Impact of globalization on Utah widespread and nearly all positive, new study shows
Research shows Utah has benefited from the relatively unrestricted flow of goods and people
SALT LAKE CITY, June 8, 2017 /PRNewswire/ -- New research from the Kem C. Gardner Policy Institute concludes that on the whole, the Utah economy is larger and more prosperous because of globalization. Data on Utah's foreign born, refugee resettlement, international travel, and international students also reinforce the positive economic impacts of globalization on the state economy.
"While some may portray free trade and open borders as threatening, the data suggest such a negative view is not warranted for Utah," said Jim Wood, Ivory-Boyer senior fellow at the Gardner Institute and author of the study. "Overall, the state economy has seen positive effects from globalization."
Highlights from the report include the following:
- Utah's 2015 international goods exports (non-gold) supported $3.5 billion in earnings and 84,367 jobs and added $6.7 billion to Utah's gross domestic product.
- Utah has been largely shielded from the economic shocks of free trade due to the state's low concentration of import-vulnerable manufacturing jobs.
- Immigration is a vital source of labor supply for Utah employers. The state has nearly 172,200 foreign-born workers making up 12.5 percent of the Utah's workforce.
- Approximately 7 percent of the 116,600 students enrolled in the Utah System of Higher Education are international students.
"This report reaffirms the need for global engagement to generate sustained economic growth, and reveals many assets to build on," said Marek Gootman, fellow and director of strategic partnerships and global initiatives at the Brookings Institution. "The report reinforces the value of new efforts by business, government, and civic leaders to strengthen the international economic connections and competitiveness of Utah and its regions."
The report is the inaugural edition of the Gardner Business Review, which shares applied economic analysis by the David Eccles School of Business. The report was shared with attendees of "Metro Solutions: A Framework for regional growth, prosperity, and inclusion", an event convened by Salt Lake County, with participation by the Brookings Institution.
About the Kem C. Gardner Policy Institute
The Kem C. Gardner Policy Institute at the University of Utah enhances Utah's economy by placing data-driven research into the hands of decision makers. Housed within the David Eccles School of Business, its mission is to develop and share economic, demographic and public policy data and research that help community leaders make informed decisions. Located at the newly restored Thomas S. Monson Center on South Temple Street, the Gardner Policy Institute serves as a vital gathering place and center for independent economic, demographic and public policy thought leadership. Learn more at gardner.utah.edu or by calling 801-587-3717.
About the David Eccles School of Business
Founded in 1917 and educating more than 4,500 students annually, the David Eccles School of Business offers eight undergraduate majors, four MBAs, five other graduate programs, a Ph.D. program and executive education curricula. The Eccles School is also home to eight institutes and centers, including the Kem C. Gardner Policy Institute, which deliver academic research and support an ecosystem of entrepreneurship and innovation. It is consistently one of the top schools in the nation for startup businesses based on university research. Experiential learning is central to the Eccles experience. For more information, visit Eccles.Utah.edu or call 801-581-7676.
The Brookings Institution is a non-profit organization. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public. Brookings recognizes the value it provides in its absolute commitment to quality, independence, and impact, and makes all final determinations of the scholarly activities.
Contact: Nick Thiriot, Kem C. Gardner Policy Institute, 801-587-3717, [email protected]
SOURCE David Eccles School of Business
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