4 Figures That Show Utah is the Best Place to Open a Business

Growing Businesses in Utah

Growing Businesses in UtahUtah offers more than you can imagine, so why not go for it if you’re planning to start a business or buy an existing one.

To jump-start your career, you can enroll in a PMP training course in Utah. A professional certificate in project management will make you more attractive to growing and stable companies in the state. It also makes you better prepared to tackle challenges of owning a business.

Although opening and running a business is challenging, you may find it much easier when you’re in Utah. After all, the state is:

1. Number 1 Top States for Business

Utah is 2016’s Top State for Business, according to CNBC. But that’s not the most surprising fact yet, as it scored 1,598 out of 2,500 points across 10 categories. Furthermore, it placed in the top half for every category. This means it’s also one of the best in terms of workforce, the cost of doing business, and infrastructure.

2. Number 43 in North America for Cost of Living

While Utah isn’t the most affordable in terms of cost of living in the U.S., it is still one of the lowest. Salt Lake City, its busy capital, ranks 43 out of the 58 cities in North America, based on Expatistan data. It’s 37th out of the 49 in the United States.

For any business, especially a start-up, that’s pleasant news. After all, lower expenses mean a higher profit and better take-home pay for their employees.

3. Enjoying a 5% Corporate Tax Rate

Although most states impose a corporate tax rate, the percentages differ. One of the lowest is that of Utah at only 5%. Iowa has the highest as 12% followed by Pennsylvania at 9.99%. Four states (including Nevada and Ohio) based levy taxes on gross receipts, while two states (Wyoming and South Dakota) don’t collect either gross receipts or corporate income tax.

4. Number 9 in Women-Owned Business Friendliness

Granted, women need more clout in various industries in Utah, but it’s growing. In an American Express commissioned report, Utah now ranks 9th based on women-owned business growth. It also placed well at number 10 in employment growth trends and ranked 17th in terms of revenue.

Indeed, business is doing well in Utah, and there’s no other place to be part of the industry than here.