In a time when the nation's economy is looking down, Utah's economy is growing 3.5% every year. Business leaders across the nation are taking notice. Big names such as Goldman Sachs, Adobe, Oracle, and eBay are all expanding operations in Utah. According to new population estimates from the Census Bureau, Utah is the fastest growing state in the nation. This is based on a 2.5% increase in population from July 2007 to July 2008. In addition to natural increase Utah has a strong rate of domestic migration. This means people are moving to Utah and not moving out.
What is attracting people to Utah? Forbes.com currently ranks Utah as the #1 Best State for Business, bringing an end to Virginia's four-year position at the top of the list. Forbes stated that Utah currently boasts the "most fiscally fit state government" in the country. This is reflected in a 1.5% increase in employment as well as a 5% annual increase in household incomes of Utah residents.
"This is the kind of ranking that attracts attention," said Scott Schaefer, associate dean for academic affairs at the University of Utah School of Business, "It's going to help attract really good employers to come locate in our state." Schaefer also affirms that Utah can offer better prospects to people struggling to find good jobs than most other parts of the country.
Utah's government is working to maintain this positive growth environment by keeping taxes low, energy costs low, and encouraging a highly educated workforce. Governor's Office of Economic Development Executive Director Spencer Eccles connects success to creating an environment geared towards attracting businesses and enabling business to be successful. In summary, current trends and statistics indicate that living in Utah is a great way to invest in your future.
Video Courtesy of KSL.com