Forbes Magazine Ranks Utah #2 and CNBC Ranks Utah #3
Utah received back to back accolades from two of the top business media organizations today. Forbes Magazine's Ranking of Utah as the No. 2 Best State for Business, up from No. 4 last year. At the same time Utah has been rated the No. 3 Best State by CNBC. Each report recognized Utah's high quality of life and superior workforce available to business.
Governor Jon Huntsman touted the newest rankings as a continuing trend, "The recognition of our business-friendly climate is evidence of a State on the move. In the long term, a strong economy is the best way to ensure a solid foundation for our future."
According to the Governor's Office of Economic Development, fiscal year 2006 and year-to-date 2007 data shows 28 companies were recruited to the State resulting in $3 billion in new wages being paid in the next ten years to 8,000 new Utah workers. New business capital investment will exceed $2 billion during the same period.
"If market conditions remain strong over the next ten years, new State tax revenues could grow an additional $4 billion from current economic development initiatives," said Jason Perry, Executive Director, GOED. "The strong business growth has been helped by economic incentives and assistance funds available through GOED programs."
Utah's job growth continues as the fastest in the nation at 4.5 percent with the national average at 1.4 percent since January. Combined with its young labor force, among the largest in the country, businesses can expect to find a highly educated and hard working workforce for decades to come.
Today's reports can be found at Forbes.com and CNBC.com. Utah has also been recognized as No. 5 for business friendliness by Pollina Corporate Real Estate and the Kauffman Foundation as the No. 1 most dynamic economy in the country.