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Authorities Identify Salt Lake City Man Who Drowned In Deer Creek Reservoir

Deer Creek Reservoir. Photo: stateparks.utah.gov

DEER CREEK STATE PARK, Utah, July 4, 2021 (Gephardt Daily) – Utah state park officials released the name of a man who died in a drowning at Deer Creek State Park on Saturday.

The victim was Randall Fern, 69, of Salt Lake City.

“On July 3, just after noon, Utah State Park Rangers and Wasatch County Sheriff’s Office responded to the boat launch after receiving reports of of possible drowning, ”said a statement from Utah state park officials.

“The man, Randall Fern, 69, was canoeing with four other family members when their boats were submerged. Unable to straighten their canoes, the group decided to swim to shore.

“About 15 feet from shore, Fern started to struggle to stay above the water and was in distress. He was not wearing a life jacket.

A passing boater was able to get Fern into the boat and bring him to the boat launch, “where first responders were waiting and working to revive him,” the statement said.

“Despite their best efforts, Fern was pronounced dead at the scene. The rest of the group’s family are unharmed, ”the State Parks statement said.

The incident is under investigation.

Utah State Parks expresses condolences to Fern’s friends and family.

We would also like to remind those who venture into the great outdoors to always stay on their toes and to make safety a top priority. Always remember to wear a US Coast Guard approved life jacket. Recreate according to your abilities and set a good example for other recreationists and the children around you.

For more information on lifejackets, safety, and Utah boating rules and regulations, visit stateparks.utah.gov.

Deer Creek Reservoir is marked with a red dot Image: Google Maps


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Utah economy

Fewer people of working age can slow the economy. Will it increase wages?

In this May 26, 2021 photo, a sign for workers hangs from a store window along Main Street in Deadwood, SD. is reaching retirement age and thousands of people have died from the coronavirus. (AP Photo / David Zalubowski)

WASHINGTON (AP) – As the U.S. labor market rebounds this summer and the need for workers intensifies, employers likely won’t have a chance to relax anytime soon. Labor shortages are likely to persist for years after the economy quickly reopens in its growing pains.

Consider that the number of people of working age did something last year that it had never done in the history of the country: it went down.

Census Bureau estimates showed that the U.S. population aged 16 to 64 fell 0.1% in 2020 – a slight decline but the first decline of any kind after decades of steady increases. This reflected a sharp drop in immigration, the retirements of the vast baby boom generation and a slowdown in the birth rate. The size of the 16-64 age group has also been shrunk last year by thousands of deaths from the coronavirus.

A year earlier, in 2019, the working-age population had essentially plateaued.

It is not entirely clear how demographic trends will play out once the pandemic is completely over. But even if the working-age population begins to grow again, it will almost certainly do so at an anemic rate. A continued decline in this population, or even a lukewarm increase, would pose a problem for the economy. Healthy economic expansion has always depended on robust population growth to fuel consumer spending, justify business expansion, and boost corporate profits. Without a large influx of new workers, growth could stagnate.

Yet some economists foresee a silver lining for individuals: Fewer working-age people could force companies to be more competitive in hiring and retaining employees. And that could mean higher wages, better opportunities and other incentives to retain and attract workers, a trend already evident in the June jobs report released by the government on Friday. Average hourly wages increased 3.6% from a year ago, faster than the pace before the pandemic.

“The workers would fare better than the economy as a whole,” said Manoj Pradhan, founder of Talking Heads Marco, an economics research firm and former Morgan Stanley economist.

If wages were to rise sharply, it could also help reduce the vast inequality that increasingly separates the wealthiest Americans from the rest and leaves lower-income households struggling to pay rent, food, and child care. children and other essential expenses.

With slow population growth, economic expansion would depend on the ability of companies to make their workers more productive. An increase in productivity, often achieved through investments in labor-saving technologies, could further increase wages. The standard of living would increase even if the economy struggled to grow at what is normally considered a healthy pace.

Last year, the number of legal and unauthorized immigrants entering the United States fell for the fourth year in a row to less than 500,000 – less than half of the 2016 level – according to calculations by William Frey, a demographer at the Brookings Institution. The death toll jumped 8% to more than 3 million, largely reflecting the impact of the pandemic.

A fundamental long-term drag on the working-age population is the exit of the huge baby boom generation from the workforce. The number of people aged 65 and over is likely to increase by 30% over the next decade, Frey said.

“We’ve never really been in this type of situation before,” he said. “There just aren’t enough (of young adults) to replace the people who are leaving.”

