Among 107 metropolitan areas surveyed by CNBC for its Metro 20 ranking of America’s Best Places to Start a Small Business, Provo, Utah, and Omaha, Nebraska, were tied for having the lowest annualized average unemployment rates in the United States in 2015. According to the most recent data from the Bureau of Labor Statistics, as of June 2016 the unemployment rate in Provo stands at 3.9 percent and in Omaha at 3.5 percent.
Reasonable tax rates, burgeoning tech sectors — Provo is part of Utah’s “Silicon Slopes,” and lower costs of living coupled with lower business costs have attracted small businesses to Provo. Provo’s economy is helped in part by rapidly growing tech start-ups such as Vivint Smart Home and InsideSales.com, which has grown to more than 600 employees since its founding in 2004 and was recently named to the 2016 CNBC Disruptor 50 list.
More venture capital funding has been coming into the region in recent years. According to the National Venture Capital Association, 21 companies in the Provo metropolitan region were the beneficiaries of 28 total funding deals totaling more than $444 million in 2015.
“The cost of living is reasonable. There isn’t a demand for raising taxes that are passed onto businesses and consumers,” said Rona Rahlf, president and CEO of the Utah Valley Chamber of Commerce, based in Provo. “When I do ribbon-cuttings, you ask businesses about their experiences with the city: little to no delays with permits and very accommodating.”
Check out the full ranking here: http://www.cnbc.com/2016/08/15/the-cities-with-the-lowest-unemployment-rate-in-america.html