Friday, December 5, 2014

Summit County Economic Update

Economic conditions in the Mountainland Economic Service Area (Utah, Juab, Wasatch and Summit Counties) are positive with strong year-over job growth of 3.8 percent, or 8,717 new jobs from June 2013 to June 2014. In 2013, average payroll job growth in the region was a very rapid 5.2 percent above the average level of employment in 2012. There has been job increases in most major industry sectors with particular strength among construction, wholesale and retail trade, professional/technical services, food services and health care.
  • From June 2013 to June 2014, Summit County added 1,278 new jobs for a year-over increase of 5.9 percent. Summit’s labor market continued to exhibit balanced growth with all but two major industries producing new positions.
  • Professional, scientific, technical and headquarters employment increased the most by 225 jobs. Construction grew a healthy 12.8 percent adding 161 new jobs. Accommodations and food services provided 3 percent increase of 149 positions, with local government adding 148, a 5.9 percent growth. The last industry adding more than 100 jobs was arts/entertainment/recreation growing by 13.8 percent with 143 new jobs.
  • Twelve other industry subdivisions contributed new positions as economic growth was very broad based. Just two industries shed employment, mining with eight less jobs and manufacturing with a reduction of one position from June 2013 to June 2014.
  • The seasonally adjusted unemployment rate in Summit County was 3.1 percent in September 2014, an estimated 730 unemployed workers. A year earlier the unemployment rate was 3.7 percent.
  • Employment gains among the majority of industry sectors are expected to continue. Overall job growth through 2014 should be about 1,100 or in the neighborhood of 4.7 percent. This is a pick-up in economic activity from Summit County’s employment growth of 713 in 2013 and 791 new jobs created in 2012. 
Utah, Summit, Wasatch and Juab Counties’ robust job growth and favorable labor market conditions are expected to persist through the end of 2014 and continue through 2015. By September of 2014, the unemployment rate in Mountainland declined to a very favorable rate of 3.4 percent. Based on the strength of employment growth in recent years, job opportunities and low unemployment will continue to characterize this area.