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Outlook for 2011 Economy in Utah looks Hopeful

Hendricks and Partners released its Utah Apartment News Year-End Review report, assessing the economic impacts of 2010 but also projecting what 2011 will hold.

The report stated that, “Utah should add 16,500 jobs during 2011, according to Jim Wood, head of the Bureau of Economic and Business Research at the University of Utah.”

It is expected that Utah will have a long-term average employment growth rate of three percent, which equals about 37,000 new jobs a year. The creation of new jobs seems to be tied to the construction of new commercial properties across the beehive state.

Of those new jobs, 1,000 will be added with Adobe’s new Lehi campus, a project steadily moving forward having selected a contractor to construct the new building. Additionally, Overstock.com, a company already employing 1,500 Utahans, will be opening a software development center in Provo, which will add 150 new jobs in 2011.

Other signs of hope for 2011 include the release of Brigham Young University’s hiring freeze, a new office for Chicago-based Czarnowski Display Service Inc in St. George, and Station Park, a shopping center in Farmington with a Harmons grocery store, apartments and a location next to the Front Runner station.