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Utah

A guide to help you understand the ins and outs of business in Utah

Overview

Utah, the 13th largest state, is located in the western United States with Colorado and Nevada on either side of it, as well as Idaho and Wyoming to the north and Arizona to the south. Utah has a population of roughly 3.21 million people, making it the 30th most populous state. Salt Lake City is the capital and largest city. In 2019, Utah’s gross domestic product was $192,519,000,000.

The top industries in the Beehive State are manufacturing aerospace and defense, energy, financial services, life sciences and healthcare, outdoor products, IT, and tourism and film. Utah’s tech industry has more than 68,000 employees working at over 4,200 companies, including tech giants Google, eBay, Adobe, Google, Dell, and Amazon.

In 2019, Utah imported $49,660 from Qatar. Its top imports are: Special classification provisions Nuclear reactors, boilers, machinery, etc. In 2019, Utah exported $4,574,123 to Qatar with its top exports being: Electric machinery, sound/tv equipment Nuclear reactors, boilers, machinery, etc. Optic, photo, medical/surgical instruments Qatar has connections to the state of Utah. Qatar Investment Authority, Ambassador. Sheikh Meshal bin Hamad Al Thani, the Commercial Attaché and USQBC visited the World Trade Center Utah in 2019. USQBC hosted a webinar with Dorsey and Whitney LLP, a law firm based in Salt Lake City.

The corporate income tax rate in Utah is 4.95%. There is only a single free trade zone, in Salt Lake City. However, there are 40 incentive programs, including the Farm Operation Hand Tools Tax Credit and the Agricultural Off Highway Gas or Undyed Diesel Fuel program.

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