Forbes magazine today named Utah the 2016 Best State for Business and Careers. Utah has ranked no. 1 on the list six out of the last seven years, with 2016 marking the third consecutive year in the top spot.
“Utah leads by consistently adhering to a conservative economic approach,” said Gov. Gary R. Herbert. “Reducing regulation, spending within our means and finding innovative solutions are important to maintaining our business-friendly environment and benefits Utah residents for years to come.”
Utah has been ranked no. 1 for economic outlook every year since 2008 and currently has the fourth most diverse economy in the country. Forbes listed Utah’s regulatory climate, job growth and fiscally sound government as a few of the reasons the state earned such high marks. In addition, the magazine points to the state’s rapidly growing tech sector as a major boon to its economy. The study, now in its 11th year, incorporates 40 metrics from 17 sources in six categories.
“Utah’s unprecedented partnerships between business, government, education and our communities ensure a winning economy,” said Val Hale, executive director of the Governor’s Office of Economic Development. “Forbes’ intricate methodology highlights our successes, which we achieve through collaboration. It’s only in working together that we’ll continue to see steady, sustainable economic growth.”