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SALT LAKE CITY — Utahns continue to have strong confidence in the state's economic outlook, a new report states.
The Zions Bank Utah Consumer Attitude Index for July held steady this month, declining 1.0 point to register at 114.2. Consumer confidence in Utah has remained above 110 since the same month last year, indicating that Utahns remain very optimistic about the current economic trajectory, said Chad Berbert, principal with Cicero Group.
The overall index currently registered 3.8 points higher than its level 12 months ago. Comparatively, the national Consumer Confidence Index climbed 3.8 points from June to register at 121.1 in July — jumping 24.4 points above its level at this time a year ago.
Utahns’ confidence in the economy is consistent with independent reports of economic prosperity, Berbert said. The Beehive State was recently ranked the third best economy in the nation, according to e-credit and research firm WalletHub. The ranking was primarily due to Utah’s stellar gross domestic product growth, high level of startup activity and significant wage increases in nonfarm payrolls, he added.
In a similar report, WalletHub also ranked Utah’s job market as ninth best in the nation, he said.
Generally, Utah consumer perceptions have remained steady, both for the current period and over the next six months, said Randy Shumway, chairman and partner of Cicero Group.
“The labor market has shown tremendous growth and potential in Utah,” he said. “As people become aware of the attractive wage to cost-of-living ratio in Utah, we should see continued inflows of both labor and job opportunities as businesses and individuals invest in the business-friendly economy.”