Did you know that the citizens of Utah eat more Jell-O than any other state in America?
Of course, to get a more accurate picture of the state, it’s important to zoom out from the Jell-O industry and see the forest for the trees. Whether you’re looking to invest in property or start a new life elsewhere, it’s crucial to learn a thing or two about a given area’s economy.
Are you wondering what you need to know? Keep reading to learn all about economic development for Utah in 2022.
Construction Is Still Booming
One way you can formulate a reliable economic development definition is by taking a look at construction. If you were keeping an eye on construction in the past, you’ll know that it was booming. The good news is that impressive growth hasn’t slowed down despite shutdowns during the pandemic.
At this point, the only thing Utah citizens have to worry about is a potential shortage of construction-related employees. It’s often the case that college-educated individuals end up leaving the state for other jobs. This has contributed to a workforce that has thinned out somewhat.
More Unemployment But More Jobs
Every cloud has its silver lining, as the old saying goes. The benefit of a thinning workforce means that there are more economic development jobs to be had. Of course, an open job doesn’t mean that just anyone can fill it.
With this in mind, there is a slight rise in Utah’s employment rate. However, if these individuals can be given the right training and overall resources, then the unemployment rate can bounce back. Despite the unemployment situation, it’s still a lot better when you compare it to rates in the past.
Put in the simplest terms, this is nothing that Utah and lobbyists can’t handle. One also has to keep in mind the recent pandemic. A good portion of the unemployment rate is due to individuals who either lost their jobs or quit and have chosen not to return to the workforce.
Small Business Are Thriving
Are you still asking yourself, “What is economic development?” A full picture isn’t complete without considering small businesses. Not only have many of them adapted to survive the pandemic, but they’ve also found niches where they can thrive.
Any reliable economic development agency will tell you how many small businesses have gone from physical stores to digital stores. This cuts down costs and opens them up to attracting many more customers.
Ready to Get Involved With Economic Development?
Now that you’ve learned all about economic development for Utah in 2022, you can be prepared for what’s to come. After all, knowledge is power.
Economies are changing all the time, whether for better or worse. This constant change is one reason why we’ve dedicated a good amount of our site to this subject. We also cover other important topics, such as technology and entertainment.
For all the latest, be sure to save our site and come back to us whenever you’re feeling curious.