The annual Rich States, Poor States report gives Utah high marks in most of its 15 variables
The American Legislative Exchange Council released its annual Rich States, Poor States report this month, and once again, it showed Utah the best in the nation in the Economic Outlook category, for the seventh consecutive year. (Click the link above and scroll to Page 49).
Not having an estate tax, keeping the minimum-wage rate in line with the federal rate, and being a Right to Work state were the three bigger contributors to Utah’s high ranking. The sales tax burden (38) was the biggest drag on it.
“Our consistently high marks in the Rich States, Poor States report is the direct result of having pro-free-enterprise and pro-small-business policies that aim for prosperity for all,” said Casey Hill, NFIB Utah state director. “While ALEC’s report card is very good for Utah, it does point out a couple areas where we have more work to do in order to make sure Utah stays as a leader in economic indicators.”
Below is a sample of where Utah ranks in other reports:
- 1–American Legislative Exchange Council’s Rich States Poor States (2024)
- 1–US News’ Best States 2023
- A–Truth in Accounting’s Financial State of the States 2023
- 8–Tax Foundation’s 2024 State Business Tax Climate Index
- 9–Wallet Hub Most & Least Innovative States (2024)
- 9–Forbes Best States to Start a Small Business (2024)
- 9–CNBC’s America’s Top States for Business (2023)
16–Fraser Institute’s Economic Freedom Index
NFIB does not rank states. Instead, it ranks environments and conditions for small businesses as a whole across the nation. Its most prestigious report, considered the gold standard measurement of the Main Street economy, is the monthly Small Business Economic Trends (SBET) report, also known as the Optimism Index.
“The SBET is one of the few archival data sets on small businesses, particularly when research questions address business operations rather than opinions,” according to this one-page history of SBET. “Today, it’s the largest, longest-running data set on small business economic conditions available.”
