Facebook Twitter

KEY BANK SEES BRIGHT FUTURE FOR UTAH

SHARE KEY BANK SEES BRIGHT FUTURE FOR UTAH

The state's economic future has never been brighter, according to Key Bank's recent analysis of fourth-quarter of economic indicators.

"The decade of the 1990s holds the potential of major growth in the Utah economy. The economy has weathered the storm of weak natural resources employment and prices that characterized much of the past few years," the report stated.Headlining the progress is the creation of 30,000 jobs within the past 12 months.

Utah ranked second in the nation for the period between June 1989 and June 1988 in percentage increase of service-sector jobs.

Job creation also has been strong in wholesale and retail trade, and slight increases were reported in mining and construction jobs.

Unemployment is at its lowest level this decade, with 27,000 out of work at the end of October. The shortages of skilled and unskilled workers is a relatively new phenomenon in Utah.

The report states media reports that Utah's income per capita ranks 48th in the nation are technically correct but misleading. Because of the greater percentage of children in Utah, the per capita measure is somewhat meaningless.

The Key Bank report says Utah's average salary of $18,910 is 86.5 percent of the national average of $21,871. On a per household average, Utah ranks about 90 percent of the national average.

"Utah incomes are lower but not to the extent suggested by the per capita calculations," the report states.

Another measure of economic performance is the number of Utah business failures fell sharply during 1989. The total number of business failures during the first nine months of 1989 were 222, compared to 463 during the same period in 1988.

Although the report did not quantify the impact, it said voter approval of the Olympic funding referendum was a major step forward in image building and economic development.