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Utah’s Economic Climate

Utah’s Economic Climate. Presented by Natalie Gochnour Wells Fargo Economic Summit for Nonprofits May 4, 2010. Source: Utah Department of Workforce Services. Job Growth March 2009-March 2010. Source: Utah Department of Workforce Services. Utah Job Growth .

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Utah’s Economic Climate

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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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