New state revenue estimates released Tuesday show Utah’s economy continues to improve. The Salt Lake Chamber, Utah’s largest and longest-standing statewide business association representing over half the state’s workforce, encourages Legislators to use these funds to further propel the state’s ongoing and accelerating recovery.
The increased revenue estimates include $9 million of ongoing money and $5 million of one-time funds, giving the state $14 million more than anticipated to meet vital state needs and to take advantage of other opportunities to strengthen our economy.
During the 2011 General Legislative Session, Legislators also appropriated $70 million for transportation funding, securing funding for vital mobility projects ahead of time. When factoring in that money, today’s estimates give even more reason for optimism.
A year ago, approximately 110,000 Utahns were unemployed; today that figure has dropped to 80,000. Utah’s unemployment rate is 2.5 points below the national rate, and our economy is among the fastest growing in the nation at nearly 2.5 times the national rate. Utah businesses have created over 30,000 jobs in the past 12 months. We have work yet to do but the numbers are trending in the right direction.