From St. George to Logan, the word is spreading: Utah is again at the top of Forbes’ annual Best States for Business list. It’s not like we haven’t been there before, of course. We were atop the list from 2010 through 2012.
The Best States for Business is one of the many resources entrepreneurs use when making decisions about where to start a business, where to expand operations, where to invest and where to live.
We didn’t fall far last year – merely down to number three – but it’s good for the business community to see that we’re back where we belong. Forbes notes that we have “a very pro-business climate,” where jobs growth is fourth best in the nation and economic gains are projected for at least the next five years.
Among the top 10 states in which growth is projected, Utah has the top household income. That shows that we have not only grown in the past, but that we’re poised to continue the positive trend.
No other state in the nation finishes in the top 10 in five out of the six economic categories Forbes uses in its rankings.
One of the most important categories measured is expansion of a state's economy. Ours has grown 2.4 percent over the last five years, good for fourth best.
We also have low energy costs (26 percent below the U.S. average): good for third best.
The magazine also looks at the impact of technology in the state. As we have noted in the past, Utah technology has a worldwide reach with offices here belonging to eBay (adding 1,600 jobs in just the past year), Oracle (adding 300-plus jobs), Microsoft, Adobe and Twitter, as well nearly 1,000 life sciences companies.
For those interested in launching a new technology firm in St. George, or expanding an existing company, a first good step is to make contact with an experienced business attorney.
Source: Forbes.com, "Utah Heads The Best States For Business 2014," Kurt Badenhausen, Nov. 12, 2014