Is Utah Small-Business Friendly?
Starting Or Moving Your Business? Here’s Why Businesses Thrive in Utah.
Business is buzzing in the Beehive State. Thanks to a strong economy, low tax rates, and a seemingly bottomless well of educated workers with high ambitions, Utah has carved out a place as the nation’s best state for business.
That’s coming from the national pundits, too. WalletHub, the personal finance resource, ranked Utah as the Best State to Start a Business for 2024. Forbes, an authority on business and finance, has also bestowed a similar title upon the state six times since 2010.
But why? The reasons are many.
Companies large and small, whether they’re located in the thriving Silicon Slopes area or anywhere from Logan to St. George, all enjoy the perks of Utah’s powerful business culture. Experts say the best is yet to come. Utah is primed for continued growth.
Utah Sees Positive Growth in Economy and Housing Market
U.S. News, in its latest Best States Rankings, gave Utah the top spot after high marks in several categories, including economy (3rd), education (2nd), fiscal stability (6th), and infrastructure (3rd).
The biggest reason why Utah scored so highly in the economy category may be related to its job growth. At 3.7%, Utah’s job growth paced above the national average of 2.7%. Another key metric, net migration, at 0.6% doubled the national average of 0.3%.
This surge in new residents moving to Utah has, however, caused a bit of a strain on the housing market. Homes in Utah are much more expensive than they used to be, with the huge increase in demand being the main culprit. Answering the call to provide more affordable housing for Utah’s talented workforce will be an immediate focus for the state’s leaders.
Utah Invests in Educating a Talented Workforce
Learning and growing matters to Utahns. Luckily, they’re in one of the best states to get a top-notch education, without having to break the bank. U.S. News rankings placed Utah as the second-best state in the nation in terms of education.
Anchored by terrific higher education institutions such as Brigham Young University, the University of Utah, and Utah State University, Utah students receive their degree with much less debt at graduation than the national average; $10,794 compared to $14,086.
More often than not, Utah students leave the education system ready to take on the world.
Utah Boasts Minority-Owned and Women-Owned Businesses
As Utah grows, its population is transforming as well. According to a recent report by the Kem C. Gardner Policy Institute at the University of Utah, nearly one in four Utahns is a racial/ethnic minority. Considering that in 1990 Utah was over 90% white, the shift has been dramatic and quickly realized.
With that has come increased opportunities for minorities to get involved in Utah’s business scene. The Utah Black Chamber of Commerce stands out as a great resource for Black business owners to network and expand their footprint among fellow entrepreneurs. There are numerous stories of Black and minority business owners in Utah who have become enormously successful after hanging out a shingle of their own.
Women are also seeing their voices expand in Utah’s thriving business world. Technology has accelerated this movement, as Jennie Tanner, who owns Tanner Glass & Hardware, recently explained to Altabank.
“Social media has really taken a huge step forward for women in business,” Tanner says. “There are so many organizations that help women through LinkedIn or Facebook or even YouTube, to help tell your story.”
Utah’s Hispanic community is also growing tremendously, making up around 15% of the state’s population. The Suazo Center is a terrific community resource for helping Hispanic businesses get off the ground and finding success in the local marketplace.
Utah Promotes a High Quality of Life: Unmatched Outdoor Recreation, Professional Sports, Arts and Culture
One of the biggest reasons why Utah is a great place to work is because it’s also a great place to play. No matter what your passion is, it’s easy to unwind here. If getting out in nature is your thing, you might find paradise just minutes away from your office along the Wasatch Front. Utah boasts 15 world-class ski resorts, including 10 located less than an hour away from Salt Lake City and four less than 30 minutes away.
Not too far to the south of the hustle and bustle of Salt Lake, you’ll find Utah’s Mighty 5® National Parks, five of the most awe-inspiring National Parks in the entire country. Whether you make a trip to Arches, Bryce Canyon, Canyonlands, Capitol Reef, or Zion National Park, you’ll be spellbound by the beauty of a natural playground.
But if you prefer city life, Salt Lake City has a lot to offer. Utah’s capital city is home to great dining and a strong arts and culture scene, as well as many other trademarks of a major American city. Cheering your heart out at a Utah Jazz, Real Salt Lake or Utah Hockey Club game can make for a great night out, either after work or on the weekend.
Everything Utah provides to entertain the masses feeds into the economy as well. It’s a self-perpetuating cycle of fun and improvements to quality of life.
Utah Offers Vast Variety of Commercial Banking Options: SBA Loans, Cash Management
At its core, the strength of Utah’s business climate is in relationships. Utahns love to help each other. Small businesses have big needs, especially to get going. Altabank is here to help. Among Altabank’s many Small Business Lending products are solutions for commercial real estate and equipment loans, accounts receivable and inventory management, and Small Business Administration (SBA) loans. We’ve done this a few (thousand) times, so we know how to quickly get the funding you need to grow your business.
Find out more by visiting our webpage on Small Business Lending here.