Utah’s Economy: Slowdown in Economic Growth

Utah's Economy Economic SlowdownIn the past few months, the rate of growth in the Utah Economy unexpectedly slowed down.

In three of the last four months, employment growth dropped below 3 percent. For 16 consecutive months (January 2012 through April 2013) employment growth was between 3 and 4 percent.

State Tax revenues slowed to a 1.9 percent first quarter increase while motor fuel taxes and fees fell 9.3 percent.

Residential building permits through September are down nearly 7 percent, 9,075 compared to 9,723 in 2012. The weakness in residential construction is due entirely to the decline in multifamily construction.

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