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2013-06-16 09:20:21
Utah Leads the Nation in Business Development

Utah Is Open For Business


Utah's Economic strength and continued focus on business develoment is just another reason to consider investing in Park City homes or properties.

Utah is Open For Business

Utah’s economic development strategy focuses in large part on trying to convince companies with good-paying jobs to relocate or expand in the Beehive State. It’s been a successful strategy: Utah is recognized nationally for its success with corporate expansion, even during the recession. Few other states have had such a high degree of success luring companies such as Goldman Sachs, Adobe, eBay and others that have brought thousands of high-paying jobs and capital investment to the Wasatch Front.

The state is now building on those successes by investing in ways to grow new companies – and jobs. A collaboration between the Utah Governor’s Office of Economic Development (GOED), the Governor’s Economic Council and the Utah Small Business Growth Initiative (USBGI) recently announced that $4 million in State Small Business Credit Initiative (SSBCI) stimulus funds will be placed in seed or early-stage venture funds that invest in Utah companies. Through this effort, the state is trying to help new businesses take flight. It’s just one of many ideas economic developers will be implementing to better support business formation in the state. Utah has always been an entrepreneurial hot spot; this effort and others that are in the works are designed to rev up business creation and take it to the next level.

Utah is Business Deal Champ

Utah is in the midst of an incredible business-deal boom. In 2012, the state was home to nearly 300 major business deals with a total value of more than $11 billion. These deals, which include mergers, acquisitions, venture capital investments and other transactions, pack a powerful economic punch, according to Salt Lake City-based MountainWest Capital Network. Many of these deals involve expansions that are bringing more jobs and capital investment to the Beehive State.

Utah’s 292 business deals are up nearly 60 percent from 2011, according to MountainWest. Of the total number of transactions, 110 were for mergers and acquisitions ($10.8 billion); 176 were for investments from venture capitalists and angel investment ($831 million); and 6 were for secondary public offerings ($106 million).

For more news from MountainWest Capital Network, including a list of Utah’s fastest-growing companies, go here!

Utah is HiringUtah’s economy adding high-quality jobs at incredible pace

Those efforts are paying off as last year Utah employers created jobs at the highest rate since 2007, adding 35,800 new positions statewide. That’s an incredible rate of job growth during an economic recovery. But what’s really impressive are the types of jobs being created.
 
Utah is creating a wide mix of jobs, with much of the growth in the types of higher-paying jobs that help economies grow and prosper. The professional and business services sector, for example, which consists of high-paying jobs in accounting, engineering and design, added 10,400 jobs last year, up 6.3 percent from 2011. The information sector, which includes jobs at technology and telecommunications companies, grew by 7.3 percent last year, adding 2,200 new positions.
 
Many areas of the country simply aren’t seeing this type of quality job creation. And this trend is expected to continue! Many of the companies that have announced expansions in Utah in the coming years plan to add more high-paying, family-sustaining positions.
 
Want to learn more about Utah’s economic recovery and job growth? Get more information in this article.

 

Nick Coleman, Park City Realtor

By Nick Coleman
Call 435-640-7781 or email [email protected] 
to find your Dream Park City Home.

Follow Nick on Twitter @ParkCitySold for regularly updated Park City Happenings or 
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