The Growing Utah Tech Sector

April 23rd, 2022 by admin Leave a reply »

The business environment is undeniably going through a growth phase, especially for the likes of the Utah tech sector. While the news reports that the US economy is experiencing problems with recessions, the companies in Utah have a different outcome with more companies and businesses flourishing amidst reports of recession.

In the technology industries, there are good reasons to be optimistic. There are more that 5,000 I.T. companies in Utah. Amidst the recession in the United States, annual growth rates of businesses are rising in the area. Hundreds of new jobs are open for jobseekers and more investors are interested in locating their businesses in the state. That’s why it’s not surprising that Utah’s technology industry is gaining on many states. Companies in Utah are also expanding and more big names joining in the game.

Executive skill set and ability to expand even under recession is a sure sign that Utah Tech will still continue to grow for the years to come. Fields like Information Technology services and marketing consulting showed surprisingly high job growth of 41.2 percent and 19.5 percent, respectively. By that number, it shows that the technology industries were put in a better position.

As noted by Richard Nelson, council president and chief executive officer of Utah Technology Council, the average technology worker’s salary is 58 percent higher than the state wide average annual non agricultural wage. With these numbers, it supports why the trade in the technology industry becomes the second-largest category for the value of exports of computer and electronics in the year.

Ranking first in the America Legislative Exchange Council-Laffer State Economic Competitive Index economic outlook is another thing to celebrate for Utah. They also rank second as the “best state for business” and “Best city for job” by Forbes Magazine.

However, one threat to the success of the Utah tech industry is workforce acquisition and productivity. Utah’s technology industry continues to face the ongoing challenges of securing qualified workforce. There is no problem with the number of people that will help to boost the technology industry; rather the problem is retaining them and producing competent workers.

The Utah Technology Council or UTC ensures the technology in Utah develops the highest quality workforce in the nation as well as attracts investment to the state. UTC also discusses initiative and unique methods to secure the workforce that they need. The organization has been the premier professional association that fosters the growth of the technology industry.

The advancement of the technology of tech companies in Utah is foreseen to last. While others are keeping their business above ground in the market, these companies are opening their doors to more opportunities. The Utah Tech industry is growing faster and more business opportunities attract more investors.

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