Utah economy – Lindon Utah http://lindonutah.org/ Tue, 23 Nov 2021 02:37:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://lindonutah.org/wp-content/uploads/2021/11/icon-28.png Utah economy – Lindon Utah http://lindonutah.org/ 32 32 Utah economy sees continued job growth despite pandemic https://lindonutah.org/utah-economy-sees-continued-job-growth-despite-pandemic/ Fri, 22 Oct 2021 07:00:00 +0000 https://lindonutah.org/utah-economy-sees-continued-job-growth-despite-pandemic/ UTAH (ABC4) – As the pandemic has caused unemployment to drop dramatically across the country, the state of Utah has seen growth despite the struggles. A new report released by the Department of Workforce Services tracks the period September 2019 to September 2021. In those 24 months, Utah’s (non-farm) payroll registrations grew 3.4%. This equates […]]]>

UTAH (ABC4) – As the pandemic has caused unemployment to drop dramatically across the country, the state of Utah has seen growth despite the struggles.

A new report released by the Department of Workforce Services tracks the period September 2019 to September 2021. In those 24 months, Utah’s (non-farm) payroll registrations grew 3.4%.

This equates to the cumulative addition of 53,600 jobs since September 2019. Currently, Utah’s employment level reports 1,625,200 active workers in the state.

“Utah’s economy is still moving strongly through the biggest pandemic event,” said Mark Knold, chief economist in the Department of Workforce Services. “Utah’s economy has more jobs now than it did before the pandemic began, and that is a testament to Utah’s economic resilience. There is still room for improvement as the engagement of the workforce in the labor market is lower than it was before the pandemic. For some, apprehensions persist about returning to work, that is, interacting with the public. We see this as a natural and short-term condition and not as a new normal. “

Utah’s private sector employment has seen continued growth of 4.5% over two years. Along with Utah’s top 10 private sector industry groups, seven of them posted gains over two years, with the largest growth in commerce, transportation and utilities with 17,800 jobs.

Other sectors contributing to Utah’s growth include professional and business services with 17,800 jobs, the construction industry with 12,200 jobs, and manufacturing with 8,800 jobs.

While most industries in Utah have seen growth, the few that have reported declines include recreation and hospitality services, which lost 3,500 jobs, and the natural resources and mining sector, which lost. 1,200 jobs.

To view the full report, Click here.


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A new U IT building to benefit the Utah economy https://lindonutah.org/a-new-u-it-building-to-benefit-the-utah-economy/ Wed, 20 Oct 2021 16:44:00 +0000 https://lindonutah.org/a-new-u-it-building-to-benefit-the-utah-economy/ The College of Engineering is proud to announce a major donation of $ 15 million from philanthropists and benefactors John and Marcia Price to build a New Home for Computing. Pending approval from the University of Utah Board of Trustees, the building will be named in their honor. “We are delighted to lend our support […]]]>

The College of Engineering is proud to announce a major donation of $ 15 million from philanthropists and benefactors John and Marcia Price to build a New Home for Computing. Pending approval from the University of Utah Board of Trustees, the building will be named in their honor.

“We are delighted to lend our support to this effort so crucial to Utah’s growing economy,” said John Price. “The University of Utah has an international reputation for innovation in computing, and Marcia and I want to help ensure this opportunity for this and all future generations of Utah students.”

Price’s contribution to the new, six-story, 209,000 square foot building will support the future growth of the School of Computer Science. The U produces 46% of the BS, MS and Ph.D in the public system. graduates in computer science and computer engineering with 1,929 students enrolled.

Prominent Utah Family


John Price is an American diplomat and former United States Ambassador to Mauritius, Comoros and Seychelles. He moved to Utah as a teenager and received a bachelor’s degree in geological engineering from the University of Utah in 1956. Price began his career as the founder of a construction company, which later became JP Realty Inc. and was listed on the New York Stock Exchange. Exchange in 1994.

Price is known as one of Utah’s foremost businessmen, successful throughout the Intermountain region. He has also served on numerous local, state, and national boards, including the University of Utah Board of Trustees from 1992 to 1999.

Marcia Price is a leader in the arts community with a lifelong passion for the Utah Museum of Fine Arts, where she is chair of the board. She was dedicated to the advancement of the arts in Utah, serving as president of the Utah Arts Council and later helping establish the Salt Lake County Zoo, Arts and Parks program. Price received an Honorary Doctor of Fine Arts from the University of Utah in 2006. The UMFA building as well as the New Theater Arts Building and Amphitheater are named in honor of Price’s contributions. to the arts. Marcia Price also sits on the National Performing Arts Committee at the Kennedy Center in Washington, DC, and is a member of the board of directors of the Utah Symphony and the Utah Opera.

