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Utah Economic Report Utah Economic Summit May 17, 2019.

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Presentation on theme: "Utah Economic Report Utah Economic Summit May 17, 2019."— Presentation transcript:

1 Utah Economic Report Utah Economic Summit May 17, 2019

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

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4 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

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6 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

7 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

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9 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

10 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

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12 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

13 Life sciences boom in Utah
Average annual employment change in the life sciences industry, 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

14 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

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16 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

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18 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

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20 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

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22 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

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25 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

26 The Utah Economist : 2019

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


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