Utah’s economic surge continues. That’s the takeaway from a newly released report showing Salt Lake City and Provo-Orem are two of the Top 25 Best-Performing Large Cities in America.
The business rankings place Provo-Orem at number two nationwide, with Salt Lake City hot on its heels at number five. The rankings are good news for existing business owners as well as for those entrepreneurs ready to strike out on their own to form a business.
The Milken Institute rankings are based on short- and long-term growth in jobs and income, among other factors. Provo-Orem jumped up five spots to second in the nation, behind only Austin, Texas, because of its robust technology industry and fast-paced job growth.
The area is home to several thriving, nationally known firms, including Adobe, IM Flash and Ancestry.com.
Salt Lake City, on the other hand, has a remarkably strong and consistently growing economy, fueled by companies adding jobs in scientific, technical and professional services.
In 2012, the city added 2,600 jobs in those areas along, up 7 percent from 2011.
The city is more likely than any other large American city to enable residents to move into higher economic strata, according to study results compiled by Harvard University and the University of California at Berkeley.
Researchers determined that there’s an 11.5 chance that babies born in Salt Lake City’s lowest economic quintile could rise to the very top economic quintile over the course of their lives. That’s the highest rating for any city in the land.
We have much to be proud of in Utah, but we don’t have time to rest on our laurels. There’s more to be done by people eager to start new businesses and those working hard to make current companies thrive.
Those goals can be achieved with the help of a business attorney experienced in guiding entrepreneurs through the bureaucracy and paperwork, enabling them to focus on doing what they love.
Source: Utah Pulse, “Utah Cities Rise to the Top in Milken and Harvard Rankings,” Jan. 22, 2014