President Obama visits Utah, touts strong economy

Since his election to the highest office of the land, this is the first time U.S. President Barack Obama has visited Utah. Given the propensity of Utah voters to side with Republicans, we’re thrilled President Obama has decided to visit the Beehive State.

From the touchdown of Air Force One on Thursday evening until the President is scheduled to leave mid-day on Friday, no doubt he’ll meet with many of the states elected officials and others. President Obama is scheduled to deliver a speech about the economy later this morning at Hill Air Force Base.

In preparation for the visit, the White House Press Secretary, Josh Earnest, told The Salt Lake Tribune:

“

[Utah] is an example of a state that has made smart investments in clean energy and has yielded great benefits for the economy. This is something the president has advocated in Washington, D.C., and he has not been able to make much progress, or at least as much progress as we would like, because these are proposals that are opposed by Republicans in Washington even though Republicans in Utah had deployed them to good effect.” (Read the Tribune story here).

At the Eccles School, we know a few things about the economy in Utah. In fact, this January we partnered with the Utah Governor’s Office of Management and Budget to produce the 2015 Economic Report to the Governor. It painted a picture of lower unemployment and positive economic growth and included a number of key economic indicators and trends.

Utah’s pro-business environment and post-recession recovery stands as a solid example to the country. In conjunction with President Obama’s visit to Utah, here are a few key points from this year’s Economic Report to the Governor worth reiterating:

  • Employment growth in 2014 was at 3.0 percent in Utah, far above the 1.8 percent national average.
  • Utah’s job growth is expected to be 2.5 percent in 2015, while the nation is estimated at 1.8 percent.
  • Utah’s energy sector is the industry to watch with oil prices trending significantly lower than recent years.
  • Coal production in 2014 is near a 30-year low.
  • Tourism-related jobs in the private sector increased 6 percent in 2014, double the growth rate of all other private-sector jobs.
  • Utah attracted approximately $1 billion in venture capital investment in 2014, a sign of the tech sector’s confidence in the Utah marketplace.

Utah is a great place to live, work and go to school. We’re happy that President Obama is able to join us in Utah, even if it’s only for a day, to see the diverse, strong economy developed by so many hardworking Utahns, our business and elected leaders.

Any time the leader of the free world chooses to pay us a visit, he (or she) is most welcome.

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