Monday’s sold-out Zion Bank Wasatch Back Economic Summit at the Grand Summit Hotel saw experts offer a clear picture of where we stand and present carefully-researched predictions for the near future. The forecast? Let’s call it partly cloudy with a chance for storms.
The statistical snapshot of Summit and Wasatch counties is decidedly sunny. For example, in the past five years — which covers the pandemic period — our “Changing Economic Landscape” panelists report Summit County’s population grew 5% to 43,571 while Wasatch grew 13.6% to 37,121. Jobs in Summit County rose 5.2% (to 30,385), while Wasatch increased by 23%, reaching 11,998. Both counties can expect employment to grow by 2028, by 4,900 in Summit County (16.1%) and by 2,800 (23.3%) in Wasatch. Average earnings per job rose to $70,982 in Summit County, a 66% increase since 2011.
Meanwhile, Summit County’s median household income is $107,000, higher than the national average by $42,000. Wasatch County’s $85,800 median income exceeds the national average by $20,800.
Statewide, job growth is consistently the best in the country. Summit County’s largest employment sectors are Accommodations/Food Service and Arts/Entertainment/Recreation, while Construction is the fastest growing. Construction and Government are Wasatch County’s leaders in employment and growth rate. Summit County is relatively low on the economic diversity scale compared to more developed counties like Salt Lake due to our reliance on tourism-related industry.
Interestingly, an analysis of all jobs in Summit County reveals approximately 66 percent require a high school diploma or less. In comparison, roughly 80 percent of residents have at least some college education, an associate, bachelor or advanced degree. Panelists posit this mismatch may present an opening for robotics and other forms of artificial intelligence.
Warning signs continue to flash hints of recession. Phil Dean, chief economist and public finance senior research fellow at the Kem C. Gardner Institute pointed out that inflation, while moderating, is still rising, and interest rates could go higher in response, stymying economic growth.
The panel discussion ranged far beyond these points; it was one of many stimulating WBES workshops that included workforce retention, water policy, transportation, housing affordability, open space and the impact of economic development.
The morning keynote by Zion Bank Senior VP – Economic and Public Policy Officer Robert Spendlove reinforced the theme of uncertainty as he surveyed tightening credit supply and demand, slipping consumer confidence and small business optimism, slower GDP growth, stubborn inflation and a tight labor market (unemployment in Utah is below “full employment” levels; Summit County’s rate is just 2.1%). Space does not permit exploring his comments further today; I will review my top takeaways from Robert in a future column.
Meanwhile, the latest data from Destimetrics forecasts a challenging summer, with future bookings slowing as economic headwinds blow. Potential travelers are increasingly price-sensitive, causing hotel rates across the mountain West to fall for the first time in two years.
With these challenges in mind, our summer marketing campaign aims to inspire prosperous, ready-to-travel vacationers to choose Park City. We’re already in full swing, targeting our critical regional travel markets — LA, San Francisco, Denver, Phoenix, Dallas, and Seattle — appealing to environmentally aware activity seekers, families and luxury travelers.
We are indebted to Zion Bank for their sponsorship, the hard-working Chamber staff, and the outstanding panelists — some of Utah’s brightest economic and policy figures — who made the day so memorable. A successful tomorrow always demands preparation today. I’m confident this year’s WBES is once again helping Park City businesses plan and execute.