SALT LAKE CITY — Utah's economy may not be booming like it was a few years ago, but the Beehive State can boast one of the strongest in the post-recession nation. According to the Utah Economic Council, the state's economic outlook is improving — albeit slowly.
The six-member Utah Economic Council — organized by the Salt Lake Chamber — told an audience of business people that while the state's economy is still below its peak of a few years ago, there is some reason for optimism.
"We are in recovery mode," said Juliette Tennert, chief economist for the Governor's Office of Planning and Budget. "We have some amazing (economic) fundamentals that will help lead us out of this recession and sustain our long-term growth."
Tennert said preliminary data showed that unemployment claims in August 2010 were down 3.5 percent from the same time last year, with the state adding 19,000 jobs in the past 12 months. In addition, international exports were up almost 45 percent during the first six months of this year over the same period last year — nearly twice the 23 percent for national imports.
"Utah will be one of a handful of states that leads (the country) out of the recession," said Natalie Gochnour, executive vice president for policy and communications and chief economist at the Salt Lake Chamber.
While consumer spending is down significantly from previous years, new car sales increased about 18 percent between the first half of 2009 and the first half of this year, Tennert explained.
Another indicator of fiscal strength is the fact that Utah is 10th in the nation for median household income at $58,000, according to Alan Westenskow, vice president of Zions Bank Public Finance and UEC member.
Gochnour said there are various small, encouraging signs that point to a potentially bright economic future for the state.
"Most of our forecasts say through 2010 ... we're growing at a slow rate," she said. "The predominant view (from the UEC) is that in 2011, things will be better."
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