A group of leading economists released a consensus economic forecast predicting positive performance in 2015.
Job growth, income growth and unemployment are all expected to improve over the prior year as the Beehive State continues to outperform national economic conditions.
Utah stands out among a handful of states that are leading the nation in job growth. Employment growth in 2014 was at 3.0% in Utah, which is far above the 1.8% national average. Utah’s job growth is expected at 2.5% while the nation stays at 1.8%. Utah’s unemployment rate is expected to hold steady at 3.6%.
These and other forecasts are included in the 2015 Economic Outlook released today at the annual Utah Economic Review hosted by the Salt Lake Chamber. Gov. Gary Herbert and over 400 business leaders attended the forum and heard from a panel of leading economists who discussed the forecast.
Lane Beattie, president and CEO of the Salt Lake Chamber, noted in his remarks the need for economic data and the need to invest in the state’s future.
“Utah’s economy is the envy of the nation,” said Lane Beattie, president and CEO of the Salt Lake Chamber. “The business focus of Governor Herbert and the Legislature has propelled Utah through the Great Recession and positioned the state extremely well for 2015.”
According to the 2015 Economic Report to the Governor, Utah remains in better economic condition than national averages, with new jobs developing at a faster pace and unemployment continuing to trend downward. The report is a collaboration between the Bureau of Economic and Business Research and the Governor’s Office of Management and Budget and indicates that barring any major disruptions to global and national economics, the state can look forward to moderate growth and improving economic conditions in 2015. Utah’s labor market in 2015 is expected to taper off slightly; however, an improving national economy could increase growth forecasts.
“Utah’s vibrant and diverse economy has improved in the years following the Great Recession, said Natalie Gochnour, associate dean at the David Eccles School of Business. The outlook for the next year is bright with moderate growth in the labor market, which should encourage an increase in net in-migration and new household formation – both of which will benefit the homebuilding industry.”
To view a copy and learn more about the 2015 Economic Outlook visit: bebr.business.utah.edu.
The Utah Economic Review also marked the launch of The Economic Club of Utah last year. This formal association of economists, business professionals and public policy analysts provide a forum to share research, data and analysis important to the success of the Utah economy.
The Economic Club of Utah is statewide and replaces what was previously known as the Wasatch Front Economic Forum. Membership is free. The David Eccles School of Business serves as the backbone organization, and the Utah Governor’s Office of Management and Budget and Salt Lake Chamber serve as partnering entities.