Economic Indicators
The Gardner Institute provides economic indicators for the U.S. and Utah, publishes an economics dashboard, administers the monthly consumer sentiment survey, produces Utah Informed, and prepares the annual Economic Report to the Governor.
December 2020 Utah Consumer Confidence
Our survey shows little change in consumer sentiment among Utahns between November and December 2020. Sentiment rose slightly for the U.S. as a whole, according to a similar survey by the University of Michigan.
November 2020 Utah Consumer Confidence
Our survey shows consumer sentiment among Utahns fell between October and November 2020.
October 2020 Utah Consumer Confidence
Our October survey of consumer sentiment—the first month this survey has been conducted—suggests sentiment may have a higher “level” in Utah than in the U.S., though we will need a few more months of data to confirm this. Table 1 shows responses to questions that define “sentiment” for Utah (our October survey) and the U.S. as a whole (from the University of Michigan).
Ivory-Boyer Construction Report, 2nd Quarter 2020
The momentum of a record-setting first quarter continued into the second quarter of the year. While COVID-19 ravaged the economy and led to all-time high unemployment, construction activity held on. Total permit-authorized construction value in Utah during the first half of 2020 is $4.8 billion, a slight increase of 0.4% over last year and a year-to-date record (see Table 1 and Figure 1). While both residential and nonresidential construction value decreased slightly, the 19.0% increase in additions, alterations, and repairs made sure construction value for the first two quarters of 2020 remained nearly identical to 2019. Total permitted residential units[...]
Ivory-Boyer Construction Report, First Quarter 2020
As this report reflects the first three months of 2020, the severe economic impacts of the COVID-19 health pandemic are not yet captured. Without knowing what lay ahead, based on first-quarter figures, one could have forecast 2020 as one of the best construction years on record. Total permitted construction value for the first quarter exceeded $2.5 billion, a record. This was led by a surge in the residential sector, with new permitted units increasing by 47.7% over last year, and a 46.5% increase in additions, alterations and repairs. However, as the impacts of the health pandemic continue to ravage the[...]
Measuring Economic Diversity: The Hachman Index, 2018
Utah is a leader among U.S. states for industrial diversity. A Hachman Index analysis using 2018 GDP data from the Bureau of Economic Analysis and aggregated to the two-digit NAICS code, reveals that Utah’s industrial distribution is very similar to that of the United States.
Ivory-Boyer Construction Report, Year-End 2019
In 2019, the value of permit-authorized construction in Utah totaled $9.8 billion, the highest year ever in both current and inflation-adjusted dollars. Sixty percent of the total construction value was in the residential sector, which rose 12.5% from 2018 to $5.8 billion. The strength of the residential sector is a result of robust growth in multifamily development. Apartments alone experienced an 80.6% increase in units from 2018. Nonresidential construction value in 2019 was $2.6 billion. Activity in the office and professional, and industrial and warehouse sectors drove commercial construction value in the state at $693.2 million and $671.9 million, respectively.[...]
2020 Utah Economic Report to the Governor
The 2020 Economic Report to the Governor is the 32nd publication in this series. Through the last three decades, the Economic Report to the Governor as 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[...]
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.
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.