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Utah’s Economic Climate
Presented byNatalie Gochnour
Wells FargoEconomic Summit for Nonprofits
May 4, 2010
Source: Utah Department of Workforce Services
Job GrowthMarch 2009-March 2010
Source: Utah Department of Workforce Services
Utah Job Growth
Source: Utah Department of Workforce Services
UnemploymentMarch 2010
Source: Utah Department of Workforce Services
Source: Utah Department of Workforce Services
Anatomy of Recovery
Corporate Profits
Increase
CompaniesBegin to
Hire
WorkersReceiveWages
ConsumerSentimentRebounds
ConsumersSpendAgain
U.S. Corporate ProfitsYear-Over Percent Change
Source: U.S. Bureau of Economic Analysis
Utah Unemployment ClaimsPast Five Years
Initial Claims 4 week Rolling average for selected County
0.00
500.00
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
5000.00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52
2006 2007 2008 2009 2010
Source: Utah Dept. of Workforce Services
U.S. Consumer Confidence
Source: Conference Board Index
U.S. Personal Consumption Expenditures
Source: U.S. Bureau of Economic Analysis
Utah Economy Positive News• Marquee expansions - Goldman Sachs, Microsoft, eBay, and NSA Data
Center bode well for Utah’s recovery.
• Internal population growth - Utah’s population growth rate of 2.1% leads the country.
• Downtown Rising - Investment in downtown SLC exceed $1.6 million per day. An estimated 1600 construction workers are employed at City Creek Center.
• Best Managed State – Fiscal discipline and responsibility are Utah hallmarks.
• Location – Utah is at the center of the New American West.
• Economic diversity – Utah ranks sixth among states in economic diversity.
Source: Salt Lake Chamber
Better Days Ahead …• Job growth returns – Utah and the nation will return to positive side of the job ledger later this
year.
• Pent up savings – People will begin to spend pent up savings and make delayed purchases.
• Soft, but respectable revenue growth – Sales and income tax collections will recover, albeit slowly.
• Business will rescale – Start with temp jobs, expand to others and unemployment will inch down.
• Revival of confidence – People will spend again.
• Productivity will pay dividends – Every facet of the economy is leaner and meaner.
• Animal spirits take hold – Self interest serves common interest (hopefully for a long while).
• Utah’s strong economic fundamentals take root – Utah emerges once again as a top performing economy.
Source: Salt Lake Chamber
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