Business

Utah emerges as 10th-best state for business development

Utah's strategic focus on sectors like technology, finance, and healthcare has attracted numerous startups and established firms alike

UTAH — According to new research, Georgia has secured the top spot as the best state for business growth, with Utah claiming the 10th position. A comprehensive analysis by business consulting firm Venture Smarter, using data from the U.S. Bureau of Labor Statistics, unveiled the business growth rate of each state by comparing the number of business establishments from December 2021 to December 2022.

Impressively, Georgia boasted a remarkable 13.5% business growth rate, with 397,515 establishments in December 2022 compared to 350,189 in December 2021. The state’s corporate income tax stands at 5.75%, accompanied by the provision of a job tax credit to alleviate corporate tax liability for eligible businesses.

Utah secured the 10th spot with a business growth rate of 8.4%. In December 2022, the state witnessed an increase in establishments, reaching 137,277 compared to 126,644 in December 2021. Utah stands out with its low corporate income tax rate of 4.85%, and an affordable LLC filing fee of $54 along with an additional yearly charge of $18.

Utah’s strategic focus on sectors such as technology, finance, and health care has attracted numerous startups and established firms alike.

 

Courtesy of Venture Smarter

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