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'Collaboration is where the Beehive State truly succeeds': Gov. Herbert

Utah Gov. Gary Herbert
Source: Office of the Governor
Utah Gov. Gary Herbert

Utah is leading the country with its thriving economy and vibrant workforce.

Through responsible budget practices and responsive fiscal policy, Utah persevered through the economic recession and climbed to the top. Today our economy is well equipped to remain sustainable — it is more high-tech, global and diverse. The state has the third most diverse economy in the country, with strong representation in the technology, financial services, aerospace and life-sciences sectors, among others.

Much has happened in the past 10 years. Utah's gross domestic product has grown from $106.3 billion to $152.5 billion. Utah's economy stays strong by adhering to conservative fundamental principles: low and consistent tax rates, smaller and more efficient government, sensible regulation and empowering the private sector to create jobs. Each of these foundational practices hinges upon our ability to collaborate, and collaboration is where the Beehive State truly succeeds.

In 2009, during my inaugural address, I expressed the importance of unprecedented partnerships. Since then, Utah's government, business and education leaders in communities statewide have worked together more frequently and with better results than ever before. It's through these partnerships and fundamental guidelines that we have transformed our economy. Our long traditions of collaboration, innovation and entrepreneurship have earned us a spotlight on the nation's economic map, and businesses have noticed.

One shining example is the rapid growth of Utah's tech industry — the rise of Silicon Slopes. Homegrown companies like Vivint, Qualtrics, Domo and Pluralsight are each making their own impression on the tech world, and Utah continues to attract big names such as Adobe, Microsoft, Backcountry.com and EMC.

"In 2014, Utah cities Salt Lake City and Provo both surpassed Silicon Valley in per-deal venture capital averages."

In 2014, Utah cities Salt Lake City and Provo both surpassed Silicon Valley in per-deal venture capital averages. From large, multi-campus companies to promising start-ups, Silicon Slopes offers a promising climate for businesses. The entire tech industry has its eyes on Utah.

Our innovative ways reach beyond industry lines, thanks to growing technology. A burgeoning tech sector supports the health-care industry with companies like HealthEquity. It also creates new development in the financial services sector, producing fintech companies such as MX. Utah's business climate attracts companies, and the partnership opportunities keep them here.

When I entered into office mid-recession, my No. 1 focus was Utah's economy. We set bold goals, and we've built one of the best-performing economies in the nation. Many innovative developments are taking place in Utah, and we are honored to be 2016's Top State for Business.

— By Utah Gov. Gary R. Herbert