Economy
Main article: Economy of Utah See also: Utah locations by per capita incomeAccording to the Bureau of Economic Analysis, the gross state product of Utah in 2010 was $114.5 billion, or 0.78% of the total United States GDP of $14.55 trillion for the same year. The per capita personal income was $24,977 in 2005. Major industries of Utah include: mining, cattle ranching, salt production, and government services.
According to the 2007 State New Economy Index, Utah is ranked the top state in the nation for Economic Dynamism, determined by "the degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-driven and innovation-based". In October 2010, Utah was ranked number one in Forbes' list of "Best States For Business". A November 2010 article in Newsweek highlighted Utah and particularly the Salt Lake City area's economic outlook, calling it "the new economic Zion", and examined how the area has been able to bring in high-paying jobs and attract high-tech corporations to the area during a recession. As of August 2012, the state's unemployment rate was 5.8%.
In eastern Utah petroleum production is a major industry. Near Salt Lake City, petroleum refining is done by a number of oil companies. In central Utah, coal production accounts for much of the mining activity.
A 2009 study published in the Journal of Economic Perspectives found that Utah was the largest consumer of paid internet pornography per capita in the United States.
According to Internal Revenue Service tax returns, Utahns rank first among all U.S. states in the proportion of income given to charity by the wealthy. This is due to the standard 10% of all earnings that Mormons give to the LDS Church. According to the Corporation for National and Community Service, Utah had an average of 884,000 volunteers between 2008 and 2010, each of whom contributed 89.2 hours per volunteer. This figure equates to $3.8 billion of service contributed, ranking Utah number one for voluntarism in the nation.
Read more about this topic: Climate Of Utah
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)