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We're keeping our fingers crossed that Gov. Jon Huntsman's optimism about the state's economy is warranted.
As he noted at his second annual economic summit Thursday, Utah is doing better than almost all the other states as fears of recession loom. We're not the panic mongers some of our news brethren are, but it does look as if the nation is in for a bumpy ride for awhile. But as the governor said, Utah is among the states that seem best prepared. The rate of job growth is second-best in the nation at 2.3 percent. The unemployment rate has nudged up to 3 percent, but that's so low that there's still a shortage of skilled workers. Home prices, if no longer skyrocketing, are still rising at 9 percent a year. Companies are still flocking here. Procter & Gamble, Barnes Aerospace, Charlotte Pipe and Disney Interactive Studios are planning to bring hundreds of jobs here. Other companies are inquiring. We have a few general notions about why this is happening even as other states are plunging into economic trouble. People and business are lured here by the gorgeous landscape, plentiful recreational opportunities, and the lack of crime and other big-city hassles. (If you think I-15 is bad, try navigating rush hour in most big cities.) House prices are still relatively cheap. Utah is relatively free of the mistakes of the past. It has a workforce with a strong work ethic. Utahns are hard working and friendly, but willing to take risks and try new ventures. State government has been well run. Many states have big budget deficits, while Utah still has a surplus, if a smaller one than expected. While Utah's government deserves some chiding at times, we will admit that in many ways it is better-run than the bureaucracies of most states, however faint that praise may be. There are clouds on the horizon. The educational system, however adequate, has failed to adopt reforms that might truly prepare it for the global economy. Roads are clogging up, and will get worse if expansion plans are delayed. Progress is slow, at best, on reforming health care and dealing with illegal immigration. A prolonged recession would throw some of the optimistic forecasts out the window. But all in all, Utah seems ready to keep growing. Its natural resources, its people, its businesses and governments have set the table for continued prosperity. Knock on wood. |
