Utah State (U.S.A.), ‘’Best States for Business’’ is a land of mining, charity, tourism, and petroleum production
With its growing market of + 3 million consumers, Utah is particularly well-known as the top state in the nation for
Economic Dynamism.
The gross
state product of Utah in 2012 was US$130.5 billion; 0.87% of the total United States GDP of US$14.991 trillion for the
same year.
In terms of
"small business friendliness", in 2014
Utah emerged as number one, based on a study drawing upon data from over 12,000
small business owners.
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.
According to
Internal Revenue Service tax returns, Utahns
rank first among all U.S. states in the proportion of income given to charity
by the wealthy. This is due to the standard 10% of all earnings that Mormons
give to the LDS Church.
Utah
collects personal income tax; since 2008 the tax has been a flat 5 percent for all taxpayers. The state sales tax has a base
rate of 6.45 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.
Tourism is a
major industry in Utah. With five national parks
(Arches, Bryce Canyon, Canyonlands, Capitol Reef, and Zion), Utah has the third
most national parks of any state after Alaska and California.
Mining has
been a large industry in Utah since it was first settled. The Bingham Canyon Mine in Salt Lake County is one of the largest open
pit mines in the world.
Salt Lake
International Airport is the largest airport in Utah.
FrontRunner commuter rail serves cities from Ogden to Salt Lake City to
Provo.
TRAX light
rail serves Salt Lake County.
I-15 and
I-80 are the main interstate highways in the state, where they intersect and
briefly merge near downtown Salt Lake City.
The Utah
Transit Authority (UTA), which operates TRAX, also
operates a bus system that stretches across the Wasatch Front, west into
Grantsville, and east into Park City.
Salt Lake
City International Airport is the only international
airport in the state and serves as one of the hubs for Delta Air Lines. The airport has consistently ranked
first in on-time departures and had the fewest cancellations among U.S.
airports.
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