A recent study conducted by researchers at the University of Utah’s Kem C. Gardner Policy Institute shows Utah’s export economy continues to grow, with the state exporting $12.3 billion worth of goods in 2014. This represented roughly 2.8 percent of the state’s GDP (Gross Domestic Product).

To put this in context, in the state of California, the state with the largest economy in the nation, goods exports also represented 2.8 percent of GDP in 2014. Utah’s goods exports have grown more than 27 percent after adjusting for inflation, from $9.6 billion to $12.3 billion, since 2002. Non-gold exports increased by an average 7.6 percent annually over the last 14 years.

In total, Utah’s $12.3 billion in international goods exports in 2014 supported over $4.1 billion in earnings and 95,460 jobs, contributing almost $7.6 billion to the state’s GDP.

“By utilizing multipliers provided by the Bureau of Economic Analysis, we are able to calculate the significant impact international goods exports have on the state’s economy,” said John Downen, a senior research economist at the Gardner Policy Institute. “The largest impacts were from computer and electronic products, including flash memory.”

Utah exported goods to 202 countries in 2014. Four countries – China, Canada, the United Kingdom, and Mexico – received half of Utah’s merchandise exports. Seven of the top 10 countries are in Asia, signifying the importance of the Asian markets to Utah’s export economy.

“Utah’s economy continues to diversify with each passing year,” said Juliette Tennert, director of economic and public policy research at the Gardner Policy Institute. “By exporting to diverse countries, both developed and developing, we improve the state’s economic strength by reducing the risk of one nation or event having an adverse effect on our economy.”

The full report can be viewed here.