Utah’s economic landscape stands on the brink of an unprecedented transformation. Rapid market and demographic changes demand a vision and strategy that not only keeps pace but anticipates future shifts.
Utah’s business community is coming together to create a statewide economic vision – “Utah Rising: A Free Enterprise Vision for Utah’s Economy” – driven by proven principles, while outlining opportunities for ongoing success and sustainable growth. Spearheaded by the Salt Lake Chamber, in collaboration with the public and private sector across the state, the vision will address critical issues with innovative, long term economic solutions for all who call Utah home.
Demographic and Economic Shifts
Small State
Population rank 34th (1990, 2000, 2010)
Mid-size State
Population rank 30th (2020)
Internal Growth (births)
34% of growth from migration (2000-2020)
External Growth (migration)
61% of growth from migration (2021 and 2022)
Less Multicultural
10% minority (1990)
More Multicultural
23% minority (2021) (30+% in 2040)
Young
11.5% are 65+ (2020)
Older
20% are 65+ (2050)
Strong Economy
Utah job growth strong, but ebbs and flows
Elite Economy
Utah job growth consistently best in nation and COVID outcomes
Affordable Housing
Utah housing costs to wages highly competitive
Unaffordable Housing
Utah housing costs represent major economic risk
Source: Kem C. Gardner Policy Institute
Challenges and Opportunities
At the heart of this transformation is Utah’s inherent strength – the unparalleled ability of our private sector to unite in collaboration, addressing critical issues with innovative solutions. Some of the top challenges and opportunities for Utah include:
- Housing Affordability
- Transportation
- Growth/Congestion
- Division
- Immigration
- Major League Sports
- Natural Resources/Water/Energy
- Homeless Services
- Artificial Intelligence
- Workforce
This collaborative spirit, fueled by contributions, volunteers and groundbreaking ideas, has propelled Utah forward during times of need.
Business Drives the Economy
Photos provided by: Utah Historical Society and the Salt Lake Chamber
“Utah stands at a crossroads, with unparalleled economic opportunities at our doorstep. But seizing these requires more than traditional planning – it necessitates a living, breathing strategy that evolves with our dynamic state. The Salt Lake Chamber is leading a business-led process to craft a statewide strategy that’s grounded in collaboration, innovation and a drive for sustained prosperity.”
Derek Miller, President & CEO, Salt Lake Chamber
Utah Rising Principles
Common ground and collaboration for a shared vision of sustainable growth and statewide prosperity.
Bold vision and pragmatic action to harness market forces and achieve results that reimagine the possible.
Quality of life and upward mobility
that creates opportunity for all Utahns.
Culture of hard work and community building that give Utah a distinct competitive advantage.
Private sector innovation and public sector support to unleash the power of free enterprise.
Timeline
“Utah’s vibrancy as a state is a direct result of our business and civic leaders choosing to engage, commit time and invest resources to building a better community and economy. I’m thrilled to be helping forge a new era of economic common ground.”
Spencer P. Eccles, Steering Committee Chair, Utah Rising and Co-Founder and Managing Partner, The Cynosure Group
Utah Rising Leadership
Steering Committee
- Salt Lake Chamber
- AT&T
- Clyde Companies, Inc.
- Colliers International
- Deseret Management Corporation
- Dominion Energy
- Ivory Homes
- Kem C. Gardner Policy Institute at the University of Utah
- Mountain America Credit Union
- Penna Powers
- Rocky Mountain Power
- The Cynosure Group
- The Church of Jesus Christ of Latter-Day Saints
- The Larry H. Miller Company
- University of Utah
- Utah Jazz
- WCF Insurance
- Wells Fargo
- Zions Bank
Technical Committee
- AT&T
- Colliers International
- Dominion Energy
- Economic Development Corporation of Utah (EDCUtah)
- Envision Utah
- Governor’s Office of Economic Opportunity
- Governor’s Office of Planning and Budget
- Kem C. Gardner Policy Institute at the University of Utah
- Penna Powers
- Rocky Mountain Power
- Utah Association of Counties
- Utah Department of Transportation
- Utah Inland Port Authority
- Utah League of Cities and Towns
- Utah Transit Authority
- Utah State Board of Education – Superintendent’s Office
- Utah System of Higher Education
- Wasatch Front Economic Development District
- Wasatch Front Regional Council
- World Trade Center Utah
- Zions Bank