Utah's economy is thriving despite the challenges facing much of the rest of the country. In a recent Gallup poll, Utah placed first, of all fifty states, as the best state in which to live (See Article). The state scored top marks because residents feel highly satisfied with their emotional health, local communities and, particularly, their work environment.

Utah has fostered innovation since before 1927 when Philo Farnsworth, a Utah native, invented the first electronic television. Through its clever government programs and leadership, technologically focused and entrepreneurial promoting universities, its well educated, hard working workforce, and access to venture capital, Utah continues to grow and develop relevant technology companies. Currently, there are over 5,200 information technology and life science companies operating in Utah. These companies generate more than $3.4 billion in annual wages and employ more than 63,000 people.

Recent Business Accolades

• 1st in Economic Dynamism —For the second consecutive year (2007, 2008) Utah has ranked first among all U.S. states in Economic Dynamism in the Kauffman Foundation New Economy Index.

• 2nd Best State for Business —Forbes “The Best States for Business” report ranked Utah second in the nation for business, just behind Virginia.

• Top States for Business —CNBC ranked Utah third in the nation for the second consecutive year in its 2008 list of the Top States for Business.

• 1 in Inc. 500 Companies—Utah had more Inc. 500 companies per capita than any other state in 2008.

• 3rd for Business Climate—In 2008, Utah was ranked third in Business Climate from Business facilities magazine.

Venture Capital

• According to the MoutainWest Capital Network, over $565 million was invested in Utah companies in 2007.

• Utah’s startup friendly business environment helped the state grow to the 9th ranked state in the nation for venture investments in seed and early stage companies on a per capita basis.

• The Utah Fund of Funds is a $300 million State of Utah economic development program aimed at providing access of alternative or non-traditional capital to Utah entrepreneurs and was established in 2002.

Business and Government

• Utah was named the Best-Managed State in the Nation in The Pew Center on State and Government Performance Project for 2008.

• Utah’s government has a strong tradition of collaborating with the state’s private sector to create innovative economic development legislation.

• Programs such as the Utah Centers of Excellence are helping create compelling jobs and companies in the state.

• In 2006 the State of Utah enacted the Utah Science Technology and Research economic development initiative. USTAR is meant to enhance collaboration between Utah’s tech companies and Utah’s universities, with special emphasis on areas where Utah already enjoys competitive advantage.

Workforce

• Utah’s workforce is one of the healthiest and most educated in the nation. CEOs of major companies that have relocated operations to Utah during the past several years report an increase in productivity of 15 to 30 percent, due to the work ethic and good health of the state’s populace.
  Utah Facts 2008

• Utah has the highest percentage of computers per household in the nation.
  Utah Facts 2008

• Utah’s workforce is one of the most multilingual in the nation greatly enhancing the readiness and ability of Utah-based companies and divisions to operate in an increasingly global economy.

• Utah has a young and vibrant workforce. Median age of the population is 28.95 years, the youngest in the nation.

• Utah is a very compact place. Ninety five percent of the population is located within a 45 minute drive of key leaders and decision makers.

• In 2006 Utah ranked second in the nation for the number of 25 who had graduated from high school.