Latest Research
Utah: Scrabbling for Innovation absent a Crisis
The 2017 Utah legislative session, an intensely busy 45 days, focused heavily on tax reform, funding of public schools, and addressing the state’s homeless crisis. At the conclusion of the session, the FY18 budget totaled $16.2 billion, a seven percent increase over the FY17 budget. Public schools received a large increase in funding—in total a seven percent increase to address student growth and other programs. The discussions about tax reform failed to produce any agreements and will likely be addressed in the 2018 session. Although homelessness was addressed with more than $12 million in funding for new homeless shelters, low-income[...]
Ivory-Boyer Fourth Quarter Report 2017
The value for all types of permit authorized construction totaled $8.21 billion, a 3.9 percent decrease from 2016 (inflation adjusted dollars) (see Figure 1). The decline in total construction value can be attributed to Salt Lake City issuing a permit for $566 million in 2016 for the redevelopment of the Salt Lake City International Airport. Without this permit, the total construction value for 2017 would be approximately 3 percent higher than in 2016.
December Economic Summary
The Utah economy remains healthy. Every major industrial sector expanded in 2016, contributing a total of 49,500 new jobs over the year. An annual employment growth rate of 3.6% was above the state’s long-term average and among the strongest in the nation. In 2016, Utah’s construction sector posted the highest job growth with 6.8%.
November Economic Summary
The Utah economy remains healthy. Every major industrial sector expanded in 2016, contributing a total of 49,500 new jobs over the year. An annual employment growth rate of 3.6% was above the state’s long-term average and among the strongest in the nation. In 2016, Utah’s construction sector posted the highest job growth with 6.8%.
October Economic Summary
The Utah economy remains healthy. Every major industrial sector expanded in 2016, contributing a total of 49,500 new jobs over the year. An annual employment growth rate of 3.6% was above the state’s long-term average and among the strongest in the nation. In 2016, Utah’s construction sector posted the highest job growth with 6.8%.
Fertility in Utah since the Great Recession: The New Normal or a Pregnant Pause?
Utah is currently experiencing strong economic growth and has clearly recovered from the Great Recession; however, it appears the recession has left a lingering imprint on the state’s demographics. Starting in 2008, fertility rates in the state began to significantly decline and those declines continue. While Utah continues to have the highest fertility rate, youngest population, earliest age at first marriage, and largest household size in the nation, the shifts that began in 2008 may indicate a new trend in fertility rates for the state. We conclude Utah’s lower fertility rate is likely not a pregnant pause, but rather a[...]
September Economic Summary
The Utah economy remains healthy. Every major industrial sector expanded in 2016, contributing a total of 49,500 new jobs over the year. An annual employment growth rate of 3.6% was above the state’s long-term average and among the strongest in the nation. In 2016, Utah’s construction sector posted the highest job growth with 6.8%.
Ivory-Boyer Third Quarter Report 2017
Utah’s construction industry is on pace for a very good year. The total value of construction for the first three quarters of the year rose to $6.3 billion, a nine percent increase over 2016. Through the third quarter the number of permits issued for residential dwelling units was 17,681, a 26 percent increase over 2016 and the highest level since 2007.
August Economic Summary
Utah’s nonagricultural employment increased an estimated 2.5%, or 36,300 jobs, between July 2016 and July 2017. Nationally, employment increased 1.5%, or 2.2 million jobs, between July 2016 and July 2017. Unemployment—Utah’s unemployment rate was 3.5% in July 2017, slightly higher than the July 2016 rate of 3.4%. The national unemployment rate was 4.3% in July 2017, lower than the July 2016 rate of 4.9%.
July Economic Summary
The Utah economy remains healthy. Every major industrial sector expanded in 2016, contributing a total of 49,500 new jobs over the year. An annual employment growth rate of 3.6 percent was above the state’s long-term average and among the strongest in the nation. Utah’s construction sector posted the highest job growth in 2016, 6.8 percent.