Insights on the Utah Valley Economy and Growth Trends
In the Utah Valley Chamber 2018 Executive Summit, Chief Economist Juliette Tennert presented key insights. The Utah Valley economy is thriving, with robust job growth in Utah County and significant population increase. The state's strong economy is driven by industries such as innovation, construction, and healthcare. Utah County plays a vital role in Utah's overall success, leading in job and population growth. The data illustrates the region's economic strength and potential for sustained development.
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Presentation Transcript
The State of the Utah Valley Economy Utah Valley Chamber 2018 Executive Summit September 27, 2018 Juliette Tennert, Chief Economist
The State of the Utah Valley Economy IS STRONG
Near 1 in every 3 Utah jobs gained was in Utah County Job Growth August 2017 August 2018 6.6% 3.7% 1.7% United States State of Utah Utah County Source: Utah Department of Workforce Services
Utah cant be #1 without Utah County States with Most Robust Job Growth August 2017 August 2018 WITHOUT UTAH COUNTY ACTUAL Nevada 3.5% Utah 3.7% Washington 3.4% Nevada 3.5% Idaho 3.2% Washington 3.4% Texas 3.2% Idaho 3.2% Utah 3.1% Texas 3.2% Arizona 3.0% Arizona 3.0% Source: Gardner Policy Institute analysis of Utah Department of Workforce Services and U.S. Bureau of Labor Statistics data
Innovation Economy, Construction, Health Care fueling growth Job Growth by Industry 2017-2018 Prof/Business Svcs 4,967 Construction 2,559 Ed/Health/Social Svcs 2,509 Trade/Transport/Util 2,017 Manufacturing 1,151 Financial Activities 890 Leisure/Hospitality 748 Government 637 Mining 47 Other Services 8 (905) Information Source: Utah Department of Workforce Services
Over 1 in 4 new Utahns in Utah County Population Growth 2010 - 2017 19.1% 12.3% 5.3% United States State of Utah Utah County Sources: Gardner Policy Institute Utah Population Committee and U.S. Census Bureau
Utah cant be #1 without Utah County States with Most Robust Population Growth 2010 - 2017 WITHOUT UTAH COUNTY ACTUAL Texas Utah 12.1% 12.3% North Dakota Texas 12.0% 12.1% Florida North Dakota 11.3% 12.0% Colorado Florida 11.1% 11.3% Nevada Colorado 10.9% 11.1% Utah Nevada 10.8% 10.9% Source: Gardner Policy Institute analysis of Gardner Policy Institute Utah Population Committee and U.S. Census Bureau
Over 50 percent of growth in 4 cities Distribution of Population Growth in Utah County 2010 - 2017 Mapleton city Payson city Elk Ridge city Lindon city Alpine city Cedar Hills city Unincorporated Draper city (pt.) Woodland Hills city Genola town Goshen town Cedar Fort town Fairfield town 1.9% 1.5% 1.5% 1.0% 0.9% 0.6% 0.5% 0.4% 0.2% 0.2% 0.0% 0.0% 0.0% Lehi city Saratoga Springs city Eagle Mountain city Orem city Vineyard town Pleasant Grove city Provo city Spanish Fork city Springville city Highland city American Fork city Santaquin city (pt.) Salem city 16.6% 13.1% 11.4% 10.6% 6.8% 5.9% 5.4% 5.2% 4.1% 3.8% 3.3% 2.8% 2.0% Source: Gardner Policy Institute analysis of U.S. Census Bureau data
Economic migration relatively strong in Utah County Net Migration Contribution to Population Growth 2010 - 2017 28.3% 25.9% Utah County State of Utah Sources: Gardner Policy Institute Utah Population Committee
Whether by design or default, you are shaping your future Challenges and Opportunities for Utah County (End of Business Cycle?) Economic and Demographic Growth Diversity economic, age, culture Transportation air, land water Critical land conservation Affordable housing Tax modernization Sources: Eric Allenbaugh (quote), Kem C. Gardner Policy Institute
Thank you! Juliette Tennert, Chief Economist juliette.tennert@utah.edu Kem C. Gardner Policy Institute David Eccles School of Business | 411 E. South Temple Street Salt Lake City, UT 84111 | 801-585-5618 | gardner.utah.edu Facebook.com/gardnerpolicyinstitute | Twitter.com/KemGardnerInst
