Utah Rising: A Free Enterprise Vision for Utah's Economy

November 2 0 2 4

This document presents phase one of a statewide, business-led plan to ensure a prosperous future for all Utahns. It includes a vision, mission, guiding principles, strategic goals, supporting measures, and key performance indicators. Six signature projects complete the plan. Subsequent versions will include phase two of the plan, which will include business-led action steps.

Sponsored by the Salt Lake Chamber and partnering chambers statewide

“Utah stands at a crossroads, with unparalleled economic opportunities at our doorstep. But seizing these requires more than traditional planning – it necessitates a living, breathing strategy that evolves with our dynamic state.”

Derek Miller

President & CEO, Salt Lake Chamber

“Utah’s vibrancy as a state is a direct result of our business and civic leaders choosing to engage and commit time and resources to building a better community and economy. I’m thrilled to be helping forge a new era of economic common ground.”

Spencer P. Eccles

Cynosure Group, Utah Rising Steering Committee Chair

“The private sector comprises nearly nine out of every ten dollars circulating in the Utah economy. As we look to the future, Utah businesses and their employees not only have the greatest stake in the state’s future success, they can do more than any other part of the economy to lead it.”

Tara Thue

AT&T, Utah Rising Technical Committee Co-Chair

Table of Contents Utah Rising At-a-Glance

02

Guiding Principles and Process

03

Topline Measures

04

Focus Areas: Strategic Goals and Signature Projects

05

Appendix: Opportunity and Problem Statements

08

Committees

09

Partners

10

Page 1

Utah Rising At-A-Glance

A Free Enterprise Vision for Utah’s Economy The Salt Lake Chamber, in collaboration with chambers of commerce throughout Utah, presents Utah Rising: A Free Enterprise Vision for Utah’s Economy. This vision includes a statewide, business-led plan to ensure a prosperous future for all Utahns. Successful implementation of the plan will require a model partnership between the business community and the public sector to develop the workforce, support the business environment, enhance livability, optimize natural resources and the environment, and achieve six signature projects.

eye

Vision

bullseye-arrow

6 Focus Areas

Become and remain the top performing economy in the nation.



flag

Workforce

Goal: Utah will have the best-trained and mentally healthiest workforce in the country.

Mission

Lead private sector efforts and collaborate with public sector partners to secure statewide prosperity.

house

Signature Project: Invest $1 billion in training mental health professionals and improve student / counselor ratios.

car

Transportation

Goal: Utah will maintain a high level of statewide transportation mobility (includes measures of delay, reliability, and transit ridership).

Signature Project: Support Utah’s Plan to Address Homelessness by increasing accessible and affordable permanent housing opportunities.

BEE

Signature Project: Double track and extend FrontRunner along the Wasatch Front.



Signature Project: Advance the University of Utah’s Responsible A.I. Initiative.

Livability

Goal: Increase Utah’s livability for individuals, families, and communities.

Signature Project: Capital City Renaissance with a sports and cultural district, state-of-the-art hospital, downtown University campus, and global faith headquarters.

Business Environment

Goal: Grow the number of middle market (100 to 999 employees) Utah companies.

Housing

Goal: Utah will address record housing price appreciation since 2018 through meaningful regulatory / zoning reforms.

leaf

Natural Resources

Goal: Utah will maintain energy affordability and reliability, reduce per capita water consumption, and improve air quality.

Signature Project: All-of-the-above energy strategy that includes solar, nuclear, and critical minerals.

Page 2

Overview

Guiding Principles and Process Guiding Principles

Common ground and collaboration for a shared vision of sustainable growth and statewide prosperity.

Utah’s private sector comprises nearly nine of every ten dollars in the Utah economy.

Bold vision and pragmatic action to harness market forces and achieve results that reimagine the possible.

Utah Gross Domestic Product, 2023

Quality of life and upward mobility that creates opportunity for all Utahns.

Sector 89.5% Private ($243.9B) State Total

$272.6B

Culture of service and community building that gives Utah a distinct competitive advantage.

10.5%

Private sector innovation and public sector support to unleash the power of free enterprise.

Government ($28.7B)

Source: Bureau of Economic Analysis

Process June 2024

July 2024

August 2024

September 2024

October 2024

November 2024

December 2024

January 2025

February 2025

March 2025

April 2025

Phase One: Setting the Stage

Phase Two: Concrete Business Actions

Phase Three: Implementation

The development of the vision, mission, guiding principles, strategic goals, supporting measures, and key performance indicators.

Six signature projects complete the plan.

The identification of business-led action steps that help achieve strategic goals and signature projects.

The deployment of the business-led action steps to help achieve strategic goals and signature projects, includes measurement of success with a scorecard and a cadence of accountability.

Phase One of the Utah Rising process clarified the vision and mission, set the context (opportunities and problems in appendix on page 8), identified the strategic goals and signature projects, and prepared the scorecard to track key performance indicators and supporting measures.

Phase Two requires business leaders to identify the business-led action steps that achieve the strategic goals and the signature projects. Action steps include concrete tasks led by the business community. The business community plays a dominant and critical role because of its prominence and size. In Utah, the private sector comprises nine out of every ten dollars circulating in the economy.

Phase Three will include implementation of the Utah Rising framework.

