If you’re looking for a thriving and diverse economy, look no further than Utah. The Beehive State is home to a number of vibrant industries that are essential to the success of the overall economy. And with the state government providing so much support to the top industries in Utah, it’s no wonder that the economy is doing so well!
In this blog post, we will take a closer look at Utah’s top 5 industries and see what makes them so special.
Getting to Know the Great State of Utah
Utah has shown amazing growth since 2000, and this impressive trend continues with the 2020 U.S. census confirming its longstanding position as the fastest-growing state in the nation since 2010.
Moreover, St. George was distinguished as the fastest-growing metropolitan area in America between 2000 to 2005. The success of this great state is reflected in a variety of metrics such as healthcare, governance, education, and infrastructure – where Utah stands out amongst other states with the 14th-highest median average income and the least income inequality in all of America.
It’s no wonder that so many people keep flocking to Utah and make it a great place to live!
Exploring 5 of Utah’s Top Industries and How IT Contributes to Their Success
From Salt Lake City to St. George, these are the top industries in Utah that contribute the most to the state’s economy:
1. Drug, Cosmetic & Toiletry Wholesaling
With an expected growth of 5.4% annually, the Drug, Cosmetic & Toiletry wholesaling industry in Utah is on track to reach $25.23 billion by 2025! Providing a range of pharmaceutical products such as tablets and ointments, this flourishing business sector has come out strong despite not including dental/surgical equipment or herbs/botanical drugs distribution services in its list offerings.
The Role of IT
In the drug, cosmetic and toiletry wholesaling industry in Utah, IT plays a significant role in helping optimize business operations and improve efficiency.
For example, automation tools provided by managed IT service providers in Utah are used to help track inventory levels, manage orders and optimize pricing strategies. Additionally, IT is also used to integrate data from various sources such as suppliers and customers to create insightful analytics that give businesses valuable insights into the industry.
2. eCommerce & Online Auctions
In recent years, the E-Commerce & Online Auctions industry in Utah has seen tremendous growth.
Within the next 5 years, businesses are projected to generate $12.08 billion throughout the state through a variety of online selling platforms such as retail stores and auction sites, excluding streamed media or software downloads. With this rapid expansion of digital commerce within our region, there is great potential for entrepreneurs to capitalize on further development opportunities!
A Reliable Network Is the Backbone of a Productive Business
The Role of IT
IT plays an integral role in the eCommerce and online auctions industry in Utah, allowing businesses to streamline operations with data management tools and enterprise resource planning (ERP) software. Additionally, having quality IT support in Utah enables businesses to access and integrate data from various sources to gain valuable insights into their operations and optimize pricing strategies.
3. New Car Dealers
Utah’s New Car Dealers industry is bustling with activity – from sales of new and used passenger vehicles to the provision of repair services. With over 200 businesses providing employment for 2,000+ individuals across an impressive $billion market size, these dealers are surely laying down their mark in this ever-growing sector!
The Role of IT
IT plays a critical role in the New Car Dealers industry in Utah, enabling businesses to track and monitor stock levels, as well as enhance processes such as order management and pricing strategies. And also, if they’re using the services of a managed helpdesk in Utah, new car dealerships can ensure their CRMs and network connections are in top working order as often as possible
4. Grocery Wholesaling
Grocery wholesalers act as a vital link between food producers and retailers in Utah, facilitating the distribution of essential items such as dry groceries, perishable foods and non-food products.
With billions flowing through this industry each year and thousands of people employed to ensure those goods reach their destination quickly, efficiently – but most importantly safely – it’s clear that grocery wholesaling plays an incredibly important role across the state!
Discover Who’s Who in the Utah Business World!
The Role of IT
In the Utah grocery wholesaling industry, IT plays an essential role.
Automation tools such as tracking inventory levels, managing orders and optimizing pricing strategies are used to help businesses more effectively manage their products and services. Additionally, IT is also used to integrate data from various sources, allowing stakeholders to gain valuable insights into the industry. This data can be used to make informed decisions and develop strategies to improve operational performance.
Many businesses enlist the aid of an IT consulting firm in Utah to help advise them on exactly what tools to use for optimal performance.
5. Petroleum Refining
Utah’s petroleum refining industry is big business, with a market size of over $11 billion and an employment base that supports 1,218 jobs.
This fast-paced sector processes crude oil into useful products through activities like fractionation, distillation and cracking — all without extracting crude oil or retailing gasoline. With four businesses in the state leading the way to new innovations , this energy-driven industry continues to make waves across Utah!
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The Role of IT
IT plays a key role in Utah’s petroleum refining industry, helping businesses to automate processes and maintain accurate records. Additionally, IT enables businesses to integrate data from multiple sources, providing them with valuable insights into the industry and allowing them to develop new strategies to improve efficiency.
And by using IT outsourcing in Utah, all of these critical IT functions are handled by the MSP and allows the business to focus on creating manageable growth.
Using Information Technology Like the 5 Biggest Industries in Utah Do With Executech
Executech is Utah’s leading provider of IT solutions, specializing in cloud services, managed services and cybersecurity solutions.
We work with top industries around the state to help them leverage Information Technology (IT) and automation tools to streamline operations, improve efficiency and gain valuable insights into their businesses.
We have decades of experience helping businesses in the top industries in Utah get the most out of their IT investments. Whether you’re a new car dealer, a grocery wholesaler, a petroleum refiner, or belong to any other industry, Executech can help you take your business to the next level with our managed technology services!
Get in touch today and start leveraging IT solutions that suit your operations and boost productivity.
