What do you think of when you think about Utah? Wait, maybe we should change the question. Do you think about Utah?
Unless you’re a winter-sports enthusiast or enjoy desert living, you’ve probably never had much cause to give Utah a second thought. However, if you have any interest in business, then maybe you should sit up and give the Beehive State another glance. Forbes has Utah listed as the 3rd best state for business in the nation, and the 2012 State New Economy Index cites ranks Utah #1 for Economic Dynamism. For whatever reason, Utah seems to understand business, which is why so many companies based there end up leading their industries. Don’t believe us? Well, take a moment and let us show you five Utah businesses that are laughing in the face of the economic recession.
1. Huntsman Corporation
This article was originally going to be about companies that could quickly end up on the Fortune 500 list, but given the fact that Huntsman is already on the list-sitting pretty at spot #237-that idea had to be scrapped. Huntsman is a multinational corporation that creates and markets chemical products to both consumers and businesses. And although they may have offices and facilities in countries around the world, they’re based in Salt Lake City, Utah. As of May 2013, Huntsman Corporation had a market cap of $4.57 billion.
2. Goal Zero
When you live in a desert, you tend to get a lot of sun. So, it only makes sense that certain Utah companies would look towards the sun (but not directly towards it) for business inspiration. Goal Zero is one such business, offering solar solutions along the lines of panels, kits and accessories. Its revenue as of January 2014 was only $35 million-which may seem rather low for this list-but its real strength lies in its unprecedented growth. In just three years, the company grew an almost mathematically-impossible 16,981%. Their future is looking pretty bright.
Speaking of bright futures in Solar, the home automation company Vivint has been burning hot as well. Founded in 1999 and based in Provo, Utah, Vivint is currently one of the nation’s leaders in home automation and security, and entered the solar energy market in 2011. As of February 2013, Vivint had a revenue was $400 million. Not only that, but it in 2012 it was purchased by the Blackstone group for approximately $2 billion. Not too shabby, considering that it began as a group of friends selling pest control out of a trailer.
4. Myriad Genetics
Myriad Genetics is a Salt Lake City based company that specializes in genetic testing to help identify and treat a variety of health problems. The data that is acquired through these tests is used in a variety of fields, and often leads to the development of new technologies and treatments. Is there any money in that? You bet; Myriad Genetics had a market cap of $2.04 billion as of May 2013.
5. Sinclair Oil
Still, if it’s pure economic clout you’re looking for, then you can’t do much better than an oil company. Hey, like it or not, the world runs on fossil fuel, and those businesses that are able to get a piece of that non-renewable generally find themselves sitting pretty. Such is the case with Sinclair Oil. Founded almost a century ago in 1916, the company now (as of December 2013) has a revenue of $7.7 billion. And yup, you guessed it, it’s based in little old Utah.
So, maybe it’s time to give Utah a second thought. After all, snow and sand are all well and good, but money makes the world go around.