CEOs say Utah best western state for business, 9th in nation

CEOs surveyed for Chief Executive magazine’s annual list of the Best and Worst States for Business ranked Utah as the top western state and the ninth-best state for business overall, moving up from last year’s 10th spot. The rankings, released in the spring issue of Chief Executive, reflect Utah’s ongoing efforts to create a welcoming environment for businesses of all sizes and industries, Chief Executive authors said.

The ranking is based on a survey of more than 500 CEOs across the country who were asked to rate states based on their opinion of how easy it was to do business in that state versus others. Utah’s high ranking is due in part to strategic policies and smart fiscal decisions, according to the poll.

“Utah’s stellar performance as a top state for business underscores its exceptional qualities,” said Chris Chalk, publisher, Chief Executive magazine. “Its dedication to economic growth and prosperity sets a strong example, making Utah a standout destination for businesses of all sizes and industries.”

Large tech and manufacturing deals demonstrate the growth in the Beehive State and underscore its favorable ranking. Texas Instruments announced in February 2023 it will invest $11 billion and create up to 800 jobs at a semi-conductor wafer fabrication plant in Lehi, while Proctor & Gamble Paper Products Co. announced in February 2023 a $400 million capital investment.

“Professional, scientific and technical services remain one of the fastest- growing sectors in the state,” said Theresa Foxley, former president and CEO of the Economic Development Corporation of Utah. “The growth in Utah is the result of top-notch higher education institutions and a thriving innovation economy that has been expanding over the past decade.”

Here’s what some of the CEOs surveyed by Chief Executive said about why they ranked Utah so highly:

“Large workforce, low taxes and restrictions, quality of life.”

“Utah’s workforce is exceptional.”

“Friendly, welcoming business growth environment in these states. Utah has created an environment for active collaboration between industry and end-users. The Utah Advanced Materials and Manufacturing Initiative or UAMMI, is a collective group of industry representative, private industry, government organizations and higher education, which provides integration assistance between interested parties. UAMMI has been an overwhelming success in the state of Utah.”