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State Resources


Utah Business Resources

Utah’s economy is extremely diverse in comparison to the other mountain states. Manufacturing, financial enterprises, government, and the service industry all play a fairly equal role in Utah’s income. Agriculture does not play as significant of a role but it should be noted that nearly 80% of farm income is earned through the sale of livestock and livestock products. The mining industry is also important to the state economy, particularly in the extraction of copper. Utah is the second largest producer of copper in the United States.

Salt Lake City, Utah was also the host of the 2002 Winter Olympic Games. This brought a lasting boost to the state’s tourism industry from the media coverage and new facilities. The ski industry has had record-setting years since 2002, and numerous World Cups, US Championships, and Olympic trials have been hosted or secured following the Olympics.

Business Data

Per Capita Real GDP$32,357 Rank: 39/50 (2006)
Population2,233,170 Rank: 34/50 (2000)
Per Capita Personal Income$29,108 Rank: 47/50 (2006)
Unemployment Rate3.00% Rank: 5/50 (2008)
Business Tax Climate IndexRank: 17/50 (2008)
Corporate Tax Rate5%
Individual Tax Rate 5%
Sales Tax Rate 4.65%

Business Tax Climate Index

Individual Income Tax Index Rank30
Sales Tax Index Rank27
Unemployment Insurance Tax Index Rank28
Property Tax Index Rank3
Business Tax Climate Index17
Corporate Tax Index Rank5

State Information

AbbreviationUT
CapitalSalt Lake City
Nick NameBeehive State
State Web Sitehttp://www.utah.gov
MottoIndustry

Top 5 Export Partner Countries

United Kingdom, Canada, Switzerland, Japan, Belgium

Top 5 Export Merchandise

Computers and Electronic Products Sales Primary Metals Sales Primary Metals Manufacturing Transportation Equipment Manufacturing Computers and Electronic Products Manufacturing

Major Cities

GDP

Total Gross Domestic Product (USD Millions) $105,658.00 (2007)
Per Capita Real GDP (USD)$32,774.00 Rank: 38 (2007)

Population Stats

Population 2,736,424 Rank: 34 (2008)

Age Distribution

Under 18 Population718,698
Under 18 Percent of Total Population32%
65 and older Population190,222
65 and older Percent of Total Population9%

Gender Distribution

Male Population50.1%
Female Population49.9%
Non-English Speaker (at home)200,662
Net International Immigration49,995
Birth Rate21.2%
Percent of People Under Poverty Level10.2%
Rank41

Expenditure

Per Capita State Spending$12,578
Rank40
Energy Expenditures per Person$3,230
Expenditures of State and Local Government Employee-Retirement Systems$611,309

Revenue

Personal Income$29,293
Rank47
State Internal Revenue Collection$15,063,650
Rank36
Cash and Deposits by State Government$1,054,670
Per Capita State Tax Collection$2,148
Rank36

Education

High School Graduation Rate78.9%
Rank12
Percent of Population with a Bachelor's Degree19.2%
Rank11
Percent of Population with an Advanced Degree9%
Rank25

Largest Universities

Brigham Young University University of Utah Utah Valley State College
High School Graduation Rate78.9%

Logistics

Public Road Length (Mile)43,769
Gas Tax Rate (%)24.5%
Highway Planning and Construction (USD Thousands)235,490
Number of Public Airports47

Main Airports

SLC: Salt Lake City

Ports

Weather


Map



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State Business Links

Salt Lake Tribune
http://www.sltrib.com

Secretary of State

Utah Secretary of State
http://www.utah.gov/services/business.html
Business Services, Business Filings, Starting a Business, Incorporating a Business

Small Business Administration

Utah Small Business Administration
http://www.sba.gov/localresources/district/ut/index.html
The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist, and protect the interest of small business concerns, to preserve free competitive enterprise, and to maintain and strengthen the overall economy of our nation. We recognize that small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although SBA has grown and evolved in the years since it was established, the bottom line mission remains the same. We help America start, build, and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands, and Guam.

Top 10 Business Links

Bureau of Economic and Business Research (BEBR)
http://www.bebr.utah.edu/
The BEBR is part of the David Eccles School of Business, at the University of Utah. It primarily conducts research in the state economy, while also providing advice to both the public and private sectors on various economic issues. The bureau website hosts a large database of local business information, compiled research, as well as a list of the center’s publications.
Economic Development Corporation of Utah (EDC Utah)
http://www.edcutah.org/
EDC Utah is a collaborative effort between the public and private sectors to promote competition, and growth of the Utah economy. They have an extensive library of economic data, as well as a database of viable locations within the state.
Salt Lake Chamber
http://www.saltlakechamber.org/
The chamber is the largest business association and volunteer organization in Utah, and is dedicated to assisting businesses in the state. It hosts several events that are focused mainly on networking opportunities, as well as business education and executive development.
Utah Business
http://www.utahbusiness.com/
Utah Business is a monthly publication that features notable statewide business stories. It addresses a wide range of topics, that range from business leaders to emerging technology, and executive lifestyles within the state.
Utah Business Guidelines
http://business.utah.gov/
Provided by the state government of Utah, the site offers guidelines and resources for the starting and closing of business in Utah. Additionally, the site provides information on the running of and relocation of business in Utah.
Utah Firms
http://www.utahfirms.com/
Utah Firms is an extensive online resource of firms within the state. Aside from contact information, the site also offers a description for each firm that it lists. Additionally, Utah Firms provides business assistance resources, and a monthly newsletter summarizing statewide business news.
Utah International Trade & Diplomacy Office
http://international.utah.gov/
The office is a state agency that assists local businesses who wish to expand into international markets. It provides companies with trade leads, and connects them to many of the state’s international trade representatives. Aside from state firms, the office also helps foreign businesses who want to enter the Utah market.
Utah Science Technology and Research (USTAR)
http://www.innovationutah.com/
The USTAR initiative is a state-funded projected dedicated to reinforcing the state’s position as a leader in the emerging knowledge economy. It promotes the creation and commercialization of technological innovation, by supporting research efforts in leading Utah institutions. The initiative also hosts events that focus on such innovations, and creating networking opportunities for regional talents.
Utah Small Business Development Center (SBDC)
http://www.utahsbdc.org/
The center partners with various business mentoring groups to provide assistance to small, emerging local businesses, and entrepreneurs. It offers consulting services in various business areas, that are aimed at helping small, minority, and disadvantaged clients succeed.
Utah US Export Assistance Center
http://www.buyusa.gov/utah/
This branch of the Department of Commerce specializes in helping small, to medium sized companies, in Utah, develop and execute exporting strategies. A few of its services include trade leads, market research, and business advocacy.

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