24/7 Wall Street recently ranked Utah as having the best economy in the nation. The financial analysis publication ranked all 50 states’ economies based on several important metrics, including 5 year annualized GDP and unemployment growth rate. Utah placed first in the 2020 rankings, after taking third the previous year.
The state was propelled to the top spot thanks in part to its low poverty rate (9 percent) and country-leading July unemployment rate (4.5 percent). According to 24/7 Wall Street, Utah has maintained its impressive economic performance both during and prior to the coronavirus epidemic. Before COVID-19 entered into America, “economic conditions in Utah were far stronger than they were in most of the country.” During this time, Utah’s GDP growth rate was an impressive 3.4 percent, nearly 1.8 times better than the national GDP growth rate of 1.9 percent.
Even with the pandemic creating economic uncertainty, the state continues to serve as an example to the rest of the nation for recovery and is one of only seven states with a poverty rate below 10 percent.
Though Governor Herbert’s remaining time in office is limited, he is committed to continuing these trends which have developed during his time in office. Building an inclusive economy that promotes mobility must be a continued goal for the state if we are to maintain these laudable achievements.
Original released published August 28, 2020