Utah’s post-Covid economy is getting stronger and stronger – Cash Valley Daily

FILE PHOTO – Shopping is done at a retail store. Unsplash. photo by Kristian Koepke

Multiple metrics show that Utah’s economy has been greatly strengthened by the COVID-19 disruptions, and continues to gain momentum. However, its rapid growth is slowing it from becoming even stronger.

Personal-finance site WalletHub recently released its list of the best and worst state economies of 2021 and Utah is #1. Utah was ranked with having the best turnaround in GDP and the lowest unemployment rate; was second in the country with a change in startup activity and non-farm payrolls; And, among the top 10 by annual median household income (3rd), the percentage of jobs in hi-tech industries (6th), the states making the fastest recovery from COVID-19 (6th), and per Person export (7th).

Seven other western states are ranked in the top 10 overall, with Idaho in 5th place.

The site divided the various metrics into three main sub-categories: economic activity, economic health, and innovation potential. Utah ranks first in economic activity, second in economic health, and 10th in innovation potential.

In terms of state recovery from COVID-19 disruptions, Utah ranks 6th while Idaho is 10th. The site compared the share of the fully vaccinated population for real GDP versus pre-COVID levels. Utah came in first for the share of hospitals with supply shortages, first in real GDP versus pre-Covid levels, fourth in unemployment rates versus pre-Covid levels, and sixth in staff shortage hospitals.

A state’s public health recovery is essential to its economic recovery.. The biggest factors hurting the economy are restrictions on businesses and high unemployment, both of which are a direct result of the public health measures needed to curb the pandemic,” said Jill Gonzalez, WalletHub analyst. “As COVID-19 cases and deaths decline in a state, the government may ease restrictions and businesses may rent more as a result. Prioritizing vaccination will accelerate the nation’s public health, thereby accelerating economic recovery.

Chem C. at the Salt Lake Chamber of Commerce, University of Utah. In partnership with the Gardner Policy Institute, has established a Roadmap for Recovery Coalition. They recently updated their economic dashboard for June and it reveals Utah’s deep recovery and rising consumer confidence.

But Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance, warns that Utah’s own economic growth is something that is limiting even further expansion.

With such low unemployment, there is a battle of talent and development challenges.Miller said in a statement. “But the challenges of progress are always better than the challenges of decline, and I couldn’t be more pleased about Utah’s progress.”

The June report highlighted Utah’s remarkably low unemployment rate, two years of job growth, and an increase in air travel among Utans.

“As air travel returns,” said Natalie Gochnaur, director of the Chem Sea Gardner Policy Institute, “derivative industries such as retail, restaurants and bars, accommodation and vehicle rental will also ‘take off’. With unemployment numbers falling, Utah is in a position to put additional focus on inclusive reform, including investing in education, childcare and small businesses.

According to the report, there has been a significant jump in the number of passengers at SLC International Airport in March and April 2021. While pre-pandemic travel has not yet been matched, April 2021 crossed 1.5 million passengers compared to less than 200,000 in April 2020.

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