Big Innovation in the Beehive State: Why You Should Consider Utah for Your Next Move

Hey there! Today, let's chat about something that’s buzzing in the Beehive State: Utah’s thriving economy. If you’re thinking about relocating, you’ll want to pay attention to what’s happening here. Trust me, you’ll see why Utah is the place to be.

Unemployment and Job Market Insights

Here’s the lowdown on Utah’s job situation as of August 2024. Nonfarm employment jumped 2.8% over the past year, adding 48,500 jobs, putting the total job count at 1,754,600. Not bad, right?

The unemployment rate ticked up a bit to 3.2%, which means around 57,000 people in Utah are out of work. But don’t sweat it too much—that’s still pretty low compared to national numbers, which are sitting at 4.3%.

According to Ben Crabb, the Chief Economist for Utah's Workforce Services, the 2.8% job growth is solid, especially since the state was hovering around 2% for most of the past year. Private sector hiring is back on track, driving this boost.

The biggest gains? Education and health services added 13,200 jobs, construction is up by 8,800, and professional and business services saw 5,900 new gigs. The only downside? The "Other Services" sector dropped about 500 jobs.

For more on the numbers and what’s going on by county, check out the Utah Department of Workforce Services. August’s employment data drops on September 20, so keep an eye out for that.

So, what does this all mean? It’s simple: Utah’s labor market is still growing strong, and that’s great news for businesses and job seekers alike.

Largest private sector gains in the past year: 

Education and health services: 13,200 jobs 

Construction: 8,800 jobs 

Professional and business services: 5,900 jobs 

Largest private sector losses in the past year: 

Other services: -500 jobs 

Additional analysis and tables can be found HERE. 

Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.

Economic Development Incentives

Speaking of business, Utah is all about supporting companies. The state has rolled out some pretty cool incentives to attract businesses and stimulate growth. Here are a few key programs:

• Economic Development Tax Increment Financing (EDTIF): This one’s a big deal, offering a refundable tax credit of up to 30% of new state revenues for up to 20 years.
• Rural Economic Development Tax Increment Financing (REDTIF): If you’re in a rural area, you could snag a 30% credit, and in some cases, even 50%.
• Industrial Assistance Account (IAA): Grants for companies making a significant economic impact? Yes, please!

Who’s Taking Advantage?

You might wonder who’s benefiting from all this. Well, just look at the headlines! Texas Instruments dropped an $11 billion investment in Lehi, creating up to 800 jobs. And that’s just one example among many.

Utah’s Economic Landscape

Utah is home to 20 Fortune 500 companies, including big names like Walmart, Amazon, and FedEx. What’s even cooler? It’s not just the giants—Utah is a breeding ground for innovation.

Take OmniTeq, for instance. This tech company is relocating its headquarters to Utah, projecting over 4,000 new jobs and a $33 million investment in the next decade. That’s some serious commitment to the local economy!

Fun Fact:

Utah's nickname is the 'Beehive State,' but this is not because it has lots of beehives. Instead, the symbol of the beehive was chosen in 1848 because bees represent perseverance and industry.

Quotes from the Pros

Let’s hear from some CEOs about why they’re choosing Utah:

“Utah’s quality of life and a well-educated workforce made our decision easy,” says Martin Ritter, CEO of Stadler US.

And Rogerio Silva, COO of Frulact’s, echoes this sentiment:

“Utah is a perfect fit for our new expansion, thanks to its existing skilled workforce and valuable infrastructure.”

Why Utah Rocks for Business

So, why should you consider moving your business to Utah? Let me break it down:

1. Business-Friendly Taxes

Utah boasts a flat 5% tax rate for both businesses and individuals. It consistently ranks among the top ten most business-friendly states for taxes.

2. Strong Job Market

With an unemployment rate 3% below the national average, the state has a highly skilled workforce ready to work.

3. Diverse Economy

Utah's economy isn’t just one-dimensional. It’s diversified across various industries, which means more opportunities for growth.

4. Top-Notch Transportation

Whether you’re shipping goods or commuting, Utah’s multi-modal transportation system makes it easy to connect with the rest of the country.

5. Incentives Galore

Businesses moving to Utah can tap into a plethora of incentives, making it financially appealing to set up shop here.

6. Amazing Quality of Life

Let’s not forget about the natural beauty! Utah offers a mild climate and access to stunning national parks. Outdoor enthusiasts will feel right at home.

7. Support for Small Businesses

Utah actively supports startups and small businesses, fostering an entrepreneurial spirit that’s hard to beat.

8. Advanced Technological Infrastructure

For tech companies, Utah boasts state-of-the-art tech infrastructure, setting the stage for innovation.

Ready to Talk Real Estate?

When you’re thinking about relocating or investing in Utah, I’m here for you. The Beehive State is buzzing with opportunities, and I’d love to help you navigate this thriving market.

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Learn more about Adrian Hicks HERE

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Adrian Hicks

(801) 347-4829

AdrianHicks13@gmail.com

855 W Heritage Park Blvd #1, Layton, UT, 84041