The West’s economy continues to outpace the rest of the country and few states have performed as solidly and consistently as the Utah over the past five years. So says a report from the Wells Fargo Economist Team released last week.
Real GDP growth in Utah remained one of the fastest-growing in the nation in the first quarter of 2018, expanding 3.7 percent on a year-over-year basis. The state’s burgeoning tech sector is driving much of the growth, helped by its deep talent pool and relative affordability compared with other growing tech hubs. Production out of the mining sector, backed by higher commodity prices, has also been supportive of growth. A sharp decline in the price of copper leading into the summer, however, may stymie production in coming quarters, the report said.