Utah named ‘Top State’ for business in CNBC ranking
July 19, 2016
Utah was named the No. 1 state for business in CNBC’s 10th annual Top States ranking released Tuesday. The study highlighted the state’s strong job growth, robust technology sector and industrious workforce.
“Our long traditions of collaboration, innovation and entrepreneurship have earned us a spotlight on the nation’s economic map, and businesses have noticed,” said Gov. Herbert. “One shining example is the rapid growth of Utah’s tech industry—the rise of Silicon Slopes.”
Gov. Gary Herbert authored a post for CNBC’s America’s Top States for Business blog in which he discussed the economic impact of Utah’s rapidly expanding technology sector and the unprecedented partnerships that will secure the state’s economy for decades to come.
Homegrown companies like Vivint, Qualtrics, Domo and Pluralsight have made remarkable strides in the tech world, and Utah’s pro-business climate continues to attract big names such as Adobe, Microsoft, Backcountry.com and EMC.
“Today, our economy is well-equipped to remain sustainable—it is more high-tech, global and diverse,” said Gov. Herbert. “Utah has the third most diverse economy in the country, with strong representation in the technology, financial services, aerospace and life-sciences sectors, among others.”
Utah’s gross domestic product has grown from $106.3 billion to $152.5 billion in the last 10 years, and the governor attributes that success to the state’s low and consistent tax rates, limited government and ability to collaborate.
Since the Top States study began 10 years ago, Utah is the first and only state to finish in the top half in each of the competitiveness categories.
The Top States scorecard is based on more than 60 different measures of all 50 states. Click here to see CNBC’s full scorecard.