Page 3

14%

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2024

12% 14% 12%

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1.6% 0.6% 0.6%

Topline Measures Utah Economy

Figure 1: U.S. and Utah Job Growth, Year-over Percent Figure 2: Job Growth by State, Year-Over Percent Change in U.S. Utah 1.5% 0.3% 3.4% Job Growth Figure and Job Year-over Percent Figure Growth by Percent Change in U.S. Utah January 2000 – Change in Nonfarm Employment, Nonfarm Growth, September 2024 Figure 1: 1: U.S. U.S. and Utah Utah Job Growth, Growth, Year-over Percent Figure 2: 2: Job Job GrowthEmployment

by State, State, Year-Over Year-Over Percent Change in 1.5% 0.3% 3.4% Job Growth 0.3% 3.4% Job Growth Change1:in Nonfarm Employment, Nonfarm Employment September 2024 2000 –– Figure U.S. and Utah Job Growth,January Year-over Percent Figure 2: Job Growth byGrowth, State, Year-Over Percent Change in September 2024 January 2000 Change in Nonfarm Employment, Nonfarm Employment Growth, September 2024 16% Figure 1: U.S. and Utah Job Growth, Year-over Percent 2:0.3% Job Growth by State, Year-Over Percent Change 3.4% in JobFigure Growth 1.6% September 2024 January 2000 – Change in Nonfarm Employment, Nonfarm Employment Growth, September 2024 Figure 2: Job Growth by State, Year-Over Percent Change in3.4% Figure 1: U.S. and Utah Job Growth, Year-over Percent Change 2024 1.1% 16% Job Growth 15% 16% September 3.6% 0.3% 2.3% 1.6% 14% January 2000 – Change in Nonfarm Employment, Nonfarm Employment Growth, September 2024 16% 1.6% Nonfarm Employment Growth, 1.3% September 2024 in Nonfarm Employment, , January 2000 – September 2024 1.1% 1.6% September 2024 0.6% 15% 1.1% 3.6% 15% 16% 14% 3.6% 1.1% 16% 1.1% 14% 2024 3.5%2.3% 2.3% 1.6% 12% 16% 1.6% 0.5% 14%September 1.5% 0.6% 16% 10% 1.3% 2.3% 4.8% 3.6% 1.3%

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0.5 Source:and U.S. Bureau of–Labor Statistics 2024 0.3% Rate 3.4% Growth 2000 September January Figure 3: 3: Utah Utah U.S. Rate, 15% Figure 4: Rateby byState, State, September 20243.4% and U.S.Unemployment Unemployment Rate, 15%Figure Figure 4: Unemployment Rate September 2024 5% 0.6Bureau Note:of Data areUnemployment not seasonally adjusted.

