Utah Foundation Significant Statistics

Significant Statistics | Utah’s Taxes are Less Regressive than Most

Written by: Staff

On the three-legged stool of taxation – sales, income, and property taxes – Utah is less regressive than most other states. This is important because some Utahns believe that higher-income earners should pay a larger percentage of their income. In contrast, others believe that higher-income earners should pay less since they already contribute the lion’s share of the overall state and local tax receipts. Tax policy is perhaps one of the most widely and hotly … Continued

Significant Statistics | Inflation Stabilized

Written by: Christopher Collard

Inflation has stabilized over the last 12 months between 3% and 4%, though that rate is higher than the Federal Reserve’s target of 2%. The higher rate is likely due to increasing housing costs. Energy inflation levels are near their long-term average while price increases on food and everything else have slowed below their long-term average. The Utah Foundation’s interactive dashboard allows residents is to: Explore current rates. Compare rates for Western and Mountain States … Continued

Utah Priorities Project | What Matters Most to Utahns?

Written by: Shawn Teigen

As Americans, what is our top policy priority? A Pew Research Center survey found that Americans think that President Biden and Congress should focus on “strengthening the economy” in 2024. But what about Utahns? During each gubernatorial election year since 2004, Utah Foundation has sought to understand what matters most to voters through its Utah Priorities Project. For the 2024 Utah Priorities Project, housing affordability topped the list of concerns. Earning enough to pay for … Continued

Significant Statistics | Utah Home Prices Cool

Written by: Shawn Teigen

Since 1991, Utah’s home prices have appreciated faster than any other state at 596%. Only Colorado and Montana were even close. The U.S. average has been 312% over the period. Also since 1991, Salt Lake City had the highest metro appreciation at 656%. Only Austin, Denver, and Miami were even close. That said, this past year has seen appreciation cool. In fact, Utah has had the fourth-slowest appreciation at 2%. The U.S. average over the … Continued

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

In addition, Utah consistently fares as well as or better on the Misery Index than its neighboring states. In 2021, Utah was second only to Wyoming in the Mountain States, due to that state’s rebounding growth, with Idaho and Montana very close behind. In 2022 however, Utah was outperformed by Colorado and Idaho, with the latter faring better than the entire country in Index terms. This is due to Idaho’s recently high (but declining) GDP … Continued

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

Written by: Shawn Teigen

Data source: U.S. Census Bureau, American Community Survey, 5-year sample. Note: The Utah Foundation used the 5-year sample for comparison due to the margins of error for Utahns. When looking at the 1-year sample for the U.S., the decrease in enrollment over the period is much more pronounced: 42.3% to 40.9% – with a 2.0% drop for men compared to a 0.7% drop for women.

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