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duda_designers • October 4, 2019

Utah ‘Leading the Way’ in Economic Growth: 5 Contributing Factors

It isn’t new news — Utah has outpaced the country in economic expansion since 2010. But why? What is fueling our economic growth?

One key element: population growth. Utah has clocked the fastest-growing population of any U.S. state from 2010 through June 2018, and logged the highest birth rate among states again last year. Utah also had strong rates of migration from other states and countries, with almost half our population growth coming from people moving in.


Moreover, Utah has had the fastest-growing labor force of any U.S. state since January 2010—a key ingredient for economic growth and one that provides “an example for the nation as a whole” as it seeks to fuel a more rapid expansion, according to the Wall Street Journal.


So how does this create the perfect breeding ground for economic wealth? Let’s take a look at the 5 main factors contributing to Utah’s booming economy:


Job Growth


Jobs in the Beehive State are plentiful and economic expansion is on a historic roll. Last month, employment in Utah grew by an estimated 3%, adding 45,900 jobs to our economy (since August 2018), according to the latest research from the National Association of Realtors. Utah currently leads the nation (tied with Nevada) for the strongest job growth (year-over-year). “Job growth remains as one of the nation’s best, and that growth’s scope is extensive across the spectrum,” reported Mark Knold, Senior Economist at the Department of Workforce Services. Another big draw for employers is Utah’s relatively well-educated labor pool, which has helped nurture a blossoming tech sector.


Tech Scene


Utah ranks as one of the fastest-growing states for tech jobs. With more than 6,500 tech companies calling Silicon Slopes home, our community’s job growth is twice the average compared to other industries in the state. Massive property and tax incentives have helped to attract companies like Adobe, Microsoft, eBay and Facebook to the Beehive State. Utah is also home to SheTech, the nation’s largest industry-led STEM program for girls, securing future growth and establishing Utah as a leader in the industry.


Diversity and Population Growth


Utah’s population continues to diversify racially and ethnically. There’s a growing ethnic and minority population that enhances and contributes to the many benefits of working and living here — and has been for decades. According to the latest Kem Gardner projection, 1 out of 5 people are of a diverse background, with Hispanics representing the largest increase with 850,000 new Utah residents from 2015 to 2065, reaching 1.3 million. Utah’s population is projected to be over 35% ethnically diverse by 2065 (20% in 2015).


Consumer Spending


With population and labor force growth comes a boost in consumer spending. Utah’s labor force has grown an average of 1.9% a year from 2010 through January 2018, more than triple the nation’s 0.6% pace, according to Labor Department data. More workers means more output, income and consumer spending. These trends, in turn, attract more employers and workers, fueling a continued cycle of growth. Utah’s spending on cars, clothing, education and the arts are all climbing faster than the rest of the nation’s — as are home prices.


Cost and Quality of Living


Benefits like a healthy work-life balance with plenty of easy access to the great outdoors and low cost of living and affordable housing (compared to other tech hubs like San Francisco and Portland) are attracting an increasing number of millennial job-seekers to the state. Salt Lake is also one of the most LGBTQ-friendly cities in the nation, and offers vibrant nightlife, art, film and food scenes that are becoming much more visible and attractive to this new generation of homebuyers. And, if you’re in the city, you’re only 30 minutes away from at least 4 ski resorts (did we mention we have the greatest snow on Earth?)


Utah’s booming economy is still taking shape and continually pushing boundaries. Creating opportunities for continued growth and positive change while championing diversity will foster an economic-rich environment for our community to thrive in. As we continue to build cultures of acceptance and embracing diversity in leadership with the changing face of our state, Utah will not only compete with any big market, but lead the way. “Utah is a lesson to the rest of the country that demographics are quite important,” said Harvard University professor Dale Jorgenson.



Forecast: the state is poised to maintain its strong pace of growth and development for the foreseeable future!


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2025 Is Here: New Year, Same Trusted Partner for Your SLC Home Adventures

By Stephanie Cline • January 21, 2025
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community.  In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!

Attitude of Gratitude: How Giving Back helps YOU!

By Stephanie Cline • November 15, 2024
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.” —William Arthur Ward ‘Tis the season for giving! November officially kicks off the holiday season with America’s favorite foodie holiday — Thanksgiving. It is the month where we are once again reminded of all of the things we are thankful for as we gather with family and friends, stuff ourselves with turkey and pumpkin pie, and watch (a lot) of football. It’s fitting, then, that November has been dubbed National Gratitude Month here in the United States. Americans are encouraged to ‘practice gratitude’ which goes beyond just feeling thankful, and actively showing gratitude by giving back. While ideally it is something we should be practicing all year long, people are more likely to give more generously during the holiday season than the rest of the year. According to the annual Holiday Giving Survey conducted by Harris Poll, more than 3 in 5 Americans (63%) typically donate to an organization or charitable cause in the last two months of the year (known as giving season). Americans are among the world’s most generous people, ranking No. 4 out of 140 countries. Utah has consistently ranked the most charitable state in the nation, coming in second this year behind Minnesota. Beyond the obvious benefit of helping and enhancing the lives of others, research shows that practicing daily gratitude can enhance our own moods, decrease stress and drastically improve our overall level of wellbeing. On average, grateful people tend to be happier, healthier, more physically fit, have a higher income and have much more satisfying personal and professional relationships. It’s a win-win for everyone! The easiest way to practice gratitude is to say THANK YOU to someone who has helped you or impacted your life in a positive way or spending time with a loved one who may be lonely or going through a difficult time. Your words and your time are often the best gifts! -The Novation Team

Mission vs. Vision: What Does Your ‘Statement’ Say About You?

By Stephanie Cline • October 18, 2024
Mission accomplished. Or is it? It is common practice for organizations to summarize their goals and objectives in the form of mission and/or vision statements. For many, they come in the form of a typed out statement hung on a wall, easily forgotten about and only reminded of when a crisis strikes. Or they come in the form of a long-winded, regurgitation of thoughts following a midnight-hour ‘breakthrough’ (see Jerry Maguire). While they are often confused for relaying near identical messages, both serve very different purposes. A mission statement describes what a company wants to do now, and a vision statement outlines what a company wants to be in the future. A mission statement guides the day-to-day operations and decision-making of an organization. It helps in tactical planning and “rallying the troops” around a common short to medium-term goal. A vision statement outlines the long-term view of the organization and why it exists. It attracts people — not just internally but also externally — who believe in the vision of the organization. Your mission, then, brings your vision to life. We believe these statements are the lifeblood of our company. They are something we live and breathe by, because as with anything else, our thoughts become our actions and our actions become our reality. We want our reality to reflect the words written on our walls, the words we use to describe who we are and the words our clients attach to our reputation. To us, they are much more than words. Mission: We believe in making an impact and having purpose within our community. Whether we are protecting real estate investments, giving back to our surroundings or creating opportunity and growth for others. We are here to redefine the experience. Vision: To create an experience that our industry has never seen before . To develop individuals to live by their full potential in all areas of life. To have unlimited growth and make an impact in people’s lives for the better. To empower our team members to dream big so together we can make a difference in our world. Impact. Purpose. Growth. Empower. Create. Dream. These are our words, our actions, our reality, and something we are proud to stand by each and every day. Experience the difference!
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