July 10, 2013

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Article

CNBC Ranks Utah Fifth State For Business

Press Release

July 10, 2013

CNBC has released its annual rankings, America’s Top States for Business, and Utah has ranked fifth, tied with Virginia. Utah had a score of 1,542 out of a possible 2,500 points.

The survey ranked states according to 10 broad categories. The following are Utah’s results:

Rank

Category

Score

5

OVERALL

1542

21

Cost of Doing Business

271

19

Workforce

168

21

Quality of Life

189

10

Economy

260

21

Infrastructure & Transportation

199

23

Technology & Innovation

168

39

Education

61

4

Business Friendliness

164

7

Access to Capital

22

11

Cost of Living

40

According to the survey, Utah ranked in the top 10 for business friendliness, access to capital and economy.

As last year’s runner up, the Beehive State did best in business friendliness, where it came in fourth. Although it jumped six spots, the toughest category for the state is education, where Utah came in at number 39. Unemployment in Utah stands at 4.6 percent, and the individual and corporate tax rate is a flat 5 percent. Utah state and local sales tax is 5.7 percent. Utah’s largest industry is health care and its largest private employer is Intermountain Health Care.

To determine the rankings for America’s Top States for Business, each state was scored—using publicly available data—on 55 different measures of competitiveness developed with input from business groups including The National Association of Manufacturers and the Council on Competitiveness as well as the states themselves. States received points based on their rankings in each metric, which were then separated into 10 broad categories. The categories are weighted based on how frequently they are cited as selling points in state economic development marketing materials.

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