Utah tops Forbes list for business - Experts say ranking will help attract companies, bring jobs to the state
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"This kind of a ranking … changes the conversation that we can have with companies," Edwards said. "Companies and consultants watch these rankings very carefully."
He said being rated the best state for business should pay significant dividends in the long run and help the state's economy grow in the coming years.
The Best States For Business And Careers - Utah tops our fifth annual ranking, knocking longtime leader Virginia from the top spot.
Kim Badenhausen
When voters in 37 states select their governors next month, the overriding issue will be, of course, the economy.
A recent CBS News poll found that 54% of adults think the economy and jobs are the most important problem the U.S. is facing today. Health care ranked a distant second, with 7% of the tally. Almost every state experienced decreased output, a loss of jobs and budget shortfalls during the economic downturn. Nationwide employment has declined by 7 million jobs over the past two years while gross domestic product growth has been sluggish this year after a 2.6% drop in 2009. No state has emerged unscathed.
But some areas are doing better than others, and for many of them, it isn't an accident. Who's doing the best job when it comes to fostering growth? Utah, according to our fifth annual look at the Best States for Business. The Beehive State captured the top spot in our rankings for the first time, after a four-year run by Virginia at the head of the list.
The Best State For Business
Utah's economy has expanded 3.5% annually over the past five years, faster than any other state except North Dakota. This is three-and-a-half times faster than the U.S. as a whole. Total employment in the U.S. has shrunk over the past five years, but in Utah it increased 1.5% annually, fourth-best in the nation. Household incomes have surged 5% annually, which is tops in the country and twice as fast as the national average.
"We have a fiscally conservative government where we are trying to keep government off your backs and out of your wallet. We want the free market to do what it does best," says Utah Gov. Gary Herbert, a Republican running for a full term this year after taking over the job in August 2009, when then Gov. Jon Huntsman was appointed U.S. ambassador to China.
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