I’m just geeky enough for well-designed surveys and beautifully researched reports to appeal to me, so I get excited when some of my recurring favorites come around.
This month, the Kem C. Gardener Policy Institute presented its 35th Annual Economic report to Gov. Cox. The Report has been the go-to source for data and commentary on Utah’s economy for over 30 years. Stuffed with deep dives on everything from skier visits to household savings data, this year’s report identifies three plausible scenarios for 2023. In a nutshell, they are:
Continuing Growth Inflation recedes, interest rates stabilize, high financial reserves and low debt prop up consumer spending, and employers work to retain employees. GDP growth is 2-4%.
Shallow Recession Inflation slows, interest rate hikes drive down spending, and construction slowdowns extend to other sectors. Change to GDP ranges from -1% to 1%.
Decelerating Growth Inflation moderates, interest rate hikes slow, and household financial reserves only partially offset layoffs in interest-rate-sensitive industries. GDP growth is 0-2%.
The Report recommends businesses and consumers practice vigilance and caution while still pursuing economic opportunities this year. Visit Gardener.utah.edu to see the full report. Click on the “Economic and Public Policy” tab, then “The Utah Economy.”
Last month, Park City wrapped up the 2022 National Community Survey, a resident opinion tool used in hundreds of cities in 45 states. Sent by mail to randomly selected households and available online to anyone, the survey asked for opinions on a wide range of quality-of-life issues. Though cities can add individual questions, the survey is standardized so each community gets the same questions, permitting apples-to-apples comparisons between us and other mountain destination towns, for example. This feature can unearth unique insights we can’t get anywhere else. We can also accurately compare the 2022 survey with previous Park City results. The NCS provides a picture of livability that will inform how we talk about issues and develop policy. The city expects results in March, and I can’t wait.
Right now, Chamber partners are responding to a comprehensive Summit County Business Survey that will run through Feb. 28. The results will help improve our service to them and, by extension, the entire community. For example, we’re asking more than 900 business partners their thoughts on adding a workforce focus to Chamber services, such as employee assistance, mental health, and substance abuse programs. Other possibilities are job training for frontline employees and exploring a possible Chamber-supported 401k and health insurance programs. Finding and keeping good workers is a major obstacle to our economic wellbeing; we’re looking for feedback on a few ideas that might make a difference.
The Summit County Business Survey will refresh critical data on member characteristics, attributes, needs and preferences. It will help drive our policies and programs as we continually help our partners achieve an economic and livability balance to sustain Park City for years to come. I’m looking forward to reviewing the results with you in upcoming columns.