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Hundreds of companies each year are making the move to Utah, and there are many reasons they are doing so.
eBay, Adobe, and 3M are just a couple corporate giants to name that have opened their doors in the Beehive state. Many other tech companies have begun to open branches (or even move their headquarters) to the state at a faster rate than could’ve been predicted.
As of 2017, 3.102 Million people live in Utah. However, that number is continuing to increase as more people and companies are migrating to Utah.
Utah has begun to become a hub for tech companies due to the many benefits associated with moving a business to Utah. In this article, you will learn about 3 different reasons why companies have chosen to move set up shop in Utah.
Cheaper Living
Cost of living in Utah is known to be cheaper than most states. It is similar to the national average but tends to lean towards the cheaper side of the scale. Not only is rent cheaper, energy is 29% less than the national average. Having a reasonable cost of living makes it attractive to companies due to having to not overcompensate employees for high-cost of living where they are located.
Low Flat Corporate Tax
Another big benefit for companies in Utah is that it has a cheap flat tax of only 5%. This low percentage is one of the lowest in the country and saves companies a lot of money on taxes every year. Small businesses tend to thrive in the state due to the lower tax.
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Growing Economy
Utah’s economy has had a 2.4% economic growth increase every year for the last five years. With such a high growing rate, your company will grow as the economy does. Due to how great the economy is doing, Utah actually has the second-lowest unemployment rate in the country, according to the Bureau of Labor Statistics. Education is a big factor for that, as 71% of Utah high school graduates graduate from college. Having this talent encourages companies to want to come out to Utah to find top talent that will take their company to a whole new level.
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So, what will Utah look like in the next 5-10 years?
Theresa Foxley, CEO of Economic Development Corporation of Utah, gave us some insightful information on what she thinks Utah will look like in the future due to all of this growth. One thing she mentioned in particular was how diverse Utah has begun to be (and will even more in the coming years). Last year alone had a 46% immigration rate, which has created a more multilingual and multicultural climate than Utah has ever seen.
She gives a lot of great information about the future of Utah and gives some great advice to businesses. Listen to the podcast here:
[smart_podcast_player url=”http://globalgrowth.libsyn.com/global-growth-theresa-foxley-ceo-of-economic-development-corporation-of-utah” ]
Another thing you can expect to see in the next 5-10 years is Silicon Slopes to be a second Silicon Valley. If you aren’t aware what Silicon Slopes is, it is referring to the technology, software, hardware and research firms in the Wasatch Front. As this continues to grow, companies can take advantage of other local organizations to create partnerships and help each other progress.
Silicon Valley has become the tech headquarters of the world, but Silicon Slopes is growing every year, and pretty soon will become a commonplace to launch startup tech companies. CNBC, 24/7 Wallstreet, and Forbes have voted Utah to be the best state in the country for business.
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Conclusion
In conclusion, there are many benefits of moving a company to Utah. Not only does it have a high quality of life; the cheap costs, friendly people, and a close-knit community makes it very attractive to companies.
Let us know what you think. Leave a comment below!
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