Download 2008 Legislative Priorities publication (pdf)

SALT LAKE CITY (January 10, 2008) -- The Salt Lake Chamber today released their 2008 State of Business report characterizing 2007 as a record year and calling upon the Utah Legislature to keep up the momentum by investing in health reform, roads, education and Utah’s capital city.

“In these the best of times, we have an opportunity to invest in continued prosperity,” said Scott Hymas, Chair of the Chamber Board of Governors and CEO of R.C. Willey Home Furnishings. “Health system reform is our highest legislative priority. We also ask that legislators use Utah’s stellar revenue growth to invest in transportation, a well-trained workforce and Utah’s capital city.”

Utah business leaders reacted positively to the release of the 2008 Economic Report to the Governor earlier in the day, which documents Utah’s banner year. The business community provided their own assessment about the State of Business:

• Population – Utah has a rapidly growing marketplace. The state’s population reached 2.7 million in 2007, adding 84,500 people. This growth is roughly equivalent to adding a city the size of Ogden to Utah each year. 
  
  The growth was fueled by a record number of births and in-migration. Natural increase (births minus deaths) and net migration added about ten people an hour throughout the entire year.
  
  
• Employment – Utah’s economy outperformed every state in the nation last year. Job growth of 4.5 percent exceeded the national average by 3.5 times. Unemployment fell to a 57-year record low of 2.7 percent. Throughout the year, businesses reported challenges finding enough workers to fill available jobs.
  
• Wages – Utah experienced its largest increase in wages in over two decades. The average annual wage increased by 5.5 percent, far exceeding consumer inflation of 2.9 percent. As a consequence, Utah families are benefiting from the state’s significant economic expansion, which is now in its fourth year.
  
  
• Industries – The export, defense, energy and ski industry all had banner years in 2007. In addition, high technology jobs reached a new high, surpassing the previous high experienced just before the dot-com bubble burst. Every major industry added jobs in 2007.
  
  
• Soft spots – We are cautiously optimistic about 2008. We will keep a very close eye on what appears to be a more sluggish national economy, a housing imbalance, and limited labor availability. The turbulence in credit markets that was caused by non-performing sub-prime mortgage loans contributed to a 17 percent drop in the value of new residential construction in Utah last year. Nonresidential construction remains strong, but residential construction will be a soft spot in the coming year.
  

In an effort to keep the good times rolling, Chamber leaders encouraged state legislators to manage the affairs of the state in a way that invests in continued prosperity. Key priorities include:

• Health Reform – Businesses can no longer afford skyrocketing health care costs. The Chamber seeks passage this year of a multi-year health reform framework that will contain costs, expand access and improve medical results. The Chamber supports health system reform legislation sponsored by Rep. David Clark and Sen. Sheldon Killpack.
  
  
• Preempt Gridlock – Utahn’s face a transportation-funding gap by 2015 in excess of $6.8 billion. The Chamber requests that the Legislature close this gap by increasing existing revenues and tapping new sources of revenue. Our top priorities are the following:
  • I-15 in Utah County
  • Mountain View Corridor
  • East-West arterials in Salt Lake County
  • Prioritized list of the Salt Lake County Council of Governments, including four TRAX light rail lines and FrontRunner commuter rail.
    
    
• Education’s positive return – Investment in education rewards students and the economy. The Chamber endorses funding for increased teacher salaries, more guidance counselors and performance-based scholarships for higher education.
  
  
• Downtown Rising – During the next five years, unprecedented investment will occur in downtown Salt Lake City. The Chamber seeks the support of the Legislature in funding new arts and cultural facilities downtown, improving state roads downtown, and preserving funding options to complete the Downtown Rising vision. (see downtownrising.com.)
  

“As Utah’s largest business association, we are grateful that state leaders are doing their part to keep Utah’s economy strong,” said Lane Beattie, President and CEO of the Salt Lake Chamber. “The Chamber Board of Governors will work closely with elected leaders to advocate polices that will pay big dividends to the Utah economy over the long term.”

About the Salt Lake Chamber
The Salt Lake Chamber is Utah’s largest business association and Utah’s Business Leader™. With roots that go back to 1887, the Chamber has been standing as the voice of business, supporting its members’ success and championing community prosperity for over 100 years. The Chamber is a statewide association representing one in every three jobs in the state and with members in all of Utah’s 29 counties. Chamber affiliate organizations include the Downtown Alliance, Women Business Center and World Trade Center Utah.

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