Economy of Utah - Economy

Economy

According to the Bureau of Economic Analysis the gross is state product of Utah in 2010 was $114.5 billion, or almost 1% of the total United States GDP of $14.55 trillion for the same year. The per capita personal income was $36,457 in 2005. Major industries of Utah include: mining, cattle ranching, salt production, and government services.

According to the 2007 State New Economy Index, Utah is ranked the top state in the nation for Economic Dynamism, determined by

"The degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-driven and innovation-based."

In eastern Utah petroleum production is a major industry. Near Salt Lake City, petroleum refining is done by a number of oil companies. In central Utah, coal production accounts for much of the mining activity.

Utah collects personal income tax at a single rate of 5%, but provides tax credits to low and middle income taxpayers to provide a progressive tax system. The state sales tax has a base rate of 4.65 percent, with cities and counties levying additional local sales taxes that vary among the municipalities. Property taxes are assessed and collected locally. Utah does not charge intangible property taxes and does not impose an inheritance tax.

As of October 2012, Utah's unemployment rate sits at 5.2%, and as of September 2012, ranked 6th out of the 50 states and the District of Columbia. 8.0% of Utahns were considered unemployed in March 2011, compared to the 9.7% in March 2010.