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2013-08-27 14:42:53
Utah: Always the State to Watch

For quite some time now, Utah has been in the news for its strong economic growth even while other states have struggled. While that US economy as a whole recovers, Utah continues to be the state to watch out for. What is notable is the fact that the state’s growth has been multi dimensional. With the fastest growing population in the country; there is opportunity available in different sectors of the economy.

Investment in sectors like transportation is critical due to the large number of people expected to swell Utah’s population over the next three decades. Opportunities like these are varied and widespread across different parts of the state. Take the Salt Lake City area for example. Goldman Sachs has their second largest office in the Americas in the city. With an employee strength standing at 1200 people, the company expects major growth over the next two to four years in the sectors of finance,  investment management, services, operations, global compliance, global investment research, and so on.

With Forbes declaring Utah as the number one destination in the US both for business and careers, there is an intense interest in other states to try and replicate the state’s remarkable economic success. The state also scores just as high on the quality of living indicator. Forbes magazine again ranked it among the top 10 states in the country to live. This in effect amounts to a double whammy in attractiveness both potential investors and people relocating for job opportunities and quality of life. 

That Utah’s growth is real, consistent, and all pervasive was proved yet again with the release of its last years GDP growth figures of 3.4% increase across all products and services. This is almost a percentage higher than the US average. As a matter of fact Utah’s GDP growth last year was higher than all states except for six. This was an outcome of robust performance by durable goods, manufacturing and the financial services sector. The total dollar value of the GDP achieved by the state of Utah in 2012 was $111.80 up from $ 108.10 in the previous year.

While there has been all round growth, there is still opportunity in many sectors. These include agriculture, mining, and utilities. Of particular interest to investors would be healthcare, and real estate, particularly with the state’s population expected to consistently rise due to the excellent economic prospects of the state. Going forward it does appear that Utah continues to be in the most favorable of situations--- a Win Win one.

 

Nick Coleman, Park City Realtor

By Nick Coleman
Call 435-640-7781 or email [email protected] 
to find your Dream Park City Home.

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