Friday, December 5, 2014

Utah 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.
  • In June 2014, the number of payroll jobs in Utah County increased by 3.5 percent over June 2013, with 9,099 new positions. New employment growth has occurred in most major industrial sectors.
  • The most new jobs were added by the trade industry with 1,767 additional jobs, a year-over increase of 6 percent. Most subdivisions of wholesale and retail trade experienced growth.
  • Construction added 1,729 positions, expanding by 11.3 percent. The majority of these new jobs were in residential housing construction.
  • This solid construction activity is reflected in related industries such as building materials and garden supply stores, wood product and furniture manufacturing, each of which also experienced healthy employment gains.
  • Professional, scientific, technical and headquarters grew 9.4 percent, or 1,381 jobs. Computer systems design, management consulting and technical consulting services were responsible for most of the new opportunities.
  • Restaurants, food services and accommodations added 864 jobs, growing by 6.2 percent.
  • Healthcare and social assistance contributed 854 new positions, increasing by 3.9 percent.
  • The seasonally adjusted unemployment rate in Utah County was 3.3 percent in September 2014, an estimated 8,230 unemployed workers. A year earlier the unemployment rate was 4 percent.
  • Utah County growth is expected to continue at its present rate through 2014 at about 3.7 percent, adding on average between 6,500 to 7,800 new jobs, with a similar overall job growth performance in 2015.
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.