In the last three years, Utah County’s economy grew more than any other county in the state other than Salt Lake County, an analysis has found.
The analysis comes from SmartAsset, a personal finance company headquartered in New York City. Looking at data going back to 2017, it found that Utah County has a 4.77 rating on the GDP growth index, a measurement of the total monetary value of all goods and services produced or provided in the county.
Salt Lake County leads the state in GDP growth with an index ranking of 9.13. The next highest is Davis County, which has a growth ranking of 3.42.
In raw dollar amount, Utah County’s economy grew by $2.3 billion in three years. The economies of Salt Lake and Davis counties grew by $5.8 billion and $1.3 billion, respectively. On average, Utah’s county economies grew by $567 million.
Nationally, Utah County ranks 95th in terms of GDP growth since 2017 while Salt Lake County ranks 33rd.
According to the methodology section of the study, its aim was to “capture the places across the country that are receiving the most incoming investments in business, real estate, government and the local economy as a whole.”
Utah County has experienced 13% business growth since 2017, ranking it 38th in the country and 5th in the state behind Morgan, Washington, Wasatch and Box Elder counties.
With 41.6 new building permits issued per 1,000 homes, Utah County ranks 9th in the nation and second in the state. Washington County had 47 permits issued per 1,000 homes.
Utah County has received $201 per capita in federal funding in the last three years, significantly less than counties like Box Elder and Davis, which respectively received $5,831 and $1,709 per person. The state average of federal dollars per capita is $528.
SmartAsset looked at data from the United States Census Bureau 2017 American Community Survey, U.S. Bureau of Economic Analysis, U.S. Census Bureau Building Permits Survey and USAspending.gov.