US News Gives Utah Top Ranking in Economy and Fiscal Stability (2024)

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US News Gives Utah Top Ranking in Economy and Fiscal Stability? ›

Buoyed by its top ranking in both the economy and fiscal stability categories, Utah unseated Washington at least in part because of consistency. The Beehive State finished in the top 15 in six of the eight categories measured by U.S. News, with a top 20 performance in another.

In its 2023 Best States Rankings, Utah edged out Washington for the top economic spot, which Washington enjoyed for the previous two years. Idaho ranked 2nd in the same two categories: Economy and Fiscal Stability. The report used data gleaned from surveys in late 2017 to early 2021.

The state hit record low unemployment of 1.9% in December 2021 and has remained among the lowest in the nation while sustaining strong job growth. In August 2022, U.S. News and World Report listed Utah as the best economy in the nation, #2 for job opportunities, and #3 for best state overall.

Economy, Fiscal Stability Push Utah to Top Spot in Best States Rankings. Utah's strong economy and business environment make it an attractive place, but experts and locals say that isn't all the Beehive State has to offer.

Utah takes No. 1 in rankings that measure health care, education and economy. WASHINGTON, May 2, 2023 /PRNewswire/ -- Utah is the Best State in the country, according to the 2023 Best States rankings.

Utah Ranks 'Richest State' For The 12th Consecutive Year.

Utah is moderately tax-friendly toward retirees. Social Security income is fully taxed. Withdrawals from retirement accounts are fully taxed. Wages are taxed at normal rates, and your marginal state tax rate is 4.85%.

Utah is home to five national parks and 43 state parks, many of which are right around Salt Lake City. Lots of people moving to Utah consider the statewide scenery and abundant natural beauty to be just as enticing and attractive as the strong economy and moderate cost of living.

Utah's economy is strong in terms of labor supply, compared to the rest of the nation. (Kristin Murphy, Deseret News) SALT LAKE CITY — Utah's economy and labor supply is performing strongly due to its growing population, compared to the national average of decline.

Utah is one of the fastest-growing states in the nation, and there are key reasons for this migration—namely quality of life benefits, such as the abundance of outdoor recreation opportunities, strength in public and private partnerships, and mobility of jobs—all of which are crucial to the state's economic strength.

What is Utah's biggest source of income? ›

Major industries of Utah include: coal mining, cattle ranching, salt production, and government services.

Average Cost of Living in Utah: $42,653 per year

Thinking about moving to Utah? Get ready to tap your savings or earn quite a bit, as Utah has the 30th lowest cost of living across the United States, according to MERIC's 2022 Cost of Living Index data gathered in 2022.

What Is Utah Known For? Utah is famous for its thriving Mormon community, stunning natural landscapes, pastrami burgers, as well as hosting the Sundance Film Festival. Whether you are looking for a unique dining experience or want to see some of the best independent films, Utah has something to offer.

Utah earned the top spot in financial stability and economy and made it to the top 10 in education, health care, and infrastructure.

It is also one of three states that has access to Google Fiber and an increasingly strong presence in the tech industry. Things are coming up Utah. The fundamentals driving this growth are Utah's booming economy, low unemployment, and a very affordable quality of life.

| May 4, 2023, 9:25 a.m. You may have long-held beliefs that Utah is the best, but now the Beehive State has proof as new rankings by U.S. News & World Report put Utah in the top spot for the best state in America. Utah beat out Washington, which has held the title of “Best State” for the last two years.

The richest states in the US are New York, Massachusetts, Washington, California, North Dakota, Connecticut, Delaware, Alaska, Nebraska, and Illinois.

California tops the list with the highest income tax rate of 13.30%, whereas Utah has a flat income tax rate of 4.95%. Combined State and local sales tax rates for California come in at 8.82%. Utah's combined tax rate is 7.19%.

Cost of Living in Utah FAQ

The average salary in Utah is $57,462 per year. How much does it cost to live comfortably in Utah? To live comfortably in Utah, you will need to earn between $43,000 and $66,000 per year. This figure covers your basic needs, including food, transportation, healthcare, and rent.

What are the disadvantages of living in Utah? ›

How does Utah's tax code compare? Utah has a flat 4.85 percent individual income tax rate. Utah also has a flat 4.85 percent corporate income tax. Utah has a 6.10 percent state sales tax rate, a max local sales tax rate of 2.95 percent, and an average combined state and local sales tax rate of 7.19 percent.

In all, 3,916 Clark County residents moved to Utah over that four-year span. It nudged out Maricopa County, Arizona, which produced 3,730 new residents in Utah. Los Angeles County, California, (3,714), King County, Washington, (2,273) and Madison County, Idaho, (2,098) rounded out the top five, according to the study.

Clark County in Nevada and Maricopa County in Arizona – homes to Las Vegas and Phoenix, respectively – are the top two counties to send new residents to Utah. Based on U.S. Census Bureau data from 2015 to 2019, Clark County has sent 3,916 annual migrants to the Beehive State while Maricopa County has sent 3,730.

California, the largest economy in the United States, has a GDP of $3.5 trillion and a GDP per capita of $89,540.

Utah has had rapid population and job growth which has increased the demand for housing. According to Norada Real Estate,Utah has a rapidly growing job market which continues to bring people in. Other factors in Utah housing are rising construction costs and rising interest rates.

