The fast-paced growth and bustling economy in Utah make it a great place to live. And one of the most desirable places for business headquarters and second offices, especially for tech and marketing companies.
Around 2016, Many tech companies such as Adobe, eBay, and 3M began to open their doors in the Beehive state, offering many tech jobs in and around Utah County. Since then, other corporate giants, such as Facebook and Microsoft, have followed suit and opened in Utah, earning the area around Lehi, Utah, the nickname “Silicon Slopes.” This name refers to the abundance of technology, hardware, software, and research companies along Utah’s Wasatch Front.
As business booms in Utah, so does the population. Families from across the country are following high-paying tech jobs with the help of Utah moving companies. In 2021, the population of Utah was at 3.338 million, which continues to rise. Other tech companies all over Utah include Artic Wolf, DevMountain, Voxpopme, Qualtrics, Ancestry, and many more.
But why are so many companies opening branches or even headquarters in Utah? What prompts businesses to join the “tech boom” in Utah? Here are seven reasons companies are centralizing in Utah and thriving.
1. Cost of Living
The cost of living in Utah is cheaper than most states and exponentially cheaper than that of San Francisco, Los Angeles, and New York. With rising costs nationwide, companies see the financial benefits of opening their doors somewhere more affordable. Rent is more affordable, and electric bills are 34% lower than the national average due to an abundance of natural resources in the area.
2. Lower Taxes
Utah’s flat corporate income tax is only 4.85%, its maximum local sales tax rate is only 2.95%, and its state sales tax is 6.10%. These numbers add up to a combined state and local tax rate of 7.19%, ranking Utah 8th overall on Tax Foundation’s 2023 Business Tax Climate Index. Utah’s low taxes save companies a ton of money on taxes every year, allowing them to thrive. Lower taxes is a massive benefit for any business.
3. Adds a Diverse Element
There is something new and fresh about moving a company to Utah. Companies that have offices in Utah and other states can open the job pool and gain perspectives from employees in both cultures and environments. They can use both locations to their advantage. This allows for multiple perspectives and helps to create a unique and reestablished user experience for customers.
4. Growing Economy
A healthy economy is everything for the well-being of a tech company. Utah’s economy has grown by at least 2.4% over the last five years. Growth in the economy means growth for your company. Utah’s excellent economy places the state with the second-lowest unemployment rate in the nation at 2.3%.
5. A Different Lifestyle
Utah’s lifestyle differs drastically from other tech-saturated cities like the Bay Area. Utah doesn’t have the long commutes with bumper-to-bumper traffic, the lifestyle is less expensive, and there is unlimited access to therapeutic nature and outdoor enjoyment. Utah also has a “family first” mentality. Businesses shift the “work comes first” mindset and transition to a better work/life balance for employees.
6. You Get All Four Seasons
People tend to enjoy the sunshine in summer and a winter wonderland on Christmas morning. Utah offers an excellent weather balance. While they do get snow, winters are less intense than in many other states. Utah offers an outdoor experience all year-round with unlimited summer recreation and the best snow slopes in the country.
7. Great for Families
Utah is full of families, which means there is an extensive list of activities for kids no matter where you go in Utah. The state also ranks number two for the best healthcare system in the nation. Utah has no shortage of top ski resorts, beautiful parks, and top-rated biking and hiking trails, pools, and museums. The Museum of Natural Curiosity in Lehi, Utah, is one of the best children’s museums in the country.
It is now considered a prestigious accomplishment for tech professionals to succeed in the “Silicon Slopes,” and for good reason.
With remote work now a norm in the workforce, many working professionals are also relocating to Utah. With rising living costs and overcrowding in many parts of the country, people are craving more affordable living and lower taxes where they can work from home in a less stressful environment surrounded by some of the nation’s best skiing, fishing, and hiking.
Utah checks all the priority boxes for an exceptional and enjoyable place to settle down and plant roots. After the Covid-19 pandemic, many decided to focus on their mental health and move somewhere that will help ease their anxiety. That was Utah for many individuals who were making a good salary and still struggling to make ends meet because of the impossible cost of living in their area.
Utah is the up-and-coming place for business professionals, outdoor enthusiasts, and those seeking a family-friendly and wholesome environment for their families. Utah might be the perfect place for your business to grow and thrive. Expert long-distance movers can help make the transition to the Beehive state a seamless transition.
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Utah stands out as the ideal destination for business relocation, thanks to its rapid growth, vibrant economy, and attractiveness for both residential living and corporate establishments. The state has become particularly sought after by technology and marketing companies, drawing major players like Adobe, eBay, and 3M around 2016. The subsequent influx of industry giants, including Facebook and Microsoft.
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