2007 Economic Report to the Governor Shows Continued Strong Economic Growth in Utah
Salt Lake City, Utah - Utah's economy will continue on the path of strong economic and demographic growth in 2007, according to the 21st annual Economic Report to the Governor.
"Utah's economy is among the strongest in the nation," said Utah Governor Jon Huntsman. "Job growth is strong, the unemployment rate is low, and many people are moving to our state."
Utah's economy grew very rapidly during 2006. For the third consecutive year, the State outperformed the nation. Utah's job growth was 5.2%, the fastest since 1995, compared to 1.4% nationally. Total construction value set another all-time high, and dwelling-unit permits are near all-time highs. As a result, Utah's home price appreciation was among the highest in the nation. With continued high energy prices, mining and energy production accelerated dramatically during 2006.
"The State's economic growth during 2006 was astounding," commented Robert Spendlove, Chair of the Council of Economic Advisors. "After three years of solid performance, Utah is repeating the long expansion of the 1990s."
Utah's economy is coming off two remarkable years. The growth path that began in 2004 will continue through 2007 with employment increasing 4.7%. Population growth will be 2.8%, and net in-migration will remain strong at 33,000, because Utah's economy will continue to outperform the national economy. Strong in-migration will help the unemployment rate increase from its current very low 3.3% to a more sustainable 3.5% in 2007. Replicating the trend of the 1990s, for the fourth consecutive year, wages will increase faster than inflation during 2007, thus improving Utah's standard of living. Construction will be up, with 11.6% job growth and slightly higher valuation.
The Economic Report to the Governor is the preeminent source of information about Utah's economy. The report provides information to elected officials, business leaders, and citizens, which highlights Utah's economic conditions of the past, present, and future. The Council of Economic Advisors provides guidance for the contents of the report.
Attachment: 2007 Economic Report to the Governor Excerpts (PDF file)
Visit Governor's Office of Planning and Budget to download the full report.