SALT LAKE CITY -- According to the Autumn 2010 issue of Zions Bank's Insight -- Economic News of Utah and the Nation released today, Utah's lengthy transition to modest economic growth mode is complete after the most severe recession since the Great Depression.
"Better days are ahead," said Jeff Thredgold, economic consultant to Zions Bank and author of Insight. "Utah is well positioned to return to solid economic growth in coming years. The state's mix of affordable living, a mild climate, outstanding recreational opportunities, top quality colleges and universities, viable transportation systems, a strong business sector, and solid work ethic ranks with any in the nation."
Utah employers added roughly 19,000 net new jobs during the most recent 12-month period, a growth pace of 1.6%. Current growth would rank among the top handful of states. By comparison, similar data as recently as August 2009 indicated a loss of more than 70,000 jobs in the prior 12-month period.
The quarterly Insight publication features updates on current and projected economic and financial developments for the state of Utah, the nation and the global economy. The report also examines inflation. Highlights from the report include:
* Utah's unemployment rate has averaged 7.2% during 2010-to-date. This level is nearly twice the 3.7% average during 2008 and two-and-a-half times the 2.9% average in 2006-2007. The unemployment rate could stay uncomfortably high in coming months as better job availability draws more people back into the labor force.
* The latest Utah "cost of doing business" estimate of Moody's Economy.com was 90 percent of the U.S. average. Similar costs for Salt Lake City and Provo-Orem were 87 percent and 83 percent, respectively.
* Utah has benefited from investment decisions by such high-profile California-based names as Adobe, eBay, Oracle, Twitter, and Electronic Arts to invest in new facilities across the Wasatch Front. Such decisions will bring thousands of new jobs to Utah.
Zions Bank is Utah's oldest financial institution and is the only local bank with a statewide distribution of branches, operating 106 full-service branches throughout Utah.
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