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Utah is located in the west of the United States. The tourist potential here is infinite. Rafting, kayaking, skiing, rock climbing, and hiking are just a few of the activities offered to tourists here. This industry is the biggest contributor to the local budget.
Utah is known for its volunteer initiatives. More than half of the residents are Mormons. They, in turn, give 10 percent of their earnings to charity every month. This makes Utah the number one state in total donations. Altogether, they donate approximately $1.8 billion a year!
The state's residents support not only those in need but also small business development. This is especially true for the rapidly growing IT industry. This is the reason for the state's steady economic progress.
Utah is experiencing the fastest increase in the number of new jobs. That's why many aspiring entrepreneurs are flocking to this area from all over the country to take advantage of all the benefits available here.
In 2020, Forbes ranked Utah as the best state to do business in.
To assess the landscape and see if it's worth starting a company here, check out the statistics related to this issue.
Utah Small Business Stats: Key Info
There are more than 300,000 small companies in the state;
These firms make up more than 99% of all businesses in the state;
Utah's second name is "the silicon slopes" because it boasts a great environment for tech startups. This is the reason for their active flocking to the state;
$1.4 billion has been invested by venture capitalists in the state's business ecosystem;
The net increase in new companies entering the state is approximately 2,000 firms each year. For example, between 2019 and 2020, there were 12,927 businesses registered in Utah;
At the same time, entrepreneurs dissolved at least 10,968 entities. During this period, there was a net increase of 1,959;
In Utah, there are 26,846 firms owned by both men and women;
Among small business owners, women make up 43.8%, while men make up 56.2%;
Hispanics and racial minorities own 11.9% of all small companies in the state;