December 23, 2013

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Economic Outlook Shows Utah Poised to Continue Growth

Press Release

December 23, 2013

Salt Lake City – In a collaborative effort, the Salt Lake Chamber and CBRE have released the Fall 2013 Economic Outlook for Utah and Salt Lake County.

 The bi-annual report summarizes current opportunities and challenges on the international, national, state and county level for economic growth and provides an outlook for the coming year. 

Highlights of the report include a forecasted 3.1 percent increase in jobs, as well as unemployment levels expected to drop to around 4 percent. Utah and Salt Lake County are expected to experience moderate growth. Nationally, growth levels are expected to continue improving. However, the spread between national and state growth levels should narrow in 2014. Although steady improvement is expected during the coming year, questions remain going forward.

“Our state has weathered and rebounded from the recession better than most, and the private sector economy is ready for accelerated growth,” said Natalie Gochnour, chief economist of the Salt Lake Chamber and associate dean of the University Of Utah David Eccles School Of Business.
The report also notes that while there have been some challenges for growth on the county level, such as the lost production at Rio Tinto Kennecott’s Bingham Canyon mine, many developments in the state will support growth over the short-term and continue to yield dividends into the future. At the news conference release, the report also highlighted the importance of the Huntsman Cancer Institute’s $100 million expansion, the $2.3 billion Terminal Redevelopment Program at Salt Lake City International Airport and the placement of the F-35s at Hill Air Force Base.

“Utah and Salt Lake County are positioned well for continued growth,” said Darin Mellott, senior analyst for CBRE. “Looking ahead, a well-positioned private sector economy, notable projects and a stable business friendly environment will benefit the county and state during the coming year.“

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