SALT LAKE CITY — Custom sign manufacturing company Signs.com was named the top performing company at the annual MountainWest Capital Network Utah 100 awards event Tuesday.
The Utah 100 awards have been given out annually for the past 24 years to the Utah-based companies with the fastest percentage growth with a minimum of $50,000 in revenue in the base year of 2012 and tracked through 2017. Each award winner must also be a U.S. organization with five full years of operating history.
“We congratulate Signs.com for their success and their strong contributions to Utah’s economy,” said Reed Chase, chairman of MountainWest's Utah 100 committee. “The effect these companies are having on Utah’s economy is significant and it’s growing.”
The list reflects Utah's diverse and growing business community with companies representing a wide array of consumer products, software and technology, light industry, finance, real estate and more. A MountainWest spokeswoman noted total gross revenues for the state's top 100 companies, in business for five or more years, grew from $4.6 billion in 2015 to over $5.1 billion in 2017.
Purple, a homegrown company that's taken a tech-centric approach to developing novel mattresses and comfort products, moved up to the No. 2 company on the Utah 100 list this year from its third spot in 2017. Purple CEO Joe Megibow gave credit for his company's growth success to local talent and predicted continued success.
“We are honored to be recognized by the Utah 100 as the second fastest growing company in the state," Megibow said. "With great local talent, we've been able to build an amazing brand and locally manufacture a game-changing product. We are just getting started and hope to continue to be recognized in the years to come.”
Utah's overall economic growth continues to be among the fastest in the nation. A report released this summer by the University of Utah's Kem C. Gardner Policy Institute noted the state's GDP was the fifth fastest-growing in 2017, with an increase of 3.1 percent to $165.5 billion.
The report notes that "while this is the slowest rate since 2013, it’s still a healthy level of growth." Utah has been among the 10 fastest-growing states in six out of eight years since the end of the Great Recession in 2009. Utah has also been among the top five fastest-growing states for the last three years. The report also cites the state's improving economic performance as having "been the most consistent compared to other states since the recovery began."
The Gardner report highlights that four economic sectors — professional, scientific, and technical services; durable goods manufacturing; retail trade; and health care and social assistance — each accounted for over 10 percent of the state's growth and together represent almost half of the increase in Utah's real GDP.
While some economic indicators point to a slowdown in Utah's overall economic expansion, Gardner researchers still underscored the state's ongoing vitality.
"Both recently and since the end of the recession the state’s economic growth has been broad-based and enduring," the report reads. "Recent trends indicate our economy may be slowing a bit, but Utah remains a land of opportunity."