Utah named #3 state for business in CNBC ranking

Utah was named the No. 3 state for business in a CNBC ranking released Thursday. The study ranked Utah’s economy top overall in the nation and highlighted the state’s strong job growth, solid state finances and thriving consumer economy.

Gov. Gary Herbert authored a blog post for CNBC’s America’s Top States for Business blog in which he discussed the role of investment in long-term economic growth and Utah’s plans to keep commerce flowing for decades to come.

These plans are designed to ensure every dollar invested secures economic development. Education is key to growing a skilled workforce, which is why Gov. Herbert has worked with state lawmakers to invest $1.3 billion in education over the past four years – more new money than any other governor in Utah’s history.

Gov. Herbert has also prioritized investing in infrastructure and transportation to serve Utah taxpayers.

“Two of our recent investments—a major commuter rail project and alight-rail spur to Salt Lake City International Airport—were completed two years ahead of schedule and a combined $340 million under budget,” he wrote.

Critical investment in Utah’s economy is not limited to solid state financing. Venture capitalist firms outside Utah are investing in the Utah economy as well with substantial results. From 2013 to 2014, venture capital dollars in Utah grew by nearly double the national rate.

“Utah now outranks Silicon Valley in the average amount of money invested per deal. This caught the attention of The New Yorker magazine, which recently published an article that proclaimed Utah ‘the next Silicon Valley,'” wrote Gov. Herbert.

Click here to read the governor’s full blog post and here to see CNBC’s full scorecard.