Utah Retains First-Place in Economic Outlook for 13th Straight Year
August 14, 2020Tags: Economic Development, economy, Featured, Jobs
Each year, the American Legislative Exchange Council publishes its “Rich States, Poor States” manual, examining every state’s economic outlook and performance. The manual reviews the policy choices made by each of the 50 states and determines if those choices have improved or hampered economic competitiveness and prosperity. In the 2020 report, Utah has claimed the top spot in the nation for economic outlook, marking the 13th year in a row Utah earned this distinction.
Economic outlook is a forecast which projects a state’s preparedness for future economic growth and success. It incorporates 15 state policy variables including tax burden and minimum wage rates. Utah’s consistent strong performance across these categories reflect a commitment to the success of future generations.
Additionally, Utah ranked third for economic prosperity. This metric examines a state’s previous economic performance in areas like cumulative GDP growth and non-farm employment growth. Since 2008, Utah has led the nation in this category posting an enviable 23.6% employment growth.
This strong track record of economic success can be attributed to prudent fiscal policymaking throughout state government. Despite some of the economic uncertainty cast by the coronavirus, Utah’s consistent history of responsible economic policymaking bodes well for recovery. With his remaining time in office, Governor Herbert hopes to lay the groundwork for these trends to continue.