John and Marcia Price live in Salt Lake City, where they raised their three children and continue to spend time with their eight grandchildren and three great-grandchildren.

Price’s donation launches a private $ 30 million campaign for the new $ 120 million building to be located in the “technology corridor” of the University of Utah campus, between the Warnock Engineering Building and the Sorenson Molecular Biotechnology Building. The University of Utah will make the new IT building its priority request for public funding in the 2022 legislative session. A campaign committee has been organized and led by legendary College of Engineering alumni John Warnock, Ed Catmull and Shane Robison.

The biggest gift from the engineering school

“This wonderful gift is the most important in the 126-year history of our college,” said Richard B. Brown, Dean of the U’s College of Engineering. “It will be a transformation in helping us meet the responsibility we take as the largest producer of the public system of engineering and computer science graduates.”

“In addition to supplying manpower to Utah’s thirsty tech talent industries, the college is a major source of technology innovation and commercialization, spending nearly $ 90 million annually in spending. research for professors and 98 spin-off companies since 2006, ”Brun said.

The need for additional space has become critical. With 58 faculty members and growing enrollments, the School of Computing has grown too large for its current location in the 60-year-old Merrill Engineering Building. The new building will allow the School to double the number of graduates and expand its offering in data science, cybersecurity, fintech, machine learning and AI, and human-centered computing. Its construction will benefit the entire college, providing additional space for other disciplines to develop, modernize their teaching laboratories and produce more graduates.

“While distance learning will continue to have a place in course delivery, studies conducted during the pandemic have shown that students learn better and actually prefer face-to-face instruction,” Brown said. “The new IT building will provide an environment where students will have access to the specialized facilities needed to teach subjects such as robotics and cybersecurity, and where they will develop the interpersonal skills that employers value, such as problem solving, work teamwork and communication. “

/ Public distribution. This material from the original organization / authors may be ad hoc in nature, edited for clarity, style and length. The views and opinions expressed are those of the author (s). here.


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Despite headwinds caused by the rise of the Delta variant, Utah’s economy continues to recover – St George News https://lindonutah.org/despite-headwinds-caused-by-the-rise-of-the-delta-variant-utahs-economy-continues-to-recover-st-george-news/ https://lindonutah.org/despite-headwinds-caused-by-the-rise-of-the-delta-variant-utahs-economy-continues-to-recover-st-george-news/#respond Tue, 05 Oct 2021 22:58:00 +0000 https://lindonutah.org/despite-headwinds-caused-by-the-rise-of-the-delta-variant-utahs-economy-continues-to-recover-st-george-news/ Photo | Image by mohamed Hassan from Pixabay, St. George News ST. GEORGE –According to the Salt Lake Trade “Roadmap to prosperity”Released last month, the state’s economy continues to recover as consumer confidence plummets. Utah Consumer Confidence Levels Graphic courtesy of Salt Lake Commerce, St. George News “We continue to see strong gains in several […]]]>
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Photo | Image by mohamed Hassan from Pixabay, St. George News

ST. GEORGE –According to the Salt Lake Trade “Roadmap to prosperity”Released last month, the state’s economy continues to recover as consumer confidence plummets.

Utah Consumer Confidence Levels Graphic courtesy of Salt Lake Commerce, St. George News

“We continue to see strong gains in several important sectors of the Utah economy such as construction, financial services, manufacturing and commerce,” said Derek Miller, president and CEO of Salt Lake Chamber and Downtown Alliance in a press release. “Despite a headwind against consumer confidence created by the rapid rise of the COVID delta variant over the summer, our economy remains stable and poised to continue on a growth path.”

The roadmap reported that the state ranks second in the country for the lowest unemployment rate at 2.6% and employment growth rate of 3.5% over two years, adding that these values ​​are the better than they have been since before the pandemic.

According to Manpower Services Department, Washington County reflects the state’s unemployment rate of 2.6%, while Iron County is only slightly above 2.7% and Kane County at 2.9%. On the other hand, Garfield County’s numbers are the highest in the state at 6.7%, 1.5% above the national average.

Another sign of recovery, the number of air travel to Utah topped the 2019 average for the first time since 2019 with 2.25 million passengers passing through the Salt Lake City airport.

International Airport Travelers | Graphic courtesy of the Salt Lake Chamber, St. George News

“The rebound in travel bodes well for our tourism economy,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “And our strong stance in job creation shows that Utah is poised to continue pulling the country out of pandemic recession. Coupled with stable construction and booming retail sales tax revenues, steadily declining unemployment claims allow our state to weather the remaining challenges with strength. “

Mark Knold, chief economist for the Utah Department of Workforce Services, said in a podcast that over the next few months, the state is expected to face more challenges as the variant delta is making its way into communities. Consumer confidence has declined steadily, with August posting lower levels than October of last year.