The situation has been exacerbated this year by a wave of early retirements. About 2.6 million people who worked before the pandemic now say they are retired and not looking for work, according to the Federal Reserve Bank of Dallas. Strong increases in stock prices and home values ​​despite the deep pandemic recession have allowed many older Americans to exit the workforce earlier.

One of them is Jeff Ferguson, a physician with Eli Lilly & Co. in Indianapolis, who retired in April at age 59 after 22 years in the business.

Having worked from home during the pandemic, Ferguson said, made the transition easier. But it was also encouraged by its strong investment gains and the strengthening of the local real estate market despite the economic uncertainty.

“I probably retired with a tailwind rather than retiring with a headwind,” he said. “If I had sensed a headwind, I might have delayed it.

The pandemic has also given him a new perspective on life and retirement. Ferguson plans to travel across the country with his wife, a pediatrician, and catch up with loved ones.

Gad Levanon, an economist at the Conference Board, said the decline in the working-age population will be particularly evident among Americans without a college degree. As aging baby boomers retire, they are being replaced by younger workers who are more likely to be university graduates. Blue collar workers – anyone without a four-year degree – will become rarer. This trend is likely to create labor shortages in industries such as manufacturing, construction, retail, restaurants and hotels.

Levanon estimates that the number of university graduates will continue to grow by around 2% per year, despite the population slowdown, while those without a university degree will decline. This could make it more difficult for future college graduates to find jobs that match their level of education. Businesses can also inflate their job demands, perhaps requiring bachelor’s degrees for jobs that previously didn’t require them.

“The number of people willing to work in blue collar and manual service jobs is declining,” Levanon said.

Wages are already rising faster for low-paid workers. For the lowest-paid quarter of workers, hourly wages rose 4.2% in May from a year earlier, according to Federal Reserve Bank of Atlanta. That’s more than double the percentage increase these workers received in the four years after the Great Recession, from 2010 to 2014, and more than a quarter of the richest workers.

Scott Seaholm, CEO of Universal Metal Products, a 285-person metal stamping company near Cleveland, is surrounded by an aging population and is desperate to get young people interested in a career in manufacturing. A study found that about 59% of the population in Lake County, Ohio, where he is based, was made up of working-age adults in 2015, Seaholm said. This proportion fell to 57% last year and is expected to reach 54% in 2025.

“It’s quite shocking,” he said. “There’s no one there to work. It’s a little ugly.”

More than half of the workers at its three factories are over 55, he said, with less than one in five aged 20 to 34. He has an 81-year-old employee who still works in a punch press.

Seaholm’s company is part of a group that encourages high school students to consider factory jobs. He opens his factories to high school students once a year on “Industry Day” and tries to bring in their parents too.

“They want Johnny and Judy to go to college,” he said. “It’s all locked up in their heads.”

Globally, the workforce in most other countries is aging as well, including China, which once seemed to offer an endless supply of workers. Japan’s population declined for a decade.

Pradhan said this trend could potentially benefit American workers. Since the end of the Cold War in the early 1990s, hundreds of millions of people in China, Eastern Europe and India have joined the global workforce, thus maintaining the wages of less skilled workers and prices under control.

Now the aging of much of the world could reverse these trends, Pradhan and Charles Goodhart, a former economist at the Bank of England, wrote last year in a book called “The Great Demographic Reversal: Aging Societies, Waning Inequality, and an Inflation Resumes. “

Pradhan notes that in Japan, whose population has shrunk by around 1% per year for a decade, economic growth has averaged only 1% per year. But that means the growth per person was 2%.

If the United States could achieve that level of efficiency when its population grew only 0.5% per year, its economy could still grow at a healthy rate of 2.5% per year, Pradhan said.

Yet over time, he and other economists fear that slow population growth means less consumer spending and a less vibrant economy.

“Workers generate innovation and ideas – they invent things,” said Kasey Buckles, professor of economics at the University of Notre Dame. “When you have a shrinking working-age population, you have fewer people doing this.”

__

AP Business Writer Anne D’Innocenzio contributed to this New York report.

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Salt lake city government

Family history library to reopen with some changes

The research center took advantage of the closures linked to COVID-19 to renovate itself.

(Leah Hogsten | The Salt Lake Tribune) The Family History Library will begin a gradual reopening on July 6 with limited hours from 9 a.m. to 5 p.m., Monday through Friday. Hours will stretch from there, so check the Family History Library website for the most recent visitor information.