0.3% 0% 15% Job Growth Source: Unemployment U.S. Labor Statistics 0.4 0.3 2.0% 5.7% 0% Rate 0.5 January 2000 – September 2024 0.4 10% 4.8% Figure 3: Utah and U.S. Unemployment Rate, -5% 5% January 2000 – September 2024 January 2000 – September 2024 Source: U.S. Bureau of Labor Statistics Figure 4: Unemployment Rate by State, September 2024 16% 15% 2.0% 5.7% Unemployment Rate 0.5 2.8% 15% Figure4.8% 4: Rate by 2.3% State, September 2024 0.3 1.6% 3.3% 15% -5% 0.2Unemployment 0% 15%Figure 3: Utah and U.S. Unemployment Rate, 10% 0.4 0.3 10% 4.8% January 2000 – September 2024 3.4% 1.1% 16% 4.0% -10% 2.8% 4.8% 0% 16%-5% 10% 3.6% 0.4 3.3% Figure 4: Unemployment Rate by State, September 2024 1.6% 3.3% 14% 2.8% 2.3% 0.2 5%January 2.3% 2000 – September 2024 15% 0.1 1.6% 0.3 0.2 2.9% September 2.8% 2.3% 1.1% 10% 3.3% 3.4% 4.8% 3.6% 0.6% Figure 4:3.6% Unemployment Rate by1.3% State, 2024 -5% 15% 4.0% 4.4% 10% -10% 3.4% 2.0% 2.3% 4.8% 1.1% 16% 14% 4.0% 0.3 10% -10% 2.3% 4.8% 3.4% 5% 3.6% 3.1% 1.1%4.5% 2.8% 0.1 4.8% -15% 3.5% -5% 2.3% 4.0% 3.3% 2.9% 2.8% 0 1.3% 1.6% 5% 14% 10% 12% 0.2 0.1 3.3% 2.3% 3.6% 3.3% 0.6% 16% 2.9%0.5% 2.8%1.1% 1.5% 1.3% 2.0% 4.4% 5% 2.3% 3.6% 2.8% 3.4% 0.6% 4.4%2022 2.3% 3.3% 2.9% 2.9% 2021 1.6% 3.4% 0.8% 3.4% 4.0% 0.6% 3.1% 10%12% -10% 0% 0.2 20133.5% 4.8% 3.6% 2014 20152.0% 2016 2017 20181.1% 2019 2023 2000 2003 2006 2009 2012 2015 2018 2021 2024 4.5% 3.6% 4.1% 2.7% -15% 5.6% 2.0% 4.0% 4.5% 4.4% USA 1.1% 3.4% 2.3% 0 14% 3.1% 2.3% 1.1% 5% 4.5%2020 3.4% -15% 10%10% 3.5% 0.5% 1.5% 4.0% 0.1 0 5% 3.1% 2.9% 2.8% 1.6% 0.6% 1.3% 4.0% 5.3% -10% 4.8% 0.6% 0.5% 4.5% 1.5% 3.5% 3.6% 3.3% 3.4% 3.6% 2.9% USA 1.5% 5%12% 2000 0.6% 2.9% 0% 0.8% 14% 4.3% 2.0% 4.4% 2.3% 4.2% 2.3% 3.6% 2.3% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2003 2006 2009 2012 2015 2018 2021 2024 5% U.S. Utah U.S. Utah 3.4% 1.0% 1.8% USA 4.1% 2.7% 2.9% 5.6% 2.0% 4.5% 0.1 2.9% 4.4% 0% 0.8% CT 3.2% 0.6% 3.6% 2.9% 2.8% 1.3% 4.0% 3.4% 2.0% 2014 2016 2017 2.0% 2018 2020 2021 2022 2023 USA 3.4% 4.1% 2.7% 3.1% 5.6% 20153.5% 1.1% 4.5% 4.4% 3.3% 2019 3.6% 4.5% 0.9% 2.9% 1.6% 0% 2003 2006 2009 2012 2015 2018 2021 2024 -15% 2000 0.6% 3.1% 0 20134.0% 0.6% 12% 4.4% 3.3% 5.3% 2.9% 2.3% 4.5% 4.1% 2.7% 5.3% 5.6% 3.5% 0.6% 1.8% USA 4.5% 1.6% 1.5%USA 0.5% 1.5% 3.1% U.S. 1.8% -5% 8% 4.9% CT 0.7% 5.3% 4.3% 10% 5%10% 4.5% 3.9%4.2% 3.4% DC 5.7% 3.5% 2.3% Utah U.S. Utah 1.0% 3.1% 1.8% USA 1.5% 1.8%0.6% 1.1% 4.5% CT 3.2% 3.4% 4.3% -15% 3.5% 2.9% 4.2% 4.0% 5.3% 2.9% 0 2.3% 4.0% 0% 0.8% U.S. Utah 12% U.S. Utah 1.0% 1.8% 3.5% 0.6% 3.4% 3.6% 1.5% 1.4% 1.4% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2000 2003 2006 2009 2012 2015 2018 2021 2024 CT 3.2% 0.9% 2.9% USA 4.1% 2.7% 0.5% 0% 5.6% 1.5%DE 4.3% 2.0% 1.8% 4.5% 4.4% 2.8% 4.0% 4.2% 3.3% 2.9% 5% 3.8% 3.4% USA 4.1% 2.7% 5.3% 5.6% 0.6% DC 1.8% 4.5% 0.9% 2.9% 1.0% 0% CT 3.2%1.0% 1.8% 4.2% -5% 3.4% 2.9%2.9% 4.9% CT 0.7% 1.6% 3.3% 4.0% 3.2% 3.9% USA 4.1% 2.7% 2.9% 3.1%3.6% DC 5.7% 5.3% 5.6% 2013 0% 0.8% 0.6% 0.6% 1.8% 4.5% 0.6% 5.3% 8% 1.8% 4.5% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2000 2003 2006 2009 2012 2015 2018 2021 2024 3.5% -5% 10% USA 4.1% 2.7% 4.9% CT 0.7% 5.6% USA 1.5% 2.0% 4.5% 3.9% 4.4% 3.3% 5.3% 2.9% 3.4% 4.3% DC 5.7% 1.6% 5.3% 3.5% 8% 1.8% 4.2% 4.2% 3.5% 1.5% 1.4% 1.4% 2.3% U.S. Utah 4.5% U.S. Utah 1.0% -5%10% 6% 4.3% 4.9% 3.3% 5.3% DE 0.9% 2.8% 4.2% 3.9% CT 3.2% 1.6% DCUSA 5.7% 16% 3.5% 1.0%DE 3.8% 3.8% 3.1% 1.5% 0.6% 1.4% 1.8% 1.4% 4.0% DC 1.0% MA 5.3% 1.0% 4.5% CT 3.2% 3.4% 4.3% 4.2% 3.5% 2.8% 4.2% -10% 0.9% 