It has been nice to finally see the weather finally change in Utah, as warmer days are definitely ahead of us now. It is also certainly nice to see Utah experience a change in the economic outlook for the state. It is anticipated that in 2012 should realize an estimated 2.8% employment growth or over 30,000 more jobs are to occur in the economy this year. This is great news to come from where we were!
Additional good news is to see the state’s unemployment rate drop below 6% to approximately 5.7% in the recent month. In comparison, the national unemployment rate was 8.3% for January 2012. Interest rates are still low, average annual pay for Utah employment has ticked up and all in all the future appears a little brighter for the State of Utah.
The economy is ‘grinding back’ and it is predicted that the Utah economy will outpace the national economy this year. The economy is ‘lifting up’ and private businesses have a little more hope for building their businesses this year. We can only hope that economically we continue to grind though again to some type of improved norm. That hopefully will mean continued business expansion and job growth, more housing permits and an improved business and consumer sentiment.
Utah’s population is forecasted to continue to grow at 1.5% that means over 53,000 more people will be living in Utah this year. This could help home prices stabilize and continue to support the expected 5% growth in retail during 2012.
Now for economic development, we need both the business and consumer confidences to return in our favor. There are numerous businesses and many consumers that are holding cash, waiting on the side lines for this economic cloud to burn off. Cash is always king and there appears to be many businesses wanting to expand plants and operations but hesitate as they wait for that change in the economic outlook. There is more discussion and want to ‘in-source manufacturing’ and help the US economy get back to the pre recessionary periods. Utah continues to have great export volume and appears to be in a good place to right now as we continue to receive accolade after accolade as Utah positions itself to become even better.
Becoming better and doing the most we can is important to Utah and to the economic development areas we all represent. We all can position ourselves to become better through participation in The Utah Alliance of Economic Development association.
Please take time to read the testimonials on the Alliance WebPages and review the role of Utah Alliance membership. You will come to see this organization can help ‘sharpen the saw’ and build the ‘economic toolbox’ with available solid portfolios and network resources’. We support one another in our daily work and challenge.
There have been countless times I have called Alliance members to ask questions, become better informed about practices and how to create strategy. This Alliance association is your tool box, whenever you are uncertain about projects, encounter a development situation that you haven’t seen or experienced, there will be someone to assist you; just call for help. You can bet that someone in the Alliance has previously been there before and have experiences on how to get it done. Reach out, network, support each other, and build upon the strengths of The Alliance for Economic Development. Everyone in the association is willing to help, just ask. You will find that as you support the Alliance you are actually supporting yourself.
This is going to be a better year and a better economy for Utah. Along with that idea, the Alliance wishes you a successful year in turning your opportunities into increased job growth and tax base. Your triumph is a victory for us all. We all applaud when the state wins, we all win regardless as to the site a company may choose. We desire more for Utah as it is a great place to live and do business.
Best of Success
Kent Sulser, EdFP
Alliance President
It has been nice to finally see the weather finally change in Utah, as warmer days are definitely ahead of us now. It is also certainly nice to see Utah experience a change in the economic outlook for the state. It is anticipated that in 2012 should realize an estimated 2.8% employment growth or over 30,000 more jobs are to occur in the economy this year. This is great news to come from where we were!
Additional good news is to see the state’s unemployment rate drop below 6% to approximately 5.7% in the recent month. In comparison, the national unemployment rate was 8.3% for January 2012. Interest rates are still low, average annual pay for Utah employment has ticked up and all in all the future appears a little brighter for the State of Utah.
The economy is ‘grinding back’ and it is predicted that the Utah economy will outpace the national economy this year. The economy is ‘lifting up’ and private businesses have a little more hope for building their businesses this year. We can only hope that economically we continue to grind though again to some type of improved norm. That hopefully will mean continued business expansion and job growth, more housing permits and an improved business and consumer sentiment.
Utah’s population is forecasted to continue to grow at 1.5% that means over 53,000 more people will be living in Utah this year. This could help home prices stabilize and continue to support the expected 5% growth in retail during 2012.
Now for economic development, we need both the business and consumer confidences to return in our favor. There are numerous businesses and many consumers that are holding cash, waiting on the side lines for this economic cloud to burn off. Cash is always king and there appears to be many businesses wanting to expand plants and operations but hesitate as they wait for that change in the economic outlook. There is more discussion and want to ‘in-source manufacturing’ and help the US economy get back to the pre recessionary periods. Utah continues to have great export volume and appears to be in a good place to right now as we continue to receive accolade after accolade as Utah positions itself to become even better.