Today, the Governor’s Office and Utah State Legislature released revised revenue numbers for state fiscal year (FY) 2023-24. Utah’s economy is in a strong position, ranking as the best state for economic outlook for 15 years in a row. However, the country is experiencing increased risks and volatility, with predictions of economic slowdowns.
Utah continues to manage its affairs well. While the new revenue growth reflects the ongoing momentum of the state’s economy, Utah has a history of prudent, smart planning for future downturns. Fiscally conservative policies and forward-thinking rainy-day funds enable the state to navigate economic uncertainties successfully, provide hundreds of millions of dollars in tax relief to Utahns, and continue to fund education at historic levels.