Friday, December 5, 2014

Wasatch 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.
  • Employment growth in Wasatch County from June 2013 to June 2014 continued at an energetic pace of 5 percent.
  • The largest industry job increases occurred in construction with 104, up by 11.8 percent. Professional, scientific and technical services added 101 new jobs, most occurring in advertising, architecture, accounting and bookkeeping, and computer systems design services. Accommodations and food services employment increased by 71 jobs. Local government positions increased by 60 and manufacturing rounded out the top five industries with 44 new jobs.
  • The Wasatch County jobless rate was estimated at 3.9 percent in September 2014, down from 5 percent a year earlier. An estimated 430 workers were unemployed in September compared to 875 twelve months ago.
  • Wasatch County is expected to maintain a favorable labor market through the end of 2014 and into 2015, adding to employment by more than five percent each year.
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.