Economic report to the governor highlights

Utah enters 2023 facing significant economic uncertainty as decision-makers continue to grapple with ever-changing pockets of economic strength and weakness. The post-pandemic economy has altered many traditional economic relationships. These economic transformations make accurate predictions challenging because it's unclear if or when old patterns will return, or if new arrangements will chart a different economic course.

2023 Economic Report to the Governor HIGHLIGHTS P R E P A R E D U T A H B Y E C O N O M I C T H E C O U N C I L A collaborative endeavor of David Eccles School of Business and Governor’s Office of Planning and Budget January 2023 Mining 8.5% Idaho Construction 21.2% Utah Manufacturing 7.5% Arizona Trade, Trans., Utilities 11.3% Information 13.2% Montana Mining 8.5% Idaho Financial Activity 1.0% Colorado 21.2% Prof. & Construction Bus. Services 2.4% Utah Manufacturing 7.5% Nevada Education & Healthcare 7.6% Arizona Trade, Trans., Utilities Utah enters 2023 facing significant economic unemployment coupled with improving supply chains and very 11.3% uncertainty as Leisure & Hospitality 4.2% New Mexico Information 13.2% Montana Other Services 3.6% decision-makers continue to grapple with ever-changing pockets of Wyoming strong overall household, firm, and state and local government Financial Activity 1.0% Government 0.3% Colorado economic The post-pandemic economy has financial reserves combine to provide a hedge against economic Prof. & strength Bus. Servicesand weakness. 2.4% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Nevada Education & Healthcare 7.6% altered many traditional economic relationships. These economic challenges that%could spiral into afrom recession. Economic Change in Employment Feb 2020 to Nov 2022 Hachman Index Score Leisure & Hospitality 4.2% New Mexico transformations make accurate performance in 2023 will depend on economic decisions made in 95.0+ (Most Diverse) Other Services 3.6% predictions challenging because it’s Wyoming Government 0.3% 90.0–94.9 unclear if or when old patterns will return, or if new arrangements this complex new environment. 2023 Economic Report to the Governor 2022: Resilient and strong with warning signs 2023: Uncertain environment with three plausible scenarios -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 85.0–89.9 35.0% Given recent trends, three economic scenarios seem viable 28.3% Idaho % Change in Employment from Feb 2020 to Nov 2022 75.0–84.9 30.0% for 2023.Utah Wise decision-makers will prepare to respond to any 21.2% 25.0% <75.0 (Least Diverse) 18.8% 18.3% 20.0% of the Arizona three scenarios by following the17.2% indicators, making mid15.0% 10.7%still course corrections, and applying vigilance and caution while 35.0% 10.0% Montana 28.3% 30.0% 5.0% pursuing opportunities. Colorado 25.0% 0.0% 18.8% 18.3% 20.0% 17.2% Nevada -5.0% 5 15.0% Leisure & Hospitality 15 4.2% -10.0%New Mexico 10.7% 10.0% Other Services 3.6% -15.0% Wyoming 0 5.0% Government 0.3% by Industry, Utah's Change State Pandemic Jobs Recovery, February 2020 – November 2022 10 Employment 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 0.