Utah Economic Report Utah Economic Summit May 17, 2019

The Economist Magazine Covers Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Generations of Utahns, 2017 Population Age Note: Age topcoded at 85+ Source: U.S. Census Bureau, Vintage 2017 Population Estimates Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Welcome to Utah Kem C. Gardner Policy Institute Source: Kem C. Gardner Policy Institute Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Kem C. Gardner Policy Institute Source: Kem C. Gardner Policy Institute, U.S. Census Bureau Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Apartment Boom in SLC Composition of building permits for residential units by housing type, 2000–2017 Share of residential building permits Balance of Wasatch Front = Davis, Utah, and Weber counties; Ring counties = Juab, Morgan, Tooele, and Summit counties Note: Other includes group quarters, mobile homes, manufactured homes, cabins, accessory dwelling units, and any other dwelling unit type not covered by apartments, condominiums, townhomes, duplexes, or detached single-family homes; regions are mutually exclusive. Source: Kem C. Gardner Policy Institute analysis of Ivory-Boyer Construction Database data  Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

The Utah County Effect States with most robust job growth, Aug 2017 – Aug 2018 Source: Gardner Policy Institute Analysis of Utah Dept. of Workforce Services and U.S. Bureau of Labor Statistics data Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Utah tech sector growing at more than twice the U.S. Source: Kem C. Gardner Policy Institute Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Life sciences boom in Utah Average annual employment change in the life sciences industry, 2012-2017 20 states with most life sciences jobs Source: Kem C. Gardner Policy Institute analysis of U.S. Bureau of Labor Statistics data Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

The shrinking middle class Source: Kem C. Gardner Policy Institute, U.S. Census Bureau Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Federal Debt Held by the Public Source: Congressional Budget Office and Office of Management and Budget Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Oh mother, where art thou? Total Fertility Rate Source: National Center for Health Statistics Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Multi-family units on par with single-family units Source: Kem C. Gardner Policy Institute Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Utah’s Draft Economic Regions “Economies don’t follow political boundaries” - Juliette Tennert, Chief Economist Source: Kem C. Gardner Policy Institute Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

Sentiments about Utah’s Secret Sauce “They must have been hardworking,  tough people.” -Benjamin Netanyahu, reacting to a bronze statue of the Mormon pioneers on their trek West. I’ve learned the power of the phrase,  “I need your help.” - Derek Miller, President and CEO, Salt Lake Chamber “[In Utah if] something's going wrong in your life, you're going to have intensive, kind of tag-team efforts by people in your community to get you back on track.” - Megan McArdle, Washington Post In Utah, we look at everybody as a potential friend. -Wes Smith, Western Governors University Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH

The Utah Economist : 2019

Utah Economic Council: One-word summary Kem C. Gardner Policy Institute DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH