Utah has been named the healthiest state for operating a business, according to research done by Upflow, a financial management company. The study focused on the business growth in each state over the past ten years.
It analyzed census data from 2011-2021 to determine payroll and firm growth — which analyze job availability and a business’s revenue and profitability.
Utah ranked highest, with a combined payroll and firm growth score of 66.4% — a 4% lead on the rest of the states.
According to the analysis, location plays a huge role in success. Specific locations, including Utah, provide access to local talent, expertise and networking, as well as tax advantages. While these factors are important when getting started, location is not everything for a business.
“Location can help, but it’s an enabler, not the driver,” says Ben Rubenstein, President of Setpoint.io. “What truly matters is growing, delivering customer value, and having cash in the bank. Where you are based impacts that only to a certain point — it’s more about getting your product-market fit and unit economics in a good place.”
Factors were listed that contribute to business success. These include investment in the workforce, local incentives, adaptability with technology, networking and a master understanding of cash flow and finance.
Utah’s growth score is likely related to business owners implementing these factors in their practices, which leads to efficiency and business success.
For questions about business programs at SUU, visit their website.
Author: Amy Huefner
Photographer: Anna Mower
Editor: Anna Mower
news@suunews.net
