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Utah Factsspecial Report

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Utah Factsspecial Report OFFICIAL PUBLICATION OF THE GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT UTAH FACTS SPECIAL REPORT WORKFORCE | HEALTHCARE | TRANSPORTATION | EDUCATION | ENERGY | POPULATION | QUALITY OF LIFE | GOVERNMENT WWW.BUSINESS.UTAH.GOV 1 4 WORKFORCE UTAH FACTS 7 HEALTHCARE 10 TRANSPORTATION 14 EDUCATION 18 ENERGY 21 POPULATION 24 QUALITY OF LIFE 28 GOVERNMENT 2 UTAH GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT FRIEND OF ECONOMIC DEVELOPMENT: Utah is consistently recognized and praised by the likes of Forbes, Pollina Corporate, INC. Magazine and The U.S. Chamber of Commerce. This fact book will give you a small glimpse of why everyone is talking about Utah. You’ll quickly see many reasons the industrious Beehive State is an ideal place to expand or relocate your business. From snowy mountains to red rock canyons and from city living to wide open spaces, you’ll find that Utah is a good fit for people from all walks of life. We have variety in the economic environment too—Utah boasts the 4th most diverse economy in the nation. The state is home to leading companies in information technology, life sciences, financial services, outdoor products and countless industries in between. As you read through Utah Facts and the rest of this publication, I’m confident you’ll find what our residents already know: Utah is the place to be for both building your business and living your life to the very fullest. You’ll see what it really means to live life elevated. The Utah Governor’s Office of Economic Development, in collaboration with leaders throughout both private and public sectors, works hard to maintain one of the best economic environments in the nation. Low tax rates, a productive workforce, innovation, education, sensible regulation—the list of reasons you should consider Utah goes on and on. Businesses thrive here. Yours could too. Join us in writing Utah’s impressive economic history. Sincerely, Q. Val Hale EXECUTIVE DIRECTOR, UTAH GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT UTAH IS THE GOLD STANDARD FOR BUSINESS. STAY CURRENT AT BUSINESS.UTAH.GOV WWW.BUSINESS.UTAH.GOV 3 FRESENIUS 3.4% UNEMPLOYMENT5.5% RATE Sources: Bureau of Labor Statistics, Utah Department of Workforce Services HIGHLIGHTS Utah’s unemployment rate is Lowest one of the nation’s lowest. Utah’s exceptional combination of business- WORKFORCE friendly policies coupled with its energetic, educated and youthful workforce has created one of the nation’s most robust economies. Job growth in Utah is projected to be 2.8 percent annually through 2020, compared with 1.3 percent for the rest Utah is a right-to-work state. 2.8% of the United States. Source: Utah Department of Workforce Services. RIGHT-TO-WORK STATE Utah is one of 24 U.S. states operating under a right-to-work law. About 5 percent of Utahns are covered by collective bargaining agreements. Utah is 43rd in the nation in percentage of unionized workers. A DYNAMIC POPULATION MEDIAN AGE IN UTAH: 30.2 Youngest NATIONAL MEDIAN AGE: 37.5 4 UTAH GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT Approximately 90 percent of adult Utahns 90% have earned at least a high school degree. A PREPARED WORKFORCE Gov. Gary Herbert has made education a top priority of his administration and is working with educators, business executives and community leaders to develop the next generation into a highly educated workforce. Utah’s graduation Approximately With a 31.3 percent Utah has set a goal The state added millions of dollars of funding rate is above the 90 percent of adult college-educated for 66 percent of the for STEM education and core curriculum national average. Utahns have earned share of the 25 and workforce to hold an improvements, in addition to the 100 percent of at least a high school older population, Utah advanced training both personal and corporate income tax dollars degree ranks just above the certificate or degree that are dedicated to education. U.S. average of 29.6 by 2020. Sources: Utah State Office of Education, Utah Department percent. of Workforce Services, EDCUtah PERCENT OF GROSS DOMESTIC PRODUCT BY INDUSTRY (2013) INDUSTRY EXCELS HERE Utah’s robust job growth is based on an outstanding business environment Utah United States that fosters a diverse set of industries. In fact, all industrial sectors had Agriculture, Natural Resources & Mining 3.8% 4.3% employment gains from 2013 to 2014. Construction 4.6% 3.7% Manufacturing 14.9% 12.5% The largest employment increases were in construction (6.3 percent Trade, Transportation & Utilities 15.6% 16.4% increase), natural resources (5.7 percent) and leisure/hospitality services Information 3.7% 4.8% (3.9 percent). Financial Activities 21.4% 19.7% Tourism-related jobs in the private sector increased 6 percent in 2014, Professional & Business Services 10.1% 12.0% double the growth rate of all other private-sector jobs. Education & Health Services 