A Breakdown of the Utah Economy

The state of Utah has a very different, successful, and ever expanding economy. The gross state product is $82.6 billion and steadily growing. In addition, according to the 2007 State New Economy Index, Utah is the top state in the country in terms of economic dynamism which refers to: “the degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-pushed and innovation-based.”

In the past, Utah’s economy was chiefly comprised of agriculture industries, including cattle ranching, mining, and natural resources. While these are nevertheless meaningful elements of the state’s economy, there are a number of other rapidly growing industries including technology and medical. Salt Lake City has become a center for several small marketing, technology, design, and software companies and is home to the University of Utah medical center.

Another major industry is petroleum refining, especially in eastern Utah. A number of major oil companies own petroleum refineries located up and down the Wasatch front. In addition, central Utah is well-known for coal mining.

Utah freight hauling has become another profitable industry since Utah provides access to the Western United States. Interstate 15 runs north and south by the state, connecting the northern Great Plains states (such as Idaho, Montana, and the Dakotas) to the west. In addition, Interstate 80 (which runs from the east to west coast) goes right by Utah, and east and west corridor that runs right by Salt Lake City.

Last but most certainly not least, is tourism. Perhaps one of the state’s most profitable industries, the winter season brings hordes of tourists to Utah, eager to experience the “greatest snow on Earth.” With a raise from the 2002 Winter Olympics, Utah ski resorts (ordinarily named some of the best in the country and the world) are experiencing some of the most profitable seasons ever. In addition, Utah is home to Zion National Park and other national parks that attract tourist from all over the world.

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