How the 'Rising Utah' vision aims to make Utah's economy the best in the nation

SALT LAKE CITY — Utah's economy is consistently touted as being one of the top in the nation, but business leaders in the Beehive State want more.

They want to build the indisputable best economy in the nation.

So, six months ago, Salt Lake Chamber launched Utah Rising, which Derek Miller, chamber president, described as a "free enterprise vision for Utah's economy."

That vision was unveiled Wednesday on the top floor of the One Utah Center.

"When you think about Utah's economy over the last couple of decades, it really has been an unprecedented era of prosperity. But then, we have to ask ourselves ... 'What are we going to do to keep it that way?'" Miller said. "Because Utah is growing so fast, there is a danger or a risk that in 10 or 20 years from now, we may get to a place that we didn't intend. In order to overcome that, we have to look out 10 years and say, 'This is where we want to be' and then we have to create a plan for how to get there. And in a nutshell, that's what Utah Rising is all about."

The statewide plan includes six focus areas that business leaders say will ensure a prosperous future for all Utahns and speakers at Wednesday's unveiling emphasized the 10-year timeline so the goals can be achieved by the time Utah hosts the 2034 Winter Olympics.

Here's a look at the six focus areas and what Utah's business leaders hope to accomplish.

Workforce

Utah wants to have the best-trained and mentally healthiest workforce in the country.

Spencer Eccles, Utah Rising steering committee chairman, said this will be accomplished by "focusing on post-secondary education of our 25- to 34-year-olds. Mental health will also be a priority of our workforce."

How?

The plan calls for increasing the percentage of young adults with a post-secondary degree or certificate by 10 percentage points. Successfully implementing this goal would increase Utah's share from 60.6% (2023) to 70.6% by 2034.

A signature project for the workforce goals is to invest $1 billion toward training mental health professionals and improving student-to-counselor ratios in the state.

Transportation

Utah is often touted as the Crossroads of the West, but Miller said he thinks it can become the Crossroads of the World.

Getting there will necessitate substantial improvements to the state's transportation network. To that end, the chamber has the goal of double tracking Utah Transit Authority's FrontRunner and extending it to run the entirety of the Wasatch Front.

The plan also calls for Utah maintaining a statewide transportation mobility index — which includes measures of delays, mobility and transit ridership — no lower than 85. The state is currently sitting at 85.8.

Business environment

"Utah has a diverse and I would note, the most diverse private sector and one that comprises nearly 9 of every 10 dollars in Utah's economy," Eccles said. "Our business environment is entrepreneurial and supported by an efficient and business-friendly government. And that's really an important part — that government gets out of the way and lets business do what they do best — grow and provide great jobs for Utahns."

To elevate the business environment, the plan seeks to grow the number of middle market companies (100 to 999 employees) 25% by 2034. According to the plan, a major step in doing so is by leaning into artificial intelligence and the plan calls for advancing the University of Utah's $100 million AI initiative that aims to foster responsible AI use.

Housing

The need for affordable housing in Utah is another challenge Utah's business community wants to help tackle. Since 2018, the state has experienced record housing price appreciation, and the current three-year average housing price index (2021-2023) sits at 19.8%.

"We plan to address the record housing price appreciation through meaningful, regulatory and zoning reforms in the 2025 and in the 2026 legislative sessions," Eccles said.

A key project in the realm of housing includes addressing homelessness by increasing accessible and affordable permanent housing opportunities for people experiencing homelessness throughout the state.

Livability

The chamber also wants to ensure Utah remains an attractive place for individuals and families to live. To that end, Utah Rising wants to increase Utah's livability index, which includes amenities, safety and convenience, from 86 to 95 by 2034.

A key project to achieve this increase will be adding to Salt Lake City's downtown core through the addition of a sports and cultural district, a state-of-the-art hospital, a downtown University of Utah campus and global faith headquarters.

Miller mentioned the Utah Jazz remaining in downtown Salt Lake City, the addition of the Utah Hockey Club and the renovation and seismic upgrades of the Salt Lake Temple as specific examples.

"These are just signature projects that will be done by 2034 so when the eyes of the world are upon us, they're going to see some amazing things, and then we get to enjoy them for the rest of our lives," Miller said.

Natural resources

Utah is known for its stunning array of national and state parks and widely renowned "greatest snow on earth."

The chamber wants to ensure that these iconic features are around for the long haul, while simultaneously ensuring Utah's energy security and affordability.

Utah Rising carries a goal on maintaining the state's energy affordability and reliability by reducing per capita water consumption and improving statewide air quality leading up to 2034.

To do this, the chamber and other partners are embarking on an "all-of-the-above" energy strategy that includes building out utility-scale solar power along with advanced modular nuclear energy systems and a critical minerals consortium.

To carry out this monumental plan, the chamber is joined by a wide and diverse array of partners that includes The Church of Jesus Christ of Latter-day Saints, the University of Utah, the Governor's Office of Economic Opportunity, Rocky Mountain Power and many more.

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