Lieutenant Governor's Office » It Ain't All Bad Out There
We often hear the phrase 'this is the worst since the Great Depression'. This is like comparing a headache to a brain tumor. We don't want to understate the current economic challenges, but we don't want to overstate them either. Let us have an appropriate perspective, particularly here in Utah.
- Gary Herbert - Lieutenant Governor, State of Utah
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Home Foreclosures
- Utah foreclosure rate (1.4%) is less than half the national rate (2.9%). Utah homeownership rate is 4th highest in the nation.
- Four states (CA, FL, AZ, NV) account for approximately half of all foreclosures.
- Major factors that led to the rise of foreclosures are subprime lenders and speculation
- During the Great Depression foreclosure rates neared 50%
Bank Failures
- According to the FDIC, there have been a total of 28 bank failures in 2007 and 2008.
- In recession-free 1988-89, there were 1,004 failures.
- Since the Great Depression, the average number of bank failures per year has been 94.
Mortgage interest rates
- Currently at 5% for 30 year fixed rate mortgages.
- Business mortgages have doubled because of low interest rates.
Housing
- Bargain prices are bringing buyers back to the market. The number of existing homes sold in December rose 6.5% from the previous month. In the West homes surged 13.6%.
GOED
- The Governor's Office of Economic Development has more than 120 companies in active discussions with the state about moving or expanding in Utah.
Utah Exports
- International exports from Utah during the first three quarters of 2008 was $8.1 billion. Over 50% higher than the value during the same period last year. This rate of growth ranks 4th among all states.
Unemployment:
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- 4.3% Utah (U.S. 7.2%) -Dec. 2008
- During the Great Depression unemployment was 25%
AAA Bonding Rating in Utah
- This rating saves taxpayers money on interest costs.
Utah Best Managed State
- Pew Research Institute named Utah best managed state in nation
Growth in Utah
- Almost flat (Year-over job change in Utah was -1.9% in December 2008)
- Energy and Natural Resources had 7.2% positive growth in December and has potential for continued growth.
Population in Utah
- Utah's population was an estimated 2,757,779 on July 1, 2008 - up 58,225 or 2.2% from July 1, 2007.
- The Committee estimated that net in-migration in 2008 was 16,648, or about 29% of total population growth.
Mineral Lease Money
- Has increased by 109% since 2005
Affordable Fuel
- Gasoline in Utah is at $1.60 a gallon
Tourism
- Zion National Park - 2.7 million tourists visited the park in 2008 setting a new record for Zions.