Salt Lake Tribune
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Utah 2006 Economic Forecast: Boom Time in Utah
This is an archived article that was published on sltrib.com in 2006, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Utah's economy is expanding more rapidly than in most states and appears to be on the verge of accelerated growth. Many key sectors of the state's economy already are enjoying boom times with continued growth expected in 2006.

MANUFACTURING:

After suffering through several years of malaise following the end of the national recession, manufacturers finally are ready to begin beefing up their work forces.

HOME APPRECIATION

Utah's home price appreciation, the worst nationwide only two years ago, ranks 22nd in the country. One expert says Utah could soon be in the top 15 states in appreciation as real estate markets in the rest of the country slow down.

EMPLOYMENT

Utah's job growth rate is expected to continue to outperform most other states, creating an abundance of positions in a variety of industries. Shortages of some types of skilled labor are expected.

Last year set a record for residential construction. Next year could be just as good - or better because of strong demand for homes in communities along the Wasatch Front.

MINING, OIL & GAS

More Utahns will find jobs in this sector this year as producers continue to enjoy high prices for crude oil, natural gas, coal, copper and gold. On the flip side, consumers face higher energy bills that are squeezing budgets.

TOURISM

After coming off a year of strong growth, the tourism sector is entering 2006 with cautious optimism. That said, high gasoline prices and the war in Iraq could keep travelers closer to home.

IMMIGRATION

The difference between people moving to Utah and those moving away in 2005 reached the highest level since World War II. Expect to see a continued high level of newcomers.

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