Why is Utah such a good place to start a business?
There are many reasons why people move to Utah. But lately, our lovely state has become a magnet for those looking to start a business. And there are good reasons why. Not only do we boast a beautiful state, but we also have a very favorable tax climate, highly educated workforce, and cosmopolitan cities ready to accommodate individuals of all stripes. But let’s start with the most important reason, the financial reason.
A Favorable Tax Climate, Educated Workforce, and Renowned Universities
First, Utah offers a very low corporate tax rate of 4.95%. And this is down from January 2018 when it was 5%. So, Utah continues to practice a favorable tax policy designed to draw businesses to town. Compare this to states like Iowa, with a 12% rate, New Jersey with a 10.5% rate, and Pennsylvania with a 9.99% rate and you can see why Utah is so attractive for businesses of all sizes. In the end, this means that starting or managing a business in Utah is going to be less costly than it would be in other states.
Utah also boasts a large, bilingual population, mainly due to the high number of LDS missionaries that serve overseas. But this can also be attributed to high levels of migration into Utah. Put simply, this is a multilingual state. It also doesn’t hurt that Utah’s world-renowned universities constantly churn out educated, motivated, and hungry individuals ready to add to Utah’s diverse workforce.
Here are just a few examples of the renowned universities that make up Utah’s higher education system:
- University of Utah
- Utah State University
- Brigham Young University
- Weber State University
While BYU is arguably the most notable of Utah universities, other colleges and universities in the state also stand on their own. And no matter which university a new hire comes from, companies can rest assured they’re getting only the best from the Utah university system.
A Startup Scene to be Proud Of
Utah also has a vibrant and growing startup scene. You may have heard of Silicon Valley, but have you heard of Silicon Slopes? This area of hi-tech startups rivals the early stages of Silicon Valley, with several notable companies opening offices, distribution centers, and data centers all across the state. From Facebook to Amazon – you can find the big tech giants setting up shop right here in Utah.
Even better, the city of Provo is considered one of the nation’s fastest-growing tech hubs. The Utah tech boom did have a bit of a slow start, but even decades ago, major tech operations like Novell and WordPerfect. But it wasn’t until the ’90s and early ’00s that major tech operations like Vivint and Ancestry.com began to come to Utah and set up shop.
Today, Utah is named as a top destination for innovation and entrepreneurship. Utah also ranks near the top in high-tech and overall economic performance, according to the U.S. Chamber Foundation. The big reason driving this growth lies in Utah’s appeal as a place to live Utah’s population has grown by over 200% in the last half-century.
It’s About the High Quality of Life
If there is one thread that runs through all these factors, it’s that people want to live in Utah. The Beehive State boasts a high quality of life and people that live here can attest to that. And it’s about more than the fresh mountain air and plenty of outdoor activities. It’s also about the low cost of living. Take the Utah/California comparison as one example. A lot of Utahn’s have noticed California plates on their roads and highways, and for good reason. The cost of living in Utah is 35% cheaper than it’s in California, on average.
Beyond work-related benefits, Utah is simply a beautiful and alluring state. From amazing winter sports to hiking, fishing, rock climbing, mountain biking, and so much more – there is something for everyone in Utah. Utah also has a unique desert environment, which means you could find yourself on a lake, hiking a mountain, and enjoying dunes all in the same day!
Additionally, due to a smaller population spread out over wide-open spaces, Utah has less traffic, congestion, smog, and noise pollution. Less traffic means less time commuting. Less smog and congestion means better health for you and your family. When you move somewhere with less of all the undesirable qualities of where you live now, you’ll be happier, more well-rounded, and less stressed out.
Are you new to Utah or considering a move? Here a First Utah Bank, we’re proud to be Utah’s premier community bank. We’re your friends, family, and neighbors in Salt Lake and Utah County. For more information on opening an account with us or learning more about our history in the area, stop by and peruse our website. Otherwise, we will see you out there around our beautiful Beehive State!