Utah ranks fifth in the nation in overall prosperity, according to the American Dream Prosperity Index (ADPI), released this month by the Washington, D.C.-based Milken Center for Advancing the American Dream in partnership with Legatum Institute.
“The United States continues to see a rise in prosperity, even as we faced the long-term impacts of a pandemic and the economic realities of rising inflation and a shrinking economy,” the report said. “But while the overall trend points to a prosperous nation, prosperity continues to be unequally distributed regionally, often eluding rural communities and Black Americans.”
Prosperity is a multidimensional concept that the American Dream Prosperity Index seeks to measure, explore and understand, Milliken said. The framework of the index captures prosperity through three equally weighted domains which are the essential foundations of prosperity — inclusive societies, open economies and empowered people. These domains are made up of 11 pillars of prosperity, built upon 49 actionable policy areas and are underpinned by more than 200 reliable indicators.
Utah places itself firmly in the front of the pack, ranking fifth in overall prosperity and first in social capital — or how much people trust, help and respect their neighbors and institutions. The state’s additional strengths include ranking in the top 10 in economic quality (ranked third), living conditions (ranked ninth) and personal freedom (ranked 10th). To raise its overall ranking, the state could improve its pillar placement in infrastructure (ranked 28th), governance (ranked 21st) and health (ranked 18th), the study said.
“While our nation faces many challenges including record inflation, increased gun violence and a deteriorating mental health landscape, we are encouraged by the resiliency of communities across our country as they work to create prosperous lives for their residents,” said Kerry Healey, the center’s president. “The American Dream Prosperity Index was founded on the principle that better data leads to better decisions and outcomes. It is our goal to make this report one of the most important tools for local, state and federal lawmakers and civic leaders.”