Utah's economy grew faster than all but six other states during 2012, led by durable goods manufacturing and the finance and insurance sector.
The U.S. Bureau of Economic Analysis said Thursday that the state's gross domestic product the total dollar value of all goods and services produced in Utah last year increased 3.4 percent. That outpaced the U.S. average, which posted a tepid 2.5 percent gain, and was better than the four other Rocky Mountain states. Collectively, Utah, Colorado, Idaho, Wyoming and Montana's GDP increased 2.1 percent.
Utah's GDP reached $111.8 billion in 2012, up from $108.1 billion in 2011. Durable goods manufacturing which produces products that don't wear out quickly accounted for almost one-third of the increase. Finance and insurance furnished nearly a quarter of the gain. Retail trade was No. 3.