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Understanding Utah's Economic Climate: Insights from the Wells Fargo Economic Summit (2010)

This overview presents key insights from Natalie Gochnour at the Wells Fargo Economic Summit, highlighting Utah’s resilient economic climate from March 2009 to March 2010. Utah's job growth and declining unemployment rates, fueled by corporate profits and consumer spending, reflect a promising recovery. Key sectors, including major expansions from companies like Goldman Sachs and Microsoft, underpin this growth. The state's financial discipline, population growth, and investments in downtown Salt Lake City position Utah as a leader in economic diversity and strength.

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Understanding Utah's Economic Climate: Insights from the Wells Fargo Economic Summit (2010)

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  1. Utah’s Economic Climate Presented by Natalie Gochnour Wells Fargo Economic Summit for Nonprofits May 4, 2010

  2. Source: Utah Department of Workforce Services

  3. Job GrowthMarch 2009-March 2010 Source: Utah Department of Workforce Services

  4. Utah Job Growth Source: Utah Department of Workforce Services

  5. Unemployment March 2010 Source: Utah Department of Workforce Services

  6. Source: Utah Department of Workforce Services

  7. Anatomy of Recovery Corporate Profits Increase Companies Begin to Hire Consumers Spend Again Workers Receive Wages Consumer Sentiment Rebounds

  8. U.S. Corporate ProfitsYear-Over Percent Change Source: U.S. Bureau of Economic Analysis

  9. Utah Unemployment ClaimsPast Five Years Source: Utah Dept. of Workforce Services

  10. U.S. Consumer Confidence Source: Conference Board Index

  11. U.S. Personal Consumption Expenditures Source: U.S. Bureau of Economic Analysis

  12. Utah Economy Positive News • Marquee expansions - Goldman Sachs, Microsoft, eBay, and NSA Data Center bode well for Utah’s recovery. • Internal population growth - Utah’s population growth rate of 2.1% leads the country. • Downtown Rising - Investment in downtown SLC exceed $1.6 million per day. An estimated 1600 construction workers are employed at City Creek Center. • Best Managed State – Fiscal discipline and responsibility are Utah hallmarks. • Location – Utah is at the center of the New American West. • Economic diversity – Utah ranks sixth among states in economic diversity. Source: Salt Lake Chamber

  13. Better Days Ahead … • Job growth returns – Utah and the nation will return to positive side of the job ledger later this year. • Pent up savings – People will begin to spend pent up savings and make delayed purchases. • Soft, but respectable revenue growth – Sales and income tax collections will recover, albeit slowly. • Business will rescale – Start with temp jobs, expand to others and unemployment will inch down. • Revival of confidence – People will spend again. • Productivity will pay dividends – Every facet of the economy is leaner and meaner. • Animal spirits take hold – Self interest serves common interest (hopefully for a long while). • Utah’s strong economic fundamentals take root – Utah emerges once again as a top performing economy. Source: Salt Lake Chamber

  14. Follow me on Twitter at twitter.com/gochnour

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