Utah's state government has worked to alleviate industry regulation as much as possible, giving the Beehive State an allure that business owners don't wish to pass up.
That's just one reason why Utah is considered the best state for business in the entire country for the third year in a row, according rankings tabulated by Forbes.
With major growth potential and a governor hell-bent on alleviating the regulatory burden of the state, the "Beehive State" was chosen as the best state for business again in 2016 a slew of reasons.
Here are three reasons entrepreneurs are starting their businesses or moving their headquarters to Utah:
• A highly educated talent pool
University of Utah and Brigham Young University are producing high-demand graduates, adding to Utah's appeal as a land of opportunity.
• Plenty of venture capital for budding tech companies
This is especially the case given the $1 billion in venture capital funding funneled to Utah tech companies. Several market unicorns are seeking to increase market share in Utah.
• Energy efficiency that keeps costs down
Utah's low energy costs also played a factor in the final results of the rankings.
Following Utah, at #2, is North Carolina (despite current policies toward LGBTQ populations). Here is the full top 10 list:
- Utah
- North Carolina
- Nebraska
- Texas
- Colorado
- Virginia
- Georgia
- North Dakota
- Washington
- South Dakota
The worst states to do business in are led by West Virginia. Examining a variety of indicators, Forbes ranked West Virgina at the bottom of the list because of the continued population decrease.
West Virginal also suffers from the fact that only 25 percent of the state's population has a college degree. Higher educational attainment in that state is among the lowest in the entire United States.
Unfortunately, West Virginia also has dismal industry regulation. The state has very little prospects for any major growth in the coming years.
Other states, like Oklahoma, Missouri, California, and others, ranked in the middle of the road. Alaska, Mississippi, and Maine are also at the bottom of the list.
Which state is your business headquartered? Are you thinking of moving to a more business friendly state? Share your experience in the comments below.
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