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Lieutenant Governor's Office » It Ain't All Bad Out There

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

  1. Utah foreclosure rate (1.4%) is less than half the national rate (2.9%). Utah homeownership rate is 4th highest in the nation.
    1. Four states (CA, FL, AZ, NV) account for approximately half of all foreclosures.
    2. Major factors that led to the rise of foreclosures are subprime lenders and speculation
  2. During the Great Depression foreclosure rates neared 50%

Bank Failures

  1. According to the FDIC, there have been a total of 28 bank failures in 2007 and 2008.
  2. In recession-free 1988-89, there were 1,004 failures.
  3. Since the Great Depression, the average number of bank failures per year has been 94.

Mortgage interest rates

  1. Currently at 5% for 30 year fixed rate mortgages.
  2. Business mortgages have doubled because of low interest rates.

Housing

  1. 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

  1. 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

  1. 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:

    s
  1. 4.3% Utah (U.S. 7.2%) -Dec. 2008
  2. During the Great Depression unemployment was 25%

AAA Bonding Rating in Utah

  1. This rating saves taxpayers money on interest costs.

Utah Best Managed State

  1. Pew Research Institute named Utah best managed state in nation

Growth in Utah

  1. Almost flat (Year-over job change in Utah was -1.9% in December 2008)
  2. Energy and Natural Resources had 7.2% positive growth in December and has potential for continued growth.

Population in Utah

  1. Utah's population was an estimated 2,757,779 on July 1, 2008 - up 58,225 or 2.2% from July 1, 2007.
  2. The Committee estimated that net in-migration in 2008 was 16,648, or about 29% of total population growth.

Mineral Lease Money

  1. Has increased by 109% since 2005

Affordable Fuel

  1. Gasoline in Utah is at $1.60 a gallon

Tourism

  1. Zion National Park - 2.7 million tourists visited the park in 2008 setting a new record for Zions.