Jan
27
Utah’s Economy: Miscellaneous Notes on the Utah Economy

Utah's Economy- Miscellaneous Notes on the Utah Economy

Exports, tourism, nonresidential construction and retail sales are just a few of the sectors in the Utah economy that have shown improvement in the past year. A broad based recovery appears to be underway pushing job growth to near 3 percent and giving the state a ranking of fourth among all states in nonfarm employment growth in 2011.

Exports in Utah have nearly doubled in the last two years increasing from $10.3 billion in 2009 to $18.9 billion in 2011. A sizeable share of the increase in the value of Utah’s exports is due to the 50 percent jump in gold prices over the past two years. Gold from Nevada mines is refined at the Johnson Matthey facility in Salt Lake County and then exported primarily to the United Kingdom, Switzerland and Taiwan. The local
Johnson Matthey plant is the leading U.S. refinery of newly mined gold. In 2011 about $12 billion of
Utah’s nearly $19 billion in exports was gold. Utah’s most important non-gold export product is integrated circuit memory (RAM and ROM), primarily produced by IM Flash Technologies, a joint venture of Micron and Intel, located in Lehi. The United Kingdom is Utah’s largest trading partner.

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