"That kind of growth takes one back to the energy boom of the 1970s," Knold said. "That's exactly what's happening again."

Jeff Thredgold, president of Salt Lake-based Thredgold Economic Associates and an economic consultant to Zions Bank, said Utah's low unemployment rate will make it tougher for employers to find people to fill positions.

"As the unemployment goes lower, it's more difficult to find quality people or find skilled people," Thredgold said. "There is also more demand on your small businesses."

Thredgold said neighboring Idaho has shown record-low unemployment rates in four of the past five months, currently running at 3.6 percent.

The U.S. unemployment rate in October declined to 5 percent in October, fueled by 1.9 million new jobs created in the past year.

Knold said the recent hurricanes and subsequent run-up in energy prices did not throw any kind of curve to Utah's economy.

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