Utah Named State with Best Economic Outlook for 15th Year in a Row
Apr 19, 2022, 5:00 AM
(KSL NewsRadio file)
(Salt Lake City, UT) — Utah’s red hot economy is getting some national notice. The Beehive State is named the state with the best economic outlook for the 15th straight year.
“Every year, those predictions for Utah have come true”
ALEC-Laffer State Economic Competitiveness Index, released Monday, compares its forecast of states across 15 economic policy variables. Utah Senate President Stuart Adams tells KSL Newsradio those factors include regulatory policy, how much debt the state holds, workman’s comp rates, mortality rates, GDP, tax burdens and how schools are doing. Adams says the rankings are a prediction of how each state is doing economically looking forward, and every year those predictions for Utah have come true.
“We have a great quality of life, and that’s why I think our economic outlook is so good, because people tend to vote with their feet. They moved where there are good jobs and a good economy, not just any jobs, but jobs that will sustain families, jobs that will be able to give you that good quality of life,” says Adams.
He says the explosion of good tech jobs, whether at Hill Air Force Base, through Northrop Grumman and others provide, for example, the area surrounding Lehi famously known as the Silicon Slopes, good pay so families can most enjoy the unique Utah quality of life.
Housing, inflation are concerns
Utah is struggling with housing, which Sen. Adams acknowledges is something lawmakers need to work to improve. Inflation, he says, is also something everyone is dealing with now as well.
“Maybe this is a minute when we ought to celebrate that our economic outlook is better than any other state in America, and America is think has a better outlook than any other country, so we are probably the best spot in the world, as far as economic outlook, so that’s pretty significant,” according to Adams.
A team effort
He says credit for the state’s continued economic success is shared among lawmakers who passed sound bills, the leadership of three governors, and citizens of Utah whose strong work ethic has contributed year after year to Utah’s economic success.
“The citizens of Utah were number one for charitable giving, I think we have a natural work environment conducive to a good economy, an airport that is so close to a metropolitan area, lots of rivers, lakes and streams,” says Adams, and world famous ski slopes that attract people from all around the world.