3. Utah

The economy is great in the Beehive State, but it fumbles on education by underfunding its schools.

A snowbird skiing in Utah.
Scott Markewitz | Getty Images
A snowbird skiing in Utah.
Category
Score
2018 Rank
2017 Rank
Grade
Workforce 265 11 18 B+
Infrastructure 246 10 9 B+
Cost of Doing Business 198 23 24 (Tie) B
Economy 251 2 4 A+
Quality of Life 206 12 20 B
Technology & Innovation 133 19 18 (Tie) B-
Education 87 34 34 (Tie) D+
Business Friendliness 103 12 16 B
Access to Capital 64 18 18 (Tie) B-
Cost of Living 29 22 17 C+
Overall 1582 3 8 -

Economic Profile

Governor: Gary Herbert, Republican

Population: 3,101,833

GDP growth (Q4 2017): 2.2 percent

Unemployment rate (May 2018): 3.0 percent

Top corporate tax rate: 5 percent

Top individual income tax rate: 5 percent

Gasoline tax: 29.41 cents/gallon

Bond rating (Moody's/S&P): Aaa, stable/AAA, stable

Major private employers: Intermountain Health Care, Extra Space Storage

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

Top States Past Year Rankings

  • CNBC unveils its 12th annual America's Top States for Business study. See where your state ranks in 2018.

  • CNBC unveils its 11th annual America's Top States for Business ranking for 2017, scoring all 50 states on 10 key measures of competitiveness.

  • Top States promos Arm Wrestling

    CNBC unveils its 10th annual America's Top States for Business ranking, scoring all 50 states on 10 key measures of competitiveness.

Latest Special Reports

  • Invest in You: Ready. Set. Grow. is focused on improving Americans’ money knowledge of saving, spending and investing.

  • Automation, AI and machine learning will radically influence the relationship between employers and their workforce.

  • The nexus of technology -- cloud, social, mobile and data -- are transforming user behaviors and creating new businesses.