2.9% 1.5% 4.0% 0% 3.2% 3.8% 2.1% DC 1.0% 4.3% 1.0% 3.3% 2.9% 4.2% CT 3.2% DE 4.2% USA 4.1% 2.3% 5.3% 5.6% 3.5% 1.8% 0.6% U.S. Utah U.S. Utah 1.8% 1.0% 1.8% 2.7% 4.5% 1.2% 4.0% 3.2% 2.9% 3.4% 1.3% 3.2% 3.8% CT -5% 1.6% 4.9% 5.3% CT 0.7%MD 2.8% MA 3.6% 3.9% 4.0% DC 5.7% DE 3.2% 4.2%0.9% 4.5% 2.9% 8% -5% 3.4% 1.8%3.3% 6% 4.9% 3.3% 3.3% DE 0.9% 2.9% 3.4% 3.2% 3.9% 0.9% 2.9% 1.6% 4.2% DC 5.7% 16% 5.3% 0% 1.0% MA 3.8% 1.8% 1.6% 3.5% 5.3% 4.5% 3.3% 2.9% 3.5% -5% 14% USA 4.1% 2.7% 6% 4.9% 3.3% 5.3% DE 0.9% 5.6% 0.6% 1.5% 1.4% 1.4% 1.8% -10% 4.5% 3.9%2.8% 4.2% 3.5% 3.4% 4.3% DC 5.7% 1.0% MA 3.8% 2.1% 0.6% -5% 4% 4.2% 4.9% CT 0.7% 2.9% 4.5% 3.9% 3.8% DC 5.7% -10% 16% -10% DC 1.0% 3.3% 1.2% MD 8% 1.0% 1.8% CT 3.2% 2.1% DE 4.2% 4.2% MA 2.5% 3.8%0.7% 1.3%1.4% 3.2% MD 3.8% 3.2% 4.0% 2.8% 3.2% MA 0.9% NH 3.6% 5.3% DE 4.2% 3.5% 3.4% 1.2% 4.1% 2.9% 1.6% 1.5% 1.4% 3.2% 1.3% 3.8% Private Sector 2.8% MA 0.9% 4.3% 1.6% 3.6% 2.8% 2.9% 4.2% DE 4.2% 1.6% 1.9% MD 2.9% 5.3% 3.8% 14% 3.5% 3.2% DC 1.0% 4.5% 1.0% 3.4% CT 4.2% 3.2% -5% 4% DE 1.6% 3.3% 6% 4.9% DE 0.9% 2.8% 3.9% 0.6% NH 3.6% 3.9% 3.5% 4.0% 3.3% 4.2% DC 5.7% 16% -15% 12% 3.2% 1.0% MA 3.8% 2.9% 14% 4.5% MD 2.9%1.9% NJ 4.7% 3.3% MD 0.7% 3.4% 4% 4.2% MA 3.8% 0.6% -10% NH 2.5% 3.5% 2.2% ($243.9 B) 2.9% 4.5% 3.3% 2.1% 2.9% 3.4% 2% 1.6% 5.3% 4.2% 3.5% 4.1% MD 0.7% MA -10% 1.6% MA 3.8% 4.5% NH 2.5% Private Sector -5% 2000 2006 2009 2012 2015 2018 2021 2024 6% 4.9% 3.3% DE 0.9% -0.1% 1.3% 3.2% 3.9% 3.8% 4.2%1.2%3.3% DC 5.7% 16% 2003 1.9% 1.0% -10% 12% -10% 1.6%2.9% 2.8% MA 3.6% NJ 1.2% -15% DE 4.2%0.9% 4.1% MD 2.9% Private Sector NH 2.5% RI 3.8% 4.6% 2.8% 3.9% 3.2% NH 1.9% 3.6% 4.6%1.6% 1.9% MD 2.9% NJ 4.7% -15% 14% 4.1% 12% -15% 10% Total 2.1% 2.8% 3.9% NH 1.9% MD 3.6% 1.2% 3.4% 2.2% ($243.9 B) 4% MD 2.9% 1.3% 3.2% 2% NJ 4.7% 3.8% 0.6% 3.5% State 2.8% MA 3.6% 2.9% 4.5%3.2% 3.3% DE 4.2% 2.9% 3.3% -0.1% MD 0.7% 2.2% 2000 2006 2009 2012 2015 2018 2021 2024 RI 0.9% 1.6% ($243.9 B) 3.9% 4.2% 2.6% 2% 2003 MA 3.8% 2.9% NH 2.5% NJ 4.7% VT 2.2% 1.6% NJ 1.2% 0% 14% -10% 1.6% 2000 2003 2006 2009 2012 2015 2018 2021 2024 NH 2.5% U.S. Utah RI 4.6% -0.1% 2.9% 3.4% 4.6% Private Sector 4%8% 2003 NJ 1.2% NH 0.6% NH 10% 3.5% 4.1% 1.9% 2.9% 4.5% 2.5% 2.1% RI 4.6% 4.1% -15% 3.3% 4.6%Total 4.2% 12% -10%2000 3.8% 10% 2.8% 3.9% 2.5% NH 1.9% MA 3.6%Private VT 0.7% 2.0% -15% 3.3% 4.1% MD 2.9% State Total NJ 4.7% RI MD 4.6% 1.6% 2000 20032006 20062009 20092012201220152015201820182021202120242024State RI 1.6% 4.6% 2.6% 4.1% Sector NJ 4.7% -15% 2.2% 3.9% VT 2.2% ($243.9 B)3.3% 0% 2% -15% 1.9% 3.9% RI 1.6% U.S. Utah 2.6% NJ 4.7% VT 2.2% 2000 2003 2006 2009 2012 2015 2018 2021 2024 12% 3.3% 2.8% 3.9% 0% NH 3.6% -0.1% 2.9% U.S. Utah 2.9%1.9% 2.1% B) NH NJ NJ 2.0% 1.2% MD 2000 20032003 200620062009 200920092012 201220122015 2015 2018 202120212024 20242024 8% 2003 2.5% RI 4.6% VT 4.7% 2.2% VT 4.6% 2.2% ($243.9 2.1% 2%6% 10% 2006 2018 2021 U.S.2012 Utah 8% RI 4.6% 2000 2015 2018 4.6% 4.1% 2.9% State Total VT 2.0% 2000 2003 2006 2009 2015 2018 2021 2024 -0.1% 2.9% RI 4.6% -15%2000 3.3% 2000 2003 2006 2009 2012 2015 2018 2021 2024 U.S. Utah NJ 4.6% Government 3.9% 2.5%1.2% RI 1.6% NH RI 4.6% 3.3% 4.6%Total 2.6% State NJ 2.2% 4.7% VT 0% -15% 10% 1.5% U.S. Utah 4.1% 3.3% VT 2.2% U.S. Utah 4% 2.1% B) 3.3% 2.9% VT 2.2% ($28.7 20006% 2006200620092009 2015 2018 2021202120242024 8% 2003 0% 6% 3.9% RI 1.6% U.S.2012 Utah 2.6% NJ 2.2% 4.7% VT 2.0% VT U.S. Utah 2.9% Government RI 4.6% 2000 2000 2003 2012 2015 2018 U.S. Utah 4.6% Note: Data are seasonally adjusted.

