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Utah Economy & Cost of Living
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Utah's median household income ranks eighth in the nation at $45,300 -- 14 percent higher than the national average. This despite the fact that the average worker pay of $30,000 in Utah is 84 percent of the national average. The lower rate of pay is attributed to more part-time workers and a younger workforce than found in the rest of the nation. Higher median household income, despite lower average annual pay, is the result of more wage earners per household in Utah, which has the highest average household size in the nation.
Home ownership in the state is higher than the national average -- almost 75 percent compared to 67 percent nationally -- and home prices are moderate by national standards.
Utah's worker pay and home ownership are based on a state economy that has remained strong since the early 1990s. And it is realizing a temporary, but significant, boost with the state hosting of the 2002 Olympic Winter Games. Over five years, the Olympics are creating 35,000 job years of employment and $1.5 billion in earnings for Utah workers -- this on top of a solid recreation industry.
Manufactured goods made in Utah have a value added of about $11 billion annually. These include solid rocket propulsion systems for spacecraft and missiles, and motor vehicle parts. With a strong agricultural economy, processed foods and beverages rank second among the state's manufactured products.
Natural resource production is led by petroleum and natural gas, and includes coal, copper and uranium mining.
But service industries account for a majority of the gross state product. Although a comparatively small segment of service and education economic activity at this time, biotechnology and other advanced technology ventures are rapidly growing in Utah.
A sales tax, personal income tax and corporate income taxes are the primary sources of government revenue in Utah.
State programs to attract new companies and maintain a positive business climate in Utah include Economic Development Area/Tax Increment Financing, which targets areas for economic development. Part of the additional property taxes generated by new projects are returned to developers in the form of infrastructure developments or land cost write downs.
The Industrial Assistance Fund is an incentive loan program to assist businesses with relocation costs. Three basic programs exist:
- The rural Utah program with funding up to $100,000 for relocation expenses;
- Corporate funding, which is dependent on the amount of Utah purchases and wages; and
- Targeted industries, which include information technology, biomedical and aerospace.
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The Custom Fit Program provides training for new or expanding companies. Training is available to a company if they are expanding or moving into Utah, including manufacturing, production, assembly, information and service sectors.
In 1995, the Utah Legislature extended the sales and use tax exemption to manufacturing replacement equipment.
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