Utah Economy: Why Utah Ranks # 1 in the United States for GDP Growth
Utah tops another national list for its booming economy.
Forbes this week, the Beehive State ranked the Beehive State No.1 on a list of 10 states with the highest growths in GDP, or gross domestic product, a standard measure of the added value created by the production of goods and Services.
“Utah’s economy has been a powerhouse for the past several decades, hence the reason it ranks number one,” Forbes reported. “Over the past five years, Utah’s GDP has grown by an excellent 19.1%, the second highest growth rate for that period out of the 50 states.”
Only Washington, which Forbes ranked No.2 on its list, surpassed Utah in five-year GDP growth, up 21.9%.
But Utah ranked higher than Washington for its growth dating back a decade, with GDP that grew by more than a third (36.6%) from around $ 123.47 billion in 2010 to an annual average of $ 168.62 billion in 2020, including the COVID-19 pandemic. impact.
In a new @Forbes study, Utah is listed as the # 1 state with the highest GDP growth in 2021. That’s great news for our state! Our powerful economy continues to thrive, even after a year like 2020. https://t.co/hZOvhPIN8B#utpol
– President J. Stuart Adams (@JStuartAdams) August 10, 2021
Looking even further, over the past 20 years, Forbes called Utah’s economic growth “even more exceptional,” up 82% from an annual real GDP of $ 92.62 billion in 2000 to nearly $ 169 billion in 2020.
Forbes also particularly credited Utah for its GDP growth in the first quarter of 2021, despite the COVID-19 pandemic – an increase of $ 178.2 billion, the highest quarterly GDP in US history. Utah.
Utah’s economy has rebounded from the pandemic faster than any state in the country. As the Deseret News reported in March, Utah was the only state in the country to have given such a big boost to education and to fund a tax credit. And in the 2020 state tax revenue rankings during the pandemic, Utah placed near the top of the country for revenue growth with an 8% increase, ranking second behind the 10.4% in the ‘Idaho.
Utah saw the smallest decline in GDP during the pandemic, Forbes reported, but its annual real GDP fell a fraction of a percent – just 0.1% – from 2019 to 2020. That’s relative to the tourist destination of Hawaii, which suffered one more year of annual decline of 8% in real GDP from 2019 to 2020.
Idaho took third place behind Utah and Washington. Colorado, Arizona, Oregon, California, Texas, Georgia and Florida followed.