Utah: An Economic Engine You Shouldn’t Ignore

Salt Lake City

The state of Utah has been widely recognized for its ideal business climate. In fact, it’s prized as one of the country’s most successful economic engines, serving as home to many major business centers and districts.

In the Pollina Corporate Top 10 Pro-Business Study, Utah placed on top as the best business state for the third consecutive year in 2014. Combine career opportunities with affordable living costs, and Utah indeed becomes a perfect place for relocating a business. However, while Utah’s business landscape is extensive and encompassing, there are certain industries that are more financially booming than others. Below, we’ll discuss several top industries in Utah that rake in the biggest bucks.

Solar Energy Production

Statistics obtained from the Solar Energy Industries Association prove that the production of solar energy is a high-earning industry in Utah. In fact, the state is prioritizing the use and application of renewable and sustainable energy to lessen environmental impacts.

This explains why commercial solar companies in Utah stay in demand. The number of solar plants and consumer usage of recyclable residential solar panels also continue to increase at a steady rate.

According to experts from an organization called Understand Solar, solar energy is a clean power source that doesn’t produce any long-term emissions. Moreover, it utilizes significantly less natural resources as compared to power plants that work with coal or natural gas.

Aerospace

aerospace

Aerospace companies are highly concentrated in Utah, and the state’s remarkable population of highly educated workforce accounts for this growth. About seven academic institutes of higher learning actually offer students specialized training and education on industrial processes employed in aerospace. Moreover, multiple college programs that focus on applied technologies helped produce a large number of skilled welders, machinists, mechanics, and other experts in the technical aspect of aerospace.

Technology

Casey Leins of U.S. News wrote about how technology is prevailing in Provo, Utah — making the city accounted for a large percentage of tech employment in the country. According to a report recently released by Cushman & Wakefield, although Silicon Valley currently boasts of the largest employment rate in the tech industry, Provo continues to show promising potential.

Provo, which is quite near Salt Lake City, is part of the “Silicon Slopes,” an area centralizing on tech-based operations. From 2010 to 2017, Provo experienced almost 65% of employment growth in the tech industry, jumping 16% ahead of the national average.

Digital Entertainment

Utah prides itself with its huge population of multimedia animators and artists — the fourth highest in the U.S. Moreover, plenty of professionals with celebrated names in the world of digital media actually received their education in this state, including the founders of Adobe, Pixar, Novell, and Atari.

The Sundance Film Festival, a prominent independent film festival, is also exclusively held in Utah. In addition, many digital media studios are found in the state, including Disney Interactive Studios, Tandem Motion Picture Studios, and Fusion-io.

Knowing the corporate landscape in a state is important for business owners who are looking for a relocation site or entrepreneurs who are planning to establish a start-up. Utah is a powerful economic engine with lucrative markets that business-minded individuals can capitalize on. In the future, we can only expect for more industries and organizations to grow and innovate as the state also continues to evolve.