Utah’s economy may have survived the tumultuous year of 2020 so far with construction in Utah tapping on the brakes once and picking up speed by July, therefore reports say Utah has remained relatively unscathed economically from the pandemic. That is not to say that industries within the local Utah region have not been hit nor the local communities we live in. Especially our local restaurants and head of families who work in catering service and within the hospitality industry. Servers, bartenders, room service and valet were hit hard due to the nature of the pandemic and a healthy dose of politics. And then there is the argument that the owners of local restaurants by hunkering down and adapting to the changes, they have now become more flexible and at a place of advantage. Utah has had solid performance on the rebound with Utah’s unemployment currently sits at 4.1% . Real estate in Utah performed exceptionally well in Q2 and Q3 with home prices continuing to increase throughout late Summer and into the Autumn season.
As we wade our way through October, the stock market is emotional and topsy turvy. There appears to be a lot of uncertainty from both sides of the aisle regarding the election coming up and the key to making our way through this resilience. As Utahns do our best to look towards our cherished holiday season for a glimpse of normalcy we will see how this plays out for not only our local economy but our country as a whole. For those who are in a stronger position to invest. Hopefully you consider investing into the local businesses including your salons, restaurants, and the small businesses that you might take for granted such as your local coffee shop or bookstore. Invest in them now so they might be able to also have time to reinvest into the local Utah economy.
One thing we can have confidence in and that is Utah’s infrastructure. It is very solid and as long as we as a community of people stay focused on the trajectories ahead, I am confident our economy will move right along. Our Main Streets may feel a little more desolate than we prefer