic storms, which can result in a more secure investment. The outstanding and stable growth of Utah’s cities reflects the power of the state economy.

Key Takeaway:

The Utah economic miracle is marked by:

• Exceptional economic growth
• A favorable business climate
• High rates of economic mobility

Utah has garnered attention across the nation

Utah has experienced net in-migration for 31 of the past 32 years; “I don’t see this trend changing anytime soon.”

Why it matters:

Investments & businesses in Utah are positioned to gain significant traction due to the advantages above. Utah can be seen as a positive outlier with accelerated future growth potential, incubated & secured by the young & educated population.  

Key Takeaway:

• Provo, Utah, is the biggest boomtown in America, gaining the most new residents and experiencing the sharpest economic expansion in the nation
• Utah claims four of the top ten biggest boomtowns in the U.S.
• Utah business friendly environment has created a steady influx of professionals and skilled workers seeking employment 

Why it matters:

”boomtown” is a city that has experienced rapid economic growth and development in a short period of time. Rapid growth at the city level is an indicator of economic vitality at the state level.

Key Takeaway:

• Salt Lake City has emerged as one of the fastest-growing tech hubs in America, with an expected 30 percent increase in tech jobs by 2030 (higher rating than San Jose in Silicon Valley).
• America is at risk of fading into the background, if they don’t follow Utah’s lead and emphasize growth in tech.
• Utah benefits immensely from investments in the technology & innovation sectors.

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‍Why it matters:

Technological innovation is driving economies, spurring competition, and changing everyday lives. Those economies that are intimately tied to this innovation will receive the highest benefit and will benefit before others. Tech companies are bringing good-paying jobs while contributing to Utah’s leading street economies.

Key Takeaway:

Utah is positioned for growth & recession resistance.

• Rating draws on thousands of data points to measure how well states are performing.
• Health care & education were weighted heaviest. Utah was rated the #1 economy, #1 in fiscal stability, & has the lowest median age of all 50 states (31.3 years old).
• Out of Utah’s 3.38MM population, 46.3% are college educated, 88.2% have their GED, & all enjoy a >20% higher median income than the national average,.

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Why it matters:

Investments & businesses in Utah are positioned to gain significant traction due to the advantages above. Utah can be seen as a positive outlier with accelerated future growth potential, incubated & secured by the young & educated population.