A few years ago, economists predicted that Utah could be the next Silicon Valley. Some were skeptical while others believed the title would soon belong to a different city or state.
It seems those who rooted for Utah were right. The Beehive State has been doing well in terms of economic growth in the past few years. Considering its notable performance in a range of aspects, it’s safe to say that Utah is indeed transforming into a progressive tech hub of the West.
So how did the state become what it is now? Here are the answers.
A Greener Pasture for Investors
A recent study revealed that of all the states, Utah had the best economy in 2016. This was associated with the state’s impressive GDP growth and unemployment rate. Utah is home to a range of successful businesses, but it still attracts more investors from other parts of the country and the world. The software firm Adobe, for instance, has opened an office in Lehi in 2012. Norvell, a local software company, has been thriving for decades.
Home to Well-Rounded and Eligible Graduates
The economic success of a city or state depends greatly on its people, particularly the workforce. Research showed that Utah has featured in common with other places involved in the super-sector, such as California’s Silicon Valley. These include universities that produce well-rounded graduates. Even Gateway Office Business Center agrees that the increasing number of eligible graduates and investors in Utah contributes to higher employment rate, which equates to economic growth. Mormons, who make up two-thirds of the state’s population, have the cultural knack for salesmanship and entrepreneurship.
Hungry for Innovation and Progress
Utah residents developed a culture of working hard to stay innovative and self-sufficient. They love trying new things and getting better at everything that they do. Their thirst for success takes them to greater heights.
What a Transformation
Utah has improved a lot in many aspects, including policies and infrastructures. Like Silicon Valley, the Beehive State has a light-rail system that connects its biggest cities. Local and state governments, businesses, and economic development organizations work harmoniously to achieve sustainable growth.
Utah is far from what it was years or decades ago. With the continuous development going on, the state is indeed becoming the newest tech hub on the West.