Public Policy
The Gardner Institute provides data-driven, context-specific insights about public policy in Utah. We prepare in-depth quantitative and qualitative studies on key Utah issues in partnership with private-sector stakeholders and state and local government. Our research provides vital information decision-makers and the public use to help Utah prosper.
July 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.
Insight: Rising Rents and Changing Preferences Define Salt Lake’s Rental Apartment Market
By: DJ Benway Apartment rental rates in Salt Lake County are nearly double from where they were 18 years ago. In 2000, the average rent for an apartment in Salt Lake County was $647 per month. By 2018, the average rent increased to $1,153 per month (Figure 1). Robust economic and demographic growth, increased demand, and shifting housing preferences have led to exceptional demand for apartments in the region. Despite the record number of apartment units developed since 2014—over 27,000 units—vacancy rates remain low and rental rates continue to increase. Figure 1: Average Rent for Apartment Units in Salt Lake[...]
Insight: As National Health Care Hiring Continues to Slide, Where Does Utah Stand?
By: Laura Summers Health care is one of the nation’s strongest employment sectors. In recent months, however, national headlines pointing to a significant slowing of new jobs in recent months have the industry speculating whether the health care employment boom is coming to an end.[i] Data from the Bureau of Labor Statistics show declining rates of employment in both April and May 2019 that haven’t been seen since mid-2017. […]
June 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.
The Salt Lake Apartment Market: An Analysis of Apartment Rental Rates in the Greater Salt Lake Region
Strong demand for apartment units in the Wasatch Front has led to a rapid increase in rental rates. Since the Great Recession, the increase in average rent has outpaced income growth and inflation. Pent up demand coupled with a robust population increase has fueled the growth of the regions’ rental market. Traditionally, Salt Lake City, West Valley City, Murray, and other northern cities of Salt Lake County have held a majority of the apartment inventory. However, cites in southern Salt Lake County and northern Utah County are experiencing significant expansion. Renters are showing a preference for proximity to employment centers,[...]
State Budget Stress Testing: How Utah Budget-makers are Shifting the Focus from a Balanced Budget to Fiscal Sustainability
State budget stress tests help policymakers to plan for and create appropriate, measured responses to economic volatility. Utah is the first state to implement comprehensive budget stress testing, evaluating the sufficiency of reserves and other budget contingencies to cover recession-spurred revenue shortfalls and countercyclical cost hikes.
State Budget Stress Testing User Guide
This user guide is a supplemental piece to the Gardner Institute’s report “State Budget Stress Testing: How Utah Budget makers are Shifting the Focus from a Balanced Budget to Fiscal Sustainability.” It is intended to assist other states in preparing their own budget stress tests.
Insight: Conquering Carbon Dioxide
By: Thomas Holst Reducing greenhouse gas emissions has become a hot-button topic. After the US Global Change Research Program stated last year that “human activities . . . are the dominant cause of the observed warming,”[i] reactions have been strong. Utah Sen. Mitt Romney stated, “we better hope it [warming] is man-made, because if it’s not we’re in trouble.” […]
Ivory-Boyer Construction Report, 1st Quarter 2019
The total statewide value of permit authorized construction during the first quarter of 2019 is $2.0 billion. This value is within a few million dollars of an all-time first quarter high in 2018 (inflation adjusted). Nonresidential construction value is particularly strong with a total of $641 million, up 35 percent over 2018. The number and value of residential permits issued, however, are down from the strong first quarter of 2018. Nevertheless, first quarter 2019 is still the second highest year in residential value since 2006 and the second highest in residential permits since 2007.
Insight: Utah’s Economic Commonwealth
By: Natalie Gochnour Originally published in Utah Business Prominent Utah historian, Thomas Alexander wrote the Beehive State’s official history titled Utah, the Right Place, as part of Utah’s centennial celebration in 1996. Mr. Alexander, who is now a professor emeritus at Brigham Young University, specializes in western US history and frequently writes about economic themes. He coined the term “economic commonwealth” in describing Utah’s diversifying and evolving economy since 1980 and I think Mr. Alexander got it right. While we typically think of a commonwealth as a US state (there are four of them) or the British Empire, the term dates back[...]