BUSINESS + ECONOMY
Salt Lake City scores high in new financial health report
Dec 19, 2022, 2:00 PM
(Spenser Heaps/Deseret News)
SALT LAKE CITY — A new report ranking financial health rated Salt Lake City highly. A Credit Review report listed Salt Lake City as number two out of the 10 most flourishing U.S. cities.
Salt Lake City got a 9.7 overall score in the report.
The city shined with a perfect 10 out of 10 in business financial health
And, along with the bustling business sector of Utah, the city got an 8.5 in municipal health.
DMBA Certified Financial Planner Shane Stewart said our tax environment and low unemployment rates play a big part in that score.
“We’ve always had a good, low unemployment rate, even in hard times relative to the rest of the county. And that helps the output of the individuals in those cities. And then of course they live in those cities, they pay their taxes in those cities.”
Despite high scores for businesses and municipalities, Utah did score lower than most cities at 7.2 for residential health.
Stewart said housing is likely a big reason for the lower residential score.
“As inflation rises it increases the opportunity but also the challenge or the necessity to track what you’re spending and to be a little more careful.”
But the state of our housing market isn’t permanent, Stewart said.
“There’s hope that that could increase as housing becomes a little more affordable.”
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