Utah Economy

According to the U.S. Bureau of Economic Analysis, the gross state product of Utah in 2004 was $82.6 billion. The per capita personal income was $26,606 in 2004. 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. [18] 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.

Tourism is a major industry in Southern Utah, with Utah's five national parks (Arches, Bryce Canyon, Canyonlands, Capitol Reef, and Zion) and many other attractions. In Moab mountain biking is a popular sport. Research, information technology development, and service based industries are important economic activities along the Salt Lake City-Ogden-Provo corridor. Utah is also noted for its ski resorts, near Salt Lake City, Park City, Ogden, Provo, and Cedar City (Brian Head).

Utah collects personal income tax within 6 income brackets. The state sales tax has a base rate of 5.75%, 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.

Bryce Canyon National Park is a major tourist attraction