Utah Rising

Utah’s economic landscape stands on the brink of an unprecedented transformation. Rapid market and demographic changes demand a vision and strategy that not only keeps pace but anticipates future shifts.

Utah’s business community is coming together to create a statewide economic vision – “Utah Rising: A Free Enterprise Vision for Utah’s Economy” – driven by proven principles, while outlining opportunities for ongoing success and sustainable growth. Spearheaded by the Salt Lake Chamber, in collaboration with the public and private sector across the state, the vision will address critical issues with innovative, long term economic solutions for all who call Utah home.

Demographic and Economic Shifts

Small State

Population rank 34th (1990, 2000, 2010)

Mid-size State

Population rank 30th (2020)

Internal Growth (births)

34% of growth from migration (2000-2020)

External Growth (migration)

61% of growth from migration (2021 and 2022)

Less Multicultural

10% minority (1990)

More Multicultural

23% minority (2021) (30+% in 2040)

Young

11.5% are 65+ (2020)

Older

20% are 65+ (2050)

Strong Economy

Utah job growth strong, but ebbs and flows

Elite Economy

Utah job growth consistently best in nation and COVID outcomes

Affordable Housing

Utah housing costs to wages highly competitive

Unaffordable Housing

Utah housing costs represent major economic risk

Source: Kem C. Gardner Policy Institute

Challenges and Opportunities

At the heart of this transformation is Utah’s inherent strength – the unparalleled ability of our private sector to unite in collaboration, addressing critical issues with innovative solutions. Some of the top challenges and opportunities for Utah include:

Housing Affordability

Immigration

Artificial Intelligence

Transportation

Major League Sports

Workforce

Growth/Congestion

Natural Resources

Division

Homeless Services

This collaborative spirit, fueled by contributions, volunteers and groundbreaking ideas, has propelled Utah forward during times of need.

Business Drives the Economy

Photos provided by: Utah Historical Society and the Salt Lake Chamber

Road Improvements
Main Street/500-600 So.
1907

Civilian Conservation
Corps
1933

Lincoln Highway/
Parley’s Canyon
1918

Love at First Flight
1962

Utah Jazz
1979

Prosperity 2020
2010

2002 Winter Games
1994

Downtown Rising
2016

“Utah stands at a crossroads, with unparalleled economic opportunities at our doorstep. But seizing these requires more than traditional planning – it necessitates a living, breathing strategy that evolves with our dynamic state. The Salt Lake Chamber is leading a business-led process to craft a statewide strategy that’s grounded in collaboration, innovation and a drive for sustained prosperity.”

Derek Miller, President & CEO, Salt Lake Chamber

Utah Rising Principles

Common ground and collaboration for a shared vision of sustainable growth and statewide prosperity.

Bold vision and pragmatic action to harness market forces and achieve results that reimagine the possible.

Quality of life and upward mobility
that creates opportunity for all Utahns.

Culture of service and community building that give Utah a distinct competitive advantage.

Private sector innovation and public sector support to unleash the power of free enterprise.

Timeline

“Strategic initiatives by businesses yield extraordinary outcomes. We’ve seen time and time again how Utah businesses shape our infrastructure, economy and cultural landscape for the better. We know how to do this and we will continue to meet the challenges of today with the strategic solutions for our state’s successful evolution.”

Tara Thue, President, Mountain States, AT&T

“Utah doesn’t gamble with its future; we confront challenges head-on, equipped with research and a shared vision for sustained prosperity for elevated life quality for all Utahns. This vision ensures a legacy of resilience, prosperity, and progress for future generations.”

Natalie Gochnour, Director, Kem C. Gardner Policy Institute and Associate Dean, David Eccles School of Business at the University of Utah

“Uniting the chambers of commerce across our state amplifies our collective voice, emboldening our communities to tackle challenges and seize opportunities. Together through Utah Rising, we will continue to forge a resilient network across Utah that propels this state towards a brighter tomorrow.”

Chris M. McCormick, President & CEO, Cedar City Chamber of Commerce