Utah is one of the few states where Financial Banks, or Industrial loan companies, thrive. 7 of the top 10 largest of these banks operate within Utah including the top 3 (Merrill Lynch Bank, UBS Bank, and American Express Centurion).
Why is this? That's where it gets tricky. Utah is a very conservative state and the voters are more lax on financial regulations. Consequently, Utah has one of the lowest unemployment rates making the business sector stronger than most of the rest of the nation.
These relaxed financial regulations draw in big financial institutions and innovative businesses. Myriad Genetics, at the University of Utah's Research Park, is one of the most innovative companies in the nation, for example. Adobe also recently opened up shop in Lehi making I-15 the epicenter of Utah's thriving business sector.
With Lehi growing exponentially and Salt Lake City boosting development downtown, it is hard to see the state kicking its financial success anytime soon.
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