“When consumers feel the unknown, like the delta variant game from our current perspective, they tend to cut back on their spending,” Knold said. “We see it not only with Utah’s economic numbers, but nationally as well.”

Regarding the increase in delta variant cases, Mikelle Moore, co-chair of the Salt Lake Chamber, suggested that if the Utahns remain vigilant and work together with perseverance, the economy will continue to recover. Likewise, Miller mentioned that labor market participation and employee vaccination should continue to be encouraged to maintain the state’s economic trajectory.

For more information, statistics and interactive charts visit Salt Lake Chamber Roadmap to Prosperity.

Copyright St. George News, SaintGeorgeUtah.com LLC, 2021, all rights reserved.


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How Much Money Does Renewable Energy Make for Utah’s Rural Economy? https://lindonutah.org/how-much-money-does-renewable-energy-make-for-utahs-rural-economy/ https://lindonutah.org/how-much-money-does-renewable-energy-make-for-utahs-rural-economy/#respond Tue, 05 Oct 2021 07:00:00 +0000 https://lindonutah.org/how-much-money-does-renewable-energy-make-for-utahs-rural-economy/ A Colorado-based conservative organization that promotes the West says political “law” must own environmental problems, identify solutions, and better promote how real change transforms the energy economy. To that end, The Western Way released a report it commissioned that shows how much renewable energy is growing in Utah, contributing $ 5.3 billion to economic output […]]]>

A Colorado-based conservative organization that promotes the West says political “law” must own environmental problems, identify solutions, and better promote how real change transforms the energy economy.

To that end, The Western Way released a report it commissioned that shows how much renewable energy is growing in Utah, contributing $ 5.3 billion to economic output in rural areas of the United States. State in recent years.

While oil and gas remains the dominant energy sector in the state of Beehive, Utah ranks No. 10 in the country in solar power generation capacity, with 1,525 megawatts installed and more to come.

“We’ve known for some time that a dramatic shift is happening with the transition to a new energy, but I don’t think anyone knew it had a $ 5.3 billion economic impact in Utah,” he said. said Senate Speaker Stuart Adams, R-Layton. “The fact that construction and maintenance workers have passed 9,000 is impressive. “

Adams was reacting to the recently released report, “The Economic Benefits of Utah’s Rural Renewable Energy Industry”, which examined the impacts of 31 projects in 11 rural Utah counties.

The projects analyzed represent 2,275 megawatts of nominal capacity from solar, wind and geothermal projects.

Utah, in fact, is third in the country for geothermal energy and is a pioneer in developing new technologies that could make this natural resource more accessible worldwide through a demonstration project.

Here are some key points the report highlights about renewable energy in Utah:

  • $ 4.1 billion in construction and investment with 4,638 full-time construction jobs.
  • $ 24.6 million paid in annual property taxes to local governments.
  • $ 6.3 million in annual lease payments to ranchers, farmers and other landowners.

The figures are derived from these 31 projects over a period from 2007 to 2023, including five new ones that are in development or under construction.

Utah is echoing an established rhythm nationally and globally as well.

The International Energy Administration, with 30 member countries, pointed out that in 2020, the addition of renewable energy increased by 45% worldwide to reach almost 280 gigawatts, the largest annual increase since 1999. .

He added that high-capacity additions have become the “new normal” in projects in 2021 and are expected to come online next year, accounting for 90% of new electric capacity across the world.

Utah’s high elevation and abundance of sunshine make it an ideal location for solar development, with power generation from all facilities accounting for 58% of the state’s renewable generation. It is 30 times larger today than it was just six years ago.

Representative Steve Handy, R-Layton, co-chair of the Legislative Assembly’s Clean Air Caucus, got to know The Western Way through advice and said the report highlights the economic benefits Utah derives from development rapid renewable energy.

“When it comes to wind, solar and geothermal energy, money and markets are moving together in impressive and meaningful ways, and the positive impact of these projects in Utah will continue at breakneck speed,” did he declare.

This rapid deployment of renewable energies has raised concerns about the need for “smart” development due to the amount of land needed and what happens to end-of-life materials.

The World Bank predicts an astronomical need for rare earth minerals and other materials to support renewable energy and has said effective regulations must be in place to promote careful management of the environment.

In January, under the Trump administration, the US Environmental Protection Agency warned of the extreme amount of global waste generated by solar farms reaching their end of life, but this backgrounder was subsequently withdrawn by President Joe Biden’s administration after taking office amid calls that he was inaccurate.

As clean energy development takes off in rural Utah, regulators that include state agencies and county commissioners are ensuring that management agreements are in place to protect landscapes.

