Scarcity and Abundance: A Look at the Utah Economy
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Scarcity and Abundance: A Look at the Utah Economy
Scarcities
What’s Scarce, What’s Abundant? • Scarce: Water, Housing, Talent, Industrial land, Growth sentiment • Abundant: Infrastructure, Demographics, Strong, diverse and resilient economy • What’s happening now and what are our priorities in a complex environment?
Water, Water… not Everywhere? • From 1955 to 2020, April snowpack declined at 86% of the sites measured. The average change amounts to about a 19% decline. • Large and consistent decreases in April snowpack have been observed throughout the western U.S. • About 81 percent of sites show a shift toward earlier peak snowpack, by an average of nearly eight days since 1982.
Housing Blues “If the current household formation trends continue, the average completion rate would have to triple to close the deficit in the next six years.” - Dejan Eskic, Kem C. Gardner Policy Insitute
A Tight Labor Market
Job Growth
Unemployment 3,271,616
Two-Year Change
Rate Total state population, 2020
Dec. 2021
3.7% 1.9%
Utah Utah
-1.8% 4.6%
Nation Nation
Source: Bureau of Labor Statistics, US Census Bureau
Abundance
Our Advantage: Geography and Infrastructure
Our Advantage:
Young and Growing
• The western U.S. experienced
the most rapid population
growth since 2012, holding 8 of
the 10 fastest growing states.
• Utah is #2 in the nation.
• Utah’s average annual growth
over the last 10 years is 1.7%,
compared to 0.7% nationally.
Utah’s state
capitol
Source: US Census Bureau, JobsEQ
buildingPopulation Growth
2.5%
2.0%
1.5%
1.0%
0.5%
Utah
USA
0.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: US Census Bureau, JobsEQOur Advantage:
Demographics
• Utah has the youngest population and highest
birth rate in the nation.
• Utah is projected to surpass 4 million people by
2032, and 5 million by 2050.
• Washington, Wasatch, Utah, and Juab County are
projected to have the most rapid growth.
• By 2065 Utah County is projected to have just
70k people less than Salt Lake County
(1.62 million versus 1.69 million)
Source: Kem C. Gardner Policy Institute
Percent Change in Population by
County – 2015 to 2065
(Kem C. Gardner Policy Institute)Our Advantage: Increasing Diversity • Utah’s diverse population share is projected to increase to 35% by 2065, a 75% increase. • Half of Utah’s population growth from now to 2065 will come from diverse populations. • Among diverse populations, Hispanics show the largest numerical increase with approximately 850,000 new Utah residents from now to 2065, reaching 1.3 million. • Those identifying as Two or More Races are the fastest growing group, with an average annual percentage growth rate of 8.1%. Source: Kem C. Gardner Policy Institute
Our Advantage: Job Growth
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
Utah
USA
-8.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: US Census Bureau, JobsEQTen-Year Job Growth Change
NATIONAL 23.2%
AVERAGE: 5.7%
11.4% 17.4%
15.6%
21.8% 12.3% 3… 1…
23.9%
9.5% 14.0%
10.5%
15.0%
2.4%
6.6% 8.4%
9.1%
Utah #1 26.4%
33.1% 7.9% 13.0%
10.1%
33.1%
33.1% 22.2% 25.4%
-1.8%
11.5%
6.9% 7.9%
10.2%
18.5%
18.5% -1.8%
7.8%
23.7%
6.6% 6.7% 21.2%
8.5% 19.3%
4.9%
24.2%
4.0%
3.4% 25.3%
Powered by Bing
© GeoNames, Microsoft,Source:
TomTom Bureau of Labor StatisticsOur Advantage: Diversified Economy
98.1%
2009
97.6%
2019
Source: Economic Development Corporation of UtahCurrent Pipeline & Priorities
Pipeline Shift
March 2020 (109 projects) vs. April 2022 (144 projects)
Manufacturing
Other
Distribution Warehouse
Information & IT
Finance & Insurance
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80
March 2022 March 2020Active Projects by Industry (141)
Manufacturing 78
Information & IT 21
Other 15
Distribution Warehouse 10
Service 7
Finance & Insurance 5
Arts, Entertainment, &
5
RecreationWhat We Hear from our Clients • Companies are responding to constraints with increased automation and complex facility needs • In a tight labor market, companies are interested in reaching into untapped pools of talent • Our focus: site readiness and workforce development
Site Ready Utah • Ability to compete for large-scale projects • Increase external interest in Utah • Attract jobs and investment to the state • Expedite and improve industrial site selection • Proactive economic development • Community catalyst for economic development
What is a Mega Site • 400+ acres • Clear boundaries • 80% contiguous buildable area • Relatively flat topography • Existing or future infrastructure near and/or on the site • Property owners in agreement with the program requirements • Known listing price (negotiable) • Defined state and local incentives
What is a Certified Site • 50-400 acres • Clear boundaries • Site leader as dedicated contact • Site accessibility via road, air, rail • Existing or future infrastructure near and/or on the site • Property owners in agreement with the program requirements • Previously submitted in response to RFI and/or past consideration by a company
Center for Economic Opportunity & Belonging • Site Selectors report that inclusion and belonging are site selection decision drivers in nearly half of projects – particularly for customer- facing brands and foreign direct investment • EDCUtah launched CEOB to support efforts to strengthen Utah’s workforce by expanding economic opportunity to more Utahns, and to better foster an environment of belonging for all.
Three Priorities for the CEOB
Thank You Theresa A. Foxley / tfoxley@edcutah.org May 18, 2022
You can also read
