Cottonwood Heights Journal | August 2021

Page 22

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Soaring Summer Travel is Lifting Utah’s Economy By Robert Spendlove | Zions Bank Senior Economist

T

he Salt Lake City International Airport is bustling. Visitors are pouring into Utah’s state and national parks. And the iconic Temple Square is once again welcoming visitors from around the world to our capital city. After the coronavirus pandemic dramatically impacted travel and tourism – along with so many aspects of our lives and our economy – it’s exciting to see travel returning to our state. In July, the Salt Lake City International Airport reported that passenger volumes were at 105% of 2019 levels – one of the strongest rebounds nationally. And a year after Covid-19 halted most international travel, our Zions Bank branches have seen an uptick in people coming in to get foreign currency for their summer travels, particularly the Mexican Peso, the Euro and the British pound. This return to travel is important. The travel and tourism sector generates over a billion dollars in state and local tax revenue each year, according to the University of Utah’s Kem C. Gardner Policy Institute. Tourism and visitor spending support more than one in 11 Utah jobs directly or indirectly. And in some parts of the state, the employment impact is much

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larger. From the snow-capped mountains to the majestic red rocks, statistics show that not even a global pandemic can keep people away from all our state has to offer. Despite the pandemic, a record 10.6 million people visited Utah state parks in 2020 – a 33% increase from 2019. Similarly, Utah’s ski resorts saw a record-breaking 5.3 million skier days during the 202021 winter season, according to Ski Utah. The previous record was 5.1 million, set in 2018-2019. The business side of tourism continues to recover, although much more slowly than the leisure side of travel. It will take some time for business travel to fully recover from the effects of the pandemic, but the future is looking bright. More than a year after the economic recession caused by the coronavirus pandemic began, Utah’s economy has emerged as one of the strongest in the nation, with the second-highest job growth of any state. This busy season of travel is a great sign that our travel and tourism industry is making a strong comeback. A boost in summer travel will have far-reaching impacts on the economy, bringing back jobs

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and stimulating additional growth. Robert Spendlove is senior economist for Zions Bank, a division of Zions Bancorporation, N.A.

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Cottonwood Heights City Journal


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