The market value of all goods and services produced by labor and property in Utah during 1986 totaled more than $24 billion. Most of that gross state product came through government, transportation, utilities, mining, construction and retail trade.
The figure comes from the U.S. Department of Commerce and is the first such comprehensive measure of productivity in Utah done by the federal government. An analysis by the Utah Foundation compares Utah's numbers with national averages during the past two decades.According to the report, Utah's growth rate lagged behind that of the nation during the 1960s, but reversed itself in the 1970s and early 1980s. Between 1963 and 1969, Utah's gross state product rose by only 35 percent, compared to a 59 percent nationally.But because of the energy boom of the 1970s, the state measure skyrocketed by 440 percent between 1970 and 1984, while other states averaged 289 percent. With the recent decline in energy prices, the gross state product rose by only 10.4 percent in Utah from 1984 to 1986, compared with a 13.1 percent increase nationwide.
Inflation has been a major factor in the use of gross state product figures during the past 23 years. When inflation is factored out, Utah had three negative growth years (1964, '67 and '82) from 1963 to 1986. The United States recorded five negative growth years (1970, '74, '75 and '80) during the same period.