The State of the Utah Valley Economy Utah

The State of the Utah Valley Economy Utah Valley Chamber 2018 Executive Summit September 27, 2018 Juliette Tennert, Chief Economist

The State of the Utah Valley Economy IS STRONG

Near 1 in every 3 Utah jobs gained was in Utah County Job Growth August 2017 – August 2018 6, 6% 3, 7% 1, 7% United States Source: Utah Department of Workforce Services State of Utah County

Utah can’t be #1 without Utah County States with Most Robust Job Growth August 2017 – August 2018 WITHOUT UTAH COUNTY ACTUAL Utah 3, 7% Nevada Washington 3, 5% 3, 4% Nevada Washington 3, 2% Texas 3, 2% Utah 3, 0% 3, 4% Idaho Arizona 3, 5% Arizona 3, 2% 3, 1% 3, 0% Source: Gardner Policy Institute analysis of Utah Department of Workforce Services and U. S. Bureau of Labor Statistics data

Innovation Economy, Construction, Health Care fueling growth Job Growth by Industry 2017 -2018 Prof. . . 4 967 Con. . . 2 559 Ed/. . . 2 509 Tra. . . 2 017 Man. . . 1 151 Fina. . . 890 Leis. . . 748 Gov. . . (905) 637 Mini. . . 47 Oth. . . 8 Info. . . Source: Utah Department of Workforce Services

Over 1 in 4 new Utahns in Utah County Population Growth 2010 - 2017 19, 1% 12, 3% 5, 3% United States State of Utah Sources: Gardner Policy Institute Utah Population Committee and U. S. Census Bureau Utah County

Utah can’t be #1 without Utah County States with Most Robust Population Growth 2010 - 2017 WITHOUT UTAH COUNTY ACTUAL Utah 12, 3% Texas 12, 1% North Dakota 12, 0% Florida Colorado Nevada 11, 3% 11, 1% 10, 9% Texas 12, 1% North Dakota 12, 0% Florida Colorado Nevada Utah 11, 3% 11, 1% 10, 9% 10, 8% Source: Gardner Policy Institute analysis of Gardner Policy Institute Utah Population Committee and U. S. Census Bureau

Over 50 percent of growth in 4 cities Distribution of Population Growth in Utah County 2010 - 2017 Lehi city Saratoga Springs city Eagle Mountain city Orem city Vineyard town Pleasant Grove city Provo city Spanish Fork city Springville city Highland city American Fork city Santaquin city (pt. ) Salem city 16. 6% 13. 1% 11. 4% 10. 6% 6. 8% 5. 9% 5. 4% 5. 2% 4. 1% 3. 8% 3. 3% 2. 8% 2. 0% Source: Gardner Policy Institute analysis of U. S. Census Bureau data Mapleton city Payson city Elk Ridge city Lindon city Alpine city Cedar Hills city Unincorporated Draper city (pt. ) Woodland Hills city Genola town Goshen town Cedar Fort town Fairfield town 1. 9% 1. 5% 1. 0% 0. 9% 0. 6% 0. 5% 0. 4% 0. 2% 0. 0%

Economic migration relatively strong in Utah County Net Migration Contribution to Population Growth 2010 - 2017 28, 3% 25, 9% Utah County Sources: Gardner Policy Institute Utah Population Committee State of Utah

“Whether by design or default, you are shaping your future” Challenges and Opportunities for Utah County ü(End of Business Cycle? ) üEconomic and Demographic Growth üDiversity – economic, age, culture üTransportation – air, land water üCritical land conservation üAffordable housing üTax modernization Sources: Eric Allenbaugh (quote), Kem C. Gardner Policy Institute

Thank you! Juliette Tennert, Chief Economist juliette. tennert@utah. edu Kem C. Gardner Policy Institute David Eccles School of Business | 411 E. South Temple Street Salt Lake City, UT 84111 | 801 -585 -5618 | gardner. utah. edu Facebook. com/gardnerpolicyinstitute | Twitter. com/Kem. Gardner. Inst