January 8, 2007 2007 Economic Report to the Governor
The Council of Economic Advisors to Governor Huntsman recently released the 2007 Economic Report to the Governor. We all know the economy in Utah has been good in 2006…but just how good? This report provides important data and details regarding demographic changes, tourism, jobs and wages, and overall growth in Utah. If you don’t have time to read the full 226 page report I at least recommend a review of the 4 page Executive Summary. Here are a few highlights.
- 5.2% — job growth in 2006 (compared to 1.4% nationally)
- 2.7% — population growth (67,714 new residents = a city the size of St. George)
- 18.1% — construction job growth led all other sectors in 2006
- 5.4% — non agricultural wages increase exceeded inflation for the 3rd consecutive year
- 5.4 million residents are expected to live in Utah by 2050…doubling our population in the next 44 years.