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% January 2020 – November 2022 -5.0% 5 % Change in Employment from Feb 2020 to Nov 2022 Mining -10.0%Idaho 8.5% #1 -15.0% Mining Construction 8.5% 21.2% Utah 6.9% 0 Construction Manufacturing 21.2% 7.5% 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 6,000Trans., Utilities Arizona Manufacturing 3.1% to 6.9% 7.5% Trade, 11.3% #2 25 35.0% $5.1 Trillion 6.6%Utilities Trade, Trans., 11.3% 28.3% 13.2% Montana 0.1% to 3.0% 5,000 Information Federal Funds Effective Rate 12.030.0% Information 13.2% Financial Activity 1.0% M 25.0% National 20 30-Year Fixed Rate Mortgage Park Visits -6.5% to 0.0% Colorado 18.8%Activity 4,000 1.0% 18.3% 10.020.0%Financial Prof. & Bus. Services 2.4% 17.2% Average in the United States C Skier Days Prof. & Bus. Services 2.4% Nevada Education Healthcare 7.6% 6,000 &15 8.015.0% 3,000 10.7% Education & Healthcare 7.6% Leisure & Hospitality 4.2% 10.0% $5.1 Trillion $0.9 Trillion New Mexico Leisure & Hospitality 4.2% 6.0 5.0% 5,000 2,000 Other Services 12.0 3.6% New 10 Wyoming Other Services 3.6% 0.0% National Park Visits Government 0.3% 4.0 W 4,000 1,000 10.0 Government 0.3% -5.0% Days -1.0%Skier0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 5 2.0 Source:3,000 U.S.0Bureau of Labor Statistics; Seasonally adjusted Source: U.S. Bureau of Labor Statistics 8.0 -10.0% % Change in Employment from Feb 2020 to Nov 2022 $0.9 Trillion -15.0% 0.0 19720 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 6.0 2,000 Utah Components of Population Change, 1972 1977 1982 1987 1992 1997 1960–2022 2002 2007 2012 2017 2022 30-Year Conventional Fixed Rate Mortgage and 4.0 1,000 Effective Federal Funds Interest Rates, 1972–2022 90,000 Net Migration 25 35.0% 2.0 25 16% 80,000 0 35 28.3% Natural Increase 30.0% Federal Funds Effective 70,000 1972 1977 1982 1987 1992 1997 2002 30 2007 2012 2017Rate2022 14% 0.0 Federal Funds Effective Rate Population Change 25.0% 20 30-Year Fixed Rate Mortgage 7.1% 60,000 25 20 18.8% 12% 30-Year Fixed Rate Mortgage 18.3% 20.0% 17.2% Average in the United States 50,000 6,000 9.0% 20 Average in the United States 10% $5.1 Trillion 15.0% 15 90,000 40,000 15 10.7% 15 5,000Net Migration 8% 10.0% 12.0 16% 80,000 30,000 10 Natural Increase National Park Visits 6% 70,000 20,000 14%5.0% 10.0 4,000Population Change 10 5 10 7.1% Skier Days 60,000 4%0.0% 10,000 12% 0 8.0 50,000 9.0% 0 3,000 2%-5.0% -5 10% 5 $0.9 Trillion 5 40,000 -10,000 -10.0% 0% 6.0 -10 2,000 8% 30,000 -12,000 -15.0% -15 -2% 6% 0 4.0 20,000 0 1,000 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 4% 10,000 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 2.0 0 0 2% Source: Freddie Source: Utah Population Estimates Committee and Utah Population Committee 12% -10,000 0.0 Mac 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 0% Utah US 10% -12,000 -2% 8% Consumer Index1992 Year-over Change, 1972–2022 Annual Average Job Growth Rate in Utah and the U.S., 1972 1977 Price 1982 1987 1997 2002 2007 2012 2017 2022 6% 90,000 Net Migration 1950–2022e 6,000 6,000 4% 16% 80,000 Natural Increase $5.1 Trillion $5.1 Trillion 2% 12% 14%5,000 5,000 70,000 12.0 Population Change 0% US 10% 60,000 Utah 7.1% 12% -2% National Park Visits 8% 50,000 4,000 10.04,000 9.0% -4% 10% Skier Days 6% 40,000 -6% 8.0 8%3,000 3,000 4% 30,000 -8% $0.9 Trillion $0.9 Trillion 2% 6% 20,000 6.02,000 2,000 0% 4% 10,000 -2% 4.0 0 1,000 2%1,000 -4% -6% -10,000 0% 0 2.0 0 -8% -12,000 -2% 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 0.0 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 2020 2022e 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 1998 1996 1994 1992 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022e Millions 2022e 1998 1998 1996 1994 1992 1990 1988 1986 1984 