Utah Draws Tech Like Silicon Valley
While Silicon Valley has the buzz — and an HBO series about high-tech startups — 810 miles to the east, the Utah Valley is holding its own.
A report released today by the Brookings Institution in Washington highlighted how Provo, Utah — where software design is the biggest job generator — is benefiting from the dot-com economy.
Here are five reasons why northern California shouldn’t get too cocky.
“Silicon Valley gets all the hype, but those three metro areas are quietly building a very serious, diversified advanced industries sector—and have the growth to show for it,” said Mark Muro, director of policy for Brookings’ metro program, in an interview.
2. If you look at dollars per deal — venture-capital money divided by new tech companies formed — Provo shoots past the big guns, according to data collected by the National Venture Capital Association for the first nine months of 2014.
3. Bang for Buck. If you’re a tech nerd in Provo you may not be earning as much as your counterpart in Menlo Park. But once you throw in the cost of living, starting with rents, it’s a different story. For aspiring homeowners, median property prices in San Jose are three times more. Provo’s a good place to raise kids, too.
4. Who doesn’t love fast Internet? After Kansas City, Google Fiber came to Provo bearing gifts. Its residents now are among the lucky few enjoying a connection that is 100 times faster than regular old broadband found in the bigger American cities. That includes you, San Jose.
5. Silicon Valley may have Stanford University, but the University of Utah is luring future entrepreneurs with a new dorm that recreates the vibe at Google Inc. headquarters.