SALT LAKE CITY -- Utah's economic growth pace continues to be the strongest in the western Continental U.S., although current growth pales when compared to stronger economic growth during 2004-2007, according to the Summer 2011 issue of Zions Bank's Insight--Economic News of Utah and the Nation released today.
"Utah's job creation pace is likely to maintain course over the balance of 2011. It is then likely to pick up speed in 2012 and especially in 2013 as new single-family home construction activity is expected to rebound sharply," said Jeff Thredgold, economic consultant to Zions Bank and author of Insight.
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 highlights examples of economic growth in the state:
* The Utah economy added an estimated 17,400 net new jobs during the most recent 12-month period, a growth pace of 1.5%. Such growth currently ranks sixth in the nation, trailing only a handful of energy and agriculture rich states.
* The state's unemployment rate declined to 7.3% in the latest month, down from the 7.6% average of the prior 12 months. While the rate is expected to fall at a consistent pace during the next 2 to 3 years, it will be a number of years before Utah approaches the 2.8% average jobless rate during 2006-2007.
* Preliminary data suggests that the 2010-2011 ski season will be the second best on record, trailing only the 2007-2008 season. Resort bookings across the West rose during the latest season as well.
* Texas, Arizona and Utah led the nation during the past 10 years in the number of new private sector jobs because of their business-friendly governments and reputations.