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.”