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Utah Factsspecial Report Healthcare | Workforce OFFICIAL PUBLICATION OF THE GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT UTAH FACTS SPECIAL REPORT HEALTHCARE | WORKFORCE | EDUCATION | POPULATION | GOVERNMENT | TRANSPORTATION | ENERGY AND PUBLIC UTILITIES | QUALITY OF LIFE WWW.BUSINESS.UTAH.GOV 1 FRIEND OF ECONOMIC DEVELOPMENT: Utah is often praised in the media as a great place to live and work. This publication will give you a better idea of why Utah is a great place to expand or relocate your business. Whether you enjoy the snow-capped mountains or the red sandstone deserts, the Utah landscape is filled with variety. The State’s business landscape is just as diverse. Utah is home to leading companies in high-tech, life science, finance, outdoor products and recreation, with a broad array of industries in between. As you read the official publications of the Governor’s Office of Economic Development, Utah Facts or Business in Utah, I am confident that you will discover what 3 million Utah residents already know: this is an unparalleled place to build a business and live life to its fullest. We invite you to explore why Utah is widely recognized by many different organizations such as the Wall Street Journal, Pollina Corporate and Forbes magazine as a best place for business and careers. Utah works diligently to nurture an environment where businesses can flourish. Utah’s extraordinary growth and vibrant, creative business community are sustained by a productive workforce, low taxes and highly innovative research universities. The Utah Governor’s Office of Economic Development is collaborating with business and thought leaders to strengthen our broad economic base. We invite you to join us as we build on Utah’s successful heritage. Sincerely, Spencer P. Eccles EXECUTIVE DIRECTOR, UTAH GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT 2 UTAH GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT 4 WORKFORCE 7 HEALTHCARE 10 TRANSPORTATION 14 EDUCATION 18 ENERGY 21 POPULATION 24 QUALITY OF LIFE UTAH FACTS 28 GOVERNMENT DOWNTOWN SALT LAKE CITY WWW.BUSINESS.UTAH.GOV 3 AUTOLIV: OGDEN TECHNICAL CENTER HIGHLIGHTS Utah’s median age is the country’s 29.9 youngest at 29.9. Job growth in Utah is projected to be Source: Utah Department of Workforce Services. Utah Department of Workforce Source: 2.8 percent annually through 2020, 2.8% compared with 1.3 percent for the rest of the United States. Utah’s unemployment rate is Lowest one of the nation’s lowest. Utah is a right-to-work state. ECONOMIC LEADERSHIP & JOB GROWTH Sound governance and strategic economic development have positioned WORKFORCE Utah as one of the country’s most promising states. In fact, Utah typically grows more rapidly than the nation after recessions, and this pattern is continuing in the current recovery. In the United States, employment grew 1.7 percent from January 2013 to January 2014, while Utah’s employment grew 2.8 percent. Utah’s unemployment rate also improved to 3.9 percent by January Utah’s exceptional combination of business- 2014, much better than the country’s unemployment rate of 6.6 percent. Nine of the 10 private-sector industries in Utah posted net job increases friendly policies coupled with its energetic, in 2013 as compared to 2012. educated and youthful workforce has created one of the nation’s most robust economies. 4.1% UNEMPLOYMENT6.7% RATE 4 UTAHUTTAAHH GOVERNOR’SGOOVVEVERERERNRNNOOROR’R’S’SS OFFICEOFFFFIFFICICCEE OFOF ECONOMICECCOONNOOMMICMIICC DEVELOPMENTDDEDEVEVEEVVELVEELOELLOOPMMEMENENTENNTT A PREPARED WORKFORCE INDUSTRY EXCELS HERE Governor Gary R. Herbert has made education Utah’s hearty job growth is cultivated by an outstanding business a top priority of his administration and is working environment. In contrast to much of the nation, the state’s energetic with educators, business executives and economy has led to strength within its diverse industries. community leaders to develop the next All industrial sectors had employment gains from 2012 to 2013. generation into a highly educated workforce. 