U.S. Utah Government 1.5% 2.9% 2.1% 200920092012201220152015201820182021202120242024 8% 2003 1.5% 2.0% VT 2.0% 4% ($28.7 B) B) 3.3% RI 5.7% 4.6% 2000 20032006 2006 2% 4.6% Unemployment Rate VT 2.2% 6% 4% Source: U.S. Bureau of Labor Statistics ($28.7 U.S. Utah 2.9% Note: are seasonally adjusted.

3.3% 2.9% Utah Utah Government Note: Data Data seasonally Note: Data Job are seasonally adjusted.

Note: Dataare are seasonally adjusted. U.S. VT 2.2% 3.4% 6% adjusted.

2.9% U.S. 1.5% 0.3% Growth 2.0% 5.7% 2% 2.9% Unemployment Rate Source: Bureau of Labor Statistics U.S. Utah 4% U.S. 5.7% 2% Unemployment Rate Government ($28.7 B) Source: U.S. Bureau0% of of Labor Statistics Source: U.S. 2.0% BureauRate of Labor Statistics Source: U.S. Labor Statistics 1.5% 2.0% 5.7% Unemployment Note: Data areBureau seasonally adjusted.

0.3% 3.4% 2.9% Job Growth 4% 2000 ($28.7 B) 2003 2006 2009 2012 2015 2018 2021 2024 0% 0.3% 3.4% Job Growth 2.0% 5.7% 2% U.S. Bureau Unemployment Rate 0% Figure 5: Cumulative Per Capita Personal Income Note:of Data areStatistics seasonally adjusted.

Source: Labor 2.0% 5.7% 2.9% Unemployment Rate 2.0% 5.7% Unemployment Rate U.S. 2018 Utah 2021 2000 Source: 2003 2006 2009 2012 2015 2018 2021 2024 2.0% 2% U.S.2006 Unemployment Rateadjusted.

Data are seasonally Bureau of Labor Statistics 0.3% 3.4% 5.7% JobNote: Growth 2003 2009 2012 2015 2024 Figure 5: Cumulative Per Capita Personal Income 0% 2000 Figure 5: Per Capita Personal Income Growth by Growth, 2013-2023 Figure 5:Nominal Cumulative Per Capita Personal Income U.S.adjusted.

