Utah Economy Motors Forward | KUER
A comprehensive new report On the Utah economy, business is doing well at the start of 2015, and that bodes well for workers as well.
Job growth in Utah was 3 percent last year. And the unemployment rate remains well below the national average at 3.6%. The Utah Economic Council announced the good news on Friday.
“We basically helped the governor and the business leaders understand that we are currently very well placed in Utah,” says Natalie Gochnour, associate dean of the David Eccles School of Business at the University of Utah and co-chair of the economic council. “It’s an economy that serves our state very well. “
The council collected data from government agencies, universities and the business community. He analyzed information on tourism, construction, mining and power generation. Businesses are getting a billion dollar boost in venture capital. Gochnour says healthy companies are paving the way for long-awaited wage increases for workers.
A new section of this year’s report tracks intergenerational poverty.
“We have economic growth in our state, but we have thousands of families in our state who are living in intergenerational poverty,” Gochnour says. “And these children are caught in a cycle of poverty, well-being and dependency, and we are not capturing their human potential to contribute to our economy. “
Challenges to Utah’s economic growth include congestion in Congress and, potentially, low oil prices.