When the Family History Library in downtown Salt Lake City reopens on July 6, visitors will find it’s not quite their memory.

The Family History Library, owned by The Church of Jesus Christ of Latter-day Saints, closed in March 2020 due to the COVID-19 pandemic.

But the church used this time to renovate itself, adding improved technology, better lighting, new office book scanners, expanded space for interactive experiences and more, according to a recent one. FamilySearch blog post.

The Family History Library will begin a gradual reopening on July 6 with limited hours from 9 a.m. to 5 p.m., Monday through Friday. Hours will stretch from there, so check the Family history library website for the most recent visitor information.

Local FamilySearch libraries and family history centers will open based on direction from church leaders and government direction. Remote services are always available.

According to the blog post, each of the library’s five floors has been revamped to improve the space and help visitors find what they’re looking for.

On all floors, referral desks have been relocated in front of elevators, and new desks also serve clients better, as per the guidelines of the Americans with Disabilities Act.

The remodel also added “a lot more” shelves to accommodate more than 40,000 volumes, the blog says.

Many visitor computer stations now have two or three monitors, and all stations can accommodate visitors’ laptops. Up-to-date microfilm readers and scanners now work with the computers of many visitor workstations so that visitors can examine books and microfilm and make copies of digital images at their workstations, rather than going to a shop. designated scan or copy area.

Other changes include computer stations redistributed to make room for expanded research equipment and an expanded break room with a small kitchenette and ice maker for guests.


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Salt lake city

Salt Lake City firefighters remind residents of fireworks ban

SALT LAKE CITY – Salt Lake City firefighters are going door-to-door to remind residents of the city’s fireworks ban this July 4th holiday weekend.

Salt Lake City Fire Chief Karl Lieb said he was concerned about fireworks being fired in the city despite the ban.

“This is a major concern,” he told KSL Newsradio at a press conference. “Our environmental condition is ripe for fire, hence the citywide ban on fireworks and all open flames.”

Lieb said his firefighters were reaching out to the community in hopes of preventing any blaze over the weekend. Additionally, Lieb said that within two hours, its first responders can reach several hundred residents, brief them and answer any questions they have.

Still, with so much work the firefighters did to spread the word, Lieb said his department was bracing for the worst.

We are still optimistic about what will happen during the July holidays, ”he said. “But we also have to be realistic. “

Lieb wants people to enjoy the holidays and hopes they will. However, he wants them to do it this year without fireworks.

“We want people to celebrate the holiday,” he said. “But there are many different versions of the celebration that don’t involve active fireworks.”

If Salt Lake City residents want to shoot fireworks, they must go to an area where they are allowed. Lieb offers some simple tips to keep everyone safe.

“To do it with an extinguisher nearby,” he said. “And do this of course under adult supervision and make sure they aren’t near the ignition point when the fireworks go off.”

Lieb also said that if the individual is caught, the penalty for shooting fireworks within Salt Lake City limits is a Class B misdemeanor and a fine of up to $ 1,000.

And there’s more.

“They will also be responsible for any liability,” said the Salt Lake City fire chief. “Which will be pursued to the fullest extent of the law.”

The ban also includes small fireworks, including smoke bombs and sparklers.

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Utah economy

Katherine Heigl joins Wild Horse And Burro Rally at the Utah Capitol – Deadline

Utah’s wild Onaqui horses have a key ally in actress Katherine Heigl, who joined several groups today in the Utah state capital to call attention to a crucial looming roundup. for animals.

Heigl, joined by Animal Wellness Action, the Center for a Humane Economy, the Jason Debus Heigl Foundation, Wild Horse Photo Safaris, the Red Birds Trust and the Cloud Foundation, have come together to raise awareness of the plight of horses, which face a massive helicopter raid from July 12.

The roundup. the groups say they will send 80 percent of the herd to BLM corrals, injuring or even killing some of the frightened animals. While the horses will be offered for adoption, groups say some will end up in foreign slaughterhouses.

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The Federal Bureau of Land Management, which will handle the roundup, says an overpopulation of horses in the Grand Bassin has left insufficient fodder.

Heigl, a Utah resident best known for her work in the TV series Grey’s Anatomy and now featured in Netflix Alley of fireflies, and leaders of the groups involved, spoke to rally participants before heading straight to the pastures where Onaqui’s wild horses roam free and roam.

On July 1, President Joe Biden’s Bureau of Land Management, dubbed in a press release announcing that they would proceed with the roundups.

