What are the reasons for doing business in Utah?
Utah offers a number of state-funded programs and financial incentives to encourage business creation and growth. These benefits are available to both home-grown companies and out-of-state businesses looking to expand or relocate to the state. One example is the Economic Development Tax Increment Finance (EDTIF) corporate incentive program that targets industries such as advanced manufacturing, aerospace and defense, and financial services. Projects within rural areas may qualify for greater incentive amounts.
Other reasons for doing business in Utah include a strong workforce, robust economy, and lower costs of doing business. Technology and software companies have been drawn here — choosing Utah's “Silicone Slopes” over Silicon Valley in California due to Utah’s supply of tech talent and the affordability factor.
What are the costs of doing business in Utah?
Utah has a favorable tax climate. For taxable years beginning on or after January 1, 2023, the corporate and personal income tax rate is 4.65%.
Utahans enjoy a lower cost of living compared to the rest of the United States, although the lack of affordable housing has driven up costs in that area.
What infrastructure grade did Utah receive?
In its last infrastructure report card, Utah received a C+, one of the highest infrastructure grades in the nation. Among the top scoring categories were Utah's roads and bridges. However, population growth has put a strain on the state’s public transportation, highway, and other systems.
What are the challenges of doing business in Utah?
Utah is experiencing worker shortages in some areas, such as healthcare, transportation, and service industries. Also, Utah’s political climate around diversity and inclusion issues may make it difficult for some companies to attract talent to the state.