This new report, an expert said, highlights the “rural renaissance” happening in Utah in terms of investments in renewable energy and monetary impacts on local jobs and tax revenues.

“This report should give policymakers in states, counties and cities confidence that local projects will benefit their neighbors and communities,” said Edwin Stafford, professor of marketing at the Jon M. Huntsman School of Business from Utah State University.


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Utah’s economy is making a strong comeback, but workers still need https://lindonutah.org/utahs-economy-is-making-a-strong-comeback-but-workers-still-need/ https://lindonutah.org/utahs-economy-is-making-a-strong-comeback-but-workers-still-need/#respond Wed, 08 Sep 2021 07:00:00 +0000 https://lindonutah.org/utahs-economy-is-making-a-strong-comeback-but-workers-still-need/ SALT LAKE CITY (ABC4) – Economic experts tell ABC 4 that the state’s economy has almost fully recovered from what it was before the start of the Covid-19 pandemic, however, it still remains thousands of jobs open with no one to fill them. The state is in a fantastic place, but the pandemic still leaves […]]]>

SALT LAKE CITY (ABC4) – Economic experts tell ABC 4 that the state’s economy has almost fully recovered from what it was before the start of the Covid-19 pandemic, however, it still remains thousands of jobs open with no one to fill them.

The state is in a fantastic place, but the pandemic still leaves people wondering if they want to re-enter the workforce.

The Pie Hole in downtown Salt Lake City has increased its salaries by nearly 100% to attract more employees to fill its declining staff.

Thousands of Utahns are still out of work during the pandemic, but there are signs everywhere that now point to the hiring of the local sushi restaurant at the pizzeria.

“It’s a bit of a revolving door,” said Damon Larsen, shift supervisor at Pie Hole.

The Pie Hole is going through the revolving door right now.

Late-night hot spot is sorely understaffed since the start of the pandemic.

“Things have changed with the pay rise so I have a feeling a lot of people are going to stay,” Larsen said.

Now the pay raise at Pie Hole is about double what it used to be.

Employees used to earn minimum wage at $ 11 an hour, but now start at $ 17 an hour and can earn more in a managerial position.

Larsen said the change rekindled his love for the job.

“It was kind of in the air, but now it’s like I have some stability and I’m comfortable and happy with my paychecks,” Larsen said.

Paychecks linked to the unemployment pandemic stopped arriving for the Utahns in June and nationwide it ended on Monday.

“There was a small gamble that played out for the state of Utah in this regard,” said Mark Knold, economic director of the Utah Workforce Department.

Knold said the economy was in a good position ahead of COVID since Utah is the country’s youngest state by median age, and the economy here has reopened before most other states.

He clarified that this helped propel the workforce to where it was almost before COVID.

A flood of jobs has opened up and you don’t get a flood of people coming back to the workforce, ”Knold said. “It takes longer for people to connect to the job market. “

Knold adds that COVID concerns and child care issues are keeping people from entering the workforce.

Utah’s unemployment rate is 2.7% according to the Utah Department of Workforce Services; before the pandemic, it was 2.5%.

Knold added that lower-skilled, lower-paying jobs have increased their wages because they need workers and they need to stay competitive.


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Delta variant fuels national concerns but Utah economy continues to spin https://lindonutah.org/delta-variant-fuels-national-concerns-but-utah-economy-continues-to-spin/ https://lindonutah.org/delta-variant-fuels-national-concerns-but-utah-economy-continues-to-spin/#respond Mon, 23 Aug 2021 07:00:00 +0000 https://lindonutah.org/delta-variant-fuels-national-concerns-but-utah-economy-continues-to-spin/ A growing number of economic red flags are appearing amid growing concerns that resurgent COVID-19 infection rates could lead to a secondary economic plunge in the United States. Falling consumer confidence, a freshly unleashed investor community, and further cautious rumblings from budget policymakers could point to a slowing of a recovery that has been moving […]]]>

A growing number of economic red flags are appearing amid growing concerns that resurgent COVID-19 infection rates could lead to a secondary economic plunge in the United States.

Falling consumer confidence, a freshly unleashed investor community, and further cautious rumblings from budget policymakers could point to a slowing of a recovery that has been moving in a positive direction for months.

For now, the data reflects that Utah’s economy continues to be among the strongest in the country, but it would not be immune to emergencies if they worsened.

Long-standing benchmark consumer survey conducted by researchers at the University of Michigan Sentiment among US buyers took a precipitous turn in the first half of August, declining by more than 13% from July. The report notes that the change is among the largest negative declines on record, pointing to significant economic swings.