Bureau of Labor Statistics 0.3% 3.4% 2.0% 5.7% U.S. Job Growth Unemployment Rate 15% Note: Data are are Source: seasonally 0% U.S. 2012 Utah Utah Note: Data seasonally adjusted.

2000 2003 2006 2009 2015 2018 2021 2024 State, Year-Over Percent Change, 2023 Income Growth, 5.7% Unemployment Rate 2.0% Figure 5:2013-2023 Cumulative Per Capita Personal Growth, 2013-2023 Source: U.S. U.S. Bureau Bureau of Labor Labor Statistics Statistics 15% 2000 2003 2006 2009 2012 2015 2018 2021 2024 Source: of 15% U.S. Utah Figure5.7% 5: Cumulative Per Capita Personal Income 1.8% Note: Data are seasonally adjusted.

Growth, 2013-2023 10% U.S. Utah Note:of Data are4.8% seasonally adjusted.

1.6% 4.5% Source: Labor Statistics 2.8% 4.8% 1.5% 4.2% 15% 5.7% 1.8% U.S. Bureau 2.8% Growth, 2013-2023 1.8% 5.7% Source: U.S. Bureau of Labor3.3% Statistics 10% 4.8% 1.0% 2.3% 4.3% 0.2% 15% 5.0% 1.6% 4.5% 10% 4.8% 2.8% 3.4% 4.8% 4.3%4.2% 1.5% 1.6% 4.5% 4.0% 2.8% 2.9%1.5% 2.8% 4.8% 4.2% 4.0% 1.0% 3.3% 1.8% 3.2% 5.5% 2.8% 5.7% 1.5% 5% 2.3% 1.0% 2.3% 4.3% 1.4% 5.0% 0.2% 3.3%0.5% 2.9% 4.7% 1.0% 4.3% 3.4% 4.3% 0.8% 0.2% 6.3% 10% 5.0% 4.8% 3.6% 1.8% 4.4% 5.7% 4.3% 4.8% 4.0% 2.8% 1.0% 3.1%3.4% 2.0% 1.5% 1.6% 1.9% 2.9% 4.0% 1.5% 4.2% 3.2% 5.5% 4.5% 5.2% 5% 4.0% 3.5% 2.8% 1.4% VT 5.4% 1.0% 2.9% 4.0% 1.5% 2.9%1.5% 4.8% 4.5% 3.2% 5.5% 3.3% 5% 5.0% 10% 6.3% VT 1.3% 5.5% 4.7% 1.6% 4.5% 1.7% 1.4% 0.8% 0.5% 3.3% 2.3% 3.6% 1.0% 2.8% 4.3% 4.8% 0.2% 5.0% 2.9% 1.5% 4.6% 4.2% 4.7% 2.0% 0.8% 4.4% 6.3% 0.6% 0.5% 3.6% 2.8% 3.4% 4.3% NH 4.8% 3.4% 2.0% 5.7% 4.4% 2.9% 3.3% 2.9% 4.9% 2.4% 5.6% 0% 4.4% 5.2% 0.3% 1.5% VT1.1% NH 1.5% 3.1% 1.5%1.0% 3.5% 1.9% VT 5.4% 1.0% 2.3% 4.3% USA 4.1% 2.7% 5.0% 0.2% 2.9% 4.0% 4.5% 5.1% 5.2% 5.5% 4.2% 3.1% 3.5% 4.0% 5.5% 1.7% 1.9% VT 5.4% 1.5%4.5% 1.5% 5% 4.5% 4.3%3.2% 1.4% 5.0% MA 3.9%3.3% 4.6% VT 1.3% 1.3% 5.5% 1.7% 1.4% 5.6% 0.6% 2.9% 3.4% 4.7% 4.0% 1.3% 0.5% 3.3% 5.3% MA 0.7% 5.5% 0.8% 2.2% 6.0% 4.8% 3.5% 5.0% 5.7% 6.3% 4.6% 1.5% 3.4% 4.0% 4.6% NH 3.6% 2.9% 1.0% 2.9% 3.3% 0.6% 2.9% 4.9% 2.4% 0% 3.2% 0.3% 1.5% 4.3% 2.0% 5.5% NH 1.5% 4.4% 4.2% 1.5% NH 4.8% 1.4% 5% 3.4% USA 4.1% 2.7% 5.7% 1.4% 5.6%1.4% 4.5% 2.4% 5.6% 0% 4.4% CT 3.2% CT 4.9% 0.3% 1.5% NH 1.5% 4.2% 2.9% 4.0%2.9%1.1% 5.2% 4.7% MA USA 2.9% 4.1% 3.1% 1.1% 6.3%3.5% 4.9%2.9% 5.1% 1.9%0.8% VT 4.1% 5.4% 0.5% 4.5% CT 0.8% 1.5% 2.7% 5.1%5.6% 3.9% 3.6% 4.5% 4.4% 4.2% 2.0% 1.3%3.3% VT 1.3% 5.5% 4.4% 3.3% 5.3% 1.4% 3.5% 1.4% 1.7% MA 0.7% 5.5% 2.2% 6.0% 5.3% 3.9% 1.5% 5.0% -5% 4.6% 5.6%4.7% MA 4.3% 4.9% 5.3%0.0% RI 1.3% 4.6% 4.6% 4.2% MA 0.7% 3.9% 6.0% 3.9% 0.6% 2.2% DC 5.7% 3.5% 5.2% 1.4% 1.5%4.0% 3.3% 3.1% 3.5% 1.9% VT 5.4% 3.3%0.3% 1.5% NH 4.8% RI 1.1% CT 3.2% 1.6% CT 3.4%4.5% 4.9% 5.6% 5.5% 4.3% 4.6% 5.7% 4.2% 2.9% 4.9% 1.4% 2.4% 5.6% 0% 4.4% VT 1.3% 5.5%2.9% 1.5% 2.1% 2.4% 1.7% NH 1.5% 3.3% 4.7% CT 0.8% 4.3% 3.3% CT 3.2% CT 4.9% USA 4.1% 2.7% 4.1% 1.1% 4.5% 5.0% 2.1% 4.0% 4.6% 4.0% 5.1% 3.3% 2.9% 1.4% 3.8% NJ 4.6% 4.2% 5.7% 0.6% CT 0.8% 2.9% 5.3% 4.7% 1.4% 2.4% 4.1% DE 4.2% NH 4.8% MA 3.9% -5% 3.4% NJ 1.3% 4.9% 3.3%0.0% RI 4.6% 1.4% 3.2%NH 3.9% 4.9% 5.6%2.9% 3.5% DC 5.7% 5.3% 0% 4.7% 0.3% 1.5%2.9% 1.3% 1.5% 3.9% 5.3% MA 0.7% 5.5% 2.2% 3.5% 1.5% RI 1.1% -5% 0.0% USA 4.1% 2.7% 1.6% 5.6% 4.9% 5.6%1.4% RI 4.6% 4.5% 3.3% 1.2% 3.4% 1.6% DC 5.7% 4.3% 2.1% 3.9%4.2%6.0% 2.4% 4.2% 3.3% 4.6% 4.7% 4.4% 5.1% 4.2% MD RI1.1% 1.1% 1.4%3.9% 4.5% 1.6% 5.6% 4.4%4.3% 3.3% 4.0% MA 5.1% 3.9% CT 3.2% CT 5.6% 4.9% 2.1%1.3% 2.1% MD 2.4% 3.3% 5.5% MA 3.8% 3.8% 2.2% 4.7% 4.3% 4.0%3.5% 3.7% 5.3% MA 0.2% 0.7% 2.2% 6.0% DE 4.2% CT 3.5%3.3% 2.1% -10% 1.5% NJ 0.8% 1.3% 3.5% 4.1% 4.6% NJ 3.2% 3.3%4.0% 3.8% NJ 4.6% 4.6% 4.3% 4.5% 2.9% 4.2% 1.4% DE 4.2% 1.4% 5.3% DC 5.0% 4.7% NJ 1.3% 3.5% 2.0% 3.2% 1.2% 3.4% CT 2.9% 3.2% -5% CT 4.9% 0.0% 1.6% 4.9% 4.4% 4.7% RI 4.1% 2.8% 4.6% DC 0.4% 3.9% 3.5% MD 4.0% 5.1% DC 5.7% 4.5% MD 3.9% CT3.6% 0.8% 3.3% 1.2% 3.4% 1.6% RI 1.1% 5.6% 4.2% 4.4% 0.2% MA 3.8% 2.2% 3.5% 1.6% 5.1% 0.6% 4.5% 4.9% 3.3%0.0% MD 2.9% 2.1% 1.4% 3.3%3.7% 4.7% 4.7% MD 4.3% -10% DE MD 0.2% MA 2.2% 3.3% 2.1% 5.3% 4.2% 2.4% 4.0% -5% 4.3% 3.7% RI 3.5% 4.6% 3.9% 3.8% 2.9% NJ 5.0% 4.6% DE DC 2.5% 5.7% -10% DC DE 3.8% 4.2% RI 1.6% 1.1% 1.9% 2.1%2.0% NH 1.6% 5.6%4.5% NJ 1.3% 4.5% 4.3% 4.7% 3.9% 3.5% 2.8% 3.2% DC 0.4% 3.6% DC 5.0% 2.4%4.1% MD 2.9% 3.3% 2.0%2.1% 0.6% 4.7% 2.1% 2.8% DC 0.4% 3.6% 4.0% 1.2% 3.4% 1.6% 4.7% MD 2.9% 4.4% 3.8% NJ 4.6% 3.5% MD 5.1% 5.3% -15% 4.5%3.2%NJ 1.3% DE 3.5% DE 4.2% 0.6% 2.2% 3.3% 3.5% 4.2% MD 0.2% MA 3.8% 2.9% DE 3.9% 1.6% NJ 4.7% 5.4% 3.7% DE 3.5% -10% 4.3% 1.9% NH 2.5% 4.3% 2.9% 1.2% DE 1.6% 3.4% 1.6% 4.5% 4.4% 0.3% 2.1% 3.5% MD 5.1% 1.9% 4.5% DC 5.0% NH 2.5% 4.1% 2003 2006 4.7%2009 5.3% 2012 2015 2018 2021 2024 2.0% 3.3% 4.2% 2.1%3.9% MD 0.2% MA 3.8% 2.8% 0.4% 3.6% 2.2% DC -15% 4.1% MD 2.9% RI 4.6% -10%2000 4.6% 0.6% NJ 4.7% 5.3% 3.7% -15% 4.5% 5.4% 3.9% DC 5.0% DE 3.5% 2.0% NJ 4.7% 2.8% DC3.3% 0.4% 3.6% 4.3% 2003 5.4% 2.9%DE 1.6% 0.3% 4.7% 2018 MD 2.9% 2000 2006 2009 2012 2015 2021 2024 1.9% NH 2.5% VT 2.2% 0.3% 0.6% 2000 2003 2006 2009 2012 2015 2018 2021 2024 U.S. Utah 0.0% 4.0% 2.9% 6.3% 2.1% RI 4.6% DE 3.5% 4.6% 4.1% 4.3% 2.9%DE 1.6% RI 4.6% 5.3% -15% 4.6% 1.9% 3.9% NH 2.5% NJ 4.7% 5.4% 2.1%3.3% 4.1% 3.3% VT 2.2% U.S. Utah 0.3% 0.0% 4.0% 2.9% 6.3% 5.3% -15% VT 2000 Source: 2003 2006 2009 2015 6.3% 2018 2021 2024 3.9% U.S.2012 Utah 0.0% 4.0% 2.9%U.S. NJ 4.7% 5.4% Bureau of Economic Analysis RI 2.2% 4.6% 4.6% 0.3% 2.9% 2000 2003 2006 2009 2012 2015 2018 2021 2024 3.3% RI 4.6% 4.6% VT 2.2% Source: U.S. Bureau of Economic Analysis U.S. Utah 0.0% 4.0% 2.9% 6.3% 3.3% Source: U.S. of of Economic Analysis 2.9% Source: U.S.Bureau Bureau Economic VT 2.2% 2.9% U.S. Utah 0.0% 4.0% 2.9%Analysis 6.3% 2.0% 5.7% Source: U.S. Bureau of Economic Analysis Unemployment 2.9% Rate Page 4 Source: U.S. Bureau of Economic Analysis 2.0% 5.7% 2.9% Unemployment Rate 4.9% 5.7% Unemployment Rate 2.0%

