Utah/Federal Government Nexus Data Summary: Federal Funds in Utah’s State Budget
In FY 2024, federal funds comprised 27% of the state’s spending, totaling just over $7 billion of the $26 billion total.
In FY 2024, federal funds comprised 27% of the state’s spending, totaling just over $7 billion of the $26 billion total.
Utah’s consumer sentiment decreased 3.5% to 88.1 in February from 91.3 in January, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment.
The federal government spends 39% more annually than its revenue collections, resulting in a deficit ($1.9 trillion in FY 2024).
Nearly 57,000 federal employees work in Utah, consisting of non-defense civilian employees (nearly 22,000), defense civilian employees (about 19,000), and military personnel (roughly 16,000).
Education and training help Utahns earn more income, secure more stable employment, achieve greater upward mobility, participate less in public assistance programs, and garner other positive individual and societal benefits.
Utah’s consumer sentiment was unchanged at 91.3 in January, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment.
July 1, 2024 estimates produced by the Utah Population Committee indicate a total Utah population of 3,506,838, adding 50,392 residents to the state since July 1, 2023.
Utah ranks among the top 10 most economically diverse states in the U.S., maintaining its 2022 position as having the 7th highest Hachman Index score in 2023.
Many factors, including strong economic multipliers, position Utah's fintech industry to grow and play a larger role in the state's economy.