“We are doing everything we can to pressure President Joe Biden to stop the roundup and eradication of the iconic wild horses of Onaqui in Utah and call on the president to implement a course correction before he quits. ‘It’s not too late,’ said a statement from Heigl, herself a horse owner.

Erika Brunson, philanthropist and member of the World Council for Animals, also called for an end to the planned roundups.

“With over 52,000 feral horses and burros currently in government facilities, it’s time to stop the roundups and focus on a strong cruelty-free fertility control program using PZP,” Brunson said. “Currently only 1% of the population is approached, which is ridiculous.”

Descended from horses used by pioneers and native tribes in the late 1800s, Onaqui horses are known for their rugged beauty and ability to thrive in the harsh desert environment of the Great Basin of western Utah. . They are a favorite among photographers and wild horse enthusiasts and are considered the most popular and photographed wild herd in the country.

Visit the campaign website at www.SaveTheOnaqui.org for more details.

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Salt lakes real estate

GUIDE: Where to Beat the Heat in Chandler

Check out local places to cool off this summer in and around Chandler. (Courtesy of Adobe Stock)


In addition to the local water facilities, residents can walk a few miles in any direction to find an oasis of desert heat.

Water parks

Golf course / Sunsplash

155 W. Hampton Avenue, Mesa

480-834-8319

www.golfland.com/mesa

Cost: Free (admission baby up to 12 months), $ 5.99 (admission toddler 12-35 months), $ 21.99 (evening admission Sun-Thu after 3 p.m., Fri-Sat. after 4 p.m., after 2 p.m. when the park closes at 5 p.m.), $ 28.99 (junior admission 3 years and over up to 47 inches in height and senior admission 60 years and over), $ 33.99 (admission general)

Hours: Opens at 11 a.m., closes at 6 p.m. Sunday to Tuesday. June 2 July 30; closes at 10 p.m. Wed-Sat June 1-July 27, August 3; closes at 6 p.m. May 29-May 31 July 4 and 31; closes 5 p.m. July 10, August 1-2, 4

Features: 29 water games, including slides, rides, wave pool, activity pool, toddler pool, water play area, and artificial river

Season passes: $ 69.99 (four or more or renewal from the 2018 season), $ 74.99

The Oasis

8000 Arizona Grand Parkway, Phoenix

602-438-9000

www.arizonagrandresort.com/oasis-water-park

Cost: Free for Arizona Grand Resort guests

Hours: 10:30 a.m. to 8 p.m. until September 2

Features: thrill rides, wave pool, Zuni river with rolling effects, spray deck with heated pool

some lakes

Bartlett Lake

20808 E. Bartlett Dam Road, Rio Verde

480-221-0503

www.fs.usda.gov/recarea/tonto/recarea/?recid=35333

Camping: yes

Cost: $ 8 (per vehicle), seasonal passes available, other fees may apply to certain activities

Marina hours: 9 am-5pm

Canyon Lake

16802 AZ-88, tortilla dish

480-288-9233

https://www.fs.usda.gov/recarea/tonto/recarea/?recid=35545

Camping: yes

Cost: $ 8 (per vehicle), seasonal passes available, other fees may apply to certain activities

Marina hours: 9 am-5pm

Saguaro Lake

14011 N. Bush Hwy., Mesa

480-986-5546

www.fs.usda.gov/recarea/tonto/recarea/?recid=35547

Camping: yes

Cost: $ 8 (per vehicle), seasonal passes available, other fees may apply to certain activities

Marina hours: 9 am-5pm

Other recovery points

Chandler of the Ice Lair

7225 W. Harrison St., Chandler

480-598-9400

www.icedenhandler.com

Cost: $ 5 (children 5 and under), $ 7 (children 6 to 12), $ 9 (general admission 13 and over), $ 6 (seniors 55 and over)

Hours: Mon, Tue, Thu 10 am-5pm, Wed 9 am-7pm, Fri 10 am-6.30pm, Sat 8 am-5pm, Sun 10 am-2pm

Salt river piping

9200 N. Bush Hwy., Mesa

480-984-3305

www.saltivertubing.com

Cost: $ 14 (without tube rental), $ 17 (with tube rental)

Hours: 9 a.m.-6.30 p.m., last metro rental 1 p.m.


