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Economy of Utah
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Economy of Utah
The economy of Utah is a diversified economy covering industries such as tourism, mining, agriculture, manufacturing, information technology, finance, and petroleum production. The majority of Utah's gross state product is produced along the Wasatch Front, containing the state capital Salt Lake City.
According to the Bureau of Economic Analysis, Utah's gross state product in 2024 was $300.9 billion, ranking 28th largest in the nation; per capita personal income was $66,443.
Major industries of Utah include: recreation (8 billion 2022), coal mining, cattle ranching, salt production, and government services.
According to the 2007 State New Economy Index, Utah is ranked the top state in the nation for Economic Dynamism, determined by:
The degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-driven, and innovation-based.
In eastern Utah, petroleum production is a major industry. Near Salt Lake City, petroleum refining is done by a number of oil companies. In central Utah, coal production accounts for much of the mining activity.
Utah collects personal income tax at a single rate of 5%, but provides tax credits to low and middle income taxpayers to provide a progressive tax system. The state sales tax has a base rate of 4.65 percent, with cities and counties levying additional local sales taxes that vary among the municipalities. Property taxes are assessed and collected locally. Utah does not charge intangible property taxes and does not impose an inheritance tax. Over time and influenced by climate change, droughts in Utah have been increasing in frequency and severity, putting a further strain on Utah's water security and impacting the state's economy.
Farming plays an extremely important role in rural Utah. Crops like corn and barley can be produced despite the dry land. Cultivated land, including isolated farms in river valleys and considerable dry farming acreage, is limited to a small percentage of the state's total area. The bulk of income from agriculture comes from livestock and livestock products, including sheep, cattle, dairying, and an expanding poultry industry. Abundant sunshine provides some compensation for inadequate rainfall, and the climate is generally moderate, allowing for substantial fruit production.
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Economy of Utah
The economy of Utah is a diversified economy covering industries such as tourism, mining, agriculture, manufacturing, information technology, finance, and petroleum production. The majority of Utah's gross state product is produced along the Wasatch Front, containing the state capital Salt Lake City.
According to the Bureau of Economic Analysis, Utah's gross state product in 2024 was $300.9 billion, ranking 28th largest in the nation; per capita personal income was $66,443.
Major industries of Utah include: recreation (8 billion 2022), coal mining, cattle ranching, salt production, and government services.
According to the 2007 State New Economy Index, Utah is ranked the top state in the nation for Economic Dynamism, determined by:
The degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-driven, and innovation-based.
In eastern Utah, petroleum production is a major industry. Near Salt Lake City, petroleum refining is done by a number of oil companies. In central Utah, coal production accounts for much of the mining activity.
Utah collects personal income tax at a single rate of 5%, but provides tax credits to low and middle income taxpayers to provide a progressive tax system. The state sales tax has a base rate of 4.65 percent, with cities and counties levying additional local sales taxes that vary among the municipalities. Property taxes are assessed and collected locally. Utah does not charge intangible property taxes and does not impose an inheritance tax. Over time and influenced by climate change, droughts in Utah have been increasing in frequency and severity, putting a further strain on Utah's water security and impacting the state's economy.
Farming plays an extremely important role in rural Utah. Crops like corn and barley can be produced despite the dry land. Cultivated land, including isolated farms in river valleys and considerable dry farming acreage, is limited to a small percentage of the state's total area. The bulk of income from agriculture comes from livestock and livestock products, including sheep, cattle, dairying, and an expanding poultry industry. Abundant sunshine provides some compensation for inadequate rainfall, and the climate is generally moderate, allowing for substantial fruit production.