A Better year in 2011
- Utah's unemployment rate will drop from 7.6% in 2010 to 7.1% in 2011.
- New residential construction will register again for the first time since 2005.
- Home builders' unsold inventory is at a very low level, improving prospects for upturn in residential construction.
- Total wages paid will increase by 4%, adding nearly a billion dollars in wages to the Utah economy.
- Net in-migration continues. In 2011 the state is expected to have net in-migration of 10,000.
- Retail sales improve. In 2011 sales are expected to be up 3.9% and increase nearly $1 billion in sales.
- Auto and truck sales will help boost retail sales in 2011. the number of new vehicle sales is expected to grow from 70,000 to 80,000 units in 2011, an increase of 14%.
- Tax revenues for state and local governments improve in FY 2011. State tax revenues are up 9.6% through the first four months of FY 2011.
- Utah exports will grow to $13.5 billion in 2011, up 7.3%.
Jim Woods forecast/Salt Lake Board of Realtors
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