Latest Research
December 2019 Economic Summary
Utah’s total personal income reached $156.1 billion* in the third quarter of 2019, rising 6.0% from the third quarter of 2018. Utah’s growth ranked 3rd in the nation. Nationally, personal income increased 4.5% over the same period.
Ivory-Boyer Construction Report, 3rd Quarter 2019
This year is shaping up to be another record year for Utah’s construction industry. Through the third quarter of 2019, the total value of permit-authorized construction is $7.4 billion, surpassing the pre-recession high of $7.2 billion in 2007 (inflation-adjusted). The residential sector accounts for 60% of the total statewide value. Most of the residential growth is in apartments.
November 2019 Economic Summary
Utah’s nonagricultural employment increased an estimated 3.3%, or 51,200 jobs, between October 2018 and October 2019. Nationally, employment increased 1.4%, or 2.1 million jobs, between October 2018 and October 2019.
The State of Utah’s Travel and Tourism Industry, 2018
Utah’s diverse travel and tourism industry provides jobs and income for Utah residents and contributes state and local tax revenue. Utah’s natural, cultural, and historical assets draw domestic and international visitors year-round. Since 2014, visitor spending in Utah’s economy increased by an average 3.4% annually when adjusted for inflation. In 2018, travelers directly spent a record $9.75 billion in Utah, generating an estimated 136,000 total Utah jobs, and $1.28 billion in state and local tax revenue. Utah’s national parks, state parks, and ski resorts experienced record visitation in 2018 as well.
A Qualitative Study of Utah’s State Turnaround Program: Cohort One
The first cohort of schools that successfully exited the Utah State Turnaround Program experienced similar factors of success and share similar concerns. A concerted focus on data, positive reinforcement, collaboration, and strong leadership were chief among the factors they attributed to their success. These schools are very proud and empowered by their success, yet have concerns about sustaining the gains made without the additional resources or school leadership that adopts turnaround practices.
October 2019 Economic Summary
The Utah economy exceeded expectations in 2018, adding a total of 48,500 new jobs over the year. An annual employment growth rate of 3.3% is on par with the state’s long-term average and is among the strongest in the nation. A tightening labor market (3.1 percent unemployment) applied upward pressure on personal income. Annual income per capita increased to $45,174, a 3.9 percent increase from last year.
September 2019 Economic Summary
The consensus forecast predicts moderating–but still healthy–job and wage growth, and low unemployment. Internal risks to the Utah economy include the supply of workers, increasing interest rates, housing affordability, and air quality. The nation is entering a late business cycle which may also present challenges. Demographic advantages, an appealing business climate, and increasing labor force participation will continue to be an advantage for the economy. All going well, Utah will once again be one of the top-performing economies in the nation in 2019.
The State of Utah’s Travel and Tourism Industry, September 2019 (Tri-Fold Brochure)
In 2018, travelers and tourists spent a record $9.75 billion in Utah. Nonresident visitors spent $8.38 billion of that total, with the largest shares spent on transportation (including gasoline purchases, car rentals, transportation fares, parking), lodging, and dining. Additional nonresident visitor purchases included retail items and groceries, as well as arts, entertainment, and recreation-related activities.
Ivory-Boyer Construction Report, 2nd Quarter 2019
The total statewide value of permit authorized construction in Utah during the first half of 2019 is $4.7 billion (Table 1). The residential sector accounts for almost two-thirds of statewide construction value, totaling $2.9 billion. Activity in the commercial sector remained strong through the second quarter bringing total nonresidential construction value to $1.2 billion, a 13.5 percent increase from mid-year 2018.
Utahns on the Move: State and County Migration Age Patterns
Utahns are on the move. Approximately one in every six Utahns changed residences in 2016, mirroring a national trend of high mobility. As the Utah economy has grown, diversified, and become more globally integrated, the state has emerged as a net in-migration destination. Utah migration patterns vary over time and by geography (counties). Migration is also impacted by economic performance and structure, natural resources (including recreational), and major events (such as the Olympics). In this report, we provide analysis of Utah’s migration history, signature migration characteristics for the 2000-2010 decade, and county migration trends by county typology and stages of[...]