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Salt lake city government

Yes, the forest fire danger is really that bad • Salt Lake Magazine

I know. I know. You want to be able to light fireworks with your friends and family on Independence Day. And, let’s be honest, no one is going to stop you. While some cities have stricter restrictions on fireworks than others, there is no general ban on fireworks in Utah (unless you are on public land). For the most part, unless your city has unique restrictions, you’re safe as long as you turn them on July 2-5 (or July 22-25 for the Pioneer Day holiday).

But just because you can get away with it, right? It’s dry there. Most of the state is subject to extreme drought, creating the perfect conditions for wildfires to start and spread quickly.

According to the Bureau of Land Management, already this year, people have started up to 370 forest fires in Utah. It is 370 forest fires that could have been avoided. At a press conference on Wednesday, Utah Gov. Spencer Cox said 81 percent of this year’s wildfires, which burned 23,000 acres, were man-made. Fireworks sparked 65 forest fires last year. This does not include city fires caused by fireworks.

Many fire chiefs and leaders of state and local governments are begging members of the public to forgo any personal fireworks this year, imploring them instead to see a show put on by their community. So if they’re all so against the people lighting fireworks this year, why not ban it outright?

On this point, the governor says his hands are tied. At that same press conference, he criticized state law for not giving him the power to ban fireworks. Most towns and cities also fail an outright ban, also pointing out that state law prohibits them from doing so. (The notable exception is Mayor Erin Mendenhall, who enacted a ban on personal fireworks throughout Salt Lake City.)

Although pointing fingers is a very mature way of dealing with the situation, it almost the impression that no one wants to be held responsible for taking away the people’s fireworks (even during the state’s record drought).


Here is a list of local fireworks restrictions to see what your city allows and Salt lake the magazine’s story about where you can catch a community fireworks show on July 4th, instead of starting your own airborne wildfires.


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Salt lake city

Campbell gears up for ‘hellish’ roller skating in Salt Lake City | The parchment of the hole

The July 4th fireworks display could be canceled in Jackson, but Dusty Campbell is still hoping for an Independence Day finale.

The 31-year-old physiotherapist from Salt Lake City sets out on a three-day, 285-mile trip from Jackson Hole to his hometown, and he does it all on six 110mm wheels. The inline skates will take Campbell to 8,000 feet high and 10,000 feet of descent, all in an effort to raise awareness and financially support the Wounded Warrior Project.

He leaves Town Square on Friday afternoon July 2 and hopes to enter Liberty Park on July 4.

“It will be hell,” he said. “But my suffering will not even be close to what these soldiers went through.”

Campbell first became interested in Wounded Warriors when he found his college friend sobbing in the back room of a party. This friend, a former Marine, was easily 6 feet tall and weighed 230. But PTSD wrinkled his body and prompted his friend, the physiotherapist, to act.

Through a campaign on the nonprofit organization’s website, Campbell is attempting to raise $ 100,000 for Wounded Warriors: veterans in need of physical and mental rehabilitation after serving in the US military. Donations made on Independence Day will be matched dollar for dollar up to $ 75,000 by the Blue Angels Foundation, according to the website.

A former hockey player, Campbell thought he would feel more comfortable skating than riding a bike, but he actually only tried a pair of blades in January. His ultramarathon friends told him he was crazy.

Luckily, he will have the support of his girlfriend, dad, and stepmom in a hunting van with snacks and a pair of rescue blades.

The route will take him through Alpine and Soda Springs, then Preston and Logan, where he’ll head to Highway 15 rather than taking the shortcut to Brigham City.

Fans who want to keep an eye on the feat can follow @pt_dustycampbell on Instagram.

He is hoping the Jacksonites will also come to downtown Jackson on Friday to kick him out, and maybe keep going for a bit. Weather permitting, he hopes to leave at noon.


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Utah economy

Utah Company Develops Sustainable Bitcoin Mining Method; New home sales drop 5.9%

Crypto Coin

A microgrid company in Woods Cross, Utah, may have a solution to Elon Musk’s sustainability challenge for Bitcoin mining.

“Cryptocurrency is a good idea on many levels and we think it has a bright future, but it can’t come at the cost of the environment,” Musk tweeted. “Tesla has suspended purchases of vehicles using Bitcoin (because) we are concerned about the increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of all fuels. “

CleanSpark is a company that uses microgrid technology to improve the efficiency of Bitcoin mining operations and other applications. The existing network supplies electricity from a power plant to users. Microgrids combine the traditional grid with solar, wind, fuel cell and other green technologies to balance the load requirements between various sources with the aim of ensuring clean energy at a good price.
CleanSpark.com

CleanSpark uses microgrid technology to improve the efficiency of Bitcoin mining operations and other applications.

