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Index: Provo ranks 2nd in strong economy

PROVO, Utah (ABC 4 News) - A Utah city continues to top the list when it comes to the economy. Business Journals measured job growth, unemployment rates, home prices and income levels. Provo ranks second only behind Austin, Texas.
PROVO, Utah (ABC 4 News) - A Utah city continues to top the list when it comes to the economy.

Business Journals measured job growth, unemployment rates, home prices and income levels.
Provo ranks second only behind Austin, Texas.

“It's happening in Provo right now,” said Val Hale, president and CEO of the Utah Valley Chamber of Commerce. Hale said the big tech companies like Adobe come to Provo for a reason.

“We've got two universities right here which create wonderful workforce opportunities for these IT companies, technology companies that are springing up all over here,” he said.

Those companies spawn other start-ups and small businesses to provide services which all create a thriving and stable economy-- something that wasn't always the case in Provo.

“We aren't a single economic entity anymore like we were when Geneva Steel was here in the valley and everything revolved around Geneva Steel,” Vale said. “When Geneva Steel would tank, the whole economy would tank. We are very diversified now.”

Google is the latest company to take notice of Provo’s strength announcing the city will be only the third site in the country to for its high speed internet investment Google Fiber.

When it comes to income, Provo workers are seeing green. Business Journals finds they've seen earnings increase 36 percent over the last five years.

“The technology companies, they are competing for employees, the competition is pretty stiff and so they have to pay a competitive wage to get the workers they need,” said Vale.

Ogden also ranked well in the economic index as the eighth strongest local economy in the country. Salt Lake City ranked 13th.
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