That's the economy. The geography is not favorable either. Salt Lake sits in a bowl surrounded by dark hills with little vegetation. The hills are all dug by mines and open pits. They have the whole range ("on the other side") that is essentially one big mine. The winter is cold and the temperature inversion traps cold air in the bowl and the air quality becomes worst in the nation (you can't even run outside). There's no chinook winds in winter, so it's colder than the other side of the Rockies.
The political landscape is very bleak. This is the most conservative state in the nation. Utah hates their environment so much, that they are working on shrinking or destroying several National Monuments (Escalante and Bears Ears). Their congressmen are loathsome Trump toads like Chaffetz (who investigated Park Service for making a folder with maps for a new monument, but refused to investigate anything about Trump).
The anti-environment stance in Utah has become so bad, that the Outdoor Retailer Show (the prime event for multi-billion outdoor industry) has left Salt Lake. Patagonia, Arcteryx and many others initiated it.
The only redeeming quality in Utah is the ski areas nearby. 15 miles vs 40-60-70 in Colorado. And the snow is better.
BTW, the Salt Lake is empty in winter, in prime ski season. Never seen motels and hotels so empty and so cheap. Good for skiing, not good for the economy.
Mormons are nice people for the most part.