Salt Lake economy firing on all pistons

SALT LAKE CITY – Again, when it comes to the strong muscles of its economy, Salt Lake City exceeds its weight compared to other American cities.

Salt Lake Chamber President and CEO Derek Miller joined Inside Sources host Boyd Matheson on Friday to break down a new Wall Street Journal poll showing the Salt Lake City area with the best job market in the world. countries in 2020.

The WSJ article published on April 9 reads:

“Salt Lake City has top-notch ski resorts, challenging biking trails, and stunning views of the Wasatch Mountains. It is also home to the hottest job market in the United States.

As the pandemic raged in the United States in 2020, no metropolitan area in the country increased the size of its workforce more in percentage terms than the capital of Utah. It also had the lowest average unemployment rate and the highest proportion of people working or looking for work. These signs of strength have helped it rank first among 53 major metropolitan areas in an annual review of US labor markets conducted by the Wall Street Journal, after ranking No.4 in 2019.

Hardworking Utahns make the economy strong

“Why are we attracting so much talent, so much investment, especially since we have been through the pandemic?” Matheson asked. “What is really driving these things?”

“In some ways, it is the pandemic itself that has caused […] Utah to keep climbing to the top, ”Miller said. “We always say the cream rises to the top, and that happens when we have challenges, and certainly this past year has been just that, not just on the health side, but on the economics side.”

Miller cited five factors that drove Utah’s economic climate to excellence:

  • Stable tax rates,
  • predictable regulation,
  • talented workforce
  • colleges, universities and applied technology
  • and people who work hard

Boyd added that Salt Lake City has a new airport and a developing inland port to help the economy become more successful.

Keep going up and up

“I want to ask you questions about some of the people who may have found themselves at the lower rungs of the economic ladder or those who had to move to lower paying jobs during the pandemic,” Matheson said. “How does the opportunity and scale-up work for them?”

“Upward mobility is another area where we’re the best in the country, which is why so many people want to move here for opportunities,” Miller said. “You have a better chance of climbing the economic ladder in Utah than anywhere else in the country. We have to make sure that this continues or else we will see some of the divisions manifesting on our doorstep that we are seeing in other parts of the country.

The next one is now: what’s next for our economy?

“I want to know what you’re looking for next,” Matheson said. “When are we maybe not paying enough attention and where we really should start focusing?”

Miller said he expects Utah to continue receiving federal money as $ 2 trillion from President Joe Biden infrastructure bill makes its way through Congress.

“Utah is in a very good position because we haven’t had to fill a tax revenue gap,” Miller said. “In fact, in some areas, like retail sales tax, we’ve had a banner year that puts Utah in a very good position to invest some of that. [federal] money in areas that will keep our quality of life strong in the future. “

Inside Sources with Boyd Matheson, who is also the opinion editor of Deseret News, can be heard weekdays from 1 p.m. to 3 p.m. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app.

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