Utah economy numbers shows young couples delaying establishing their own households

By Brian Carlson

Published 06/17 2014 10:25PM

Updated 06/18 2014 01:12PM

SALT LAKE CITY (ABC 4 Utah) - Young people in Utah who are still struggling from the economy are having a ripple effect on the rest of the state. On Tuesday state lawmakers met to discuss new financial numbers. Some of them are good, but others are a cause for concern.  

A new report shows Utah's economy may be improving, but for people like young couples progress is slow. 

"A lot of people are cohabiting with mom and dad or living in their basement," said Rep. Brad Wilson, Vice Chair, Executive Appropriations Committee.  

Representative Brad Wilson had a meeting Tuesday with other state lawmakers estimating the Utah's fiscal year end revenues. Although Utah overall has a surplus, there's a problem with young couples getting out on their own two feet. Right now estimates show Utah couples are delaying moving into a houses of their own by 8-10 years.  

"When they do that we don't see as much activity in the economy as we would normally see because they're not out buying goods to furnish a house and homes aren't being built," said Wilson.   

Wilson said it's a cause for concern. How much of a ripple effect is it having on the rest of the state, he's not sure. He said it and other potential economy trouble spots are something Utah shouldn't ignore. 

"It's something we have to keep on the forefront at all times," he said.  

Wilson said Utah is doing a lot to push the envelope to keep the state's economy growing and help young couples get on their feet. Some of the ways the state is doing that include creating incentives for big lending companies to give money to Utah businesses, thus attracting more jobs, and training college graduates to meet on-the-job standards by well paying companies. 


Follow Brian Carlson on Twitter: @briancarlsontv 

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