The existing grid supplies electricity from a power plant to users. For most people, connecting to the network is as easy as inserting a plug into a wall outlet.

Microgrids combine the traditional grid with solar, wind, fuel cell and other green technologies to balance the load requirements between various sources with the aim of ensuring clean energy at a good price.

Microgrids could be a suitable response to growing concerns about the energy source used in Bitcoin mining. The system configuration and the software necessary to run it can be designed to meet specific demands, including future growth.

CleanSpark is also a Bitcoin miner and recently invested in new energy efficient equipment to increase its hash rate and reduce power consumption.

The company is publicly traded, but so far it is only covered by two analysts. CleanSpark shares recently hit $ 16.51 per share. The consensus price target, or fair value estimate, is $ 47.50.

Competitors include Tata Power Solar, Longi, Acme Climate Solution and d.light design.

A report from Navigant Research, a company based in Boulder, Colo., Said the modular microgrid market is expected to grow at a compound annual rate of 28% between 2020 and 2029.

“Although they are only a minority of the market when measured by peak capacity, modular microgrids have the potential to constitute the majority of systems deployed over the next decade,” said Peter Asmus. , Navigant Research Director, in a report. “Adopting a modular approach should help dramatically increase microgrid deployments by commoditizing off-the-shelf microgrid offerings that can be replicated, thereby reducing design and deployment costs. “

The Crypto Climate Accord, based on the Paris Climate Agreement, is a private sector initiative aimed at decarbonizing the cryptocurrency industry.

“For climate advocates, we can eliminate emissions from a rapidly growing source of electrical charge,” the agreement says. “For the clean tech industry, we can bring in a whole new class of customers with significant demand for low carbon solutions. For the crypto industry, we can help support the widespread adoption of crypto by making the industry more sustainable.

It is signed by the major companies in the sector.

The Center for Alternative Finance at the University of Cambridge has estimated that 39% of the energy used by crypto miners is powered by renewable resources, mostly hydroelectric.

In a related case, the US Department of Commerce banned six Chinese producers of raw materials and components for the solar industry amid allegations of human rights violations against ethnic minorities.

The action could boost the U.S. solar industry.

Logo of the Association of Solar Energy Industries
The solar energy industry in the United States has grown on average 42% annually over the past decade and now employs about 230,000 people in about 10,000 companies in all 50 states, according to the Solar Energy Industries Association.
seia.org

The Solar Energy Industries Association, a Washington-based trade group, said the industry has experienced average annual growth of 42% over the past decade and now employs about 230,000 people at about 10,000 companies in all 50 states.

The industry has the capacity to deliver 100 gigawatts, or enough electricity to power 18.6 million homes, the trade group said.

At midday on Friday, Bitcoin changed hands to $ 33,341.32, down 2.91% in the past 24 hours but up 15.08% for the year. The 24 hour range is $ 33,011.86 to $ 35,200.90. The all-time high is $ 64,829.14. The current market capitalization is $ 624.99 billion, CoinDesk reported.

Pulse Market

The warning signs of the housing market seem to be glaring:

– The US Department of Commerce said new home sales fell 5.9% on an annualized basis.
– House prices are at an all time high.
– The National Association of Realtors said sales of existing homes had declined for four consecutive months.
– Consumer confidence has declined.
– Inflation is on the rise.
– Commodity prices soared as demand increased, pushing up the cost of new homes.

The housing market is a key part of the recovery as the economy emerges from the COVID-19 shutdown. The negative indicators raise a fundamental question: is the housing boom over?

Lisa Shalett, investment director for wealth management at Morgan Stanley, says no.

“We believe that supply disruptions and rapid price appreciation have only interrupted buyers’ confidence and buying behavior in what is expected to be an above-average race for housing. “she said in a research report for the New York investment bank. “In our opinion, the US real estate market has a solid foundation, arguably the best in decades. “

Shalett said many household balance sheets are strong and Millennials have entered their prime of starting a family. Morgan Stanley research estimated that 1.2 million new owner households were created in the past year.

“Anecdotal evidence suggests that the pandemic may have shifted behavioral priorities towards deurbanization and remote working, creating lasting support for housing demand,” the analyst said.

Construction of new homes is about 10 years behind schedule due, in part, to lessons learned from the collapse in the subprime mortgage market that triggered the 2007-2009 recession, the deepest since the Great Depression from the 1930s.

Housing supply growth is now nearly 60% lower than annual household formation, an imbalance that is likely to support single-family home prices, Shalett said.

