Utah Ranked Second in the Nation for Economic Momentum
October 9, 2020Tags: Economic Development, economy, Featured, Jobs
The Federal Funds Information for States (FFIS) recently released their index of economic momentum for the third quarter of 2020, which saw Utah take the second best position in the nation.
A measure of economic vitality, the index includes three indicators to gauge each state’s performance: personal income growth, employment growth, and population growth. Utah ranked second behind only Idaho and was one of just four states to exceed the national average economic momentum by more than 2%.
According to the report, Utah has posted the second fewest job losses through the pandemic, and also seen a 11.2% increase in personal income over the past year, better than the national average of 10.4%. Even as the pandemic has slowed the progress of the economy across the country, we are still pressing forward in our state.
Given that Utah is one of the fastest growing states in the nation, these promising measures of economic vitality should be a positive sign to all Utahns. Higher incomes, more jobs, and better quality of life are all becoming staples of the Utah experience.
You can view the September 2020 report here and visit the FFIS website here.