“Over the past half century, the sentiment index has only registered larger losses in six other surveys, all linked to sudden negative changes in the economy,” wrote the report’s chief economist. , Richard Curtin. “The only larger drops in the sentiment index occurred during the shutdown of the economy in April 2020 (-19.4%) and during the depths of the Great Recession in October 2008 (-18.1% ). “

The new pessimism, the researchers said, was prevalent in all geographic regions of the United States as well as in income, age, and education subgroups. The change in sentiment has also crossed the boundaries of issues including personal finances, the outlook for the wider economy, inflation and unemployment.

“There is no doubt that the resurgence of the pandemic due to the delta variant has encountered a mixture of reason and emotion,” Curtin wrote. “Consumers have rightly reasoned that the performance of the economy will be diminished over the next few months, but the extraordinary increase in negative economic assessments also reflects an emotional response, mainly due to disappointed hopes that the pandemic would end soon. “

Customers visit Publik Coffee Roasters in Salt Lake City on Friday, August 20, 2021. Utah businesses are doing well but are cautious about exiting the COVID-19 pandemic as the delta variant rages on.
Laura Seitz, Deseret News

While August data for Utah consumers has yet to be released, Analysis from the University of Utah’s Kem C. Gardner Policy Institute showed a 6% drop in consumer confidence statewide in July from June levels. The change also put Utah’s index below 90 for the first time this year, though the brand, which uses measurements identical to those in the University of Michigan report, is consistently above the national average since last fall.

Investors, shaken by the continued rise in new cases of COVID-19 and fearing that recovery-related inflation rates may rise faster and continue for longer than initially forecast, drove volatility across the three major U.S. stock indexes, all of which closed for the week Friday.

Signs that the US Federal Reserve will withdraw some of its massive contributions later this year, efforts that have been made throughout the pandemic to support the US economy and notably $ 120 billion in monthly purchases of government bonds. US Treasury and mortgage-backed securities have been strengthened. confirmed in the July board meeting minutes released last Wednesday.

But many national outlets reported that meeting notes also showed lingering divisions among board members over when to begin so-called “downsizing” changes amid renewed concerns about the impacts of the pandemic.

Earlier this month, Federal Reserve Bank of San Francisco President Mary Daley told PBS Newshour”That the functional reality is that as COVID-19 goes, so does the economy.

“What we are seeing is that we are not completely beyond COVID,” Daley said. “And people are still very disturbed by the handling of a global pandemic. They lost their jobs. They have lost their means of subsistence. They were on the verge of losing their home. Housing insecurity is really critical.

“So we really have to go through this completely. “

But does current activity reflecting the thoughts of consumers, investors and federal policymakers guarantee an impending slowdown?

Maybe, but even if that’s the result, local economists and business leaders believe Utah is ready to weather the slowdowns of the pandemic recovery better than most.

Phil Dean, former Utah state budget manager and current public finance researcher at the Gardner Policy Institute, said Utah would have the benefit of entering all the troughs in the market ahead in a state of reasonably good economic health.

“Utah is certainly better off economically than the nation as a whole,” Dean said. “We entered the pandemic stronger and had a more robust recovery earlier. Our economic diversity is one of the reasons for this economic strength.

But Dean also noted that the state economy does not operate in a bubble and that outside forces cannot be completely avoided.

“At the same time, Utah is not an economic island,” he said. “So what’s going on in the wider US economy is definitely having an impact on us.”

Salt Lake Chamber President and CEO Derek Miller echoed Dean’s sentiments about the state’s current robust performance and positive economic stance, but said he also meant a little more caution from Utah Business Operators.

“If I had to sum up both my own feelings and what I hear from other business leaders in one word, that would be caution,” Miller said. “This spring and over the summer there was what I would call cautious optimism about our outlook for ending the pandemic and I think we all thought there was a light at the end of the tunnel.

“This optimism has not turned into pessimism, but the cautious sentiments are there.”

Miller said evidence of this renewed caution can be seen in the adjustments Utah companies are making to short-term strategies, including many deciding to delay return-to-work plans that were made before the rise of the delta variant.

Spencer Turner works at Publik Coffee Roasters in Salt Lake City on Friday, August 20, 2021.

Spencer Turner works at Publik Coffee Roasters in Salt Lake City on Friday, August 20, 2021. Utah businesses are doing well but are cautious about exiting the COVID-19 pandemic as the delta variant rages on.
Laura Seitz, Deseret News

Missy Greis, owner of Publik Coffee Roasters, an independent Salt Lake food and beverage company with multiple locations, said her businesses are not experiencing any slowdown as COVID-19 cases increase. But Greis said she was concerned about the resurgent infection rates and the potential impacts on her employees and customers.

