Forbes names Utah 2014 Best State for Business

Video: Gov. Herbert talks to reporters about how his recent trade mission to Brazil will help Utah businesses and discusses the top ranking from Forbes.

Utah was named the 2014 Best State for Business by Forbes magazine Wednesday, claiming the top spot for the fourth time in the past five years (2010, 2011, 2012 and 2014).

Forbes cited Utah’s pro-business climate, low energy costs, technology development and economic growth, among other factors in its ranking. States were judged on 36 data points and six main areas.

“We have something very special happening in our state and the rest of the nation is taking notice,” said Gov. Herbert. “Utah’s success is the result of a dynamic business community that has a true partner in state government. We work to cultivate the environment for them to succeed, which is ultimately a benefit for their stakeholders, employees and all the people of our state.”

The Forbes ranking comes on the heels of another recent report by Inc. magazine recognizing Utah as a leader in the high-tech industry. The article, titled “Move over, Silicon Valley: Utah has arrived,” notes tech startups in Utah have received major venture capital investments in 2014, significantly ahead of traditional tech states. The Provo-Orem, Utah metro had the highest dollar-per-deal average this year, pulling in $51.3 million on average. Salt Lake City-Ogden, Utah metro ranked third with a $17.2 million per average deal. San Francisco, by comparison took in $18.4 million per average deal.