The State of the Utah Valley Economy

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Presentation transcript:

The State of the Utah Valley Economy Utah Valley Chamber 2018 Executive Summit September 27, 2018 Juliette Tennert, Chief Economist

The State of the Utah Valley Economy IS STRONG

Near 1 in every 3 Utah jobs gained was in Utah County Job Growth August 2017 – August 2018 Source: Utah Department of Workforce Services

Utah can’t be #1 without Utah County States with Most Robust Job Growth August 2017 – August 2018 Source: Gardner Policy Institute analysis of Utah Department of Workforce Services and U.S. Bureau of Labor Statistics data

Innovation Economy, Construction, Health Care fueling growth Job Growth by Industry 2017-2018 Source: Utah Department of Workforce Services

Over 1 in 4 new Utahns in Utah County Population Growth 2010 - 2017 Sources: Gardner Policy Institute Utah Population Committee and U.S. Census Bureau

Utah can’t be #1 without Utah County States with Most Robust Population Growth 2010 - 2017 Source: Gardner Policy Institute analysis of Gardner Policy Institute Utah Population Committee and U.S. Census Bureau

Over 50 percent of growth in 4 cities Distribution of Population Growth in Utah County 2010 - 2017 Lehi city 16.6% Mapleton city 1.9% Saratoga Springs city 13.1% Payson city 1.5% Eagle Mountain city 11.4% Elk Ridge city Orem city 10.6% Lindon city 1.0% Vineyard town 6.8% Alpine city 0.9% Pleasant Grove city 5.9% Cedar Hills city 0.6% Provo city 5.4% Unincorporated 0.5% Spanish Fork city 5.2% Draper city (pt.) 0.4% Springville city 4.1% Woodland Hills city 0.2% Highland city 3.8% Genola town American Fork city 3.3% Goshen town 0.0% Santaquin city (pt.) 2.8% Cedar Fort town Salem city 2.0% Fairfield town Source: Gardner Policy Institute analysis of U.S. Census Bureau data

Economic migration relatively strong in Utah County Net Migration Contribution to Population Growth 2010 - 2017 Sources: Gardner Policy Institute Utah Population Committee

“Whether by design or default, you are shaping your future” Challenges and Opportunities for Utah County (End of Business Cycle?) Economic and Demographic Growth Diversity – economic, age, culture Transportation – air, land water Critical land conservation Affordable housing Tax modernization Sources: Eric Allenbaugh (quote), Kem C. Gardner Policy Institute

Kem C. Gardner Policy Institute Thank you! Juliette Tennert, Chief Economist juliette.tennert@utah.edu Kem C. Gardner Policy Institute David Eccles School of Business | 411 E. South Temple Street Salt Lake City, UT 84111 | 801-585-5618 | gardner.utah.edu Facebook.com/gardnerpolicyinstitute | Twitter.com/KemGardnerInst