When you think of Utah, what first comes to mind? Your imagination might take you to one of the five national parks speckled across the state. Or the hustle and bustle on the streets of downtown Salt Lake City after a Jazz game. Maybe it’s the snow-capped slopes of Park City. Perhaps it’s your own home, nuzzled in a tight-knit community filled with neighbors, friends and family.
Most people’s first thought would not likely be Utah’s robust economy. It’s a broad concept that primarily exists outside our day-to-day cognizance and doesn’t stand out as unique to our state.
But our economic success is deeply entrenched in our state’s history and a core part of our identity as Utahns. Our pioneer ancestors trekked across the country to settle here, tilling the fields and paving the roads so that a century later, this desert land could become home to more than 3 million residents. In 1954, we officially adopted “Industry” as our state motto to honor the perseverance that built our state.
Our strong work ethic persists to this day. This year, for a record 17th consecutive year, Utah secured the top ranking for the state with the Economic Outlook in the latest “Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index.”
Make no mistake: 17 years of success is no accident. It takes an unwavering commitment to securing a prosperous future through being conservative and fiscally responsible with strategic policies that will benefit families for generations.
Rich States, Poor States’s Economic Outlook rankings are based on 15 policy variables. These policies include factors that state policymakers directly control, including income taxes, property taxes and right-to-work protections. Looking at these variables, the evidence becomes clear: State legislation directly impacts a state’s economic prosperity.
Take taxes, for example. This year, the Legislature again reduced taxes for a total tax cut of $1.3 billion across four years. By reducing the burden on taxpayers, we provide hardworking individuals and families more freedom to spend their money according to their needs, boosting our economy and supporting local businesses.
We’ve seen the impact of smart tax policy as individuals and companies nationwide have noticed the state’s favorable economic environment. Utah has been one of the fastest-growing states for several years, with businesses and individuals flocking to Utah to enjoy our high quality of life. As the economy grows, substantial tax revenues improve the state’s fiscal position, allowing for tax cuts while increasing funding for education, water, affordable housing efforts, social services, transportation and more.
As lawmakers, it is our goal to enact policies that, above all, support and prioritize the well-being of Utahns. Building a flourishing economy is critical to fulfilling this purpose. It touches every person in our state and every aspect of our lives. It allows us to preserve our state parks so that families can explore the natural wonders of the Beehive State together. It enables us to fund education so that the rising generations have the skills to build the life they want to live, realize their potential and accomplish their dreams. It helps us construct the roads that connect grandparents living in Vernal to grandkids living in Orem.
Our economy is the beating heart that pumps life into every corner of our state. It may not be as picturesque or sentimental as mountain peaks and small-town traditions, but its influence cannot be overstated. By continuously prioritizing our economic success, we can maintain the best state for the middle class and the happiest and most charitable state in the nation for generations.
J. Stuart Adams is president of the Utah Senate, and Mike Schultz is speaker of the Utah House.