Utah’s economy performed well in 2000, with growth continuing on a moderate track. The decline in Utah’s job growth rates bottomed out in the third quarter of 1999. Since 1994, the peak year of the current cycle, the annual rate of job growth has fallen gradually from 6.2% to 2.4% in 1999. This orderly deceleration has now stabilized, and the rate of job growth increased slightly in 2000 to 2.6%, and is expected to be 2.7% in 2001. These increases are largely due to preparations for the 2002 Olympic Winter Games, and favorable growth in information technology, the heart of the “New Economy.”
Economic Report to the Governor 2001: Executive Summary
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