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LAYTON — Utah's economy is functioning well compared to many other states across the country.
The state is well positioned to grow in the coming years, thanks to a diverse economy that has developed clusters in technology as well as manufacturing and other growing business sectors, according to Jeff Steagall, dean of the Goddard School of Business and Economics at Weber State University.
Steagall was a featured speaker Wednesday at the Northern Utah Business and Economic Summit at the Weber State University — Davis Campus.
Related:
Utah's economy driven by exports
Utah's booming export industry is critical to the state's economy, according to a University of Utah report."We have a tremendous economy here in Utah," he said. "We are outperforming (other states).
He noted that Utah has done well in its efforts to create a business-friendly environment for companies that are on the cutting edge of technology.
"We've got firms like ATK that are doing things that are "science fictiony," Steagall said. "Those are the kinds of things that are looking toward the future."
He said having high-tech companies expanding their existing operations or deciding to move to the Utah market speaks well about how the state is perceived. He also commented that Utah's strength in the international export market would be an important key to the state's future economic growth.
"Exports are the wave of the future," Steagall said. "It is a global world. (Utah's) export development plan is very forward looking."
If we're not thinking about international (markets), we're going to be looking at a shrinking market, not a growing market.
–- Jeff Steagall, Weber State
The United States is going to "shrink and shrink and shrink" as a share of the total "global economic pie," he said. Developing the state's export sector will serve Utah's long-term economic prospects well, Steagall said.
"If we're not thinking about international (markets), we're going to be looking at a shrinking market, not a growing market," he added.
Steagall also mentioned the importance of providing adequate funding for elementary education as Utah considers how to build a strong foundation that will allow it to continue to compete in the world economy.
"It's critical," he said. "Our competitiveness is going to be based on innovation and education. Things that we can do to foster people's ability to (innovate will be key to our success)."
Email:jlee@ksl.com
