Wednesday, June 11, 2025
Utah's economy earns top marks in national rankings.
Urban Living
Posted By Babs De Lay on June 11, 2025, 4:00 AM
Living in a state with a strong economy might not be a major factor for your choice as to where to live, but it can certainly correlate to an improved quality of life for those of us in Utah. U.S. growth boils down to how well each state performs, and WalletHub just came out with a study of 50 states and the District of Columbia using 28 indicators of economic performance and strength with some surprising results—but not if you live here!
Utah came in No. 1 for "Economic activity," with our neighboring states coming in at No. 12 (Nevada), No. 13 (Arizona), No. 14 (Idaho) and No. 46 (Wyoming). What does this data mean for us? Generally, better job opportunities, higher income possibilities, increased tax revenues from businesses, access to healthcare and better schools.
According to the survey, Utah has the overall second-best state economy, with a median annual income of $88,500—which grew 6.1% between 2023 and 2024. Hopefully, Utahns have a two-income household, because to comfortably afford a $450,000 mortgage, you'll generally need an annual income of around $130,000 to $150,000.
We also have a very robust labor market, with Utah having one of the lowest unemployment rates in the country at 3.2% (meaning almost 97% of adults are working here). Economic development is critical in creating new job opportunities for existing and future residents, which we have seen with the massive growth in our tech industries here. This has given us the moniker of the "Silicon Slopes," which plays on the name of California's Silicon Valley, renowned for its tech firms, many of which have relocated here to take advantage of our workers.
Adobe, eBay, Qualtrics, Domo, Microsoft, Google, Oracle, PayPal, Goldman Sachs, Pluralsight and Overstock (now Bed, Bath & Beyond) have established a foothold in the state, drawn not just by the quality of our labor force but by tax incentives.
These firms have attracted (or drained?) a lot of talent out of California and into Utah and Salt Lake County in the past few decades, and more continue to scout Utah as a landing place for their companies to escape high taxes and workforce complaints of traffic issues, high insurance rates and complicated local rules to expand infrastructure. Plus, many new Utahns have come here to enjoy our amazing recreational possibilities along with good job opportunities.
Local firms also rank high as businesses that attract outside workers, such as Zions Bancorporation, Merit Medical Systems, Big-D Construction, Extra Space Storage, Health Equity, CHG Healthcare and O.C. Tanner.
U.S. News & World Report ranks Utah as the state with the best budget practices due to strong revenue growth through income taxes on individuals and corporations and the fiscal discipline of our legislators. We don't have a great deal of state debt and strive to always have a balanced budget.
About The Author
Babs De Lay
A full-time broker/owner of Urban Utah Homes and Estates, Babs De Lay serves on the Salt Lake City Historic Landmark Commission. A writer and golfer, you'll find them working as a staff guardian at the Temple at Burning Man each year.
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