Utah’s Economy: Retail Sales Growth Drives Higher Tax Revenues

Utah's Economy- Retail Sales Growth Drives Higher Tax Revenues
One of the most important economic indicators of the Utah economy is state tax revenues. And these revenues continue to show an impressive rebound from the recession, providing evidence of Utah’s relatively strong recovery. After a 24 percent drop from 2007 to 2010, revenues have increased nicely in the past two years. To be fair, not the entire $1.4 billion drop in revenues was due to the recession. There were several hundred million in tax cuts due to reduction in both sales and income tax rates in the 2007 omnibus tax bill.

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