Utah recently has been having a fantastic time when it comes to business and the recognition that comes with success. Recently, Forbes ranked Utah as the best state for both businesses and careers, but made no mention of how it is for actually making a living and supporting yourself. Well, you don’t have to worry anymore! A recent study has shown that wages and wage growth in Utah ranks amongst the top for all the states in the Intermountain West. Not only does it rank amongst the best in its region, but Utah’s wages also rank very well when compared to national averages. In fact, it turns out that Utah has a higher percentage of growth in every industry but one.
This news has obviously been very well received by Utah’s GOED (Governor’s Office of Economic Development) and shows that the work they’ve been doing to turn Utah into an economic hub is paying off. There are a total of 7 states in the Intermountain Region (including Utah) that Utah is competing with: Arizona, Colorado, Idaho, Nevada, New Mexico, and Wyoming. Utah ranking at the top of this list is simply continuing the pattern that has been seen in the past. From 2010 to 2014, Utah consistently held either the number one or number two spot in seven out of ten industry sectors. Not only that, but it turns out that Utah also leads in “total private sector wages”, leading the region with 25.8% growth within the past five years.
Not only are Utah’s wages already higher than the national average, it seems as though wage growth is higher there as well. When combined with the lower cost of living, Utah seems like the next place to move to when considering your next business and career opportunity. With a robust economy that continues to grow, the fact that Utah is above the national average in every industry except oil, gas and mining, and the fact that Utah has seen a growth of 26.8% in private wage earning over the past 5 years means that Utah very well may see a population boom in the coming years.
If you’d like to read more, the link is here.