“My biggest concern this week is the increase in cases, associated with back to school and classrooms with younger children who have not had the opportunity to be vaccinated and are not wearing masks.” , she said. “I have employees with school-aged children whose ability to work remotely, if they are quarantined, is difficult.

“The increase in the number of cases is also becoming a conversation within the community about ordering take-out versus eating there – obviously eating and drinking requires removing your mask inside. Publik is ready to adapt to all CDC guidelines, which we have scrupulously followed throughout the pandemic. “

The most recent statewide statistics also do not reflect any clear signals of a significant slowdown so far in Utah.

Data from the Utah Fiscal Commission for Taxable Sales in June details year-over-year increases for each category of business tracked with an overall average increase of 20%. A few sectors experienced significantly higher growth, notably the hospitality industry up nearly 130% from the same month last year, with mining / quarrying / fossil fuels up over 50% and Utah food / beverage service companies experiencing an increase north of 37%. on June 2020.

An update from the Utah Department of Workforce Services released last Friday fixes the state’s unemployment rate in July at 2.6%, a number currently improved by only New Hampshire, according to the US Bureau of Labor Statistics. The state has also created more than 65,000 new jobs since last July.

Mark Knold, chief economist for Workforce Services, said the state’s low unemployment and stellar job growth rates are fueled by a booming Utah economy that has returned to levels of pre-pandemic performance months ago.

“Labor shortages have been a buzzword lately, but despite this, Utah’s economy has grown significantly over the past three months,” Knold said in a statement. “By late spring, Utah trade had returned to pre-COVID levels. Jobs were plentiful. The workforce, however, has not returned as quickly, hence the call of labor shortages. But labor reacted.

“Otherwise, the Utah economy would not have been able to generate two percentage points of job growth in the past three months. “


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Utah Economy: Why Utah Ranks # 1 in the United States for GDP Growth https://lindonutah.org/utah-economy-why-utah-ranks-1-in-the-united-states-for-gdp-growth/ https://lindonutah.org/utah-economy-why-utah-ranks-1-in-the-united-states-for-gdp-growth/#respond Wed, 11 Aug 2021 07:00:00 +0000 https://lindonutah.org/utah-economy-why-utah-ranks-1-in-the-united-states-for-gdp-growth/ Utah tops another national list for its booming economy. Forbes this week, the Beehive State ranked the Beehive State No.1 on a list of 10 states with the highest growths in GDP, or gross domestic product, a standard measure of the added value created by the production of goods and Services. “Utah’s economy has been […]]]>

Utah tops another national list for its booming economy.

Forbes this week, the Beehive State ranked the Beehive State No.1 on a list of 10 states with the highest growths in GDP, or gross domestic product, a standard measure of the added value created by the production of goods and Services.

“Utah’s economy has been a powerhouse for the past several decades, hence the reason it ranks number one,” Forbes reported. “Over the past five years, Utah’s GDP has grown by an excellent 19.1%, the second highest growth rate for that period out of the 50 states.”

Only Washington, which Forbes ranked No.2 on its list, surpassed Utah in five-year GDP growth, up 21.9%.

But Utah ranked higher than Washington for its growth dating back a decade, with GDP that grew by more than a third (36.6%) from around $ 123.47 billion in 2010 to an annual average of $ 168.62 billion in 2020, including the COVID-19 pandemic. impact.

Looking even further, over the past 20 years, Forbes called Utah’s economic growth “even more exceptional,” up 82% from an annual real GDP of $ 92.62 billion in 2000 to nearly $ 169 billion in 2020.

Forbes also particularly credited Utah for its GDP growth in the first quarter of 2021, despite the COVID-19 pandemic – an increase of $ 178.2 billion, the highest quarterly GDP in US history. Utah.

Utah’s economy has rebounded from the pandemic faster than any state in the country. As the Deseret News reported in March, Utah was the only state in the country to have given such a big boost to education and to fund a tax credit. And in the 2020 state tax revenue rankings during the pandemic, Utah placed near the top of the country for revenue growth with an 8% increase, ranking second behind the 10.4% in the ‘Idaho.

Utah saw the smallest decline in GDP during the pandemic, Forbes reported, but its annual real GDP fell a fraction of a percent – just 0.1% – from 2019 to 2020. That’s relative to the tourist destination of Hawaii, which suffered one more year of annual decline of 8% in real GDP from 2019 to 2020.

Idaho took third place behind Utah and Washington. Colorado, Arizona, Oregon, California, Texas, Georgia and Florida followed.



