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2011-03-16 13:34:49

The Revenue Assumption Committee* released the most recent 2011 projections of Utah’s major economic indicators on February 22, 2011, See Table 1 below. These projections revised the committee’s November projections. Of the 11 indicators, six were revised higher and four were left unchanged and one—net in-migration—was revised lower.

The important indicators of employment and wages are slightly higher, while the net in-migration projection was reduced from about 10,000 to 2,500. Although the changes are relatively small, the direction of change is most important. The improving indicators show increasing optimism by local economist for the Utah economy in 2011.

One sign of an improving economy is increasing tax revenues. General and Education Fund revenues for Utah are up 12.6 percent or $280.5 million in FY 2011. Most impressive is the increase in income taxes of $115 million, an indicator of a recovering job market.

Read more about Utah's economic recovery and see the charts and tables by downloading the report.

*The Revenue Assumption Committee provides a consensus forecast for Utah’s major economic indications that is used by the Legislative and Executive branches of state government in producing state tax revenue forecasts.

Information taken from the February issue of 'UTAH’S ECONOMY' - a monthly report Produced for COMMERCE REAL ESTATE SOLUTIONS by Jim Wood, Bureau of Economic and Business Research University of Utah.

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