Utah’s arid land is not very suitable for agriculture, but it is rich in minerals, making it very profitable for the mining industry. Strategically located, Utah’s economy is one of the strongest in the nation. Here are some interesting facts about Utah:
- Utah has recently cut personal income taxes by $400 million. Beginning January 1, 2008, Utah applies a fixed tax rate of 5% to all taxpayers.
- They have incentives for corporations to relocate to Utah, and may award eligible companies up to $500,000.
- The mining industry in the state focuses primarily on copper, gold, molybdenum, and magnesium.
- The aerospace industry, together with the military industry, are very important to Utah’s economy.
- There are seven universities and colleges in the Utah offering programs geared toward the aerospace industry.
- Electric energy in Utah is among the cheapest in the country.
- Utah’s call centers employ over 31,000 people.
- More than 4,000 IT companies are located in the State, mostly in Salt Lake County.
- The manufacturing industry accounts for almost 10% of all employment in Utah.
- The nutritional supplement industry in Utah produces up to 20% of the nutritional supplements found in the United States.
The following companies are all headquartered in Utah, and have market caps over $600 million:
- Questar Corp. (NYSE:STR) is in the business of producing and selling natural gas and oil in Utah, Wyoming and Idaho. The stock has a P/E of 16, a PEG of 1.57, and it pays a yield of 0.9%.
- Huntsman Corp. (NYSE:HUN) sells various types of chemical products that are later utilized in industries from refrigeration, to footwear. The stock generated a loss of $0.54 per share. It has a forward P/E of 15, and it pays a yield of 3.1%.
- Myriad Gentics Inc. (NASDAQ:MYGN) is in the biotechnology industry. The company makes and sells molecular diagnostic products utilized by the health industry. The stock has a P/E of 65.
- Zions Bancorp. (NASDAQ:ZION) renders banking services in the United States. The stock has a P/E of 8, a PEG of 1.37, and it pays a yield of 6.9%.
- Energy Solutions (NYSE:ES-OLD) renders services to government and commercial clients. The services it provides are cleaning of nuclear plants, usually involving radioactive materials, and the disposal of such materials. The stock has a P/E of 60, a PEG of 1.85, and it pays a yield of 0.5%.
- Omniture Inc. (OMTR) designs and markets software, aimed at the management of businesses. The stock generated a loss of $0.33 per share. It has a forward P/E of 26, and a PEG of 1.25.
- Extra Space Storage (NYSE:EXR) business activities include the purchase, conditioning, sell, and rental of self-storage space. The stock has a P/E of 30, a PEG of 1.91, and it pays a yield of 6.5%.
- Nu Skin Enterprises Inc. (NYSE:NUS) is in the business of creating nutritional supplements. The stock has a P/E of 21, a PEG of 1.21, and it pays a yield of 2.6%.
- Skywest Inc. (NASDAQ:SKYW) is an airline in the United States. It flies to the United States, Canada, Mexico and the Caribbean. The stock has a P/E of 7, a PEG of 0.7, and it pays a yield of 0.7%.
- Headwaters Inc. (NYSE:HW) engages in the delivery of products and services to the coal industry and the non-conventional energy industry. The stock has generated a loss of $1.15 per share and it has a forward P/E of 15.
Disclosure: The author does not own any of the above.