For its part, Utah ranked first in several specific categories, including Sports Participation Rate, Number of Work Hours, Volunteer Rate (which was twice that of New York) and Divorce Rate (which was two times better than Nevada).

Strong population and job growth are also factors in Utah's high inflation rate. If people are holding their breath, hoping that housing and rental prices will go down – Baker said that's not likely.

Utah's labor shortage has put upward pressure on wage rates.

Since labor costs account for approximately two-thirds of the total cost of private businesses, rising wage costs produce cost-push inflation and higher prices for products and services.

Why is Utah drying up? ›

Lake levels were expected to continue to drop, with scientists and researchers cautioning in a January report that the lake could dry up in less than five years due to excessive water use and a worsening climate crisis.

The state of Utah is endowed with an abundance of natural resources. It contains significant supplies of oil, natural gas, coal, uranium, and oil shale and oil sands; base metals such as copper, beryllium, magnesium and molybdenum; and industrial minerals such as potash, salt, magnesium chloride and gilsonite.

Florida. Florida is 15.3% cheaper than Salt Lake City, Utah, and the biggest factor in that difference is the median home cost. The median home cost is 43% cheaper in Orlando than Salt Lake City. Grocery prices are steep in Florida, and in Miami specifically groceries are more expensive than the national average.

Costs of Living in Utah vs Texas

Texas is estimated to be up to be more than 1.5% more expensive to live in than Utah. Childcare is 7.5% more expensive in Texas, and sports and entertainment eat more out of your pocket than they do in Utah.

Arizona is 7.8% more expensive than Utah.

The Mormon population in the United States varies greatly from state to state. Utah has the highest concentration of Mormon adherents, with 66% of the population identifying as members of The Church of Jesus Christ of Latter-day Saints.

There are plenty of beautiful parks and scenic locales, along with snowy winters and hot summers. You'll also find a relatively low cost of living, including more affordable healthcare than other areas of the country. But when many people ask is Utah a good place to retire, they're considering taxability.

So what contributes to this happiness? Is it the mountain views? The fry sauce? According to WalletHub, Utah was ranked the highest for sports participation, volunteer rates, fewest work hours, lowest divorce rate and the overall safest state.

The center of Mormon cultural influence is in Utah, and North America has more Mormons than any other continent, although about half of Mormons live outside the United States. As of December 31, 2021, the LDS Church reported a membership of 16,805,400.

Are there tax advantages to living in Utah? ›

Utah is a flat-tax state.

If you're a fan of flat taxes you'll be right at home, but if you're thinking of moving to Utah from a state with no income tax, you're in for a change. Property taxes in Utah are on the low side, while sales taxes are around the U.S. average. Utah has no estate tax.

A year after being named the happiest state in the U.S., Utah has dropped from the top spot in 2022. According to the newest WalletHub rankings, Utah is now the fourth happiest state in the country... and we're not happy about it.

According to a recent study from RetireGuide, Utah is the second best state to retire in across the country. Several factors were put into deciding the final ranking including criteria primarily involved with housing, health, and quality of life.

However, the most recent moveBuddha data shows the state's popularity cooled off considerably in 2022, with the state move ratio dropping 45% since 2020 higher, down to an in-to-out ratio of 78 to 100. This means that for every 78 people making Utah their home, 100 are moving out.

Based on migration data from the U.S. Census Bureau, Americans are moving to Austin, Texas; Raleigh, North Carolina; Orlando, Florida; Dallas, Texas; and Phoenix, Arizona. The most moved-to cities are based on percentage increases in population since 2010.

In 2022, Utah's GDP reached $185.2b, representing an increase of 3.7% from 2021. Utah's GDP has grown at an annualized rate of 1.3% over the five years to 2022. Moreover, Utah's trailing five-year GDP growth ranks it 1^st out of all 50 US states.

Utah's population is still expanding — but not as fast as it was a year ago. Driving the news: Newly released census estimates show Utah grew by about 41,700 people from July 2021 to 2022 — the ninth biggest net population growth and 10th highest growth rate of any state.

In the fiscal year of 2019, the state of Utah had state debt totaling 7.35 billion U.S. dollars. However, the local government debt was much higher at 13.34 billion U.S. dollars.

"Utah tops the list of (relocation alternatives) because you have a well-educated workforce, relative affordability (and) a growing economy which sets the stage for continued strong economic growth," Dougherty said.

The 2020 data showed that for the third straight year Salt Lake County saw a decline in the number of Latter-day Saints. It fell by 5,734 people, even as the county population grew by 36,600. Utah's most populous county became minority Latter-day Saint in 2017.

What percentage of Utah is owned by the US government? ›

Federal land is managed for many purposes, such as the conservation and development of natural resources, grazing and recreation. The federal government owns 66.48 percent of Utah's total land, 35,033,603 acres out of 52,696,960 total acres. Utah ranked fourth in the nation in federal land ownership.

States With the Least Debt in 2020

Mountain states, such as Idaho, Montana, Utah and Wyoming made the top-10 list, as did upper Midwest states like Nebraska, North Dakota and South Dakota. Alaska takes the No. 1 spot, with a tiny debt ratio of only 14.2%.