Utah's job growth for the second half of the year is projected to be 4.5 percent, the Wells report stated, trailing slightly the pace set during the 4.7 percent set in the first six months but dusting the 1.4 percent national average reported for June 2006. The state's projected unemployment rate for the latter half of the year is 3.4 percent, compared to June's 3.1 percent.

Taxable retail sales are forecast to be up 9 percent by year's end, according to the Wells report. The first half of 2006 saw 11 percent growth, making for a 10 percent average for the year. Wells estimated a 5 percent increase in retail spending per job over last year, to $20,300 in 2006, which is weighed against a 4.2 percent average monthly rate increase estimated for 2006.

"That suggests that there probably isn't much savings going on," Matthews said. "But, at the moment, it would seem to be somewhat in equilibrium. We're not spending that much more than we have."

Assuming that crude oil prices remain stable and that inflation and interest rates are kept under control, and barring geopolitical or natural disasters, Matthews said 2007 should be another good year.

"Obviously, things won't be as good in Utah as they are right now, but it will be a pretty darn good economic environment," he said. "Interest rates and the energy environment really become the two critical factors. If they behave themselves, I feel pretty good about 2007."

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