[Read more: The Innovation Lab examines the concept of the middle class in Utah and explored ways to better support it.]
Each quarter, The Tribune’s Innovation Lab Advisory Council meets to discuss significant issues in Utah. The most recent discussion focused on supporting the middle class. This is part two of the conversation, exploring actionable strategies and solutions, including promoting economic empowerment, managing growth, leveraging the energy transition in rural Utah, rethinking economic models, scaling community-based solutions and fostering sustainable urban development.
Promoting economic empowerment
One initiative highlighted involves the Stena Center for Financial Technology at the University of Utah, funded to help students earn undergraduate degrees in financial technology. A lab was established where students could develop their ideas, supported by an investment fund created by the university. The goal is to foster economic empowerment by creating sustainable businesses and pathways to post-secondary education.
Managing growth and regulatory reform
Addressing the affordability crisis, housing choice, quality growth and regulatory reform were emphasized as crucial. By improving regulations to allow for more types of housing, more density in urban areas and along transit, and shifting to more affordable first time housing options like townhomes and condos.
Transit-oriented development emerged as a vital strategy for sustainable urban growth. By creating housing and job opportunities near transit centers, transportation costs can be reduced and access to opportunities for upward mobility is increased. This approach encourages mixed-use areas with more density, supporting economic and population growth in a sustainable manner.
Participants noted a major headwind is the increase in anti-growth sentiment in Utah, and the need for promoting balanced and sustainable growth that improves the middle class.
Transitioning to renewable energy
The transition to renewable energy was another key topic. Reflecting on a solar project in Carbon County, it was noted that despite its history in extraction industries, the county embraced renewable energy to maintain its tax base. This collaboration led to significant investments in the community and allowed for the use of existing transmission lines and critical corridors.
Scaling community-based solutions
The discussion also touched on community-based solutions. For instance, Proxima, a successful effort looking to connect education and students, highlighting the importance of understanding entry points and scaling these solutions statewide. Nonprofits working on the west side offer valuable insights into navigating healthcare, childcare and other essential services, providing a blueprint for broader implementation.
[Join us for a conversation supporting a strong middle class in Utah]
Rethinking economic models
Participants also discussed the evolving definition of middle-class success. The traditional goal of homeownership is being reconsidered in light of changing values post-COVID. Emphasizing flexibility and innovative thinking, there is a call to rethink what makes individuals and families successful and happy in today’s context.
Utah’s economic vitality in 2024 hinges on a strong middle class, now facing unprecedented challenges. Initiatives like Gov. Spencer Cox’s 35,000 starter homes and the University of Utah’s education pathways address broader systemic issues. As the middle class and its definitions evolve, these discussions foster optimism that Utah will remain a bastion of prosperity and stability.
Join the conversation: Recognizing that there are many ways Utahns can support each other, we invite you to share your thoughts on how to uplift the middle class. Please email your ideas to voices@sltrib.com.
The Innovation Lab Advisory Council, comprising experts and leaders, recently convened to discuss the evolving definition and support of the middle class in Utah. Participants included former state legislator Patrice Arent, Mallory Bateman from the Kem C. Gardner Institute, Erick Garcia from University Neighborhood Partners, Melissa Hart from Stena Foundation, Clark Ivory of Ivory Homes, Andrew Gruber from the Wasatch Front Regional Council and Maile Resta from rPlus Energies.
Facilitated by Michael Parker, director of community solutions for the Innovation Lab and principal and founder of Do Good, and Lauren Gustus, editor of The Salt Lake Tribune, the council explored strategies to enhance economic stability and growth, focusing on the challenges and opportunities facing Utah’s middle class.