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Utah’s economy far ahead of the nation https://lindonutah.org/utahs-economy-far-ahead-of-the-nation/ https://lindonutah.org/utahs-economy-far-ahead-of-the-nation/#respond Sat, 24 Jul 2021 07:00:00 +0000 https://lindonutah.org/utahs-economy-far-ahead-of-the-nation/ Utah’s unemployment rate is 2.7%, compared to the national average of 5.9%. Photo: Jaxon Lott PARK CITY, Utah – The economy of Utah has created 51,300 jobs since June 2019. The unemployment rate is 2.7%, which contrasts sharply with the national average of 5.9%. Non-farm employment in the state for June 2021 increased by about […]]]>

PARK CITY, Utah – The economy of Utah has created 51,300 jobs since June 2019.

The unemployment rate is 2.7%, which contrasts sharply with the national average of 5.9%.

Non-farm employment in the state for June 2021 increased by about 3.3% in the past 24 months. This figure is -3.4% for the United States as a whole.

Utah is estimated to be 44,200 unemployed.

“The summer months have brought a strong wake-up call to the Utah economy,” said Mark Knold, chief economist for the Utah Department of Workforce Services. “The two-year employment growth measure has increased from 2.3% in May 2021 to 3.3% in June 2021. A full increase of one percentage point in essentially one month.”

The largest job gains in the state’s private sector were recorded in:

  • Professional and business services (17,900 jobs)
  • Trade, transport and public services (16,400)
  • Construction (13,100)
  • Manufacturing (8,200)

60% of large industrial groups create jobs in Utah. The labor market participation rate is 67.5%.

Initial unemployment insurance claims are down 54.6% as a percentage of the labor force from the previous year.

Federal pandemic specific unemployment programs ended in Utah on June 26. Improved unemployment insurance is expected to end in all states on September 4. Reads a document from the Utah government that supports the decision to phase out benefits early.

Park City Chamber of Commerce data shows that tourists are flocking in greater numbers than pre-pandemic levels (summer 2019). Bookings are more than double in most cases compared to the same time last year.



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Executives are pushing a new “innovation” network to grow Utah’s economy. Here is what it will do. https://lindonutah.org/executives-are-pushing-a-new-innovation-network-to-grow-utahs-economy-here-is-what-it-will-do/ https://lindonutah.org/executives-are-pushing-a-new-innovation-network-to-grow-utahs-economy-here-is-what-it-will-do/#respond Tue, 13 Jul 2021 07:00:00 +0000 https://lindonutah.org/executives-are-pushing-a-new-innovation-network-to-grow-utahs-economy-here-is-what-it-will-do/ Utah’s business community strives to make the state a world-class place for entrepreneurs to nurture new ideas and launch successful businesses. Under the rubric of ‘innovation’ – the notion of combining invention and business know-how – executives announced a major economic campaign as some pandemic concerns begin to ease, focused on building a strong network […]]]>

Utah’s business community strives to make the state a world-class place for entrepreneurs to nurture new ideas and launch successful businesses.

Under the rubric of ‘innovation’ – the notion of combining invention and business know-how – executives announced a major economic campaign as some pandemic concerns begin to ease, focused on building a strong network of ‘experts, a shared vision and capital to better elevate startups and large companies as they emerge.

Utah’s economy continues to recover faster than other states from the damage inflicted by COVID-19, but officials believe this extra push could help even more.

The Salt Lake Chamber, several top Utah universities, and business leaders in some of the state’s fastest growing industries – such as biotechnology, aerospace, advanced manufacturing, and intelligence artificial – on Tuesday unveiled plans for what they call the Wasatch Innovation Network, after discussing it since the end of last year.

The idea of ​​helping businesses innovate may seem obvious or loaded with buzzwords, but providing the right resources and the right economic conditions for startups and other businesses to grow faster is complicated, especially since the global competition for talented workers and investors is becoming increasingly intense.

“Utah cannot afford to remain silent in this race, especially given the capacity of our state and our global reach,” said CEO and Chamber President Derek Miller. With the new campaign, “we will build a patchwork of individual successes in a web of prosperity”.

(Rick Egan | The Salt Lake Tribune) Derek Miller, President and CEO of the Salt Lake Chamber, speaks at the launch of the all-new Wasatch Innovation Network at a press conference on Tuesday, July 13, 2021.

The ultimate goals? Accelerate job growth with higher wages and attract more talent for the benefit of area residents. “Now is the time to connect it all along the Wasatch Front,” Miller said at a launch event held at 111 Main in downtown Salt Lake City to publicize the nascent effort.

This network of business mentors, venture capitalists, planners and lobbyists will reach sectors that otherwise would not exchange information, with what Miller called “side connections.”

He will refine how leaders think about innovation so that they agree on a vision to make Utah “a premier entrepreneurial ecosystem.” Members will seek to strengthen the private sector’s focus on new research and support. They will advise companies in the development of new products and services and then help them find financial support.

