A utility pocket is shown for use with a tool pouch or bag, or with such items as a brief case, soft sided cooler, or a backpack. The utility pocket has a clam shell shaped outer member which is biased toward an associated sidewall panel by means of elastic webbing. A pair of mating permanent magnets come into contact as the pocket moves from the open position to the closed position and help to bias the pocket to the closed position, as well as imparting a snap-closure action to the pocket. The material chosen for the pocket helps it to retain its clam shell shape without requiring internal reinforcing members, such as wire springs or other metal reinforcing elements.