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1851 Growth Club
Utah is a Top State for Business
Forbes listed Utah as the Best State for Business
Business in Utah has grown leaps and bounds over the last few years thanks to its strong labor force, low energy costs and robust employment outlook. These components have propelled the Beehive State to rank No. 1 in Forbes’ 2015 Best States for Business—and it’s the fifth time in six years that the state has been awarded this distinction.
“Receiving the Forbes Best States for Business ranking again in 2015 confirms what we hear from companies every day: no one else does economic development like Utah,” said President and CEO of the Economic Development Corporation of Utah Jeff Edwards in a press release. “The model we have in this state, with industry support, local community participation and leadership from the Governor’s Office—it is uncommon and remarkable.”
The state’s success as a key business hub can be attributed to its focus on the fundamentals of business, including reduced regulations and energy costs, which are 23 percent below the national average. These components have fueled employment in the state, and in December 2015, Utah saw a 3.2 percent year-over-year increase in jobs—a number that surpasses the national average growth of 1.9 percent.
The increase in employment has also made Utah a prime spot to build and develop a brand, and franchises in particular are seeing remarkable growth. The state has 7,624 franchise locations, which have created 84,200 jobs in the process, according to the International Franchise Association. There are a number of eclectic franchises that have headquarters in Utah, including Rumbi Island Grill. One franchise brand that has seen success in Utah is Kitchen Solvers, a company specializing in custom and pre-built cabinetry, custom countertops, solid surfaces and kitchen accessories. Zach Nolte, chief development officer at Kitchen Solvers, said their Kitchen Solvers of Salt Lake franchise has seen tremendous success because Utah presents them with the perfect assets for their business model.
“The average home value in Salt Lake City is around $240,000, which falls into our demographic and with the concentrated population in the city, it is easy to do business with clients,” Nolte said. “The city is also filled with new homes and established buildings, which are perfect for our services. It’s really a great market for franchises to develop in.”
Nolte said he is interested in developing other Kitchen Solvers franchises in Utah and feels it is a great state for all franchises brands to develop in.
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