More Confidence In Utah Economy At Summer's End
August saw more Utahns express optimism about the near future of the state’s economy. The Zions Bank Consumer Attitude Index increased nearly six points, indicating growing confidence in the market. The jump came after two months of declining expectations.
Cache County’s economy has shown stability. The local unemployment rate of around three percent beats the state and national average. Zions Bank Economic Advisor Randy Shumway said that the county’s prospects remain bright in part due to Logan’s efforts to host a variety of summer events.
“If you look at the Tour of Utah, Ragnar, Utah Festival Opera, those types of things that are beginning in Logan, it does two things; it brings people, they spend the night, they spend their money,” Shumway said. “But it also opens up the beauty and activity of Logan to them, which brings them back”
The economy in Cache Valley is also impacted by the annual population fluctuation due to many Utah State University students going home in the summer. Shumway said that hosting summer events is one way many college towns can remain healthy.
“Certainly, losing students during the summer is challenging,” he said. “There’s myriad ways to overcome that, there’s certainly the various summer activities that Logan hosts that brings people from both out of town and out of state.”
While Cache Valley’s unemployment rate remained relatively steady, the number of home foreclosures in Cache and Box Elder Counties rose in the last month.