No state can match the consistent performance of Utah. It is the only state that ranks among the top 15 states in each of the six main categories rated.

Utah repeats this year as Forbes Best State for Business and Careers in our sixth annual look at the business climates of the 50 states. No state can match the consistent performance of Utah. It is the only state that ranks among the top 15 states in each of the six main categories we rate the states on.

Utah highlights include energy costs 31 percent below the national average and employment growth that has averaged 0.6 percent the past five years. Compare that to the U.S. as a whole where job growth has averaged negative 0.6 percent since 2005. Utah’s 5 percent corporate tax rate is well below western neighbors Arizona, Idaho and New Mexico. Utah ranks sixth in a new Tax Foundation study that looks at the tax burden on business in each state across different industries. As part of the ranking, we included the study which will be released to the public in the coming months.

Businesses are getting the message on Utah. Procter & Gamble, ITT, Home Depot and Boeing all announced expansions in Utah this year. The Goldman Sachs office in Salt Lake City is its second biggest in the Americas with more 1,000 employees and significant expansion expected over the next four years.

Technology companies particularly have had Utah on their radar as an affordable alternative to California with overall business costs in Utah 10 percent below the national average. Adobe Systems, eBay, Electronic Arts and Oracle have all expanded in Utah in recent years.

Companies are also attracted by Utah’s population growth which is one of the fastest in the country and provides a burgeoning workforce. “Utah has a young, dynamic economy with a vibrant high-tech sector,” says Mark Zandi, chief economist of Moody’s Analytics.

The Utah story is far from over. Job growth is projected to be 2.4 percent annually through 2015 according to Moody’s, sixth best in the country.

Our ranking measures six vital categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. We factor in 37 points of data to determine the ranks in the six main areas. Business costs, which include labor, energy and taxes, are weighted the most heavily. We relied on 11 data sources, with Moody’s as the most-utilized resource.

By Kurt Badenhausen
Forbes

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