Utah ranked as best state for economy

Utah is the top state for economy as measured by employment, business environment and growth.

Utah is one of the leading states for the unemployment rate. In a WalletHub study, Utah ranked as the second best state for job recovery. 

According to the Bureau of Labor Statistics, Utah’s unemployment rate is at 2.1%, the lowest unemployment rate in the country. 

Utah’s business environment is one of the most diverse environments nationwide. Industries like aerospace and defense, software and information technology, life sciences and outdoor products and recreation are key elements of Utah’s economy. 

Val Hale, executive director of Utah’s Governor’s Office of Economic Development from 2009-2021, watched Utah’s economic climate grow during his time as executive director.  

“We have a business-friendly Legislature that is intent on enacting business-friendly laws and regulations including low corporate and individual taxes,” Hale said

Utah is currently ranked as the third best state for gross domestic product growth. The GDP growth rate is measured by the economic future of a state which is beneficial for businesses and entrepreneurs. 

The 2020 Census showed that Utah had the fastest growing population, one of the contributing factors for an economic rate. Within the last decade, Utah’s population grew by 18.4%.

A recent Census report released in March showed that St. George had the fastest-growing population rate in metro areas in the country. Both Provo-Orem and Logan were also in the top 10. 

St. George Mayor Michelle Randall was not surprised by the report but recognized the changes that can come from growth.

“St. George is a beautiful city with equally amazing people,” Randall said. “We are feeling the growing pains as a city and must do our best to manage growth so it doesn’t affect the quality of life we have all come to love.”

Iron County’s population also had a population increase, rising by 4.7% in 2021. According to the University of Utah’s Kem C. Gardner Policy Institute, both Washington County and Iron County populations are projected to grow significantly within the coming decades. Washington County is expected to grow by another 25,000 people by 2025. Iron County was expected to grow by another 5,000 people by 2025, but has gone beyond that projected growth to already be over 60,000 people according to the 2021 Census.

Article by: Lexi Hamel

news@suunews.net

Photo courtesy of: Adeolu Eletu via Unsplash

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