15% 12% 14% 16% 10% 14% 12% 14% 10%

15% 10% 12% 14% 16% 5% 8% 10% 12% 14% 10% 6% 8% 0% 10% 12% 5% 4% 6% -5% 8% 10% 2% 4% 6% 8% 0% -10% 0% 2% 4% 6%2000 -5%

89.5% 89.5% $272.6B 89.5% 89.5% $272.6B 10.5% $272.6B $272.6B 10.5% 10.5%10.5%

4.9% 4.9%

2.8%

3.1%

Unemployment Rate 2.0% 2.1% 2.9% 4.1% 3.1% Unemployment Rate 2.0% 2.1%

2.8%

5.7%

5.7%

Focus Areas

Strategic Goals and Signature Projects These are the driving forces that will help us achieve our vision. Strategic Goals include a starting line, finish line, and deadline. For this plan, the deadline is Utah’s Olympic year 2034. Signature Projects are bold, highimpact initiatives that the business community will lead out on that support the vision and strategic goals.

Definitions: • Key performance indicator: A measure that evaluates the success of meeting the goal.

• Supporting measure: A measure that tracks the critical activities that achieve the key performance indicator.

Workforce

Utahns are healthy, talented, educated, and industrious.

1

Strategic goal #1

Part one: Utah will have the best-trained workforce in the country in 2034 by increasing the percentage of young adults (25-34-years old) with a post-secondary degree or certificate by 10 percentage points. Successful implementation would increase Utah’s share from 60.6% (2023) to 70.6% (2034).

Part two: Utah will have the mentally healthiest workforce in the nation by 2034 by decreasing the share of young adults (ages 25-34) with poor mental health by 15 percentage points. Successful implementation would decrease Utah’s share from 33.4% (2023) to 18.4% (2034).

Signature Project: Invest $1 billion in training mental health professionals and improve student / counselor ratios.

Key performance indicators • Share of Utah young adults (ages 25-34) with a postsecondary degree or certificate.

• Share of Utah young adults (ages 25-34) reporting poor mental health.

• Utah suicide rates for males (ages 45-64) per 100,000.

Supporting measures • Utah high school graduation rates.

• Utah higher education completion rates.

• Technical college enrollment.

• Share of high mental health needs among Utah sixth graders.

• Share of high mental health needs among Utah 12th graders.

• Share of Utah males (ages 45-64) reporting social isolation.

Transportation

Utah is the Crossroads of the West and becoming the Crossroads of the World.

2

Strategic goal #2

Utah will maintain a statewide transportation mobility index (includes measures of delay, mobility, and transit ridership) no lower than 85.0. Utah’s 2023 mobility index measured 85.8.

Signature Project: Double track and extend FrontRunner along the Wasatch Front.

Key performance indicator • Utah mobility index.

Supporting measures • UTA passenger rail mileage (FrontRunner, Trax, and light rail lines).

• Corridor preservation spending.

• Degree of development around transit stations.

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Business Environment

Utah has a diverse private sector that is entrepreneurial, supported by efficient government that is business-friendly.

3

Strategic goal #3

Grow the number of middle market (100 to 999 employees) Utah companies by 25% by 2034.

Utah’s middle market companies will increase from 2,419 (2023) to 3,024 (2034).

Signature Project: Advance the University of Utah’s Responsible A.I. Initiative.

Key performance indicator • Middle market companies in Utah.

Supporting measures • Business taxes per employee by state.

• Utah’s regulatory framework.

• State spending per $1,000 of personal income.

• Number of business establishments opening and closing.

• U.S. and Utah middle class population.

• U.S. and Utah cumulative per capita personal income growth.

Housing

Utah is a place where all who call it home can have a home.

4

Strategic goal #4

Utah will address record housing price appreciation since 2018 through meaningful regulatory / zoning reforms in the 2025 and 2026 legislative sessions. Successful implementation will keep the housing price index below the 3-year average (2021-2023) of 19.8%.

Signature Project: Support Utah’s Plan to Address Homelessness by increasing accessible and affordable permanent housing opportunities for people experiencing homelessness across the state.

Key performance indicator • U.S. and Utah housing price index.

Supporting measures • Housing densities in metro counties.

• Number of deed-restricted, affordable rentals.

Livability

Utah provides opportunity for individuals, families, and communities to thrive.

5

Strategic goal #5

Utah’s livability index (which includes amenities, safety, and convenience) will increase by 2034.

Signature Project: Capital City Renaissance with a sports and cultural district, state-of-the-art hospital, downtown University campus, and global faith headquarters.

Key performance indicator • Utah livability index.

Supporting measures • Miles of developed trails.

• Share of Utah students reporting opportunities for prosocial involvement at school.

• Share of Utah population reporting social isolation.

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Natural Resources

Utahns are wise stewards of our environment and natural beauty.

6

Strategic goal #6

Utah will maintain energy affordability and reliability, reduce per capita water consumption, and improve air quality in the years leading up to 2034.

Signature Project: All-of-the-above energy strategy that includes utility scale solar, advanced modular nuclear, and a critical minerals consortium.

Key performance indicators • Utah electricity prices compared to other states.

• Utah average duration of power outages per customer.

• Residential potable gallons per capita per day.

• Market value of agricultural products sold per acre-foot of water used.

• Great Salt Lake elevation level compared to target range.

• Number of days in select Utah counties exceeding national poor air quality standards.

Supporting measures • Relative economic efficiency of state energy regulations by state.

• Annual net capacity factor for Utah power plants.

• Commercial and industrial water use.

• Secondary water use.

• Estimated annual water savings from agriculture optimization projects funded by the state.