90,000 NetofMigration Source: U.S. Bureau Labor Statistics Natural Increase 16% 80,000 70,000 Population Change 14% 60,000 12% 50,000 hange 2000 1996 1994 1992 1990 1988 1986 1984 Billions of Dollars Millions 1950 1953 1956 1960 1959 1962 1962 1964 1965 1966 1968 1968 1970 1971 1972 1974 1974 1976 1977 1978 1980 1980 1983 1982 1984 1986 1986 1989 1988 1992 1990 1992 1995 1994 1998 1996 2001 1998 2000 2004 2002 2007 2004 2010 2006 2008 2013 2010 2016 2012 2019 2014 2016 2022e 2018 2020 2022 nt 1990 1986 1977 1988 1978 1980 1990 1982 1992 1984 1994 1985 1987 1996 1989 1998 1991 2000 1992 1994 2002 1996 2004 1998 1999 2006 2001 2008 2003 2010 2005 2006 2012 2008 2014 2010 2016 2012 2013 2018 2015 2020 2017 2022e 2019 2020 2022* 1986 Percent Millions 1977 1978 1980 1982 1984 1985 1987 1989 1991 1992 1994 1996 1998 1999 2001 2003 2005 2006 2008 2010 2012 2013 2015 2017 2019 2020 2022* 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Population change 1950 1953 1956 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022e Percent Percentof Dollars Billions ange Source: U.S.12% Bureau ofMigration Labor Statistics e=estimate 90,000 Net Utah US 80,000 10% Natural Increase 8% Report to the Governor 2023 Economic 70,000 6% Population Change 60,000 4% 50,000 1988 1984 1984 Millions Billions of Dollars Population change Population change Percent Millions Percent Billions of Dollars Billions of Dollars 1977 1978 1980 1982 1984 1985 1987 1989 1991 1992 1994 1996 1998 1999 2001 2003 2005 2006 2008 2010 2012 2013 2015 2017 2019 2020 2022* 1977 1978 1980 1982 1984 1985 1987 1989 1991 1992 1994 1996 1998 1999 2001 2003 2005 2006 2008 2010 2012 2013 2015 2017 2019 2020 2022* Percent Percent 25 will chart a differentMining economic course. 8.5% Federal Funds Effective Rate Current economic challenges amid an overheated economy Construction 20 30-Year Fixed Rate Mortgage Manufacturing 7.5%Average in the United States include stubbornly high inflation, rapidly rising interest rates, Trade, Trans., Utilities 11.3% 15 25 low consumer sentiment, Information and unmistakable construction 13.2% Financial Activity 1.0% Federal Funds Effective Rate and real 10 estate slowdowns. At the same time, many often20 Prof. & Bus. Services 2.4% 30-Year Fixed Rate Mortgage underappreciated economic buffers exist. Extremely low States Education & Healthcare in the United 7.6%Average 16% 14% 7.1% 9.0% 12% 10% Manufacturing Trade, Trans., Utilities Information Financial Activity Prof. & Bus. Services Education & Healthcare Leisure & Hospitality Other Services Government Utah 7.5% Arizona 11.3% 13.2% 2023 Economic Report to the Governor Montana 2022: ResilientColorado and strong with warning signs Nevada 1.0% 2.4% 7.6% 4.2% 3.6% 2023: Uncertain environment with three plausible scenarios New Mexico Wyoming Three Plausible 0.3% Scenarios in 2023 -1.0% Scenario 1: Continuing Growth 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% % Change in Employment from Feb 2020 to Nov 2022 Scenario 2: Shallow Recession Scenario 3: Decelerating Growth 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 Household and Nonprofit Deposits and Currency Levels, 1972–2022 Idaho 6,000 Utah 5,000 Arizona 35.0% $5.1 Trillion 90,000 Net Migration 80,000 Economic Diversity, 2021 Natural Increase 70,000 35.0% Population Change 60,000 30.0% 50,000 25.0% 18.8% 40,000 18.3% 20.0% 30,000 15.0% 20,000 10.0% 10,000 5.0% 0 0.0% -10,000 -5.0% -12,000 -10.0% -15.0% 90.0–94.9 6% 19771960 19781962 