What Do Utah’s Economy and Fry Sauce Have in Common?
By Governor Gary R. Herbert
Remarks Given at the U.S. Chamber of Commerce Jobs Summit
Utah’s economy is strong – leading the nation in a number of areas.
We’re not just a one industry state. We are succeeding in a number of industries including technology, exporting, finance and energy.
In the latest Enterprising States report, we rank in the top five in all three job growth measures and second in business creation rate. Other states are watching Utah and trying to emulate what we are doing with the economy. We have made JOBS our number one priority because if people are working they are paying taxes and our economy is growing.
Our unemployment rate is one of the lowest at six percent and job growth is strong. In fact, we are only one of six states that show an eight percent job growth rate in the past decade.
Why is this?
We are a friendly state for business.
Here are a few reasons why:
- We modified or eliminated 368 nonsensical regulations to make it easier to do business in Utah
- We don’t raise taxes – There is a reason the report showsUtahin the top 10 for Taxes and Regulations.
- Our energy costs are 31 percent below the national average.
And we are seeing the likes of Adobe, Goldman Sachs, eBay, Boeing, Morgan Stanley and many other companies moving and expanding in Utah.
Let me throw out a few other key rankings found in the latest Enterprising States report.
Utah is ranked:
- 4th in fastest growing states in Science, Technology, Engineering and Mathematic (STEM) jobs
- 2nd in Exports and International Trade. In 2011, our exports were 39.5 percent higher, more than double than the national growth.
- 3rd for Entrepreneurship and Innovation
I believe these rankings say a lot about our people. Lloyd Blankfein, the CEO and Chairman of Goldman Sachs, sent me a note after they expanded inUtahmaking it their second largest operation in theU.S., second only toNew York:
The note simply said, “We’ve made this investment because of the highly educated, multi-lingual and productive workforce we have found in Utah.”
In Utah we have a secret sauce called “Fry Sauce.” What’s so secret about it?
NOTHING…It’s just a combination of mayonnaise and ketchup.
It’s just really good with fries.
What’s our secret for economic growth?
NOTHING…All we are doing is searching for ways to lessen the burden of government and get out of the way of the private sector.
And it’s just REALLY GOOD for Utah’s economy.
Now, we just need Washingtonto do the same thing.
For full coverage of the U.S. Chamber Jobs Summit, click here