How Utah’s thriving tech economy making an impact on the entire nation

A new study has found that Utah’s booming tech industry grew twice as fast as the national average, causing experts to speculate about whether or not the Beehive State could become the “next Silicon Valley.”

The rate at which Utah’s tech industry has grown, –– 3.6%, more than double the national average of 1.6% –– is turning heads. Our state’s economy relies heavily on this growing tech oasis. In fact, it’s responsible for more than one of every seven jobs and accounts for almost one-sixth of Utah’s $30 billion GDP.

Michael O. Leavitt, former Utah Governor, recently spoke at the annual technology summit where he discussed where Utah’s tech sector was just 25 years ago compared to where it is now.

“Leadership is a generational relay,” Leavitt told Forbes. “Each generation builds on the generations before.” Leavitt is believed to have laid the foundation for the tech sector boom throughout the state, investing in meetings with tech companies and encouraging the mentorship of young engineers needed to fill new positions through the Utah Engineering Initiative.

As a result, businesses like Adobe, Qualtrics, Domo, and Pluralsight have found success — with numbers backing up this claim. Utah now ranks seventh in the nation for venture capital activity and one in every seven dollars of the state’s GDP results from the tech industry.

Not only has Utah begun to thrive in tech development, but it has also become a leader in small business development, encouraging other state’s to incorporate a more entrepreneurial spirit. In fact, Utah currently ranks second to California on Lendio’s annual list of top 10 states for small business lending.

Utah’s tech industry is predicted to keep thriving and continue to become more appealing for young engineers. For more information about the latest industry news in engineering, please visit. www.acecutah.org.