19801964 19821966 19841968 19851970 1972 19871974 19891976 19911978 19921980 19941982 19961984 1986 19981988 19991990 20011992 20031994 20051996 20061998 2000 20082002 20102004 20122006 20132008 20152010 20172012 2014 20192016 20202018 2022*2020 2022 75.0–84.9 -2% 1972 1977 1982 1987 1992 1997 6.9% 0.0 -6.5% to 0.0% 2020 2020 2018 2016 2014 2012 2010 2006 2004 2008 2007 2012 2017 2022 3% Continuing Growth 2% to 4% 2% 1% 0% Shallow Recession -1% to 1% Decelerating Growth 0% to 2% -1% -2% 2022e 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 1998 1996 1994 1992 1990 0.1% to 3.0% 1988 1986 3.1% to 6.9% 1984 #2 2.0 6.6% 2002 4% 6.0 #1 4.0 2002 2000 5% Plausible Scenarios in 2023 Three <75.0 (Least Diverse) 1950 1953 1956 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022e 1998 4% * Data through Q3 2022 Source: Federal Housing Finance Agency 2% 0% 85.0–89.9 7.1% 9.0% -15.0% 8% Hachman Index Score 10.7% 95.0+ (Most Diverse) 1996 -10.0% 1977 1978 1980 1982 1984 1985 1987 1989 1991 1992 1994 1996 1998 1999 2001 2003 2005 2006 2008 2010 2012 2013 2015 2017 2019 2020 2022* Population change 17.2% Percent Millions 12% 10% Note: Ski seasons include December of the year noted through late spring of the following 16% year (i.e., 2019 represents the 2019-2020 ski season). e=estimate Sources: 14% U.S. National Park Service and Ski Utah 7.1% 12% 9.0% 10% 8% 14% 17.2% -5.0% 16% 28.3% 1994 0.0% 12% Utah US 10% 8% Source: 6% Kem C. Gardner Policy Institute analysis of U.S. Bureau of Economic Analysis GDP data 4% 2% National Park and Skier Visits, 1984–2022e Utah 0% -2%12.0 -4% National Park Visits 10.0 -6% Skier Days -8% 8.0 2022 0.0 5.0% 1992 7.0% 2022 18.3% 6.0 15.0% 4.0 10.0% 2.0 1984 New Mexico 1,000 Wyoming 0 -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 % Change in Employment from Feb 2020 to Nov 2022 Source: Board of Governors of the U.S. Federal Reserve System 8.0 20.0% 1986 $0.9 Trillion Nevada 2,000 1990 Millions 3,000 Colorado 2022 National Park Visits Skier Days 18.8% 10.025.0% 1988 4,000 Montana e s 10.7% 28.3% 12.030.0% Real GDP Billions of Dollars .2% Year-over Growth Rate in Utah Home Prices (FHFA Index), 1977–2022e 2022e 1972 1977 1978 1980 1982 1984 1985 1987 1989 1991 1992 1994 1996 1998 1999 2001 2003 2005 2006 2008 2010 2012 2013 2015 2017 2019 2020 2022* Percent Inflation recedes, interest rate hikes stabilize, High inflation comes down slowly, continued Inflation moderates somewhat, interest 25 historically high financial reserves and low rapid interest rate hikes35.0% drive down consumer rate hikes continue but slow down, 28.3% 30.0% Fundsfirm Effective Rate debt levels prop up consumer spending, Federal and demand for large capital acquisitions, household financial buffers only partially 25.0% 20 30-Year Fixed Rate Mortgage 18.8%and layoffs employers work to retain employees construction slowdowns offset broader economic challenges, 18.3% 20.0% 17.2% Averagesizable in the United States 15.0% 15 of recent hiring challenges, and in light extend broadly into other sectors, continued including layoffs in interest-rate-sensitive 10.7% 10.0% international geopolitical and supply chain international challenges remain disruptive sectors such as construction, resulting in 5.0% 10 challenges stabilize, combining to create similar to 2022, resulting0.0% in a relatively short 2023 real GDP growth in the 0% to 2% -5.0% 2023 5real GDP growth in the 2% to 4% (two to three quarters)-10.0% and mild -1% to 