Utah Named “Boom State” for Business and Economic Development

The U.S. Chamber of Commerce has named Utah as one of the best places to do business in the United States. Based on a six category performance test, Utah was the only state to rank in the Top 10 of every category: economic performance, exports, business climate, talent pipeline, infrastructure, and innovation and entrepreneurship, earning it the title of “boom state.”

The report cited Utah’s focus on STEM education, exporting, and high-tech business as the reason for such a high performance ranking, and Utah is one of the nation’s top exporters of x-ray equipment, vehicle airbag systems, as well as aircraft engines and parts.

According to Spencer Eccles, executive director of Governor Herbert’s Office of Economic Development, “Utah leads the charge as the nation comes back from the economic recession,” and the Utah legislature’s support of the state’s efforts for economic development was also cited as a reason for such a high score across the different weighted categories.

These results will come as no surprise to some, as a NAI West 2012 midyear report that evaluated the commercial and real estate markets across the state found that Utah was the number one place to do business in the country. In addition to reports on Utah’s economic success and business success rates, both Brigham Young University and the University of Utah’s graduate entrepreneurship programs were ranked in the Top 15 entrepreneurship programs in the country by the Princeton Review, and BYU came in third after Babson and the University of Michigan.

It appears that Utah is the place to be if you want to expand your business or start a new business venture. With the lowest healthcare rates in the nation, and more and more educational opportunities, the state is set to continue moving forward ahead of the pack.

Sources

“Top Entrepreneurship Programs Press Release.” The Princeton Review. http://www.princetonreview.com/top-entrepreneurial-press-release.aspx. (8 May, 2013).

“Utah, There is No Better Place U.S. Chamber of Commerce Ranks Utah as the Top Performer in the Nation.” PRWeb. http://www.prweb.com/releases/2013/5/prweb10701793.htm. (8 May, 2013).

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