Utah is a state in the Western region of the United States, known for its stunning natural landscapes, outdoor recreational activities, and most importantly, a thriving business environment. The state has been consistently recognized as one of the top states to do business in the country.
Forbes ranked Utah as the best state for business in 2019. With a diverse and growing economy, it’s no surprise that Utah is home to many successful businesses. In this blog post, we’ll take a closer look at some of the most thriving ventures in Utah and what makes them stand out.
Ski Resorts
Utah’s ski industry is one of the state’s biggest economic drivers. With world-renowned ski resorts such as Park City and Snowbird, Utah attracts millions of tourists every year for its exceptional skiing and snowboarding experience. The ski industry has had a significant impact on the state’s economy, generating billions of dollars in revenue and creating thousands of jobs.
One company that stands out in this industry is Vail Resorts. Headquartered in Broomfield, Colorado, Vail Resorts owns and operates several popular ski resorts in Utah, including Park City Mountain and Canyons Village. The company has been consistently recognized for its excellent customer service and sustainability efforts. In 2019, Vail Resorts was named one of the World’s Most Ethical Companies by Ethisphere Institute.
Technology
Utah is also known as the “Silicon Slopes” due to its rapidly growing technology sector. The state has become a hub for tech startups and established companies, thanks to its business-friendly policies and affordable cost of living. Utah has the second-highest concentration of technology workers in the country, just behind California.
One notable company in this industry is Qualtrics, a software company headquartered in Provo, Utah. Founded by brothers Ryan and Jared Smith in 2002, Qualtrics has become a global leader in experience management, with over 13,000 customers worldwide. In 2018, the company was acquired by SAP for a whopping $8 billion, making it one of the biggest tech acquisitions in Utah’s history.
Outdoor Gear
Utah’s breathtaking scenery and outdoor activities have also given rise to a thriving outdoor gear industry. Companies like Black Diamond, Cotopaxi, and Petzl are just a few examples of successful outdoor gear companies based in Utah. These companies not only provide top-quality equipment for outdoor enthusiasts but also prioritize sustainability and giving back to the local community.
One company that stands out in this industry is KÜHL, an outdoor clothing brand headquartered in Salt Lake City. Founded in 1983, KÜHL has become known for its innovative designs and sustainable practices. The company uses environmentally friendly materials and partners with local organizations to promote environmental conservation.
Retail
Utah’s retail industry is also worth mentioning, with several successful companies making their mark in the state. One notable example is Overstock.com, an online retailer founded in Salt Lake City in 1999. Over the years, the company has grown to offer a wide range of products, from furniture and home decor to electronics and apparel. In 2018, Overstock.com launched its blockchain division, becoming one of the first major retailers to accept payment in cryptocurrency.
Food and Beverage
The food and beverage industry is also thriving in Utah, thanks to the state’s unique food culture and local ingredients. Several companies have made a name for themselves in this industry, such as Cafe Rio, a fast-casual Mexican restaurant chain founded in St. George in 1997. The company has gained a loyal following for its fresh and flavorful dishes, growing to over 130 locations across the country.
Another successful company in this industry is High West Distillery, a whiskey distillery located near Park City. Founded in 2007, High West has won numerous awards for its handcrafted spirits and has become a must-visit destination for tourists and locals alike.
Conclusion
Utah’s business landscape offers an abundance of opportunities for entrepreneurs and established companies alike. With its favorable business climate and talented workforce, it’s no surprise that businesses across various industries have found great success in the state. If you’re considering buying a business in Utah or relocating your venture, there’s no better time to explore all that this thriving state has to offer.
From its breathtaking natural surroundings to its thriving business community, Utah is a great place to launch or grow your business. Who knows? You may just be the next big success story in this exciting and rapidly growing state.
