CNN Money loves Salt Lake City. And why wouldn’t they? In the article, Salt Lake City – One of the World’s 15 “Hottest Cities for Business,” they cited the University of Utah as leading the nation’s universities in creating start-up companies, and the Brookings Institution report claimed that Salt Lake City’s workforce is the most productive in the nation. Utah is indeed considered a business-friendly state with low taxes and energy costs, in addition to a productive workforce. The only other United States city mentioned in the article is Austin, TX.
Another article on CNN Money profiled Josh James, the 38 year old founder of Omniture. Omniture was sold in 2009 to Adobe for $1.9 billion cash. Mr. James founded Omniture after he graduated from BYU.
According to CNN Money, Salt Lake City’s unofficial nickname is quickly becoming the “Silicon Slopes,” as several California tech companies — including Adobe, Ebay, Oracle, Twitter and Electronic Arts — have expanded or opened facilities there.
I am friends with executives who work for Adobe and Oracle. Most of them relocated to Park City from Silicon Valley and made a decision to raise their families in Park City, UT vs California. Most of these executives commute to Northern California on a weekly basis.
For those slow to connect the dots… Park City is a bedroom community of Salt Lake City, especially for executives who can afford to live in our nicest subdivisions. What’s good for the Salt Lake City economy bodes well for Park City’s real estate market.