Utah is world-famous for its beautiful landscapes, “Best Snow on Earth,” and much more. The Beehive State, known for its strong work ethic, is among the top economies in the USA and the world. Utah is ranked the #1 state with the nation’s best economy and has the #1 best economic outlook for the 16th year in a row.
Many international businesses chose to expand to or establish headquarters in Utah, including Adobe, Qualtrix, Pluralsight, BambooHR, Goldman Sachs, Amazon, Northrop Grumman, Microsoft, Overstock.com, Facebook, SkyWest Airlines, eBay, and many others.
Key incentives driving Utah’s positive business climate include:
- A young and talented workforce
- Low unemployment rate
- International airport
- Generous tax credits and rebates
- Grants for businesses, including rural expansion
- Large investment of venture capital
- High quality of life
Opportunities for Public-Private Partnerships (P3)
Utah has a strong track record in public-private partnerships and continues to seek opportunities for mutually-beneficial partnerships. Some of Utah’s top P3 projects include large-scale infrastructure, environmental initiatives, and affordable housing.
For the past two-plus decades, Utah being the #1 fastest-growing state in the U.S. has led to opportunities for progress and demands to accommodate the growth. Many of the large-scale infrastructure projects needed are well-suited for public-private partnerships and come with a substantial price tag, ranging from $50 million to well over $300 million in rural and metro areas.
- Water infrastructure
- Transit improvements, including train, light rail, parking, and for mountainous terrain
- Electric infrastructure to support various vehicle types now common to Utah roads
Environmental and Green Initiatives
Utah continues to invest in and develop large-scale solar, wind, geothermal, and carbon capture facilities, increasing the need for private investment and public-private partnerships. The projects in this area range in size from $30 million to $100 million and are located across rural and metro areas of the state.
Affordable Workforce and Student Housing
Utah has made significant strides in affordable housing with increased funding, easing regulatory burdens, and partnering with the private sector. Affordable housing for the workforce and students is at an all-time high with Utah’s spike in population growth. Significant projects being considered include 7,000 student housing units at several large state universities and another 3,000 across the state.