Utah Travel Headlines Blog

Thursday, October 23, 2008

Utah Praised For Economic Strength, Lifestyle

Economist.com (a UK publication) has this interesting article under this subhead: Why Utah’s economy is soaring above its neighbours. Below are excerpts.

NOBODY knows quite how the contagion that broke out in Wall Street will affect the rest of America, nor how deep or how long the likely recession will be. What is certain is that some places will suffer more than others. So far Utah, a state best-known for Mormonism and pretty rocks, is looking unusually healthy. “We’ve got a lot to be proud of,” says Jon Huntsman, the governor. “Certainly more than many of our neighbours.”

Indeed, Utah has more to be proud of than any other state in the West. In September its unemployment rate was just 3.5%—less than half of California’s and the second-lowest rate in the region after oil- and gas-rich Wyoming. Last month the Milken Institute declared
Provo, a sprawling settlement south of Salt Lake City, America’s best-performing city for technology output and job and wage growth. Salt Lake City itself came third.

Hardly a month goes by without Utah announcing a corporate relocation or a new factory. The state has experienced a minor semiconductor boom in part because of its cheap, coal-fired power.
Ogden, until recently a decaying railway town north of Salt Lake City, has quietly become the world centre of winter sports equipment. Mike Dowse, who oversees brands such as Atomic and Salomon for Amer Sports, gives three reasons: “the mountains, the mayor and the money”.

Read the complete article.

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