SALT LAKE CITY -- Utah continues to build a foundation for stronger economic growth, and the state's economic rebound should maintain its current pace through the end of 2011, with stronger performance on tap during 2012 and 2013, according to the Spring 2011 issue of Zions Bank's Insight--Economic News of Utah and the Nation released today.
"Utah's economic outlook is clearly favorable," said Jeff Thredgold, economic consultant to Zions Bank and author of Insight. "The state is well-positioned to build on current growth and favorable news to re-establish its position among the top handful of economic performers in coming years."
The quarterly Insight publication features updates on current and projected economic and financial developments for the state of Idaho, the nation and the global economy. The report also highlights examples of the state's return to economic growth:
The Utah economy added and estimated 18,000 net new jobs during the most recent 12-month period, a 1.6 percent growth pace. By comparison, Utah lost more than 60,000 jobs during 2008 and 2009.
The state's unemployment rate has averaged 7.6 percent in recent months, after peaking at a revised 8.0 percent in early 2010. The unemployment rate is expected to move noticeably lower in coming years as employment gains return to more traditional levels.
Utah was the only state in the nation to see exports double during the past five years, with export-related employment now accounting for 93,000 Utah jobs, twice the level during 2006. More than 2,800 companies in the state exported nearly $14 billion worth of goods last year, a 31 percent rise from the prior year.
The University of Utah recently ranked first of the nation's 181 major research universities in regard to creating start-up companies based on university technology. The Association of University Technology Managers' annual survey noted the U of U's creation of 19 companies in 2009.