Startup Ecosystem + Talent + Lifestyle
Utah is a hot bed of growth. The technology, startup, and tourism ecosystem is growing quickly.
Perhaps you've just closed a round of funding and are looking for a great place to grow your team? Business incentives abound, and so is the talent. Your funding will go 30% to 40% further than in Silicon Valley.
Perhaps the cost of living and lifestyle in your home town just isn't cutting it? Come check out Silicon Slopes. Here you can literally ski powder every morning and be back at your desk ready to work by 11am. Here you can afford a single-family home on a single income household within a 20-minute drive to your office. (Good luck making that happen in California.)
5 yr. GDP annual growth rate: +5.7% (3rd largest increase)
2018 GDP: $177.3 billion (20th smallest)
April 2019 unemployment: 2.9% (tied — 12th lowest)
5 yr. annual employment growth: +2.6% (6th largest increase)
Utah’s economy was the third fastest growing of U.S. states from 2013 through 2018. One of the main drivers of growth was the state’s booming information sector. The economic output of the information sector grew 53.8% from $5.9 billion in 2013 to $9.0 billion in 2018, the second largest growth of any industry in Utah over that period. Much of the growth likely occurred in the Silicon Slopes region of the state, a cluster of fast-growing tech companies and startups stretching roughly from Salt Lake City to Provo.
The number of employed workers in Utah rose at an average annual rate of 2.6% from 2013 to 2018, the sixth fastest in increase of any state. The state’s population grew by 10.3% between 2010 and 2018 as well, the most of any state. Pull factors for new residents likely include the state’s low cost of living and unemployment rate.
Resources for Employers
Utah's GOED Corporate Recruitment - Effective economic development tools for business expansion, workforce development and industry growth.
Utah Economic Development Map - Get your bearings in Silicon Slopes.
Utah Economic Data Viewer - Search for Utah economic and demographic data.
In the Media
#3 Best State for Business
Best States for Business - Forbes - December 2019
For a decade, Forbes has ranked Utah a top-three Best State for Business, including six times in the number one spot.
Best Economic Outlook
Utah has held the No. 1 spot since 2012.
#2 Best Economy
Best States Rankings, U.S. News & World Report — May 2019
#1 State for Entrepreneurs
Top 10 Most Entrepreneurial States, Amazon — May 2018
#2 Best Place in America to Start a Business
Best States to Start a Business, Inc. — Aug. 2019