Utah has good reason to be optimistic.
SALT LAKE CITY -The Governor's Office of Planning and Budget (GOPB) has released the "2011 Economic Report to the Governor." The report, in its 25th year of publication, represents a collaborative effort of public and private entities to provide consolidated information on Utah's economy. The 2011 report portrays a strengthening recovery, though the global financial crisis that began in 2008 continues to influence economic growth in every state.
"We have reason to be optimistic about our future. Risks remain and there may be bumps in the road ahead, but the 2011 report provides reason to believe that the economic recovery in Utah is on solid footing," said Governor Gary R. Herbert.
"Utah typically grows more rapidly than the nation after recessions and this pattern is taking hold in the current recovery," said Juliette Tennert, Chief Economist to the Governor.
If the nation continues on a path of a moderate recovery, Utah's economy is expected to grow at a higher rate than experienced since the expansion began in the summer of 2009.
The GOPB report includes a national and state economic outlook, a summary of state government economic development activities, analysis of economic activity based on standard economic indicators, and a review of economic and demographic issues of particular interest.
The 196-page 2011 Economic Report to the Governor is attached and available online at http://www.governor.utah.gov/dea/ERG/2011ERG.pdf or http://www.governor.utah.gov/dea/. Questions about report specifics should be directed to the relevant contributing entity (list also attached to this release).
Statistics in the report are generally for the most recent year or period available. There may be a quarter or more of lag time before economic data become final, therefore some statistics are estimates based on data available as of mid-October 2011.