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3 major Business industries in Utah in 2023
by Adam Torkildson
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July 17, 2023
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Utah is righteously considered one of the best states with an active business landscape. Although the state is located between the mountains and deserts, Utah has emerged as a flourishing hub for small and mid size businesses and well-known corporations. The state has favorable tax policies and professional employees. That is why Utah has created a business-friendly environment that attracts a diverse range of industries. Please, continue with the post to get more details on current business trends in this state. 

Top-3 major industries in Utah

Utah is officially nicknamed "The Beehive State." This is a result of a 1959 bill signed by then-state governor George Dewey Clyde, which established the official state motto as "Industry." This motto is tied to the symbol of the beehive, a metaphor embodying the importance of industriousness to the state's populace. As of 2023, Utah is recognized for its economic diversity and thriving industries. We will explore the top three major industry sectors in Utah and provide examples of prominent companies that have successfully developed their businesses in this state.

Tourism

  • Adventure tourism. For instance, Western River Expeditions provides thrilling whitewater rafting adventures. Utah Luxury Tours offers personalized tours to the state's natural wonders, which attracts adventure-seeking tourists.
  • Resorts. Utah is well-known for its world-class resorts and hotels. Thus, Deer Valley Resort offers luxury accommodations and exceptional skiing experiences. Red Cliffs Lodge provides professional riverside retreat services near Moab. The Lodge at Blue Sky is a popular eco-resort located in the picturesque mountains of Park City, which also attracts rich clients from other states. 
  • Gear Manufacturing. Utah is home to prominent outdoor gear manufacturers. For example, Black Diamond Equipment is known for its climbing and skiing equipment. Goal Zero produces portable solar power solutions for people who are fond of outdoor tourism. 

Technology

  • Cybersecurity. Plenty of reputable leading cybersecurity companies work in Utah. For example, Venafi Inc. offers innovative solutions for protecting digital identities. InsideSales provides AI-powered sales acceleration platforms. DigiCert is a world leader in encryption services.
  • Software development. Utah boasts a flourishing software development industry. Companies include Qualtrics; a leader in experience management software and Ivanti; which specializes in IT service management software.
  • Data analytics. For instance, DOMO is a cloud-based business intelligence platform. Health Catalyst offers data-driven healthcare solutions. Pluralsight is a top technology skills platform that contributes to the state's quick development in data analytics.

Financial services

  • Investment consulting. Fidelity Investments is a well-known investment management firm. Goldman Sachs provides investment banking and financial services. Charles Schwab is a leading wealth management company. 
  • Banking. Zions Bancorporation is one of the largest providers of financial services in Utah. Discover Financial Services offers various types of popular financial products. 
  • Payment processing. Utah hosts famous payment processing companies. For instance, WePay provides integrated payment solutions for businesses. MX Technologies specializes in developing financial management platforms. 

Pros and cons of real estate business in Salt Lake City and San Antonio

As an example, we would like to compare some businesses in various states. For this purpose, we are going to evaluate the pros and cons of the real estate industry in Salt Lake City and San Antonio. Utah and Texas have almost the same climate conditions. That is why the comparison can be considered objective. Let's compare two cities according to their benefits and drawbacks. 

Pros and cons of real estate business in Salt Lake City

Advantages

Disadvantages

 
  • Strong economic growth. The capital of Utah has experienced consistent economic growth, fueled by a tech industry, diverse job market, and a business-friendly environment.
  • Tourism. The city's closeness to striking national parks and ski resorts makes it an attractive location for tourists who always need accommodation.
  • Strong rental market. Salt Lake City boasts a healthy rental market, with a high demand for rental properties and a great potential for steady income streams for real estate investors. 

    

  • Limited inventory. The housing market in Salt Lake City is rather competitive. Limited inventory is available, which leads to potential problems in finding suitable investment properties.
  • Seasonal climate. The city experiences cold winters and hot summers. This impacts certain real estate sectors, such as outdoor amenities or energy efficiency considerations.
  • High cost of living. Salt Lake City has a higher cost of living compared to the national average. So, it may impact rental rates, which can scare off possible tenants. 

 

Pros and cons of real estate business in San Antonio

Advantages

Disadvantages

  • Affordable housing market. San Antonio offers an affordable housing market compared to other major US cities. It attracts homebuyers and realtors in San Antonio who look for cost-effective accommodation.
  • Great history. The city is known for its great history and popular attractions like the River Walk and the Alamo. It enhances the tourism industry that contributes to the local economy.
  • Military presence. San Antonio hosts several military bases. It influences a stable rental market for realtors who rent accommodation to military personnel and their families. 
  • Weather hazards. San Antonio is located in the zone of extreme weather events such as hurricanes and heavy storms. Thus, real estate investors should consider insurance costs and possible property damage risks.
  • Lower profit. Rental profit in San Antonio is lower compared to other markets, which affects potential returns on investment properties.
  • Limited job market. San Antonio's economy heavily depends on the military, healthcare, and tourism sectors. This lack of diversification impacts job market stability and demand for rental properties.

Final words

Overall, Utah provides various types of businesses with a good range of opportunities. Its exclusive mixture of natural beauty, strategic location, and supportive policies from the state have already created an ideal business environment for small and large corporations. 

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About the author
Adam Torkildson
Adam Torkildson
Adam is a long-time resident of American Fork, UT. He serves in several local service organizations and advises several startups that he's invested in or founded.
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