America's Growth Cities
Salt Lake City, Utah
Salt Lake City, Utah has been dubbed “Silicon Slopes” in recognition of its many successes in launching tech ventures, and for its beautiful mountain surroundings. Forbes Magazine is now taking it a step further by categorizing Salt Lake City as a true “tech mecca”. Entrepreneur magazine recently ranked it as the top startup destination outside of San Francisco or New York City. This is no surprise to venture capitalists, who have collectively invested hundreds of millions in Utah startups.
Live In America EB-5 senses that there are EB-5 investors who would like to investigate doing the same, and perhaps look into a move to Salt Lake as well. We would be pleased to work with you in either or both instances.
One of Salt Lake City’s big pluses is its exceptionally competent and stable workforce, due in large measure to its fine universities and their tech curricula. And, as pointed out by Vaughn Aust, head of marketing at the Salt Lake startup MarketStar, “Mormon missionaries often return to their Salt Lake City roots, bringing back multilingual abilities and phenomenal sales skills.” The region’s cultural roots of self-sufficiency and productivity make for business-friendly surroundings that are essential to success, elements that inspired established companies like eBay and Fidelity Investments to open major facilities there.
Scott Johnson, founder of Motivosity, a social platform for companies to use in connecting management and employees, shares his experience of becoming a Salt Lake City convert. “Silicon Slopes is exploding. I remember recruiting 5-7 years ago and everybody was like, ‘I’ll work anywhere but Utah. Fast-forward to today and the landscape is completely different. Local tech companies are turning heads worldwide (and raising record amounts of capital) and companies from other tech centers such as Silicon Valley are moving to Utah because they’ve discovered that the B2B landscape is thriving in this environment, because to attract and retain top talent, companies need to offer a world-class high-performance culture.”
In addition to that culture, Salt Lake is also a city where a dollar goes far further than in Silicon Valley or Silicon Beach. The median cost of a home in Salt Lake is less than a fifth of what it would be in the California tech centers. In 2017, Realtor.com named Salt Lake City the best city for millennials, a category that of course includes young EB-5 investors.
The “Slopes” part of Salt Lake’s nickname is thanks to the Wasatch Mountain Range that overlooks the city and is home to ski resorts Park City, Snowbird, Alta and Sundance that offer some of the world’s best powder skiing less than an hour from downtown. The 2002 Winter Olympics are credited with kickstarting Salt Lake City’s tech boom.
In the summer, the Wasatch hiking and horseback trails lead to lakes and rivers that Salt Lakers wade into with fly rods, casting for rainbow and cutthroat trout.
The Salt Lake City cultural scene naturally includes the famous Mormon Tabernacle Choir. But it is much more than that:
- The Utah Symphony continues to enchant audiences at Abravanel Hall with frequent guest artists from around the world.
- Ballet West has a repertoire that includes the great full-length classical and contemporary ballets.
- The Pioneer Theatre is Salt Lake’s major professional regional theatre presenting works ranging from Shakespeare’s Twelfth Night to Mama Mia.
- The summer Twilight Concert Series at the Gallivan Center downtown features a lineup of musicians ranging from rock to hip-hop to bluegrass.
- The Utah Museum of Fine Arts at the University of Utah is home to works that include pieces from ancient cultures to iconic classic paintings to the latest contemporary works.
Families moving to Salt Lake will want to know about neighborhoods. Upscale Yalecrest was ranked by Niche as the “Best Neighborhood to Raise a Family in the Salt Lake City Area.” It is a residential community of elegant older homes on streets lined with spreading shade trees. The residents, mainly business executives, church leaders, and those in the arts and sciences, are blessed with panoramic views of the towering Wasatch Mountains. The neighborhood’s Beacon Heights School is ranked by Niche as #11 of 576 elementary schools in Utah.
Zillow lists the median price for a home in Salt Lake City at $343,240. The median price in the Yalecrest neighborhood is $505,645.