About this ad Utah ranks 2nd in CNBC's 'Top States for Business'

SALT LAKE CITY — The Beehive State has taken a giant leap toward the nation's business elite, according to a CNBC report released Tuesday.

Utah moved up six slots from eighth place last year to rank No. 2 in CNBC's annual "America's Top States for Business" study. Texas topped the list.

 SALT LAKE CITY - MORMON TEMPLE

The 2012 study lauds Utah's strong workforce, effective transportation and low cost of doing business.

According to the survey, Utah ranked in the top 10 for cost of living, economy, infrastructure and transportation, workforce, quality of life and business friendliness. Additionally, the state was in the top 15 for cost of doing business and access to capital.

"This is no surprise to Utah, again confirming that reasonable regulation, low taxes and an unparalleled workforce are the best components to promote economic growth," Gov. Gary Herbert said. "We achieve this growth by creating the best conditions for the free market to do what it does best."

Utah ranked among the top 10 in six of 10 categories in the report, including workforce, qualify of life, infrastructure and transportation, economy, business friendliness and cost of living.

Despite all the positive attributes, Utah did suffer from one of the worst education rankings in the country, finishing 45th.

The report cited large class sizes, low spending and mediocre test scores as issues of concern.

Meanwhile, the state's low unemployment at 6 percent, low individual and corporate tax rates of 5 percent, along with a relatively low sales tax at 4.7 percent, were touted as additional attributes.

The announcement adds to Utah's list of recent accolades, including being Forbes' top state for business, the No. 1 state for economic outlook according to the American Legislative Exchange Council and the best-managed state according to The Pew Center on the States.

source: desert news