Utah Business Opportunities

Salt Lake City, UT
Salt Lake City, UT[1]

A Quick Glance at Utah

Utah, whose nickname is The Beehive State, first obtained its statehood in 1896. With a population of 2,900,872 people, Utah is the thirty-third most populated state in the United States.

If you are considering starting your new business in Utah, you might want to look into one of Utah's top three most populous cities - Salt Lake City (which is also the state's capital), West Valley City or Provo.

Top Industry

The largest industry in the state of Utah is federal reserve banks, credit intermediation, and related services.

  • The gross domestic product (GDP), of this industry, is roughly $5.8 billion and accounts for 4% of Utah's GDP.
  • Federal Reserve banks, credit intermediation, and related services also employs 2.2% of Utah's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 540,268 small businesses, in the state, of Utah.
  • Small businesses in Utah, make up 34.4% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of Utah, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
5.95% 0.81% 6.76% 30 2.15%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in Utah, their official state page might be a good place to start. If you are looking to own your own established franchise in Utah, we have collected a comprehensive list of companies that are actively looking to expand in Utah, for you to explore.

References

  1. By Garrett from Salt Lake City - Salt Lake City, July 2011, CC BY 2.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. 2017 Small Business Profiles for the States and Territories from the U.S. Small Business Administration
  6. Small Business Trends from the U.S. Small Business Administration
  7. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  8. State and Local Sales Tax Rates in 2017 from the Tax Foundation

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