2014-15 - Utah Reclaims the Top Spot on Forbes' "Best State for Business" List (28 of 30)
Once again, Utah was named Forbes Magazine’s “Best State for Business.” From 2010 to 2014, Utah held the number one spot, with the exception of 2013 where Utah ranked third. Utah’s pro-business climate, sustained economic growth, low costs of doing business, and a talented workforce all contributed to Utah reclaiming the number one spot. Utah was the only state to rank in the top 10 in five of the six categories used in Forbes’ evaluation.
Forbes ranks all 50 states across six metrics – business costs, labor supply, regulatory environment, economic climate, growth prospects, and quality of life. Of the six, business costs is weighted most heavily and includes labor, energy, and taxes. Contributing to Utah’s number one ranking was the State’s economic expansion of 2.4% during the five previous years – fifth best in the nation at the time. Utah also had the fourth best annual job growth rate of 0.6% for the past five years. Among the top 10 states with the best job growth forecasts, Utah had the highest household income.
At the time, Utah’s tech boom was beginning to heat up. Forbes pointed to the state’s new growth and its tech roots running all the way back to 1985 when two of the three largest software companies called Utah home. Forbes cited the presence of tech companies such as eBay, Oracle, Microsoft, Twitter, Adobe Systems, and Varian Medical Systems, as well as nearly 1,000 life science companies, as evidence for Utah’s business friendly environment and its ability to attract and retain companies.
Accolades such as Forbes’ “Best State for Business” help bring Utah to the attention of national and international companies. Since first winning the number one spot in 2010, Utah has held the top spot for six of the past eight years with third place rankings in 2013 and 2018. Utah’s continual strong showing in national rankings demonstrates to companies the State’s dedication to being pro-business and helps EDCUtah bring the Utah story to a larger audience.