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According to the ALEC-Laffer State Economic Index, “Rich States, Poor States,” Utah is the number one state in the nation for economic outlook – an honor the State has now received five years in a row. Distributed by the American Legislative Exchange Council (ALEC), the results were released Tuesday, the day of Gov. Gary R. Herbert’s Economic Summit, where he shared the key to Utah’s success with summit attendees.
“The secret of our success is that there is no secret,” said Herbert. “In Utah, it’s really pretty simple: We follow the basics and we adhere to correct business principles in a free market environment. Utah keeps taxes low, limits nonsensical business regulation, offers a well-educated workforce, avoids excessive debt, promotes innovation and is efficient in state government. You have to go back to the year 2000 to find the same number of state employees we have now.”
The “Rich States, Poor States” analysis uses fifteen variables to evaluate the State’s potential economic outlook, including tax rates, tax burdens, number of public employees, minimum wage and more.
“I’m absolutely thrilled,” said Herbert. “My vision statement for the State is ‘Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. When we are ranked at the top in studies like ‘Rich States, Poor States,’ I am confident we are well on our way to accomplishing that goal. It’s great to know we are on the right road, headed in the right direction, and that others are noticing.”
The complete “Rich States, Poor States” report can be found at http://www.alec.org/docs/RSPS_5th_Edition.pdf