Utah Again Praised as 2nd Best State for Business
Forbes Magazine Ranks Utah #2 for the Second Consecutive Year
For the second consecutive year, Utah has received top accolades from Forbes Magazine's annual state rankings of the "Best States for Business." The Utah Governors Office of Economic Development was delighted with the announcement that Utah is once again being recognized by the prestigious business publication.
Forbes compares the states in six sub-categories. Utah improved upon last year's rankings in labor, cost of business, and growth prospects. Although Virginia also maintained their #1 placement, Forbes was careful to point out that the gap between the two states is now "razor thin."
"The State is honored by the Forbes ranking, which highlights Utah's tremendous innovation and growth in our robust business community," Utah Governor Jon Huntsman said. "Utah will look to eliminate the razor thin margin between us and Virginia considering this solid recognition of Utah's unmatched quality of life, competitive economy and job growth opportunities."
"The ranking once again validates Utah as one of the 'Best States for Business.' Our economic climate continues to be one of the best in the country and the ranking serves as a clarion call to businesses everywhere that they should be looking to relocate or expand in the State of Utah," said Jason Perry, Executive Director of the Governor's Office of Economic Development.
As the day-to-day intangibles are more frequently sought by the nation's business community, it is especially notable that Utah improved from #12 last year to #8 in the 2008 Quality of Life rankings. Forbes isn't the only one to take notice. When discussing their recent move to Utah, Chairman and President of Allegheny Technologies, Patrick Hassey pointed out that the quality of life was a major factor in their decision making process. "We selected Utah for this significant investment, because it is an ideal place to do business," stated Mr. Hassey, "The State provides a wonderfully innovative environment, a fantastic place to live and a supportive government."
"Utah's job growth continues as the fastest in the nation. 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," said Mr. Perry.