1% range. -15.0% range0 (similar to 2022 Q3 and Q4). change in 2023 real GDP. -3% Source: Kem C. Gardner Policy Institute Highlights Utah Economic Council Economic and Business Indicators Utah and the United States, December 2022 2020 Actual DEMOGRAPHICS Utah July 1st Population (Thousands) 2021 Actual Utah Economic Council Forecast 2022 Estimate Percent Change 20-21 21-22 2023 Percent Change 22-23 23-24 2024 3,285 3,344 3,405 1.8 1.8 3,456 3,514 1.5 Utah Net Migration (Thousands) 26.1 34.9 38.1 – – 26.2 32.9 – 1.7 – U.S. July 1st Population (Millions) 331.8 332.2 333.1 0.1 0.3 334.5 336.1 0.4 0.5 EMPLOYMENT, WAGES, AND INCOME Utah Nonagricultural Employment (DWS) (Thousands) 1,539 1,616 1,676 5.0 3.7 1,709 1,739 2.0 1.7 Utah Total Nonagriculture Wages (DWS) (Millions) $83,223 $92,010 $101,958 10.6 10.8 $108,075 $112,615 6.0 4.2 Utah Average Annual Pay (DWS) (Dollars) $54,079 $56,944 $60,849 5.3 6.9 $63,223 $64,740 3.9 2.4 4.7 2.7 2.0 – – 2.6 2.7 – – $171,385 $186,991 $195,707 9.1 4.7 $207,449 $217,822 6.0 5.0 Utah Unemployment Rate (DWS) (Percent) Utah Personal Income (BEA) (Millions) U.S. Establishment Employment (BLS) (Millions) 142 146 152 2.8 4.1 153 152 0.6 -0.3 $9,457 $10,290 $11,164 8.8 8.5 $11,701 $12,191 4.8 4.2 $66,533 $70,431 $73,423 5.9 4.2 $76,502 $79,987 4.2 4.6 8.1 5.4 3.7 – – 4.5 4.2 – – $19,832 $21,295 $21,752 7.4 2.1 $22,736 $23,786 4.5 4.6 U.S. Total Wages & Salaries (BEA) (Billions) U.S. Average Annual Pay (BEA) U.S. Unemployment Rate (BLS) (Percent) U.S. Personal Income (BEA) (Billions) PRODUCTION AND SALES Utah Real GDP (2012 Chained, Millions) $174,955 $186,910 $191,186 6.8 2.3 $194,863 $200,364 1.9 2.8 Utah Taxable Sales (Millions) $74,731 $90,105 $100,407 20.6 11.4 $106,432 $111,327 6.0 4.6 Utah Exports (Millions) $17,713 $18,060 $15,738 2.0 -12.9 $16,907 $17,956 7.4 6.2 U.S. Real GDP (2012 Chained, Billions) $18,509 $19,610 $19,983 5.9 1.9 $20,183 $20,587 1.0 2.0 U.S. Total Retail Sales (Billions) $6,210 $7,435 $8,149 19.7 9.6 $8,308 $8,476 2.0 2.0 U.S. Real Exports (2012 Chained, Billions) $2,232 $2,367 $2,538 6.1 7.2 $2,623 $2,745 3.4 4.6 31,797 40,144 29,500 26.3 -26.5 22,750 23,500 -22.9 3.3 540 661 792 22.4 19.8 783 798 -1.2 2.0 Utah Residential Permit Value (Millions) $6,785 $8,850 $7,097 30.4 -19.8 $5,300 $6,000 -25.3 13.2 Utah Nonresidential Permit Value (Millions) $2,567 $2,930 $3,256 14.1 11.1 $2,600 $2,200 -20.2 -15.4 U.S. Private Residential Investment (Billions) 900.8 1,107.6 1,131.1 23.0 2.1 1,009.8 1,090.1 -10.7 7.9 290 339 386 16.8 13.8 365 362 -5.5 -0.8 West Texas Intermediate Crude Oil Price (Per Barrel) $39 $68 $96 73.2 40.7 $82 $82.5 -13.8 0.1 Utah Oil Price (Per Barrel) $35 $61 $84 74.0 38.3 $75 $64.0 -10.7 -14.7 REAL ESTATE AND CONSTRUCTION Utah Dwelling Unit Permits (Units) Utah Home Price Index (FHFA) (1991Q1 = 100) U.S. Home Price Index (FHFA) (1991Q1 = 100) ENERGY & NATURAL RESOURCE PRODUCTION AND PRICES Utah Coal Price (Per Short Ton) $37 $34 $37 -8.7 8.8 $39 $35.0 5.4 -10.3 Utah Natural Gas Price (Per MCF) $2.0 $4.1 $6.4 109.2 56.1 $5.4 $4.5 -15.6 -16.7 Utah Copper Price (Per Pound) $2.8 $4.3 $3.7 51.8 -12.9 $4.0 $4.1 8.1 2.5 31 36 43 14.6 21.9 46 48 6.2 4.3 Utah Coal Production (Million Tons) 13.3 12.3 11.0 -7.4 -10.9 12.5 13.0 13.6 4.0 Utah Natural Gas Production Sales (Billion Cubic Feet) 243 240 260 -1.1 8.4 275 290 5.8 5.5 Utah Copper Mined Production (Million Pounds) 309 351 353 13.6 0.6 450 451 27.5 0.2 Utah Crude Oil Production (Million Barrels) INFLATION AND INTEREST RATES