Lending standards were tightened during the coronavirus pandemic, but have now been relaxed.

“It could help offset rising house prices and mortgage rates,” she said. “With the Federal Reserve last week giving the green light to all major US banks that have undergone its annual stress test, homebuyers could expect even more credit availability.”

The Federal Reserve, the country’s central bank, examined 23 major banks and concluded that each had strong capital reserves and could continue to lend to households and businesses during a severe recession.

“Over the past year, the Federal Reserve has carried out three stress tests with several different hypothetical recessions and all of them have confirmed that the banking system is strongly positioned to support the ongoing recovery,” said Randal K. Quarles, vice -President of supervision, in a press release. Press release.

The Fed’s stress test examines a bank’s resilience by estimating losses, income and capital levels – a cushion against possible losses – and “what if scenarios” over the next nine quarters. Sales of existing homes fell in all regions except the Midwest in May, reported the National Association of Realtors, a Washington-based trading group.

The median price of existing homes of all types in May was $ 350,300, up 23.6% from the same period a year ago. The total housing stock stood at 1.23 million units in May, up 7% from the April total, but down 20.6% from a year ago.

“Home sales declined moderately in May and are now approaching pre-pandemic activity,” Lawrence Yun, chief economist for the NAR, said in a report. “Lack of inventory continues to be the main factor holding back home sales, but declining affordability is simply excluding some first-time buyers from the market. “

The outlook, however, is encouraging.

“Supply is expected to improve,” he said, “which will give buyers more options and help lower record asking prices for existing homes.”

The National Mortgage Bankers Association, a Washington-based trade group, said loan applications fell 6.9% for the week ended June 25 from the previous week, reaching their lowest level in about 18 month.

The average interest rate for a 30-year fixed rate mortgage guaranteed by the Federal Housing Administration fell to 3.19% from 3.21%.

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Salt lake city government

Was Trump one of the worst presidents of all time?

Good Thursday morning Utah! Welcome to July and thank you for reading “The Rundown”.

📬 Do you have a tip? Some interesting political gossip? Do you just want to discuss politics? Email me or find me on Twitter @SchottHappens.

Receive this newsletter in your inbox every morning of the week. Sign up for free here.

Was Trump one of the worst presidents of all time?

If more than 140 presidential historians are to be believed, former President Donald Trump will become one of the worst presidents in history.

Trump ranked 41st out of 44 presidents in quadrennial survey of historians made by C-SPAN. Only Franklin Pierce, Andrew Johnson and James Buchannan ranked lower. Trump was ranked behind William Henry Harrison, who had only been in office for a month, Zachary Taylor, who served just over a year, and James Garfield, who died from an assassin bullet. months after his inauguration.

Abraham Lincoln, George Washington, Franklin and Teddy Roosevelt were at the top of the list. The first 5 are unchanged from the last poll.

Historians have been asked to rank CEOs on 10 characteristics. Trump ranked first in public persuasion (# 32) and economic management (# 34). Trump ranked dead last among presidents in terms of moral authority and administrative skills. His constant time of lies and turmoil in the White House probably had something to do with his low ranking.

Ronald Reagan placed 9th overall, just ahead of Barack Obama, who was 10th. Obama was ranked 12th in the 2017 survey.

Here’s what you need to know for Thursday morning

Utah News

  • The leader of the Utah Republican Party wants to sit down with Utah Jazz star Donovan Mitchell to discuss Critical Race Theory and why he thinks it shouldn’t be taught in schools across the country. Utah. [Tribune]

  • Utah leaders are pleading with the public to ditch the fireworks this year amid severe drought and high fire danger. [Tribune]

  • President Joe Biden has pledged to help Western states fight forest fires in the region. [Tribune]

  • Representatives Blake Moore and Chris Stewart voted to remove the Confederate statues from the U.S. Capitol, while Representatives John Curtis and Burgess Owens opposed the move. [Tribune]

  • The Utah County commission voted Wednesday to lower taxes, overturning a decision to increase property taxes two years ago. [Tribune]

  • Utah residents are moving into RVs, trailers, or vans due to rising rents and house prices. [Tribune]

National News

  • Alan Weisellberg, the chief financial officer of the Trump Organization, surrendered to authorities Thursday morning after a grand jury indicted him and the company in a tax investigation. [NYT]

  • The House of Representatives has approved the formation of a committee to examine the events and causes of the Jan.6 assault on the U.S. Capitol by a host of supporters of former President Donald Trump. All four representatives from Utah voted against the investigation. [Politico]

