Executives optimistic on the future of Utah’s economy

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The CEOutlook Confidence Index increased from 53.3 in 2019-Q3 to 61.2 for 2019-Q4, as Utah executives report optimism towards the state’s economy, according to the Salt Lake Chamber’s 2019 fourth-quarter CEOutlook 2019 survey released today.

“The new decade is beginning on a high note,” said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “Utah business leaders are optimistic about the future of our state’s economy, and key indicators point to even better things to come.” According to Miller, “The state led the nation in job growth from December 2018 to December 2019 and has the lowest unemployment rate recorded to date. Every major Utah industry is growing, from our strong tourism and business services sectors to the surging growth in Utah’s construction and health care industries.”

According to the fourth-quarter 2019 CEOutlook survey, 98% of executives report similar or somewhat better economic conditions for Utah’s economy as compared to the previous six months. The study also shows that a majority of executives, 89%, anticipate Utah’s economy will hold steady or improve in the coming months. Over half of the executives, 49%, expect stable conditions in their relative industries six months from now, and the majority of executives, 68%, expect their profits to remain the same or increase moderately over the next year.

“With low unemployment, rising wages and in-migration, all that is left for a strong Utah economy is ‘frictional unemployment,’ or the unemployment that exists because of people moving from one job to another,” said Natalie Gochnour, director of Kem C. Gardner Policy Institute and chief economist at the Salt Lake Chamber. “Utah CEOs recognize the strength of the Utah economy. The CEOutlook index increased in fourth-quarter 2019 to its highest level since second-quarter 2018. ”

To view the full 2019-Q4 report and to learn more about the CEOutlook, visit: slchamber.com/ceoutlook.