Economy
According 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.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)