Show UTAH'S ECONOMIC OUTLOOK A Guest Editorial by Governor George D. D Clyde Someone has very aptly said sald that when your neighbor loses his job we wo are in a n recession When you lo lose e your O own job we wo are in a real depression There ThEro have been some somo definite in indications of an economic slow down or recession in the tho Nation within the tho last several weeks The prevalent belief in informed sources is that it will not turn into a genuine depression the national level To individuals who may have lost their jobs due to the temporary recession recession recession-or or due to the fluctuations or seasonal employment or for some other cause the cause the situation is dead serious But the seriousness of the situation is largely dependent on the tho outlook for the immediate and range long-range future That is to say whether or not job opportunities will be more freely freely available available again soon To get a n. clearer an and more accurate view of the outlook for tor Utah I invited a number of outstanding economists and financial experts from fromn the thc pu public Hc and private universities universities universities in the thc State and from private business to my office for tor a discussion The Thc results of that discussion were basically reassuring although th they pointed up some definite problems w we must face It confirmed my belief that we should not try to be overly-optimistic overly in the face of changing conditions nor should we become panicky We Ve should be hc realistic in our appraisals and maintain confidence in the strength of our basic resources We may have to tighten our belts belts- but hilt we are going to make out all right Here are some SOUle of the thc special factors that will have a n r bearing on Utah's economic future To look at the dark side of the tho picture first production of copper is not likely to return to normal levels for sometime sometime sometime some some- time production of lead and zinc even longer due to depressed prices and foreign imports Offsetting these economic weak wak spots however are arc these favorable factors Steel production is likel likely to return toward normal soon as of the steel used over the past three or four months has lim been drawn from inventor inventory Spending for highway construction in 1958 1359 will beabout beabout be beabout about double the 1957 figure and will go still higher in 1959 This shou should have a wide effect in assisting 0 Utah I prosperity Stimulus to Utah business of reclamation construction at Glen Can Canyon on and Flaming Gorge should be mo most t helpful Employment ment is holding up better than was anticipated under the c circumstances and Utah is i. now passing the low point in seasonal employment cycle ercle National emphasis on the missiles program n should provide a marked stimulus to Utah's Utah s 's economy as we have havea a number of installations directly concerned with this program Military l installations installation in ill Utah are not expected to retract and may even ven expand somewhat in the immediate future With Vit h easier e money policies home construction ion and other pr private building should I be le stimulated And it may be an excellent t time for cities and counties to undertake range long improvement programs All in l in all not n a frightening picture though h n II sobering on one If vu Wl keep our heads we should collie i through d. with flying colors Let LIt me 1110 assure you Oll that I shall ohn be Le keeping a 11 close watch on the till situation and anti that the State will do eVer every thin thing it can call to keep economy eu on an all even ell COli course 1 |