Report Says Utahns Are 'Very Optimistic' About The Economy
The statewide Consumer Attitude Index for May says Utahns are very optimistic about the state's economy. Chad Berbert, one of the CAI’s publishers, said Utah is experiencing historic economic growth.
“This year, we’ve seen…sustained optimism around not just current economic conditions but also in the future," he said. "In particular, Utahns are telling us job availability is strong, and they see jobs as being plentiful six months from now. They also see their incomes increasing in the next six months.”
Some may think the tech industry is mostly responsible for this boost in economic confidence, but Berbert said almost everything across the stock board is green for Utah.
“One of the strengths of the Utah economy is that by economist measures, we’re actually a fairly diversified state. In decades past, we used to have a strong focus on a couple of sectors, agriculture initially, mining in particular. Over the past 40 years, or so, our tech sector has really grown, our service and tourist industry has really grown, we’re seeing growth in manufacturing, health care and education is strong here," he said. "Only one sector - and that’s mining and minerals - is…where we’re seeing a contraction; all the other sectors are seeing healthy growth.”
Berbert said this economic diversity also helps keep Utah safe from economic shocks like the 2008 Recession.