ST. GEORGE — Despite the state’s challenges, Utah is known as the most robust economy in the nation, Gov. Spencer Cox told a capacity crowd at the What’s Up Down South economic summit Wednesday.
“We are the best economy in the country and that’s not just your governor bragging, that’s what the data says,” Cox said.
At a recent conference on the East Coast, Utah was called “by far the most prepared state in the nation” by data experts. Cox said it’s not just due to the government and Legislature but because of Utah’s strong businesses. Cox cited recognition Utah received as the No. 1 best place to start a business by WalletHub.
Cox was a keynote speaker at the economic summit that draws business leaders from Southern Utah to share their predictions on what to expect for 2023. The 27th annual event was staged at the Dixie Convention Center.
The governor congratulated Southern Utahns for a strong economy which grew in 2022 by an extra 3,000 jobs, new construction and new businesses.
“We’re excited to invest in Utah’s future and we’re hopeful the Legislature will join us to find solutions around housing, water and other ways state government can help businesses recruit employees and thrive,” Cox said.
Some of the challenges Utah faces tie into the state’s rapid growth.
“Growth for growth’s sake is not something we are looking for,” Cox said. “However, I firmly believe we want our kids and grandkids to live here. ”
He added that keeping future generations in Utah will be more complicated if “the water runs out.” Cox encourages everyone to conserve water and find ways to preserve it. He said that he isn’t worried about the Great Salt Lake running out of water because the state is taking action to protect it.
“We are in the greatest drought in the western United States in over 1,200 years. Earlier this month, a report predicted that the Great Salt Lake would completely disappear in just five short years,” Cox said. “Let me be clear. We are not going to let that happen.”
Cox said the experts who claim the Great Salt Lake will be dry in five years are “completely wrong.”
For Southern Utah, the governor said he supports the upcoming big water project currently in the works.
“Washington County’s water problems are Utah’s water problems,” Cox said.
Other challenges Cox addressed besides the drought include affordable housing statewide. He acknowledged that Southern Utah is “really feeling it.” He noted that it is the first time in its history every corner of the state is affected by housing.
“If we want less expensive housing, we need more of it. And not just deeply affordable or low-income housing; we certainly need that, too. But we need more of everything,” Cox said.
His solution is to increase the supply of housing, not just rely on the federal government to raise interest rates which then drive up the cost of housing.
Cox said the Beehive state is resilient due to a strong economy that recovered faster than others from the pandemic. Utah also has a diverse economy which continues to grow.
To help weather the storm, he said it’s wise to focus on faith, family friendships and work that serves others.
“We lead the nation in giving. We lead the nation in volunteerism. I believe that’s a big part of why we’re happy,” Cox said.
Cox also said he was proud of the First Office of Family that has been created and that it is doing an incredible job.
“We are focusing on family, making sure the government isn’t making family worse, but the government is supporting family,” he said.
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