SALT LAKE CITY – Forbes has published their annual list of “the best states for business” in 2014, and Utah has been ranked No. 1 and is the only state to earn a place in the top 10 in five of the six categories used to determine the ranking.
Utah was ranked first on the list from 2010 to 2012 but fell to third place in 2013 before surging back to the top of the list for 2014, according to Forbes.
Forbes reports Utah’s Gross State Product amounts to $141 billion and the 5-yaer annual GSP growth is listed at 2.4 percent. Forbes states Utah has, “a very pro-business climate and companies benefit from energy costs that are 26% below the national average and third lowest in the U.S.”
Utah added jobs at a rate of 0.6 percent while unemployment declined nationwide between 2008 and 2013. Among the top 10, Utah has the highest average household income and the best job growth forecasts.
Forbes cites factors like Utah’s position as a technology hub, which has brought business like Ebay and Oracle to the state, as part of the reason for the ranking.
North Dakota took the second spot on the list, followed by North Carolina at No. 3. Virginia and Louisiana round out the top 5.