U.S. CPI Urban Consumers (BLS) (1982-84 = 100) 258.8 271.0 292.8 4.7 8.1 305.4 314.0 4.3 2.8 U.S. Federal Funds Rate (FRB) (Effective Rate) 0.4 0.1 1.7 – – 4.8 4.3 – – U.S. 3-Month Treasury Bills (FRB) (Discount Rate) 0.4 0.0 2.0 – – 4.7 4.0 – – U.S. 10-Year Treasury Notes (FRB) (Yield (Percent)) 0.9 1.4 3.0 – – 3.6 3.3 – – 30 Year Mortgage Rate (FHLMC) (Percent) 3.2 3.0 5.4 – – 6.3 5.6 – – Sources: Utah Economic Council, GOPB, Moody’s, Economy.com, and IHS Markit Utah Economic Council Phil Dean, Kem C. Gardner Policy Institute, Co-Chair Nate Talley, Governor’s Office of Planning and Budget, Co-Chair Jonathan Ball, Office of the Legislative Fiscal Analyst Casey Cameron, Department of Workforce Services Sophia DiCaro, Governor’s Office of Planning and Budget Richard Fowles, University of Utah John Gilbert, Utah State University Natalie Gochnour, David Eccles School of Business/Salt Lake Chamber Dan Hemmert, Governor’s Office of Economic Opportunity Leslee Katayama, Utah State Tax Commission Mark Knold, Utah Department of Workforce Services Nate Lloyd, Kem C. Gardner Policy Institute Adam Looney, University of Utah Thomas Maloney, University of Utah Carrie Mayne, Utah System of Higher Education Economic Report to the Governor Contributors Darin Mellott, CBRE Leslee Katayama, Utah State Tax Commission Jacoba Larsen, Utah State Tax Commission Carrie Mayne, Utah System of Higher Education Maddy Oritt, Office of the Legislative Fiscal Analyst Michael Parker, Ivory Homes Robbi Poulson, Governor’s Office of Planning and Budget Nate Seegert, University of Utah Shawn Teigen, Utah Foundation Robert Spendlove, Zions Bank David Stringfellow, Office of the Utah State Auditor Juliette Tennert, Utah System of Higher Education Richie Wilcox, Governor’s Office of Planning and Budget Andrea Wilko, Office of the Legislative Fiscal Analyst James A. Wood, Kem C. Gardner Policy Institute Mallory Bateman, Kem C. Gardner Policy Institute Andrea Brandley, Kem C. Gardner Policy Institute Eric Cropper, Utah State Tax Commission Phil Dean, Kem C. Gardner Policy Institute Dejan Eskic, Kem C. Gardner Policy Institute Dale Frost, Utah State Board of Education John Gilbert, Utah State University Jeffery Gilbert, Utah State University Caroline Hargraves, Utah Department of Agriculture and Food Michael Hogue, Kem C. Gardner Policy Institute Thomas Holst, Kem C. Gardner Policy Institute Leslee Katayama, Utah State Tax Commission Mark Knold, Utah Department of Workforce Services Jacoba Larsen, Utah State Tax Commission Jennifer Leaver, Kem C. Gardner Policy Institute Nate Lloyd, Kem C. Gardner Policy Institute Carrie Mayne, Utah System of Higher Education Darin Mellott, CBRE Dianne Meppen, Kem C. Gardner Policy Institute Stephanie Mills, Department of Natural Resources Levi Pace, Kem. C. Gardner Policy Institute Jennifer Robinson, Kem. C. Gardner Policy Institute Nestor M. Rodriguez, Utah State Board of Education Andrew Rupke, Department of Natural Resources Shannon Simonsen, Kem C. Gardner Policy Institute Robert Spendlove, Zions Bank David Stringfellow, Office of the Utah State Auditor Laura Summers, Kem. C. Gardner Policy Institute Kevin Sullivan, Utah Defense Alliance Nate Talley, Governor’s Office of Planning and Budget Shawn Teigen, Utah Foundation Bart Todd, Zions Bank Sam Urie, Utah State Board of Education Michael Vanden Berg, Department of Natural Resources Andrew Wilko, Legislative Fiscal Analyst Office James A. Wood, Kem C. Gardner Policy Institute