Utah was just ranked no. 1 in the nation for economic outlook for the 16th year in a row in a report published by the American Legislative Exchange Council. Clearly, our state is doing many things well and has much to be proud of. However, as we consider how Utah can maintain economic competitiveness and quality of life in a changing world, we must also embrace an economic development strategy that promotes both Utah’s economic growth and overall prosperity.

Utah’s consistent economic accolades have largely been based on gross domestic product, tax rate, regulatory environment, and other purely economic metrics. I am confident we will continue to excel in these areas. But as we look to the future, what additional measurements of a healthy and high-performing economy should we consider?

Recently, I read about the American Dream Prosperity Index, produced by the Legatum Institute and the Milken Center for Advancing the American Dream. They state: 

“Prosperity is about far more than a society’s economy or an individual’s financial wealth; it represents an environment in which everybody can reach their full potential. A society is prosperous when it has effective institutions, an open economy, and empowered people who are healthy and educated.” 

Learn more about the American Dream Prosperity Index here.

An open economy is part of a prosperous society, and dynamism is needed for an open economy. Dynamism is the process by which resources, such as labor and capital, can efficiently redeploy away from less productive purposes, or companies, to more productive ones. EDCUtah can lead the effort in creating a more dynamic economy by recalibrating industry recruitment and retention, prioritizing segments within key industries, and renewing the focus on resiliency, talent readiness, and innovation.

In my prior career, I had the opportunity to live and work in various parts of the world. I know of no other place that offers what Utah does: strong communities, effective institutions, world-class education and healthcare, upward social mobility, and unparalleled access to the outdoors. For these reasons, I moved back to Utah, and my wife and I decided to put down roots and raise our three daughters here.

I am honored to lead EDCUtah and firmly believe our work will contribute to an even more resilient and prosperous economy for generations of aspiring Utahns. 

In the coming months, “The Prosperity Post” will highlight examples of the impact of your investment and EDCUtah’s work in communities across the state. Do you have a story you’d like us to share? Email connect@edcutah.org.