Economic Outlook: Utah in strong position

LAYTON (Davis County Clipper) — Davis County and Utah are poised to be in a strong position for the pending economic recovery.

“We have the lowest median age in the nation, at 28.5, compared to 36 nationally,” said Derek B. Miller, manager and director of the Governor’s Office of Economic Development.

The baby boomers make up a huge proportion of workforce in most states, while “Utah has the benefit of just over three people per household, with just over half in the workforce,” he told the 4th annual Business and Economic Outlook seminar held at the Davis Conference Center, here.

And half of the state’s population growth, averaging 2.2 percent, comes from internally, thanks to the high birth rate. The other half is due to in-migration. With a large number of children, that means the labor pool continually is expanded and replenished, unlike some other areas in the country.

“Utah is where the population growth has been the fastest growing (proportionately) over the past few years,” Miller said. “The national jobless rate (at 10.2 percent for October) is well above Utah’s 6.2 percent, which is the fourth lowest in the country.”

“In 2007, when GOED talked to various companies about expanding and relocating, the response was negative, because our unemployment rate was too low,” Miller said. “Full” employment is regarded as 3 percent unemployment or less.

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