Salt Lake City: An ideal place for business and family life

As Utah’s community bank, First Utah Bank has witnessed first-hand the tremendous growth and development of Salt Lake City. Today, it stands tall as a beacon of business and family life, presenting a compelling case for anyone considering making a move. It’s no wonder Salt Lake City is rapidly emerging as one of the best places to live and do business in the United States.

A Great Business Environment in Salt Lake City

Salt Lake City presents a fertile business environment, ripe with opportunities. According to the U.S. Bureau of Labor Statistics, the unemployment rate in Salt Lake City as of April 2023 is an impressive 2.5%, significantly lower than the national average. This robust employment landscape is a testament to the city’s thriving business environment and its ability to support new and established businesses alike.

Further, Salt Lake City was ranked third in Forbes’ 2020 list of “Best Places for Business and Careers.” This ranking took into account factors such as the cost of doing business, job growth, and education level of the workforce. The city’s cost of business, 5.3% below the national average, combined with a young, educated labor pool, makes it an attractive proposition for businesses of all sizes.

The city’s tech scene is also flourishing, earning it the nickname ‘Silicon Slopes.’ As of 2023, Utah has the fourth-highest concentration of tech workers in the country, and this tech-savvy workforce is a significant draw for businesses.

Family-Friendly Salt Lake City

Salt Lake City isn’t just a great place to do business; it’s a fantastic place to raise a family. The city boasts excellent educational institutions, including some of the top-ranked public schools in the country. According to Niche, Salt Lake City’s public schools rank in the top 10% nationally in 2023.

Outdoor opportunities abound, from hiking and biking trails to skiing and snowboarding in the nearby Wasatch Mountains. The city is home to numerous parks, providing plenty of spaces for children to play and families to relax. In fact, Salt Lake City ranked 7th in WalletHub’s 2021 list of ‘Best Cities for Recreation.’

In terms of safety, a key consideration for families, Salt Lake City also performs admirably. According to the FBI Crime Data Explorer, crime rates in Salt Lake City have been consistently decreasing over the past five years, making it a safe haven for families.

First Utah Bank: Your Partner in Growth

At First Utah Bank, we’re proud to be a part of this vibrant, thriving community. As Utah’s community bank, we are deeply committed to supporting the growth and prosperity of both our business clients and individual customers.

Our comprehensive range of services is designed to cater to the needs of businesses of all sizes. Whether you’re a start-up looking for a business checking account or a larger organization seeking sophisticated treasury management solutions, we’ve got you covered. We also offer a full suite of personal banking services, including checking and savings accounts, home loans, auto loans, and personalized financial advice.

Above all, we understand the unique needs and opportunities of doing business and living in Salt Lake City, and we’re here to support you every step of the way. So whether you’re looking to start a business, grow an existing one, or simply seek a great place to raise your family, First Utah Bank is here to help you make the most of what Salt Lake City has to offer. Let us help you thrive in this thriving city.