The State of Utah’s Economy with Natalie Gochnour

Altabanking episode 41 with Natalie Gochnour

GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Natalie Gochnour is Director of the Kem C. Gardner Institute at the University of Utah, and a member of the Altabank Board of Directors. Hi Natalie. While 2020 has been a bit of a roller coaster ride, Utah’s economy has fared much better than most states. So what is the current state of Utah’s economy?

NATALIE: We are solidly in the recovery phase, but it’s still going to take some time. The Utah economy continues to perform better than most, if not all states, but the impact of COVID has been sudden, severe, and uneven. I expect us to be back to positive job growth by the end of the year, and importantly, Utah’s construction sector is leading the way.

GRANT: What trends do you see continuing into 2021?

NATALIE: We need to bridge the gap until a vaccine is widely available. We will start to see vaccinations before the end of the year, but it will be well into 2021 before we have the vaccine widely adopted. So, employers and consumers are going to need to continue to adapt. And I’m also watching what’s happening on the public health side. The good news is we are learning that mask wearing is the best thing we can do for both our health and our economy.

GRANT: How can Utah’s businesses capitalize on the current climate and ensure continued growth into the new year?

NATALIE: Utah businesses need to continue to adapt. If we’ve learned anything from COVID-19 it’s that it is a fluid situation. So, until we have a vaccine, it’s in our health and economic interest to follow public health guidelines. And I think that every business has the opportunity to reimagine our economic future.

GRANT: And again, we should underscore public outreach Is vital.

NATALIE: It is. My biggest concern are individuals and businesses that have been hardest hit by the pandemic. This has been an uneven virus that’s hurt some people more than others, so if you’re doing well, make sure you try to help those in need.

GRANT: Natalie, pleasure talking with you. This has been Altabanking. Brought to you by Altabank. Member FDIC.