May 7, 2013

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U.S. Chamber of Commerce Calls Utah a 'Boom State'

Press Release

May 7, 2013

Salt Lake City — The U.S. Chamber of Commerce has named Utah a “boom state” in this year’s Enterprising States report. Utah was the only state in the nation that ranked as a top 10 state in all six areas they assessed: economic performance, exports, business climate, talent pipeline, infrastructure and innovation and entrepreneurship.

“I am very pleased with the rankings given by the U.S. Chamber of Commerce report because they reflect our State’s determination to lead the nation in economic performance,” said Gov. Gary R. Herbert.

A few of the major reasons cited by the U.S. Chamber report for Utah’s outstanding performance are the state’s focus on high-tech business, STEM education and exporting. In the last few months Utah has been recognized for having the lowest healthcare costs in the nation, a strong and growing financial business sector, being one of the 30 Best Cities for Young Entrepreneurs and the “Best State for Business and Careers.”

“Utah leads the charge as the nation comes back from the economic recession,” said Spencer Eccles, executive director of the Governor’s Office of Economic Development. “We can say with confidence that Utah’s future as the emerging ‘Wall Street west’ looks brighter than ever.”

The report said Utah is one of the nation’s top exporters in electronic memory circuits, aircraft engines and parts, vehicle airbag systems and X-ray equipment. It also recognized Utah’s highly developed partnerships among government, higher education and the private sector when it cited the development of the Ogden Business Center as an example of the state’s support of small business development. Utah ranked third in “Business Birthrate” and seventh in “Growth of Self Employed Workers.”

The Utah Legislature is also recognized by the report for its partnerships and support of the state’s economic development efforts. One program it recognized is the Utah Science, Technology and Research (USTAR) initiative, which has built facilities at Utah State University and the University of Utah.

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