The Utah economy is poised to continue its upward growth trend for the next year, particularly in jobs and housing.
Utah is coming out of the recession more rapidly than the rest of the nation, as has been the case with every downturn since World War II, according to a report released by the Governor’s Office of Planning and Budget titled Economic Outlook 2013.
Job growth in the Beehive State should rise at twice the national rate, but is expected to stabilize just above the long-term average of 3.1 percent. Housing and construction will play a leading role in the strengthening recovery, the report states.
The annual report was presented to Gov. Gary Herbert and an audience of business and civic leaders Thursday during a forum organized by the Salt Lake Chamber.
Utah grows more rapidly than the nation at large, with the broader national business cycle governing local recessions and expansions, according to the report. Both Utah and the U.S. began growing during the summer of 2009, but unemployment has remained well above pre-recession levels.
Over the past two years as the recovery has progressed, both employment and income in Utah have grown faster than the national average, the report said. The state has especially benefited from its position as a logistical hub for production and distribution to the West Coast and nationwide. Deseret News
