A Sensible Regulatory Environment
Utah’s elected officials govern with consistent and business friendly policies.
This predictable style of governance has earned Utah recognition from many
credible sources. The Pollina Corporate Top 10 Pro-Business States for 2012 ranked Utah #1. The Pew Center, an American think tank, praised Utah for it’s “sound government” and emphasis on “long-term results.”
Utah’s Dynamic and Educated Workforce
Utah has ten public and three Utah-based private universities and colleges. More than one out of every three Utahns has a college degree. Utahns conduct business in over 130 languages daily. Many residents have lived and worked abroad. This enhances their ability to make immediate contributions to the success of companies and divisions based in Utah that operate internationally. Utah’s workforce is also the youngest in the U.S. with a median age of 29.
- 24 total public and private universities, colleges, and other accredited higher education institutions
- 39 percent of the workforce has an associate degree or above
- Utah’s workforce has been recognized for its productivity
Capital Resources: Diverse, Effective and Available
Utah doesn’t just house successful businesses, it grows them. A deep supply
of capital resources are at the disposal of Utah-based companies. Industrial loans, tax incentives and start-up money are regularly used to expand, relocate and open new businesses in the state.
Utah’s Economic Development Tax Increment Financing incentive provides tax rebates to local companies expanding in Utah, or companies outside the state relocating or developing new operations in the state. The incentive generally lasts 5-10 years with a tax credit of up to 30 percent for the entire project.
Twenty-one state-chartered industrial banks are authorized to make commercial loans without a deposit to companies whose assets are equal to or exceed US $100 million.
The Utah Fund of Funds program supports the state’s thriving venture capital industry. The state-sponsored fund uses its portfolio of US $5 billion of investable capital to inject money into local and regional venture capital and
private equity funds.
- Utah is home to the majority of commercially owned industrial loan companies in the USA
- 38 Utah companies have raised over US $201 million from the Utah Fund of Funds portfolio
- Nearly US $1.3 billion of capital commitments have been made in Utah-based venture capital and private equity funds