For decades, the Utah government has provided many resources and benefits to startups and small businesses and continues to help foster relationships between business, education, government, and our communities. In doing so, Utah remains among the top five states for businesses in the United States. For many small businesses, social media platforms and other online marketing tools have allowed them to continue doing business during the pandemic, enter new markets and reach new customers online. Unfortunately, anti-innovation legislation will restrict this system by depriving startups of the ability to raise capital and threatening the tools they use every day to reach new and existing customers, grow their business and drive economic growth.
Despite the pandemic causing economic depressions, Utah’s economy is thriving. In November 2021, Utah’s unemployment rate fell to an all-time low of 2.1%, half the national mark of 4.2%. Utah’s tech industry represents 9.6% of our overall workforce and is hiring more than ever and over the next decade is expected to grow more than any other state. Utah has nearly 8,200 technology companies and the technology sector has a direct impact of $20.1 billion on the Utah economy. This percentage is the ninth highest among all states. Our elected officials must understand that technology is not a threat but a key tool for businesses and our continued economic growth. I urge our congressional leaders to remain cautious of anti-competition bills that will ultimately endanger our strong business climate and economy.