24/7 Wall Street ranks Utah economy No. 1; neighboring states also in top 5

Utah Capitol, Salt Lake City, Utah, date unspecified. | Photo by AndreyKrav/iStock/Getty Images Plus, St. George News

SALT LAKE CITY — Utah’s economy is ranked the best in the nation during the COVID-19 pandemic.

Fox13Now took the ranking from a report by 24/7 Wall Street, a website that analyzes and reports on economic data. The report shows Idaho at No. 2 and Colorado at No. 5.

The website cites Utah’s low unemployment rate when compared to the rest of the country as one of the reasons the state is in the first position.

While the rest of the country has seen unemployment rates reach double digits, Utah had the lowest unemployment rate in the country for the month of July, and currently, 4.5% of workers filed for unemployment.

The site also stated that Utah’s economic growth is one of the strongest in any state in the country, even before the pandemic hit.

“From the first quarter in 2015 through the first quarter in 2020, Utah’s economy grew at an annual rate of 3.4%, compared to the 1.9% national GDP growth rate,” the site said.

Utah also has a low poverty rate, being one of only seven states with less than 10% of the population below the poverty line. At a 9% poverty rate, Utah is the 4th lowest in the nation.

Written by FOX13NOW.

Copyright 2019, KSTU. A Tribune broadcasting station

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