50 in 50: Utah

50 in 50: Utah

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $182.9 billion

GDP 5-year compounded annual growth rate (CAGR) (2017-2021): 4.3% (U.S: 1.6%)

GDP per capita: $55,762 (U.S.: $58,154)

Population: 3.3 million

Population 5-year CAGR (2017-2021): 1.8% (U.S.: 0.5%)

Unemployment: 2.1% (U.S.: 3.9%)

Economic health ranking: #4 out of 50

Fiscal health ranking: #4 out of 50

Overall tax climate ranking: #8 out of 50

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

Top three industry sectors by GDP 5-year CAGR (2017-2021):

Top three metro areas by GDP:

• Salt Lake City
• Provo-Orem
• Ogden-Clearfield

Top three areas by population 5-year CAGR (2016-2020):

• St. George
• Provo-Orem
• Logan

Infrastructure Highlights

Infrastructure: ASCE Infrastructure Grade (2020): C+

In Utah, according to the ASCE, the infrastructure for levees and canals are considered poor or at risk but most categories are rated above the U.S. average. In terms of wastewater infrastructure, aging systems and new nutrient regulations are driving many districts to implement upgrades. The fast-growing population is also a significant driver for investments in overall infrastructure in the state. Utah will receive nearly $4.0 billion from the Infrastructure Investment and Jobs Act (IIJA) over the next five years, divided into the following categories of projects (additional funds may be deployed as federal grants get awarded to states):

Construction spending (Value of Construction Put in Place – CPiP):

• Private Nonresidential 2020 CPiP: $2.6 billion; 6.4% 5-year CAGR (2016-2020), above overall U.S. CAGR of 2.0%
• State & Local 2020 CPiP: $5.5 billion; 16.7% 5-year CAGR (2016-2020), above overall U.S. CAGR of 4.8%

AE Industry

ENR 500 firm headquarters (2021): 2

M&A activity since 2018:

• 4 deals with buyers from Utah
• 8 deals with sellers from Utah

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.