The state of Utah was recently ranked No. 1 in the country in terms of economic outlook by the ALEC-Laffer State Economic Outlook Rankings, 2020. In their 2020 edition of Rich States, Poor States, Utah was listed in the No. 1 and No. 3 spots, respectively, in the nation for Economic Outlook and Performance.
The Rich States, Poor States report examines policies and whether they have helped or hurt a state’s competitiveness. Utah’s Economic Outlook Ranking is a forecast based on the state’s current standing in 15 state policy variables. Each of these factors is influenced directly by state lawmakers through the legislative process.
States that spend less — according to the report — and states that tax less, particularly on productive activities such as working or investing, experience higher growth rates than states that tax and spend more. Utah’s Economic Performance Ranking is a backward-looking measure based on the state’s performance on three important variables: State Gross Domestic Product, Absolute Domestic Migration and Non-Farm Payroll Employment. All of these are highly influenced by state policy. This ranking details states’ individual performances over the past 10 years based on this economic data.
The rankings show why Utah ranks among the top U.S. states for business and careers, personal income growth, family prosperity and quality of life. Utah indeed delivers a winning combination of business-friendly policies, collaboration and innovation.