The Bee Hive State is great for franchises thanks to its stable and vibrant business environment.
Utah is known for its stable and vibrant business environment.
The state has the third-highest density of start-up businesses and has been named the No. 1 Best State for Business several times in the last decade by Forbes magazine. The U.S Chamber of Commerce has given them their number one spot for entrepreneurship as well. These awards are due to Utah’s labor supply, supportive regulatory environment and strong economic growth prospects. The cost of doing business in Utah is just over two percent below the national average, and their tax climate is highly ranked due to the low rates, particularly the state’s flat five percent personal and corporate tax rate. Utah still hasn’t hit their peek either and continues to rise. They are the third fastest growing state in the U.S., and with the state’s government continually reviewing their laws and regulations to eliminate unnecessary restrictions preventing their local economy from growing, this will continue to be the case. Another huge benefit for entrepreneurs is the talented labour supply. The local universities and colleges consistently add highly educated young adults to the state’s labor supply, giving employers their pick of qualified individuals. The education system in Utah is so good that it has the highest literacy rate, the highest percentage of high school graduates and the most people with a college education. The population of Utah are among the healthiest and happiest in the U.S., thanks to a high quality of life brought on by the extraordinary scenery, the low cost of living, access to top-notch healthcare, as well as great recreation and culture. Utah is a place people want to live and do business.