Forbes magazine names Utah best state for business

By The AP
Thursday, October 14, 2010

SALT LAKE CITY — Gov. Gary Herbert says a Forbes magazine ranking that Utah is the best state for business and careers shows the state is leading the nation out of the economic downturn.

Herbert said today he welcomes the magazine ranking released Wednesday.

Utah knocked Virginia out of the top spot it had held for the past four years. Utah was ranked third last year.

Among other things, Herbert says Utah has a business-friendly environment because its income tax rate of 5 percent is lower than some other states.

Utah’s 7.4 percent unemployment rate is also well below the national rate of 9.6 percent.