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Utah’s Economic Outlook is No. 1 – Nine Years Running

April 22 2016 - 9:44 am

News Release
For Immediate Release

Apr. 22, 2016

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Utah’s Economic Outlook is No. 1 – Nine Years Running
American Legislative Exchange Council (ALEC) recognizes low tax rate, excellent business environment

SALT LAKE CITY, UT— For the ninth year straight, ALEC ranked Utah in the No. 1 spot for economic outlook and No. 3 for economic performance in the “Rich States, Poor States”competitive index rankings. Fiscally minded government and equally hard-working residents stoke this consistency.

“By adhering to fiscally conservative principles, we consistently rank number one for economic performance and that benefits all Utahns,” Gov. Gary R. Herbert said.

ALEC considered 15 equally weighted metrics to determine economic outlook ranking including tax rates, tax burden and labor statistics. One item highlighted is Utah’s gross domestic product (GDP). Utah experienced cumulative growth between 2004-2014 of 61.9 percent, ranking No. 4 in the nation.

Supporting the tax considerations from ALEC, Utah consistently places in the Tax Foundation’s top 10 for “Business Tax Climate,” ranking ninth in the nation for 2016. The low tax burden plays a critical role in Utah’s strong economic outlook.

“Our outlook is healthy, but we have work ahead of us to keep Utah as the best state for business,” said Val Hale, executive director of the Governor’s Office of Economic Development (GOED). “Workforce development programs and rural outreach assistance are a few of the economic issues we are proactively working on to keep Utah on top.”

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About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission.  For more information please contact:  Michael Sullivan, 801-538-8811 or mgsullivan@utah.gov