Consumer Spending Increasing in Utah
Published on August 08, 2014 at 12:11PM
Consumer spending increased faster in Utah in 2012 than all but three other states. A new annual government report issued Thursday shows personal spending by Utah residents increased 4 percent from 2011 to 2012. Only North Dakota, Texas and Oklahoma notched faster growth. The report shows consumer spending in Utah dipped in 2009 during the Great Recession, but steadily rose the next three years. The report marks the first time that the Commerce Department has provided data broken down by state. Utah residents spent an average of about $30,200 in 2012. The national average is $35,500. State officials say the report is another illustration of the state’s strong economy. Utah’s unemployment rate of 3.5 percent is well below the national rate of 6.1 percent.