Consumer attitudes in Utah are at an all-time high according to a recent survey. The consumer attitude index is the result of a survey given throughout the state of Utah. It asks consumers about income, employment status and how they feel about the state’s overall economy.
Robert Spendlove is the senior economist for Zions Bank. He said the consumer attitude index for October came in at 125.4 points, which is an all-time high. To put this number in perspective, 100 points is an average, baseline economy and 110 points is considered a prosperous economy.
So why are consumers in Utah feeling so good about the local economy?
“One of the strongest drivers is our job market,” Spendlove said. “Utah has among the strongest job markets in the nation. Our unemployment rate is one of the lowest in the country at about 3.4 percent. The job market in Utah is very strong, people feel good about it, there’s a lot of growth going on. We’re also seeing big increases in overall income for the state. In fact, for the latest data, Utah scored the highest personal income growth in the country. We tied Idaho and Washington for that ranking”
Not only are consumers feeling good about the present situation, they have high hopes for the future.
“Utah has the strongest population growth in the country,” Spendlove said. “In migration, it has increased by about 40 percent in the last year. So because of Utah’s strong economy, we’re attracting a lot of people to move into the state. People hear how the story of how well Utah is doing, how strong the economy is and we’re attracting more and more people to move into the area.”
Spendlove said because consumer attitudes are high, they are more likely to buy from small businesses and purchase locally produced food from grocery stores and farmer’s markets, which continues to add value to the local economy.