IAccording to the University of Utah the gross state product of Utah in 2005 was $92 billion, or 0.74% of the total United States GDP of $12.4 trillion for the same year. The per capita personal income was $24,977 in 2005. Major industries of Utah include: mining, cattle ranching, salt production, and government services.
According to the 2007 State New Economy Index, Utah is ranked the top state in the nation for Economic Dynamism, determined by
"The degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-driven and innovation-based."
In eastern Utah petroleum production is a major industry. Near Salt Lake City, petroleum refining is done by a number of oil companies. In central Utah, coal production accounts for much of the mining activity.
Utah collects personal income tax within 6 income brackets. The state sales tax has a base rate of 6.45 percent, with cities and counties levying additional local sales taxes that vary among the municipalities. Property taxes are assessed and collected locally. Utah does not charge intangible property taxes and does not impose an inheritance tax.
