The collapse of the Utah economy

Utah has a very diverse, thriving and ever-expanding economy. Gross government product is $ 82.6 billion and is growing steadily. In addition, according to the 2007 New Economy State Index, Utah is the nation’s top state for economic dynamism, meaning: “the degree to which states’ economies are knowledge-based, globalized, entrepreneurial, driven by information technology based on innovation ”.

In the past, Utah’s economy consisted mostly of agricultural industries, including cattle breeding, mining, and natural resources. Although these are still key components of the state’s economy, there are a number of other fast-growing industries including technology and medicine. Salt Lake City has become the hub for several small marketing, technology, design and software companies and is home to the University of Utah Medical Center.

Another major industry is oil refining, especially in eastern Utah. A number of major oil companies own refineries located up and down the Wasatch front. In addition, central Utah is well known for coal mining.

Freight transportation in Utah has become another lucrative industry as Utah provides access to the western United States. Interstate 15 runs north and south through the state, connecting the northern states of the Great Plains (e.g., Idaho, Montana, and Dakota) to the west. In addition, Interstate Route 80 (which runs from the east to the west coast) runs directly through Utah, and the east and west corridors run through Salt Lake City.

And last but probably not least is tourism. Perhaps one of the state’s most lucrative industries, the winter season brings to Utah hordes of tourists wanting to experience “the greatest snow on Earth”. With the intensification of the 2002 Winter Olympics, Utah’s ski resorts (commonly referred to as some of the best in the country and the world) are experiencing the most lucrative seasons. In addition, Utah is home to Zion National Park and other national parks that attract tourists from around the world.