Businesses love Utah and we know why
“If you build it, they will come.”
From Facebook opening up a new data center in Eagle Mountain, Utah to an ever-growing list of companies from Overstock.com to Skullcandy — companies are coming to Utah. Many of these companies reside in what is now called the “Silicon Slopes.” It’s a growing area between Salt Lake City and Provo where the surrounding mountains are home to 828 technology companies. Forbes has even ranked Utah the Best State for Business six times since 2010. Small businesses that need loans or business banking services also have ample options.
One of the primary reasons businesses come to Utah is for the $150 million property tax incentives. Yet, enviable taxes are not the only things that draw businesses to Utah. Small businesses come here for a highly educated workforce, a beautiful and mild climate, and a level of charm all Utah is known for.
Why Utah Quickly Became a Tech Hub
Tech companies employ a larger share of the workforce per capita in Utah than nationwide. To do that, tech companies need to have tech workers. Utah has a highly educated workforce with more than 91% of the population 25 years old or higher having a high school diploma. Of those, 30% have a bachelor’s degree. When tech companies come looking for software engineers and computer scientists, they know these people can be found in Utah.
Utah also has a very low cost of living. Imagine workers coming to Utah for a high-paying tech job only to find they also can benefit from a very low cost of living. A lot more of that high salary can instead go towards buying a home or enhancing one’s business. The low cost of doing business makes Utah a very attractive place for entrepreneurs who want to save money in business and life.
Finally, it’s important to consider that Silicon Valley has become quite crowded. The traffic congestion and high cost of living in the San Francisco area have sent businesses scrambling for a new place to get the job done. Just consider population alone as a factor of human congestion. Utah has a population of around 4 million people. California? They’re the most populous state, with nearly 40 million people. This means there is ten times the number of people living in California compared to Utah. Fewer crowds mean less traffic and more housing availability. Still, fewer people doesn’t mean fewer things to do.
Utah is a Beautiful State for Small Businesses
Utah is well-known as an incredibly beautiful state. Small businesses that move to Utah want to make sure their employees have great things to do and beautiful sights to see. We may be a little bit biased, but Utah is one of the most beautiful states in the Union. Mile for mile, it has some of the most spectacular scenery you can get in a state.
Let’s take National Parks as one example. Utah is home to five different national parks, which is second only to California and Alaska when it comes to states with the most national parks. Consider parks like Arches, Bryce Canyon and Zion. These are the three most popular parks in the Utah Park System, but there are many more, lesser-known parks that are quite beautiful, such as Canyonlands and Capitol Reef National Park.
Do you enjoy the winter weather climate? Utah is known for having great, powdery snow, and Utah residents love it. Small businesses that move to Utah may have employees who enjoy to ski and snowboarding. Park City is home to dozens of ski resorts and Deer Valley is an excellent ski school.
Utah is a Great Place for Business Banking
Here at First Utah Bank, we take great pride in doing business with companies who want to make their homes on the Silicon Slopes. We consider ourselves Utah’s community bank, and we have a long legacy of working with community businesses in need of business banking, checking, savings and loan services.
First Utah Bank bankers are also very aware of the local landscape. They are more than able to advise new businesses in the Utah area on their banking needs. They can also advise on site selection. Once a prospective business can see how Utah can help them build their company, whether on the Silicon Slopes or otherwise, it shouldn’t be difficult to decide to move here.
Are you a small or medium-sized business looking for a community bank you can trust? Do you need comprehensive business banking services backed by web services and bankers who are ready to help you the moment you need it? If you have come to call this great state we call Utah home but have not yet secured your business banking services, it’s time to pay a visit to First Utah Bank in Salt Lake City or Lehi, Utah. We’ll see you soon!