September 22, 2020
Tags: Economic Development, economy, Featured, Jobs
Data released by the U.S. Census Bureau’s American Community Survey has shown Utah posted the nation’s lowest wealth gap for the third straight year. Tracking back to 2006, Utah has finished no lower than third.
As reported by the Deseret News, this impressive feat is thanks in part to the state’s young population and lack of small areas languishing in extreme poverty or lavishing in extreme wealth. Additionally, Utah’s highest share of married households in the nation played a contributing role, as single-parent households tend to experience higher rates of poverty.
In the Census Bureau’s data, wealth inequality is measured utilizing the Gini Index. This statistical measure created in 1912 is frequently used by economists as an indicator of wealth distribution. A score of one reflects a singular person amassing all wealth, and a score of zero indicates perfectly even wealth distribution. Utah’s Gini index has consistently held steady around 0.427. Utah is also one of only 13 states with a score less than 0.450 this year. The United States’ national score has risen over the last several years, but clocked in at 0.481 in 2019.
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