Great News for Utah's Economy

I’m not one to complain but I’m tired of winter; I’m tired of slow cars on Orem Blvd (the posted speed is 35); I’m tired of changing messy diapers; I’m tired of dropped calls; and I’m tired of waiting in line to eat at Iggy’s.

But what I’m most tired of is hearing economic doom and gloom.

I firmly believe that we hold the future of our economy and our country in our hands. I’m one who believes it ain’t all bad out there.

I recently heard Lt. Gov. Gary Herbert speak and he summed up my feelings when he said, “we often hear the phrase ‘this is the worst economy since the Great Depression’. This is like comparing a headache to a brain tumor. We don’t want to understate the current economic challenges, but we don’t want to overstate them either. Let us have an appropriate perspective, particularly here in Utah.”- Gary Herbert - Lieutenant Governor, State of Utah

The following highlights some of the good things about Utah and Utah Valley:

Home Foreclosures
Utah's foreclosure rate (1.4%) is less than half the national rate (2.9%). Utah homeownership rate is 4th highest in the nation. Four states (CA, FL, AZ, NV) account for approximately half of all foreclosures. During the Great Depression foreclosure rates neared 50%

Bank Failures
According to the FDIC, there have been a total of 28 bank failures in 2007 and 2008. In recession-free 1988-89, there were 1,004 failures. Since the Great Depression, the average number of bank failures per year has been 94.

Mortgage interest rates
Currently at 5% for 30 year fixed rate mortgages. Business mortgages have doubled because of low interest rates.

Housing
Bargains are bringing buyers back to the market. The number of existing homes sold in February rose 13% from the previous month. In the West homes sales surged 13.6%.

GOED
The Governor’s Office of Economic Development has more than 120 companies in active discussions with the state about moving or expanding in Utah.

Utah Exports
International exports from Utah during the first three quarters of 2008 was $8.1 billion. Over 50% higher than the value during the same period last year. This rate of growth ranks 4th among all states.

Unemployment
4.3% Utah (U.S. 7.2%) –Dec. 2008. During the Great Depression unemployment was 25%

More Great News
1. Utah unjoys a AAA Bonding Rating. This rating saves taxpayers money on interest costs.
2. Utah Best Managed State—Pew Research Institute
3. Provo ranked #1 as Money Magazine Best Small Cities in 2008
4. Year-over job change in Utah was –1.9% in December 2008
5. Energy and Natural Resources had 7.2% positive growth in December and has potential for continued growth.
6. Population in Utah continues to grow. Utah's population was an estimated 2,757,779 on July 1, 2008 - up 58,225 or 2.2% from July 1, 2007. Net in-migration in 2008 was 16,648, or about 29% of total population growth.
7. Mineral Lease Money has increased by 109% since 2005
8. Tourism at Zions National Park hit 2.7 million in 2008, setting a new record for Zions.

I love Utah.