Utah Consumer Attitude Hitting High Marks in May
The Zions Bank Utah Consumer Attitude Index increased 5.8 points to 111.4 in May showing Utahns’ overall confidence in the economy reaching all-time highs.
The index is compiled by The Cicero Group for Zions. Randy Shumway is the CEO of the Cicero Group and Economic Advisor to Zions Bank. He says three factors are the foundation of Utahns’ confidence right now. First, Utah has the fastest growing economy in the nation. Second, Shumway says, we’re also the 4th most diversified economy in the U.S.
“Third, is that Utah is one of the best places to live for economy mobility. Meaning,” says Shumway, “you have a higher likelihood, if you’re born in the Wasatch Front in the bottom 20 percentile, to make it to the top 20 percentile during your life.”
Shumway says they found sentiment about the present situation and expectations for the next six months both improved from April to May. He says the CAI currently sits 15.2 points higher than its level twelve months ago.
The comparable national Consumer Confidence Index® increased 1.1 points from April to May and is currently at 95.4 points.