6.7% 8.3% Gov. Gary Herbert’s goal of creating 100,000 jobs in 1,000 days was Leisure & Hospitality 3.1% 3.7% achieved ahead of schedule due to expansions across all industries. Government 13.2% 12.5% As the labor market improves, analysts expect discouraged workers will Other Services 2.8% 2.2% be drawn back into the labor force, a significant benefit to Utah families. (Sources: 2015 Economic Report to the Governor, Utah Economic Council; U.S. Bureau of Economic Analysis) ECONOMIC LEADERSHIP AND JOB GROWTH Sound governance and strategic economic development has positioned Utah as one of the country’s most promising states. In the United States, Utah’s Utah gained 50,700 Employment employment grew unemployment rate jobs from December projections for 2015 2.2 percent from is 3.4 percent— 2013 to December expect 33,400 jobs December 2013 to much lower than 2014, with all sectors to be added, a growth December 2014, while the national contributing to rate of 2.5 percent. Utah’s employment unemployment rate growth. grew 3.9 percent. of 5.5 percent. FUTURA INDUSTRIES POPULATION BY THE NUMBERS 3RD: POPULATION GROWTH RATE 1ST: Fertility Rate 1ST: Married Couple Families 1ST: Median Age Sources: 2015 Economic Report to the Governor, Utah Economic Council; Utah Department of Workforce Services) WWW.BUSINESS.UTAH.GOV 5 HILL AIR FORCE BASE UTAH’S LARGEST EMPLOYERS University of Utah (including U of U Health Care) Intermountain Healthcare State of Utah Walmart Hill Air Force Base Smith’s Food & Drug Stores Arctic Circle Restaurants Utah Valley University Larry H. Miller Group Associated Food Stores Source: Utah Department of Workforce Services TECH SPOTLIGHT $6.9 billion annual tech payroll Utah gained 298 new tech companies and 10% of Utah’s total payroll added 3,737 new jobs in the technology and 5.6% of Utah’s workforce clean tech sectors from 2012 to 2013. 7,000 tech-focused companies in Utah IT and clean tech wages rose 65.7 percent above No.1 the average non-agricultural wage in 2013. NO. 1 IN TECH EMPLOYMENT GROWTH IN THE WESTERN REGION Source: Utah Technology Council A TECH-READY WORKFORCE Utah’s workforce is highly talented when it comes to technology. The state continues to rank at or near the top of states for technology use among its population. No.3 Utah ranks No. 4 in Utah ranks No. 3 for Utah is 40 percent higher than the U.S. total in Utah is an early adopter of the public Smart science, technology, entrepreneurship and technology establishments per capita, according School concept where schools are equipped engineering and math innovation in the U.S., to the Utah Technology Council. Utah is also 21 with a managed wireless infrastructure and (STEM) job growth in according to the U.S. percent higher than the U.S. average in Apple iPads for every student and teacher. the U.S., according to Chamber. technology employment per capita. the U.S. Chamber. A MULTILINGUAL WORKFORCE In a growing global economy, the extraordinarily high level of multilingual capability in Utah’s population translates to a more nimble and proficient workforce. Many Utahns have lived or worked abroad, which significantly augments their capability to make an instantaneous contribution to the achievement of Utah-based businesses that operate internationally. Approximately 80 percent of More than 50 More than 130 languages 130 students at Brigham Young University languages are taught are spoken in daily are multilingual. at Utah universities. commerce in the state. LANGUAGES Source: Governor’s Office of Economic Development 6 UTAH GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT INTERMOUNTAIN MEDICAL CENTER HIGHLIGHTS Utah was ranked the 5th healthiest state Healthiest in the nation. (United Health Foundation) UTAH RESIDENTS PAY THE LEAST OF ANY STATE FOR HEALTH CARE, according to a recent Wall Street Journal nationwide analysis (APRIL 2013). Utah was one of the first states to start its own health Avenue H exchange, Avenue H. From historic medical innovations like the Kolff HEALTHCARE artificial heart to the launch of one of the nation’s first pioneering health exchanges, Avenue H, Utah has long been a leader in the healthcare arena— and shows no signs of slowing down. Utah is home to a strong life sciences and biotech Biotech industry. In 2013, Utah was awarded a State Innovation Models grant from the Grant Center for Medicare and Medicaid Innovation. Source: Utah Department of Workforce Services. WWW.BUSINESS.UTAH.GOV 7 HEALTHCARE LEADERSHIP Utah Health Innovation Plan Though Utah is one of the nation’s healthiest states, Gov. Gary R. Herbert remains committed to maintaining and improving the health of all Utahns. In 2011, he directed the Utah Department of Health to begin a health system transformation. The Utah Health Innovation Plan has since been launched as a way to reduce Utah’s health costs, provide a trained health workforce, and develop measurable innovations that would lead to more patient inclusion in assuring the quality of their own healthcare.
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