Utah’s economy ranked among the top in the United States

With the state’s gross domestic product growing by nearly 20% in the past five (5) years, Utah has the third fastest-growing economy in the nation. Booming with diverse industries including tourism, mining, agriculture, manufacturing, information technology, finance, and petroleum production, the majority of Utah’s gross state product is produced along the Wasatch Front near the state capital, Salt Lake City. According to the State New Economy Index, Utah is ranked the top state in the nation for Economic Dynamism.

 

Taxes

Personal Income Tax

Utah collects personal income tax at a single, flat rate of 5 percent and provides tax credits to low and middle-income taxpayers that result in a progressive tax system. 

 

Sales Tax

The state sales tax has a base rate of 4.65 percent, with cities and counties levying additional local sales taxes that vary among municipalities.

 

Property Tax

Property taxes are assessed and collected locally. Utah does not charge intangible property taxes and does not collect an inheritance tax. 

 

Farming

A critical component of economic rural Utah, farming of crops like corn and barley has allowed the region to continue to profit and prosper despite the dry land. Cultivated land, including isolated farms in river valleys and considerable dry-farming acreage, is limited to a small percentage of the state’s total area. Livestock and livestock products including sheep, cattle, dairying, and expanding poultry make up a bulk of Utah’s agricultural income.

 

Tourism

Tourism accounts for one of Utah’s major industries as the state is well known for its year-round outdoor recreational activities. With five national parks (Arches, Bryce Canyon, Canyonlands, Capitol Reef, and Zion), Utah has the third most national parks of any state after Alaska and California. 

Perhaps most well-known for its winter activities, Utah saw an increase in winter sport-related tourism following its hosting of the Winter Olympics in 2002. Beginning in 1939, with the establishment of Alta Ski Area, Utah’s skiing has become world-renowned. 

 

Mining

Utah’s mining boom dates back to the nineteenth century. Companies began attracting large numbers of immigrants with job opportunities. Since the days of the Utah Territory, mining has played a major role in the state’s economy. Historical mining towns include Mercur in Tooele County, Silver Reef in Washington County, Eureka in Juab County, Park City in Summit County, and numerous coal mining camps throughout Carbon County such as Castle Gate, Spring Canyon, and Hiawatha.