SALT LAKE CITY – Today, Utah was named the top-ranked state for economic outlook for the 17th year in a row by theAmerican Legislative Exchange Councilin its 17th edition ofRich States, Poor States: ALEC-Laffer State Economic Competitiveness Index.
“The Legislature applies Utah’s forward-thinking mindset to policy-making, building upon the groundwork laid by our pioneer ancestors to ensure future generations can thrive,” said Senate President J. Stuart Adams. “It’s no mistake our economy has remained on top for the past 17 years. Utah is rich with opportunity. A Utah-first mindset enables businesses and individuals to continue to flock to our state to benefit from the financial freedom lower taxes provide and to enjoy the high quality of life our state policies have helped cultivate.”
The study finds that a state’s performance is directly impacted by its legislative policies. In general, the top-ranking states tend to tax less, especially on activities that promote productivity such as investing and working, and spend less. By analyzing each state’s ranking in 15 state policy factors, the Index is able to predict its economic outlook for the coming year.
“Imagine having such a robust economy for so many years in a row that it doesn’t even equate to news stories,” said President Adams. “On the one hand, it is an ideal situation; on the other hand, it is challenging to articulate how much effort, forward-thinking and dedication goes into being at the top of the class. These fundamental investments will lay the groundwork for future generations to not only survive but ensure Utah’s powerhouse economy continues to thrive.”
During the 2024 General Session, the Legislature continued taking fiscally responsible and conservatively-minded action to secure Utah’s economic future, including cutting taxes for the fourth consecutive year while increasing education funding by nearly $1 billion.
“In Utah, we put our people first,” said Speaker Mike Schultz. “A strong economy, low taxes, and fiscal prudence will help keep life affordable and allow Utahns to thrive in all areas of life. Our economy is in this position because of thoughtful and intentional planning and budgeting and we are committed to continuing this course of economic prosperity.”
“Utah continues to provide an incredible model for the nation, as a state that prioritizes fiscal responsibility and advances policies that provide economic opportunity for all,” said Jonathan Williams, chief economist and executive vice president of policy at the American Legislative Exchange Council. “With the gridlock currently plaguing our federal government in Washington, Americans should look to successful states like Utah for commonsense policy solutions.”
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Tags: Best Economic Outlook, Utah Ranked State with Best Economic Outlook for 17th Consecutive Year
