A Robust Economy

Utah strong

Gov. Cox is committed to ensuring Utah’s economy and its residents remain strong and resilient. He understands government’s role in the economy and will continue to keep taxes in check, support business-friendly policies and regulatory reform, and focus on workforce development. 

Utah’s economy consistently ranks among the strongest in the nation and the state is continually recognized as the best managed state in America. In fact, in 2023 Utah ranked as the best state in the nation by U.S. News & World Report and was named the state with the best economic outlook by Rich States Poor States for the 16th year in a row.

Utah has maintained a AAA bond rating since 1965. The state hit record low unemployment of 1.9% in December 2021 and has remained among the lowest in the nation while sustaining strong job growth. 

Gov. Cox knows that helping businesses to grow, investing in our children’s education, expanding opportunity, taking care of those in need and building infrastructure in both urban and rural Utah will benefit the state’s economy and its people far into the future.

First-term accomplishments

• Gov. Cox approved the largest tax cuts in Utah history, including cutting income taxes from 4.95% to 4.65%; cutting property taxes; expanding the Social Security tax credit; adding an earned income tax credit for those with low incomes; and approving the removal of the state sales tax on food, pending voter approval in 2024.
• He invested more than $110 million in affordable housing and homeless services.

• He revamped the state’s business incentive programs to be more targeted and more focused on outcomes. 
• He formed the Unified Economic Opportunity Commission which coordinates statewide policy efforts. 
• He opened a new Office of Professional License Review focused on finding ways to reduce barriers to licensure. About 40% (~2 in 5) Utah workers require a professional license, so this office will continue working with the Legislature to propose ways to cut red tape.
• He launched the Return Utah program, which helps people re-enter the workforce after an extended period of unemployment.