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Utah business forecast: Good gets better

Utah's sound economy and increase in jobs made for a good 2013, analysts say.

The economic signs point to "an even better 2014," according to a report in the Salt Lake Tribune.

The forecast includes a drop in unemployment matched by a rise in real estate values. Also, economists expect more businesses to relocate to Utah and observers say they look forward to more entrepreneurs acting to form businesses here in 2014.

The 2014 forecast included factors such as the cost of living and overall health of the economy.

A spokesperson for the Utah Economic Council said he expects businesses are going to continue hiring and growing.

Consumer confidence was recorded at an all-time high in the last two months of 2013, with increasing optimism over annual income, home values and business conditions.

One of the reasons for that confidence is that while we experience continued growth, we also have a relatively low cost of living here. Economists expect those patterns to hold in this new year.

Though the national unemployment rate hovers around 7 percent, Utah's rate is dramatically lower at 4.3 percent. That already low rate is expected to drop slightly this year.

More good news: average annual income is also expected to go up from about $41,000 to $42,000.

The chief economist for the Utah Division of Workforce Services said, "...businesses have been slightly reluctant to really move forward in investing. But now, businesses feel a little more confident, their expectations are a little more clear."

Conditions appear primed for those planning to launch a business in 2014. One of the first steps to take to ensure a successful venture is to have a conversation with an experienced business organization law firm that can help business people choose the legal form appropriate for their company.

Source: Salt Lake Tribune, "Utah 2014 economy looks rosy with jobs, real estate growth," Vince Horuchi, Jan. 6, 2014

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