In 1986-87, Utah experienced a serious regional recession brought on by declining energy commodity prices. Mining employment fell by 60 percent and construction by 30 percent. Two major companies--Geneva Steel and Kennecott Copper--closed temporarily. Adding to this fiscal challenge was the state's exploding public school enrollments, brought on by the significant immigration and high birth rate of the 1970s. With state revenues declining and school enrollments increasing faster than anywhere else in the nation, Bangerter was forced to raise taxes. This spawned a tax protest movement. Three initiatives were placed on the ballot by the tax protesters. Despite all the attention the movement received, the three initiatives were defeated by a large margin in the November 1988 election. Bangerter also faced the collapse of five thrift institutions in the state when their private insurer defaulted. These five institutions were taken over by the state.