The 2024 Utah Economic Report to the Governor is the 36th publication in this series. Through the last three and a half decades, the Economic Report to the Governor has served as the preeminent source for data, research, and analysis about the Utah economy. It includes a national and state economic overview, a summary of state government economic development activities, an analysis of economic activity based on the standard indicators, and a detailed review of industries and issues of particular interest. The primary goal of the report is to improve the reader’s understanding of the Utah economy. With improved economic literacy, decision makers in the public and private sector will be able to plan, budget, and make policy decisions with an awareness of how their actions are both influenced by and impact economic activity.

Utah Economic Council and Collaborators

The Utah Economic Council, a joint venture between the David Eccles School of Business and the Governor’s Office of Planning and Budget, publishes the Economic Report to the Governor. The Council aims to guide data development, inform research activities, share economic commentary, provide peer review, and support an improved understanding of the Utah economy. The Economic Council, Kem C. Gardner Policy Institute, and authors from both the private and public sectors devote a significant amount of time to the creation of this report, ensuring the report reflects the latest economic and demographic information. More detailed information about the findings in each chapter can be obtained by contacting the authoring entities.

Data Used in This Report

The contents of this report come from a multitude of sources listed at the bottom of each table and figure. Data are generally for the most recent year or period available. A quarter or more of lag time may occur before economic data become final. Therefore, some statistics in this report reflect estimates based on data available as of late 2023. Readers should refer to noted sources later in 2024 for final data. Some of the tables and figures also include forecasts. All of the data in this report are subject to error arising from a variety of factors, including sampling variability, reporting errors, incomplete coverage, non-response, imputations, and processing error. If questions arise about the sources, limitations, and appropriate use of the data included in this report, contact the relevant entity.

Video Overview

The following video offers an overview of the data discussed in the ERG. This analysis underscores the resilience of the U.S. economy in 2023 and anticipates sustained, albeit slower, economic growth in 2024.