Utah continues to top many charts in the economic news outlets for awards. Best place to start a business, the best place to raise a family, the best place for outdoor enthusiasts and we believe in all of these awards here at FIG. Another recognition that all of the prior mentioned awards supports is Best Place to get a return on investment.
The outlook on the Utah economy with low unemployment, excellent higher education options, and low taxation is a breeding ground for many good things to come. However, 2014 started to slow down in overall job growth while the state stabilized from the 3 heavy years of growth just prior. That stall didn’t take long to be overcome as 2015 woke right back up and non-farm jobs picked up by 3.6% with 48,900 new jobs.
According to the US Bureau of Labor and Statistics Utah’s long-term annual job growth is topping the charts in the top 5 spots for the nation being hedged out only by Nevada, Arizona, and Florida. It would make sense that as the West is shrinking with accessibility from the coastal states that Utah will continue to benefit greatly with its growth in technology, industry, and manufacturing.
Mike Ohmes of Cushman Wakefield Commerce states “Five factors contribute to Utah’s long history as a high growth state:
- favorable labor market conditions like labor quality (highly educated workforce), labor supply, and labor cost;
- a favorable transportation system, including the Salt Lake International Airport (Delta Airlines’ hub), an excellent rail network (TRAX and Frontrunner), and overnight access to California and the Northwest via I-15 and I-80;
- favorable demographics like high rates of natural increase (births minus deaths), boosting labor supply and consumer demand;
- a favorable business climate and fiscally sound state, with a friendly regulatory environment and tax structure; and
- a high quality of life, fostered by public and higher educational systems, community and cultural amenities, relatively low cost of living, four-season climate, and outdoor recreation opportunities. “