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Posted Dec 19, 2008, 6:27 PM
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Registered User
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Join Date: Dec 2008
Location: Sandy, UT
Posts: 360
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Utah Economic Health
Quote:
Originally Posted by Northernlad
Delts145, this forum is a place to talk about good and bad, not just what you consider good. I think you get so wrapped up in your own narrow minded way of thinking that you forget about reality and what is really going on.
The local economy is not all that good, it is getting worse and people losing their jobs here in Utah, the Salt Lake Valley, are having a difficult time finding new employment. This is very true regardless of the strong job growth we have been blessed with. It is reality. Sorry. The whole nation is hurting and Utah is part of America the last time I checked.
I apologize if I upset your morning by posting this news article.
Please, please just relax.
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Quote:
Originally Posted by UTPlanner
Delts I don't want to be negative but the local economy is suffering a great deal. I do some consulting on the side for a national firm and business in Utah is in a downward spiral. I would not agree that we are in the upper tier of good economies. I'd say we're right in the middle.
There are some states that are worse and some that are better. I don't think that we need to focus all of our energy on the bad economy but I do think its important to recognize its existence. With recognition of the fact we can press forward and continually look for the solutions. With denial comes few solutions.
I don't mean this as a lecture in any way. I really think there will be a great deal of improvement in 2009. I believe the new administration will make sure of that.
I'll hop off my soapbox now.
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I think that Delts does recognize that we are slowing down, but we still remain among the top tier economies in the states. You should check out this map. It shows 2007 state-by-state GDP (the sum of all purchases within the economy and ultimate gauge of economic activity) growth. Utah is number 1 with a 5.3% GDP growth!
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm
Note that not one state bordering Utah even has half of that! Idaho has 2.4%, CO has 2.0%, AZ has 1.8%, NV has 0.6%, and Wyoming has 1.8%. Not one other state in the entire country even has a score within the 5% range, the closest to Utah would be New York at 4.4%
Utah's unemployment rate ranks 4th lowest as of October 2008 at 3.5%, which is also an excellent sign that Utah is fairing much better than the majority of the nation. Utah's unemployment rate is better than 92% of the nation.
Check out this report as well (I have provided it here, so no need to click the link):
http://www.realestatehomesutah.com/utah_economy_Aug2008.html
"Utah's Economic Rankings and the Housing Market
August, 2008
Utah continues to rank high with its economic indicators. These high marks and optimistic forecasts bode well for Utah's housing market compared with the rest of the nation. A summary of Utah's rankings, the source and the criteria is displayed below:
Salt Lake City Ranked #3 for Home Sellers.
A Forbes study released April 7, 2008 cited strong job growth, a sharp drop in new construction and a declining home inventory as criteria for Salt Lake City's high ranking.
Salt Lake City Ranked #1 for Home Bargains.
Another Forbes study released earlier this year in February ranked Salt Lake City as the best bargain in the country for house hunters. Factors included low foreclosures, job growth, high inventory and property owner's willingness to negotiate the sale of real estate.
Utah Ranked #1 for Economic Competitive Advantages.
The Beacon Hill Institute of Boston, ranked Utah as the most economic competitive state in the nation. Criteria for this evaluation included fiscal policy, security, infrastructure, human resources, technology, business incubation, and openness.
Utah Ranked #3 for Business.
CNBC ranked Utah just below Texas and Virginia as the top states in the country for business for two consecutive years - 2007 & 2008. Factors used in the analysis included the economy, workforce, education, quality of life, cost of doing business and business friendliness.
Utah Ranked #1 for Economic Outlook.
The American Legislative Exchange Council ranked Utah in the number 1 position in the U.S. for economic outlook in December, 2007. This forecast gauged Utah's economic future on criteria such as security, infrastructure, business incubation, fiscal policy, minimum wage, tax policy and education.
Provo-Orem Ranked #1 for Best Performing Cities.
The Milken Institute ranked Provo-Orem top in the county for job creation, retention and economic growth. The report was released September 10, 2008. Salt Lake City is ranked #3 and Ogden-Clearfield is ranked #18. St. George, Utah is ranked #4 among small metropolitan areas. With so many Utah cities achieving top economic performance in the country, Utah's forecast for growth is very high.
Often as go the economy, so goes the real estate market. Utah is in a good position for its housing market to weather the current national economic storm."
I do agree that we should not ignore the negatives of the Utah economy, but condemning those of us who simply state that Utah is doing better than the majority of the nation as being in denial is pretty weird. I live in California as well, and I have noticed stark contrasts between there and here. In my West Jordan area, I have seen 1 forclosure this year. In California, there was one on just about every block. Even now, at the hieght of recession and the bottom of the housing market, I still see houses, apartments, and condos flying up all over the place in western West Jordan and Daybreak. I see UTA doubling their track mileage and adding 2 commuter lines. I go downtown and see more projects going up than I can even count. Yes, I do know that UDOT is suspending $3.9 billion worth of projects and that Utah's unemployment rate is increasing while GDP growth is shrinking, but it's really not all that bad. All economies go through cycles, and I would much rather be in Utah's downward-spiral than, say, Michigan's. I would even take Utah's situation over any of it's neighbors.
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