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Utah’s economy strong, except for energy and trucking

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Posted at 9:58 PM, Apr 26, 2016
and last updated 2016-04-26 23:58:41-04

SALT LAKE COUNTY, Utah -- Utah’s economy is rolling in just about every sector, according to Cicero Group CEO and Zions Bank economic advisor Randy Shumway.

“There are so many industries that continue to explode here in the state of Utah. It's a great place to start a business, it's a great place to run a business,” Shumway said.

But an event at Kenworth Sales in Salt Lake County highlighted two sectors suffering: energy development and trucking.

The international market for crude oil is so low, Utah’s oil and gas producers can’t make a profit.

“It's literally below the breakeven point for many of our domestic energy solutions,” Shumway said.

The trucking industry is suffering as a result of the slump in energy, said Mike McKay, who is District Manager for the Kenworth Sales Company, which sells and services semis.

“My store in Vernal is down 58 percent over the last 14 months, and we've been forced to drop employee count from 22 to 11,” McKay said.