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News Room

Provo is Scorching the Nation in Economic Growth

July 13 2015 - 2:29 pm

News Release
For Immediate Release

July 13, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Provo is Scorching the Nation in Economic Growth
City grows at the fastest pace in the U.S.

SALT LAKE CITY, UTAH — In a newly released Brookings Institute report, Provo’s job growth is the fastest pace in the nation. During Q1 2015, Provo rapidly grew at 2.2 percent, scorching the national average of 0.5 percent. While this growth is exceptional, Utah’s growth has consistently ranked at the top for the last five years. Additionally, Provo has the lowest unemployment rate in the mountain west region, 3 percent.

Additionally today, a no. 3 ranking by Fast Company calls Provo a “Next Top City for Tech Jobs;” highlighting Provo’s exceptional opportunities. When comparing Provo to the rest of the nation, Fast Company noted the amount of tech jobs available (8,570), Utah’s recreation and culture, as well as a booming startup scene.

“We’re working together to achieve the absolute best performing economy in the nation,” said Val Hale, executive director of the Governor’s Office of Economic Development (GOED). “Utah County has enjoyed a vibrant economy for several years. This is yet another testament that the Utah economic model is thriving.”

Along with Provo, Salt Lake City held strong growth numbers and low unemployment to 3.3 percent, which is representative of most other sectors statewide.

At the end of June, GOED convened a group of workforce stakeholders who have individually been working for many months to share their outcomes and recommendations for a united workforce strategy. The workforce group included organizational leaders from private industry, education and government. This meeting was a key gathering of leaders who narrowed their workforce development efforts down to the broadly supported initiatives that are achievable now.

In July, the Governor’s Economic Council will be meeting to further develop these initiatives and endorse specific workforce solutions for legislative action.

“The state is actively working and meeting with stakeholders in workforce development to create programs to address our more difficult long-term challenges,” said Ben Hart, managing director of business services at GOED. “We have initiatives that are ready. We have members of private industry, government and education who are ready. In Utah, we are ready to face our challenges head-on and work together to beat them.”

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About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission.  For more information please contact:  Michael Sullivan, 801-538-8811 or mgsullivan@utah.gov