Utah’s economy slowed during 2001, especially after September 11th. Since 1994, the rate of job growth has fallen from 6.2% to 0.9% in 2001. Utah’s slowdown is part of a global recession. Current expectations are that the recession in the U.S. will be relatively short and growth will resume at a moderate rate during the second half of 2002. In Utah’s case, a short pause in growth should occur in the months after the 2002 Olympic Winter Games, followed by moderate growth as 2002 closes.
Economic Report to the Governor 2002: Executive Summary
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