The Beehive State sports one of the lowest unemployment rate in the nation, at 3.5 percent .Forbes just rated Utah as the No. 1 Best State for Business for the fifth time out of six years. And the Pollina Corporate Real Estate and American Economic Development Institute for the third year in a row just gave Utah the #1 ranking in their “Top Pro-Business States Report.”
Pollina credits Utah moving up from the 23rd spot in 2005 to its support for favorable tax rates, right-to-work law, modern infrastructure, very low utilities costs, and a well-educated work force. The fact that housing is about 48 percent as expensive as California is also seen as a strong driver of immigration from other states.
The Silicon Slopes’ Domo, Pluralsight, Qualtrics and InsideSales are all hot tech start-ups with “unicorn” private market values of over $1 billion. There are also a dozen venture capital-backed companies that the TechCrunch blog refers to as “soonicorns” in the ready.
The San Jose Business Journal praises Utah’s history of tech entrepreneurship as the “birthplace of Omniture, WordPerfect and Landesk; Pixar co-founder Ed Catmul and Atari co-founder Nolan Bushnell both graduated from the University of Utah.”
On a statewide competitive basis for high school completion, Utah is ranked number 9 versus California at ranked number 48. In attainment of college and advance degrees–supposedly California’s strength, Utah is very close behind the Golden State. That probably explains why Utah commands a higher median income at $63,383 than California at $60,487, according Advisor Perspective.