“Most startups fail, but there are the ones that are used to getting it right,” said Paul Ahlstrom, co-founder of TechBuzz News, a media outlet covering Utah’s tech industry. “As a community, we can come together to help improve these results. “

“Innovation is at the heart of our economy,” added Ahlstrom. “It’s sort of innovate or die.”

Several donors noted that Utah was seeking to consolidate an already strong position to foster new business concepts and the fledgling companies that used them, noting the explosive two-decade growth of its tech sector, which now represents nearly ‘one in 7 jobs in the state and an estimated economic impact of $ 30 billion per year.

“Utah’s key differentiator is its public-private partnerships and dynamic pioneering spirit that not only established it as the crossroads of the West, but it is now attracting worldwide attention,” said Brandon. Fugal, president of Colliers International, a real estate company.

(Rick Egan | The Salt Lake Tribune) Derek Miller, President and CEO of Salt Lake Chamber, speaks at the launch of the all-new Wasatch Innovation Network at a press conference on Tuesday, July 13, 2021.

The experience of Silicon Slopes, as the state’s tech enclave is called, shows how crucial it is to create a pipeline of innovations that can fuel new businesses. To this end, the Wasatch Innovation Network will also promote the transfer and licensing of new technologies imagined in state university laboratories and boardrooms, while helping higher education continue to create future entrepreneurs of Utah.

“We all have these wonderful words here, but let’s remember one thing,” said Astrid Tuminez, president of the University of Utah Valley in Orem, a network partner. “None of this will happen without the right people, and we are training the right people in universities. “

Network members also pledge to lobby the state legislature and city governments to improve public and higher education in Utah as well as transportation of all kinds, as well as for tax incentives for companies and new tools to recruit talented workers.

At least 25 companies, organizations and government agencies have signed up as key partners in the Wasatch Innovation Network, including several other regional business groups on the Wasatch Front, some of the state’s largest developers, capital companies -risk and the University of Utah and Weber. State University.

Members said they also plan to promote innovation as a critical part of several major land developments currently taking place across the state. This includes the currently planned over 600 acre business and housing center at Point of the Mountain in Draper, known as The Point; the Tech Lake City effort in the Utah capital, to boost the health care industry; and the Falcon Hill Aerospace Research Park, a 550-acre defense-focused development at Hill Air Force Base near Clearfield.

Instead of operating in silos, Miller said, the business centers in each of these places will hopefully function together “as an incubation network for new ideas, solutions and technological jobs for our citizens in the future. “.

Supporters described the new network as “inclusive” and powered by volunteer mentors who “will serve, connect and share what is needed,” Ahlstrom added, “for the next generation of businesses to succeed.”


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Data shows positive trend for Utah economy https://lindonutah.org/data-shows-positive-trend-for-utah-economy/ https://lindonutah.org/data-shows-positive-trend-for-utah-economy/#respond Mon, 19 Apr 2021 07:00:00 +0000 https://lindonutah.org/data-shows-positive-trend-for-utah-economy/ SALT LAKE CITY – The Salt Lake Chamber and the Kem C. Gardner Policy Institute have released data that shows a positive trend for Utah’s economy as the state continues to recover from the pandemic. A year ago, the chamber helped create an economic dashboard that tracks unemployment rates, job growth and more to help […]]]>

SALT LAKE CITY – The Salt Lake Chamber and the Kem C. Gardner Policy Institute have released data that shows a positive trend for Utah’s economy as the state continues to recover from the pandemic.

A year ago, the chamber helped create an economic dashboard that tracks unemployment rates, job growth and more to help business owners make informed decisions.

RELATED: Telecommuting Helped Keep Utah’s Economy Afloat During Pandemic, Study Finds

Figures for April show Utah is recovering from recession lows and heading for positive growth on several fronts.

Some good things: Utah’s unemployment rate is back to pre-pandemic levels of three percent, which means we’re at full employment.

The job change in Utah now stands at zero percent, which means any job growth we see from here is a net positive.

RELATED: With the Best Economy in the Country, Utah is on the verge of a strong post-pandemic recovery

The state’s immunization rate also plays a role in our strong economy.

“One of the most important things we did was to come together at the start of the pandemic between health and economic leaders, government, public sector companies and private sectors, working together to a common cause and this common cause was to protect both lives and livelihoods, ”said Derek Miller, President and CEO of the Salt Lake Chamber.

While there is plenty to be happy about, Miller says we need to remember that there are still a lot of struggling businesses, and we need to continue to help them, which can be done by shopping. in companies owned by local and minority interests.

If you want to see more data from the roadmap to recovery, visit https://slchamber.com/roadmap-dashboard/

RELATED: Utah’s Economy Was Top In The United States During The Pandemic. study show


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