Economic Report Highlights Challenges Utah Faces in Coming Year

Jan 09, 2009 by KCPW

(KCPW News) Utah's diversified economy and low unemployment rate will help in the coming year, but will not leave Utah unharmed, according to the annual Economic Report to the Governor presented today in Salt Lake City. Governor Jon Huntsman addressed the gravity of the situation.

"I'm also the world's greatest optimist, but I try to be a realist. The environment is a very bad one, bailouts, buyouts, takeovers abound, the nation has shed millions of jobs, thirteen trillion dollars in wealth, and Utah's economy is not immune as we are all learning. There are a lot of pressure points that the national picture brings to our local economy that we all have to be aware of," Huntsman said.

The report highlighted Utah's strengths, including a nearly $40 billion dollar increase in exports between 2007 and 2008, and a record breaking number of skier visits, but also looked at the challenges ahead. These include a 50 percent drop in housing construction and lower state revenues. Huntsman says the state needs to work together to help those in need.

"There is much happening, much to look forward to, but all I would ask as I humbly take receipt of this great economic report is that we all continue to be mindful of those that are most in need of outreach and help. We as a state, we are not New York, we are not California, we can all pull together around common goals, and we ought to be doing that during a time of need. We all ought to be pulling together around those who need the help most," Huntsman said.

Huntsman also spoke of the goals he believes will help the economy, including technical training, affordable health care, continuing to increase pay for teachers, and keeping college enrollment strong.

Email to a friendPosted in KCPW Newsroom. Copyright 2009 KCPW