By Craig Wilkinson, Principal
Courtesy of Structural Engineers Association of Utah
Looking around at the state of our country, we see much uncertainty right now with respect to the economy. In the past few weeks, we’ve seen the collapse of one major bank and questions regarding others. Additionally, some experts were already expressing the thought that we were in, or are headed into, a recession. While these concerns may be justified, I think it’s important to take a moment to look ahead and consider the positive aspects of Utah’s economy that we will see in the coming years. There are many reasons for optimism about Utah’s future and a positive outlook for the state’s economic growth and for our profession in 2023 and beyond.
First and foremost, Utah’s economy has consistently been one of the top performers in the country in recent years, with low unemployment rates, strong job growth, and a diversified mix of industries. From technology to healthcare, and manufacturing to outdoor recreation, Utah has a wide range of sectors that are poised for success as the local economy continues to recover from the pandemic. Utah has a diversified economy compared to many other states, which helps minimize the effects of industry-specific downturns. For instance, although the tourism industry was severely impacted by the pandemic, it only makes up a small portion of Utah’s economy. Other industries such as technology, healthcare, and education remained relatively stable and continued to grow. This diversification makes the state more resilient to economic shocks and forecasts a bright future for the structural engineering industry.
Secondly, Utah’s population is projected to continue to grow rapidly in the next few years, which should help to fuel demand for goods and services across the state. More people means more jobs and more opportunities for businesses to expand and thrive. The increase in employers and employees will result in increased building and construction, and an increased need for structural engineers.
Thirdly, Utah has a business-friendly environment, which has fostered a thriving startup ecosystem. The state government has been proactive in supporting small businesses and entrepreneurs, which has led to the creation of numerous startups in recent years. Moreover, Utah ranks highly on various metrics related to job growth and business climate, which makes it an attractive destination for businesses looking to expand.
Lastly, Utah has a strong sense of community, which has helped it weather past crises. During the pandemic, we witnessed numerous instances of Utahns coming together to support each other. This sense of unity and resilience bodes well for the state and for our profession.
Although we may face many challenges ahead, I believe a positive outlook for Utah’s economy is warranted. We have a diversified economy, a growing population, a business-friendly environment, and a strong sense of community, all of which will help drive the state’s economic engine. While there will undoubtedly be ups and downs along the way, we can look toward the future with a positive outlook and a belief that our profession will continue to thrive.
For the original post, visit: https://seau.org/articles/Mar_2023_Optimism_for_the_Future