Economic growth in Utah is still holding steady, report shows

(Deseret News) The Utah economy held steady for the second consecutive month, a newly released report shows.

Utah's Business Conditions Index, compiled by the Goss Institute for Economic Research and based on a survey of supply managers, stood at 55.0 in December — identical to the November index, the institute said Monday.

The latest figure matched the highest for the index since 60.6 in October 2007.

The index ranges from zero to 100, with a figure above 50 indicating an expanding economy over the next three to six months. The institute uses the same methodology that is used in a national survey conducted by the Institute for Supply Management.

Components of Utah's overall index for December were new orders at 64.5, production or sales at 61.1, delivery lead time at 34.7, inventories at 64.5 and employment at 50.3.

"Over the past decade, Utah lost almost 15,000 (jobs) or 11.6 percent of its manufacturing employment," Ernie Goss, director of the institute and Creighton University's Economic Forecasting Group, said in a prepared statement. "Most losses were due to productivity growth of more than 50 percent over the decade."

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