90% The largest increases were in education and health (7,700 jobs); trade, transportation and utilities (6,800 jobs); and leisure and hospitality Utah’s graduation rate is above the national average. (3,500 jobs). Only government employment decreased. Graduation rates have increased by 12 percent from 2008 to 2013. Construction employment is slated to grow 5.7 percent in 2014, In 2013, 81 percent of Utah seniors graduated compared with an increase of 8,920 jobs. 78 percent in 2012. At 5 percent, computer and mathematical occupations will Dropout rates have decreased by 13 percent since 2008. be the second-fastest growing sector, adding 3,670 jobs. With a 29.3 percent college-educated share of the 25 and older The sales, retail and administrative support sectors 5% population, Utah ranks just above the U.S. average of 28.2 percent. will each add about 13,000 jobs in 2014. Utah has set a goal that 66 percent of the workforce will hold an Source: Utah Department of Workforce Services advanced training certificate or degree by 2020. The state has added millions of additional dollars for education funding for STEM education and core curriculum improvements, in addition to the 100 percent of both personal and corporate income tax dollars that are dedicated to education. EMPLOYMENT OUTLOOK • Utah’s job growth rate is expected to be slightly above 90 percent the trend at 3.4 percent in 2014, a full percent above the Approximately of adult Utahns long-term projected growth of 2.4 percent by 2020. have earned at least a high school degree. • Job growth in Utah will continue to be twice the nation’s average. Sources: Utah State Office of Education, Utah Department of Workforce Services, EDCUtah • In 2012, Utah’s average annual nonfarm wage was $41,840, an increase of 5.5 percent from 2011. PERCENT OF GROSS DOMESTIC PRODUCT • Personal income grew by 5.2 percent from 2011 to 2012 BY INDUSTRY Utah United States Agriculture, Natural Resources & Mining 2.8% 3.6% A DYNAMIC POPULATION Construction 4.6% 3.5% Utah is home to the country’s most youthful state, which contributes to its Manufacturing 14.1% 12.3% dynamic workforce, energy and productive lifestyle. In comparison to other Trade, Transportation & Utilities 9.2% 10.1% states, Utah’s population is younger, women tend to have more children, Information 3.6% 4.4% household sizes on average are larger, and more households are headed up Financial Activities 22.1% 20.1% by married couples. Professional & Business Services 10.5% 12.7% Education & Health Services 6.9% 8.8% MEDIAN AGE IN UTAH: 29.9 Leisure & Hospitality 3.3% 3.9% Government 13.1% 12.6% NATIONAL MEDIAN AGE: 37.4 Other Services 3.1% 2.5% Utah’s population is estimated to be 2,900,872, Source: U.S. Bureau of Economic Analysis an increase of 1.6 percent from 2012. Utah ranked third among states in population growth. By 2060, Utah’s population is projected to be more than 5.96 million people—a 106 percent increase in the next 46 years. POPULATION BY THE NUMBERS 3RD: POPULATION GROWTH RATE 1ST: Fertility Rate 1ST: Married Couple Families 1ST: Median Age MOUNTAIN STATES STEEL WWW.BUSINESS.UTAH.GOV 5 FIRE DRILL AT HILL AIR FORCE BASE 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 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 science, technology, engineering and math (STEM) job growth in the U.S., according to the U.S. Chamber. Utah ranks No. 3 for entrepreneurship and innovation in the U.S., according to the U.S. Chamber. Utah is 25 percent higher than the U.S. total in technology establishments per capita, according to the Utah Technology Council. The U.S. total is 1.5 establishments per 1,000 U.S. residents. Utah is an early adopter of the public Smart School concept where schools are equipped with a managed wireless infrastructure and Apple iPads for every student and teacher. UTAH’S LARGEST EMPLOYERS TECH SPOTLIGHT Intermountain Healthcare Healthcare $6.9 billion annual tech payroll State of Utah Government 14.3% of Utah’s total payroll University of Utah (including hospital) Higher Education 8.6% of Utah’s workforce Brigham Young University Higher Education 7,000 tech-focused companies in Utah Wal-Mart Associates Grocery Store NO. 1 IN TECH EMPLOYMENT GROWTH Hill Air Force Base Federal Government No.1 Davis County School District Education IN THE WESTERN REGION Granite School District Education Source: Utah Technology Council U.S. Department of the Treasury Federal Government Smith’s Food & Drug Centers Grocery Store Alpine School District Education Utah State University Higher Education A MULTILINGUAL WORKFORCE Jordan School District Education In a growing global economy, the extraordinarily high level of multilingual Salt Lake County Government capability in Utah’s population translates to a more nimble and proficient U.S. Postal Service Federal Government workforce. Many Utahns have lived or worked abroad, which significantly Canyons School District Education augments their capability to make an instantaneous contribution to the Zions Bank Banking achievement of Utah-based businesses that operate internationally. L-3 Communication Systems-West Networked Communications Approximately 80 percent of students at Brigham Young University Weber County School District Education are multilingual. Salt Lake City School District Education More than 50 languages are taught at Utah universities. Source: Utah Department of Workforce Services More than 130 languages are spoken in daily commerce in the state.
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