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Utah continued its growth in 2013

On Behalf of | Jan 3, 2014 | Business Organizations |

The good news in Utah continues to roll in from 2013. Our state remained one of the fastest-growing in the nation, the U.S. Census Bureau said in a recent report.

The recently released estimates showed Utah’s population leaping 1.6 percent in just the past year, making our growth second in the nation. That’s obviously good news for people considering formation of a business in St. George or elsewhere in the state.

Which state grew even faster than ours? North Dakota, where the oil shale boom is a powerful magnet for people seeking jobs. North Dakota’s population surged 3.14 percent over the past 12 months.

In recent years, our population has grown at about 1.4 percent, a University of Utah economist told the Salt Lake Tribune. That increase is much like adding a new Murray City to the state every year.

As of July 1, our population sat at 2,900,872. It should be noted that the Census Bureau estimates did not include a breakdown of the figures, so it is not clear how much our growth in the past year is due to people moving here and how is much can be attributed to births among residents (our birth rate is highest in the nation).

The state demographer said the statistics indicate to her that about 10,000 people migrated to the state over the past year and that the rest of the growth is likely due to births.

She said the growth indicates “that the recession has bottomed out here.” Again, more good news for entrepreneurs ready to start up businesses.

Those eager to start a business in this new year should sit down with an attorney experienced in business formation and discuss which legal forms might suit their needs and best protect their assets.

Source: Sacramento Bee, “Census: Utah’s population grows 1.6 pct. to 2.9M,” Dec. 31, 2013