Utah’s Economic Climate Presented by Natalie Gochnour Wells Fargo Economic Summit for Nonprofits May 4, 2010

Source: Utah Department of Workforce Services

Job Growth March 2009-March 2010 Source: Utah Department of Workforce Services

Utah Job Growth Source: Utah Department of Workforce Services

Unemployment March 2010 Source: Utah Department of Workforce Services

Anatomy of Recovery Corporate Profits Increase Companies Begin to Hire Workers Receive Wages Consumer Sentiment Rebounds Consumers Spend Again

U.S. Corporate Profits Year-Over Percent Change Source: U.S. Bureau of Economic Analysis

Utah Unemployment Claims Past Five Years Source: Utah Dept. of Workforce Services

U.S. Consumer Confidence Source: Conference Board Index

U.S. Personal Consumption Expenditures Source: U.S. Bureau of Economic Analysis

Utah Economy Positive News Marquee expansions - Goldman Sachs, Microsoft, eBay, and NSA Data Center bode well for Utah’s recovery. Internal population growth - Utah’s population growth rate of 2.1% leads the country. Downtown Rising - Investment in downtown SLC exceed $1.6 million per day. An estimated 1600 construction workers are employed at City Creek Center. Best Managed State – Fiscal discipline and responsibility are Utah hallmarks. Location – Utah is at the center of the New American West. Economic diversity – Utah ranks sixth among states in economic diversity. Source: Salt Lake Chamber

Better Days Ahead … Job growth returns – Utah and the nation will return to positive side of the job ledger later this year. Pent up savings – People will begin to spend pent up savings and make delayed purchases. Soft, but respectable revenue growth – Sales and income tax collections will recover, albeit slowly. Business will rescale – Start with temp jobs, expand to others and unemployment will inch down. Revival of confidence – People will spend again. Productivity will pay dividends – Every facet of the economy is leaner and meaner. Animal spirits take hold – Self interest serves common interest (hopefully for a long while). Utah’s strong economic fundamentals take root – Utah emerges once again as a top performing economy. Source: Salt Lake Chamber

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