Utah Foundation Significant Statistics

Significant Statistics | Inflation Updates

Written by: Staff

Utah is in a favorable position with inflation below 4% and unemployment below 3%. While this inflation rate is above Utah’s 15 year average of 2.4%, the state’s current unemployment rate of 2.9% is also well below the 15 year average of 4.1%. By the broadest measures, Utah’s economy is doing very well. That said, there are issues to consider. For example, shelter seems to be the primary driver of inflation, accounting for almost two-thirds … Continued

Significant Statistics | What is New with Teacher Pay?

Written by: Shawn Teigen

A new survey shows that teacher pay in Utah falls below the national average – $56,200 relative to $61,600. However, this survey also shows that Utah teachers have generally gained substantial ground since the Utah Foundation released its teacher pay report in 2019. Utah teacher pay is in-line with three other Mountain States – Colorado, Nevada, and Wyoming – but ahead of New Mexico and far ahead of Arizona, Idaho, and Montana. Utah’s below-the-nation pay … Continued

The Revenue Report: Utah’s Consensus Projections Approach

Written by: Christopher Collard

Utah estimates the state’s future tax revenues using a consensus approach. It is undertaken by the Utah’s Revenue Assumptions Working Group – a collection of economists and experts from the Governor’s and Legislature’s staff, the State Tax Commission, and state academic institutions and departments.1 This approach is not the way all states estimate revenue. In other states, such as New Jersey, the Governor’s staff creates one revenue estimate and the legislature’s staff creates a differing … Continued

Significant Statistics | Utahns’ “Misery” Increases, but is Still Below the Nation

Written by: Staff

While our Misery Index report of last December offered estimates for 2022 that were not encouraging due to ongoing inflation and rising interest rates, it seems that final data has confirmed Utah’s resilience.* Preliminary estimates suggested that Utah’s Index would approach that of the country as a whole in 2022. Instead, Utah’s Index has remained two points below the U.S. average due to relatively low levels of unemployment and a relatively high GDP provided by … Continued

Significant Statistics | Utah College Enrollment Trails Nation Due to Gender Differences

Written by: Shawn Teigen

Utah is just behind the U.S. for the proportion of young people in college. Utahns ages 18 to 24 are just over one percent less likely to be enrolled. Further, enrollment seems to be decreasing. Why? There may be a lot of explanations, including a robust economy and a feeling that the costs of college may not ultimately be worth the rewards. While enrollment levels look similar between Utah and the U.S., when examining the … Continued

Significant Statistics | The Price of Prosperity – Rents and Construction

Written by: Staff

Growth and prosperity are likely to be serious issues facing Utahns over the coming decade. We can see this in the drivers of recent rent increases along the Wasatch Front. Further, there is a good chance that current financial market conditions will sharply push up rents again in the future. Rents on the Increase Rapid rent increases are neither entirely recent nor purely COVID-related – as illustrated by the rent increases seen between 2010 and … Continued

The Revenue Report: Utah’s Projections Process

Written by: Christopher Collard

The Utah Constitution requires that the state balance its budget.1 That is as simple as aligning revenues with the annual budget expenses. Both the Governor and Utah State Legislature produce budgets. The Governor releases budget recommendations in November for the Legislature to consider. The Legislature produces the state’s final budget in late February or early March. But how do they know what Utah’s revenues will look like over the next year in order to ensure … Continued

Significant Statistics | Utah Has the Third-Highest Educational Attainment in the Nation

Written by: Staff

The latest data show that Utah’s post-high school attainment rate is 61.1%, well above the national average of 53.7%. We are the third highest in the country. Educational attainment is defined by the highest level of education achieved. The benchmark of attainment rate includes the share of individuals who received meaningful education beyond high school graduation. This includes college degrees, but also high-quality certificates and certifications. The proportion of a state’s residents with higher levels … Continued

The Revenue Report: Income and Sales Tax Surprise

Written by: Staff

Welcome to the first Revenue Report from the Utah Foundation. As state taxes and government spending have always been among Utah’s top ten concerns in Utah Foundation’s “Utah Priorities Project,” we thought it would be helpful to provide a monthly discussion on Utah’s state revenues.  In this month’s discussion we highlight the income and sales tax surprise – how  revenue collections are well above expectations. The Utah State Tax Commission periodically releases a revenue snapshot … Continued

Significant Statistics | How is Utah performing on the Nation’s Report Card?

Written by: Shawn Teigen

The National Assessment of Education Progress – or the Nation’s Report Card – has been administered to students around the nation by the U.S. Department of Education for decades. Based upon the scores achieved, students are measured as “advanced,” “proficient,” “basic” or “below basic.” When looking at whether students are proficient, 2022 was a bad year. While states and the nation had been trending upward since 2000 with their proficient percentages on the math and … Continued