  • More than a dozen arrests in connection with the Capitol bombing were announced on Wednesday, the most in a single day. [WaPo]

  • It’s amazing. The New York Times assembled videos of the Capitol Riot to investigate how the attack happened. [NYT]

  • Republican members of Congress have traveled to the US-Mexico border to cheer on former President Trump during his visit to the region. [AP]

  • Donald Rumsfeld, who served under four different presidents, has died at the age of 88. Rumsfeld served two non-consecutive terms as Secretary of Defense and was the youngest and oldest person in that post. [NYT]

  • Recently updated vote numbers show the New York mayoral race is tightening, with Eric Adams ahead of Kathryn Garcia by around 2%. [NYT]

  • Bill Cosby was released from prison after the Pennsylvania Supreme Court overturned his sexual assault conviction. [CNN]

  • The death toll in the Miami condominium collapse has risen to 18. The bodies of two children were found in the rubble on Wednesday. Hundreds of people are still missing. Rescue work was halted early Thursday morning over fears the rest of the building might collapse [Miami Herald]

  • The horrific heat wave hitting the Pacific Northwest may have already killed hundreds of people. [AP]

  • The Chinese Communist Party celebrated its 100th anniversary. Xi Jinping, the Chinese leader, said countries attempting to “intimidate” China would face stiff resistance. [CNN]

  • Online brokerage firm Robinhood has agreed to pay a $ 70 million fine to settle a regulatory investigation. [WSJ]

  • Every college athlete in the country is now able to earn money through endorsements. On Wednesday, the NCAA suspended rules prohibiting athletes from selling rights to their names, images and likenesses. [ESPN]

A golden birthday

Today is the 50th anniversary of the ratification of the 26th Amendment, which granted the right to vote to 18-year-olds.

The White House issued a proclamation to mark the milestone, which came into effect on July 1, 1971.

Gen Z voters overwhelmingly voted for Joe Biden in 2020, with 65% voting for the Democratic candidate. This was 11% more than any other age group.

Thursday Morning Utah News Roundup

Utah

  • Latter-day Saint leaders can no longer perform civil marriages among nonmembers. [Tribune]

  • Texas Instruments will acquire the Micron chip factory in Lehi for $ 900 million. [DNews]

  • The downtown USPS offices are moving to a new location Thursday. [KUTV]

  • Experts say gas prices will be the highest since 2014 before the holiday weekend. [Standard Examiner]

  • UTA is considering a major expansion of the Ogden facility prior to the completion of the BRT. [Standard Examiner]

COVID-19[feminine

  • L’Utah signale 574 nouveaux cas de COVID-19 – le plus en plus de deux mois. [Tribune]

  • Health care workers, officials concerned about the recent wave of COVID-19. [FOX13]

Legislature

Local government

  • The Summit County official has “zero aspirations” for the Park City mayor’s office after soil criticism. [Park Record]

  • Federal funds could flow into Summit County. [Park Record]

Housing

  • A Utah woman is suing after being evicted from student housing in Orem for “expressing suicidal tendencies.” [Tribune]

  • Habitat for Humanity is completing a house, starting another in the same cul-de-sac. [Daily Herald]

Environment

  • More flash floods are “likely” even as Zion National Park attempts to clean up. [Tribune]

  • Snowbird expects emissions to drop sharply with a new energy system. [KSL]

  • More towns in Weber County are warning against fireworks, with vendors crossing their fingers. [Standard Examiner]

Education

  • American Preparatory Academy ordered to pay $ 2.8 million – this time for real. [KUTV]

  • Salt Lake School Board appoints replacement for former board member facing child pornography charges. [DNews]

  • Ogden High principal named new district superintendent after nationwide search. [KSL]

On opinion pages

  • Robert Gehrke: Romney and Curtis are the Utahns with a chance to mend our broken Congress. [Tribune]

  • Andrew Stoddard: My faith LDS leads me to support equality law. [Tribune]

  • Chris Stewart: Yes, there is a win / win on LGBTQ rights and religious freedom. [DNews]

🎂 You say it’s your birthday? !!

Many happy returns to former Taylorsville Mayor Russ Wall; Ben Horsely, communications director for the Granite School District; and also Bob Springmeyer, president of Bonneville Research

Do you have a birthday that you would like us to recognize in this space? Send us an e-mail.

– Tribune reporter Connor Sanders contributed to this story.



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