Utah Ranked Among Nation’s Top Economies

Governor Spencer J. Cox recently said Utah has the best economy in the nation and he isn’t bragging. The state continues to lead at the forefront of innovative economic opportunity initiatives. Its list of honors is impressive, including being the best-managed state in America and the number one state for economic outlook and recovery. Utah also boasts an impressive AAA bond rating dating back to 1965 when Standard & Poor’s initiated its rating system.

Utah recently ranked as the nation’s best economy and No. 3 Best State overall in the U.S. News & World Report’s “Best States Rankings.” The report measured outcomes for citizens using more than 70 metrics.  According to the report, some states lead in healthcare, some in education, and some in both. The publication’s Best States ranking of U.S. states draws on thousands of data points to measure how well states are performing for their citizens.

In addition to healthcare and education, U.S. News & World Report’s metrics take into account a state’s economy, roads, bridges, Internet access and other infrastructure, public safety, the fiscal stability of its government, and the opportunity it affords residents. More weight was rendered to some state measures than others, based on a survey of what matters most to people (healthcare and education were weighted most heavily).

Utah also ranked No. 1 in WalletHub’s “2023 Best & Worst States to Start a Business.” The popular online publication said there are abundant reasons whey startups fail, with a bad location among the most common. Choosing the right state for a business is crucial to its success. A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive. In its study, WalletHub compared the 50 states across 27 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise and Utah came out on top.

With a vibrant culture, business friendly government, and robust economic growth, it’s no wonder Utah has achieved rankings as one of the best states to live.