Utah Ready For The Big Time
It is heartening to see that despite the limited number of industries in the state, Utah continues to post significant growth gains in its economy.
Utah is typically known for its tourism industry. It is eco-tourism, adventure tourism and sports tourism all rolled into one. It is tourism that supports a host of other industries, such as hotel/lodging, food/restaurant, real estate/development and retail. Other industries in the state include mining and cattle ranching. Government services also accounts for a great deal of the revenues earned by the state.
Utah is expected to rely on its tourism industry as a driver of growth. Some of the big ticket investments are probably going to be placed in resort development, as Utah spends a significant amount of its promotional budget on extolling the existing ski resorts in the state. As the new developments in resorts go online, it is expected that support business will also experience a boom, especially in retail, services and finance.
Small businesses hoping to cash in on Utahs growth would do well to establish a presence in the area early. Starting out small in Utah is now possible as business support enterprises also see the state as a significant growth corridor for their business.
One of the services that will likely be of great demand from business support enterprises is payroll. Utah, like many states, is strict about compliance with state laws on income and taxes.
Business support enterprises would likely do well in providing the services for payroll. Utah has six brackets of personal income taxes and the professionals of business support enterprises are well equipped to handle the interpretation of the necessary compliance in these regulations.
Utah is not likely to into high technology in the near future. The state continues to promote tourism as its main revenue source and any new investments in technology would likely be for the advancement of natural resource conservation and protection. The only other prospect for growth is in government services. Small business will likely be the beneficiary of the services of business support, especially in payroll. Utah will likely stick to its old industries for increases in revenues.
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