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  • 2020 Economic Forecast

    "Utah's Construction Economy is Strong and Hugely Positive"

    -Natalie Gochnour, Associate Dean, David Eccles School of Business
     
     
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      2020 Economic Forecast Announcement
    • 2020-Economic-Ken-Simonsen-w1200.jpg
      Ken Simonson, AGC of America
    • 2020-Economic-Natalie-Gochnour-w1200.jpg
      Natalie Gochnour, Associate Dean of David Eccles School of Business, University of Utah
  • The 2020 outlook is positive and growth continues, according to our guest economists were Ken Simonson, Chief Economist for AGC of America, and Natalie Gochnour, Senior Advisor for the Salt Lake Chamber & Associate Dean of the David Eccles School of Business, University of Utah. Many of our members used the event as a networking opportunity to meet other construction professionals and build relationships. 

    The word used over and over again to describe the economy was “strong”. Natalie Gochnour dove into Utah’s economy, characterizing our state’s outlook as “durable” and “positive”. Gochnour anticipates continued growth in all construction sectors in 2020. “The biggest constraint,” says Gochnour "for the construction economy is the labor shortage.” Utah contractors continue to have difficulty filling positions.

    Ken Simonson largely agreed with Gochnour’s analysis of our economic outlook, as well as comparing our economy with the nation’s. Simonson brought to the attention of the attendees a few concerns that could have a negative impact on the continued growth, such as potential tariffs, socio-political events, and continued challenges with workforce shortages. According to a study led by AGC of America, 81% of Utah contractors are having difficulty hiring hourly craft laborers.

    Both economists agree: Utah’s economy is positioned well for continued growth. Our members can continue planning for the next year with eagerness, knowing that 2020 will be another positive year for construction. We’re grateful to everyone who was able to join us at the event, and we hope to see you at next year’s Economic Forecast.

    To see the complete information presented, please view the links below.

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