Utah Economic Update May 2013 Natalie Gochnour, Associate Dean.

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Presentation transcript:

Utah Economic Update May 2013 Natalie Gochnour, Associate Dean

Presentation Outline Glum and angry Positive and happy Reflective

“You can feel the economy wants to launch, but Washington is sitting on the national mood button. We the people still feel like children of permanently divorcing parents.” - Tom Friedman The Great Divorce

Job Losses in Recent Recessions Source: CalculatedRiskBlog.com and the Bureau of Labor Statistics

Medicare Average couple retiring in 2010 Medicare taxes paid $122K Medicare benefits received $387K Source: Urban Institute

“The greatest nation on earth – the greatest nation on earth – cannot keep conducting its business by drifting from one manufactured crisis to the next. We can’t do it.” -President Barack Obama Yes We Can …?

Fiscal Crises Naming Conventions Debt ceiling stand off (August 2011)ANDREA Super Committee deadline (December 2011)BARRY Fiscal cliff negotiations (Fall 2012)CHANTEL Fiscal cliff (January 2013)DORIAN Start of sequestration (March 2013)ERIN Debt ceiling revisited (May 2013)FERNAD Next crisisGABRIELLE

Job Growth: Utah and U.S.

Top Five Job Growth States Source: Bureau of Labor Statistics March 2012 – March 2013 U.S. average = 1.5%

Utah Job Growth by Industry April 2013 Source: U.S. Bureau of Labor Statistics

Utah Fiscal Checklist

U.S. Fiscal Checklist

Utah’s Unique Demographic Profile In the country… Third fastest growing Highest fertility rate Lowest median age Largest household size Long life expectancy Rapidly diversifying

Total Fertility Rate Source: National Vital Statistics Reports, Vol. 61, No. 1 U.S. and Ten Highest States: 2010

Median Age Source: U.S. Census Bureau, 2010 Census Summary File 1 U.S. and Lowest Ten States: 2010

Household Size Source: U.S. Census Bureau, 2010 Census U.S. and Highest Ten States: 2010

Life Expectancy Source: American Human Development Projects, Measure of America Top Ten States

Minority Population Growth By State Source: U.S. Census Bureau

2000 – 2010 Growth in Utah’s Population by Race and Ethnicity Source: U.S. Census Bureau; 2010 Census.

“We can have a hard decade or a bad century.” - Tom Friedman

Source: the dip, Seth Godin

“Utah is a great example of what enlightened and motivated political leadership can accomplish with a solid plan,” said Brent Pollina of Pollina Corporate Real Estate. He went on to call Utah, the “brightest star” on the American flag and the ultimate model for the rest of the country.” -MarketWatch, Wall Street Journal Utah the Brightest Star

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