Stable Economic Growth is Forecast
Utah economist Jeff Thredgold looks at the 2007 national economy in his weekly Tea Leaf economic update newsletter. The bottom line: “U.S. economic growth during the past 36 months has been solid. Stable growth is likely to continue. In addition, we expect: another 12-digit budget imbalance…slowing employment gains…modest inflation pressures…relative stability in both short- and long-term interest rates…soft coastal housing markets, with more solid interior performance…and an anxious but impressive global marketplace.”
Meanwhile, spokesperson Jeri Cartwright reports that Commerce CRG and Cushman & Wakefield also report good economic news. Some highlights: Nonresidential construction is up by 33%, the highest level since 1997. It is predicted to peak in 2008...three years after the peak of residential construction in 2005. The large proposed projects driving the projected growth include:
- Frank Moss Federal courthouse ($115 million)
- Hamilton Partners Office Tower ($100 million)
- Real Soccer Stadium, hotel and broadcast facility ($180 million)
- MountainStar Healthcare Draper Hospital ($100 million)
- Valley Fair Mall renovation ($50 million)
- IHC Riverton Hospital ($50 Million)
- Trolley Square renovation ($50 million)
At the national level, the economy is currently experiencing the worst effects of the housing decline and the impact will continue into the first half of 2007. This trend will not be strong enough to cause a recession because strengths in other sectors of the economy (business investments - equity markets) are offsetting the housing decline.
Washington Watch
'Leverage' for Matheson
Rep. Jim Matheson says of his appointment to the powerful House Energy and Commerce Committee: "Whether it's my interest in halting the resumption of nuclear weapons testing, to cleaning up radioactive waste, to boosting resources to crack down on companies marketing objectionable material over the Internet to our kids, this Committee assignment gives me leverage over issues important to me and important to Utahns" (see press release).
Court Watch
Supremes Tackle Key Cases
By R. Chet Loftis, Kirton & McConkie
(Court Watch is a periodic feature highlighting appellate level cases with public policy ramifications.)
Here are a few of the important cases impacting public policy before the Utah Supreme Court this month.
In Bluffdale Mountain Homes v. Bluffdale City, Bluffdale City is challenging the decision of the trial court to permit 4000 acres of property to be “disconnected” from the city and become an unincorporated part of Salt Lake County based on a citizen petition that arose from the city’s zoning dispute with a developer. This case raises interesting issues of statutory construction, citizen petitions and referenda, municipal law, and the viability of disconnection as a strategy for developers in zoning disputes.
In Berry v. Park City Mountain Resort, Mr. Berry is challenging the decision of the trial court dismissing his claims of negligence, gross negligence, and strict liability in connection with serious injuries that he sustained while participating in an extreme form of ski racing called “skiercross” which includes multiple competitors, obstacles, banked turns, bottlenecks, and jumps. This case raises interesting issues related to releases of liability and the contours of gross negligence as a standard of care.
In Hardy v. Uintah Basin Medical Center, Dr. Hardy will be making his third appearance before a Utah appellate court in connection with the enforceability and interpretation of his contract with the hospital that only permitted termination for cause. The continuing refinement of “for cause terminations” and the procedural dynamics between the trial court and Utah’s appellate courts are notably here.
Best of Late Night Humor
David Letterman: “Top Questions To Ask Yourself Before Eating At Taco Bell”: Are my affairs in order?; Why is the counter kid wearing a hazmat suit?; Will the hot sauce kill the bacteria?; Is this how they poisoned that Russian spy?; Should I go somewhere safer for lunch like Fallujah?; Will this help me meet the recommended E.coli daily requirement?; Wait—when was Taco Bell not tainted with E.coli?
Jay Leno: Hillary Clinton’s making calls, hiring staff and getting ready to travel to Iowa to launch her campaign. She’ll be on the road nonstop for the next two years. How is Bill going to manage stuck home all alone? He’s going to be heartbroken. ... Happy birthday to Senator John Kerry. This is his 63rd birthday. They threw him a surprise party for him. Well, they think he was surprised—with his personality it’s hard to tell. Instead of blowing out the candles he just talked to them until all the life just flickered out. ... According to a UN report, methane gas from cows is more damaging to the environment than automobile emissions. That explains why Al Gore has put on so much weight—he is trying to single-handedly rid the world of cows, one cheeseburger at a time. ... A man shopping in a Wal-Mart in Oklahoma found a plastic bag of cocaine on one of its shelves. Here’s the interesting part, it was marked down to $1.35. They are now saying that they don’t believe the cocaine belonged to an employee because nobody working at Wal-mart can afford cocaine. In fact, one elderly greeter said, “The wife and I can barely afford a hit of crystal meth on the weekends.” |