• Thousands of acre-feet dedicated to Great Salt Lake.

• Percent of secondary residential connections that are metered in the Weber Basin Water Conservancy District.

Tradeoff Acknowledgement Policy interventions that require net new resources either redirect resources from other activities or require additional resources (time, funding, and more). It is important for decision-makers to be mindful of and confront tradeoffs as they prioritize actions. Utahns will need to prioritize and make sacrifices to make investments in the future happen.

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Appendix

Opportunity and Problem Statement Opportunity Statement

Utah’s economy faces enormous opportunity as a youthful, mid-sized state with a diverse economy, well-trained workforce, worldclass infrastructure, large middle class, nation-leading social capital, and superb life quality with access to exceptional recreational amenities. Utah’s status as the international choice for the 2034 Olympic and Paralympic Winter Games provides a natural deadline to rally around these opportunities.

The Utah economy faces five significant economic opportunities: • A.I.-age – Utah’s tech-smart and entrepreneurial workforce is poised to compete and win in the age of artificial intelligence.

• Energy decade – Utah’s diverse energy portfolio, coupled with its affordability, reliability, and dispatchability, sets the state apart from other states during a decade of significant energy demand. Utah’s oil, natural gas, coal, geothermal, wind, solar, biomass, hydro-electric, hydrogen, storage capacity, critical minerals, and potential modern nuclear form the basis for an energy decade like never before that will produce statewide benefits, particularly in rural Utah.

• Sports, entertainment, culture, and convention district – Utah’s urban center will be transformed over the next decade by over $3 billion of private investment and $1 billion of public investment. A new sports, entertainment, culture, and convention district will enliven downtown, including the state’s new NHL hockey team (Utah Hockey Club) and the possibility of an MLB team over the planning

horizon. Investments by The Church of Jesus Christ of Latter-day Saints in Temple Square and adjacent properties will further elevate the urban core.

• Generational real estate investments – Over the next decade, major real estate investments will transform Utah. They include The Point (600 acres of state-owned land at the intersection of Utah’s two largest counties); Inland Port (a shipping and trade center located in the northwest quadrant of Salt Lake City); Utah City (an 800-acre project on the shores of Utah Lake) and Falcon Hill (expansion of the Falcon Hill Aerospace Research Park and related growth at Northrop Grumman and other aerospace / defense firms in Northern Utah).

• 2034 Olympic and Paralympic Winter Games – Utah will host its second Olympic Winter Games in 2034, providing an estimated $6.6 billion economic impact and, even more, significant motivation and backpressure to improve all aspects of the state before hosting the world.

Problem Statement

Utah’s economy functions in an uncertain national and international economic context of relatively high inflation, an unacceptably high national debt, federal government dysfunction, social unease, geopolitical strife, and A.I.-led technological change that creates opportunities but also risks.

The Utah economy faces five dominant economic challenges: • Education-jobs connection – A misalignment exists between the skills of Utah’s current workforce, post-secondary training, and the needs of a knowledge economy.

• Housing affordability – Utah’s unaffordable housing market prices out many first-time homebuyers and creates prohibitive cost burdens on renters. The high cost of housing threatens wealth creation for Utahns.

• Growth pressures – Utah’s population growth creates serious pressure on the natural

environment and, in many cases, detracts from life quality, including crowding, congestion, air quality, and other concerns.

• Mental health – Utah faces growing mental health concerns and increasing social isolation challenges among our youth and young adults.

• Distressed Utahns – Too many Utahns struggle to support themselves and their families and suffer from intergenerational poverty, unsatisfactory living conditions, and homelessness.

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Committees Steering Committee President & CEO: Derek Miller, Salt Lake Chamber Chair: Spencer Eccles, Cynosure Goup David Andersen, UMB Bank Jake Boyer, The Boyer Company Bishop L. Todd Budge, The Church of Jesus Christ of Latter-Day Saints Foundation Nate Callister, Wells Fargo Judd Cook, Enbridge Gas Brandon Fugal, Colliers International

Christian Gardner, Gardner Group Dick Garlish, Rocky Mountain Power Natalie Gochnour, Kem C. Gardner Policy Institute at the University of Utah Jeremy Hafen, Clyde Companies Clark Ivory, Ivory Homes Troy Keller*, Dorsey & Whitney Erin Laney Barr, CBRE Matt Lyon, WCF Insurance Thomas Morgan, Zions Bank Sterling Nielsen, Mountain America Credit Union

Jim Olson, Utah Jazz Gary B. Porter, Deseret Management Corporation President Taylor Randall, University of Utah Sue Robel, Intermountain Health Matt Sibul, WSP Dave Smith, Penna Powers Ryan Starks, Governor’s Office of Economic Opportunity Steve Starks, The Larry H. Miller Company Tara Thue*, AT&T

Governor’s Office of Economic Opportunity Governor’s Office of Planning and Budget Kem C. Gardner Policy Institute at the University of Utah Penna Powers Rocky Mountain Power Utah Association of Counties Utah Department of Transportation Utah Inland Port Authority Utah League of Cities and Towns

Utah Promise Utah Transit Authority Utah State Board of Education Utah System of Higher Education Wasatch Front Economic Development District Wasatch Front Regional Council World Trade Center Utah WSP Zions Bank

Technical Committee AT&T Big-D Construction BioHive CBRE Cedar City Chamber of Commerce Colliers International Economic Development Corporation of Utah Enbridge Envision Utah Governor’s Housing Coordinator

Local & Regional Chambers of Commerce Committee

Box Elder Chamber of Commerce Carbon County Chamber of Commerce Cedar City Chamber of Commerce Kanab Area Chamber of Commerce Moab Chamber of Commerce Vernal Area Chamber of Commerce Washington Area Chamber of Commerce

Salt Lake Chamber Support Team

Marisa Bomis Ginger Chinn Heidi Walker

*Denotes Technical Committee Co-Chair.

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Partners Pinnacle Partners

Mountain Peak Partners

Kem C. Gardner

Horizon Partners

Trailblazer Partners

*Special thanks to the Kem C. Gardner Policy Institute at the University of Utah.

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