A new book released yesterday shows that between 2000 and 2011, the rise in suburban poverty rose 64 percent, more than twice the growth rate of poverty in cities.
By 2011, almost 16.4 million suburban residents nationwide lived below the federal poverty level — now surpassing the number of impoverished city dwellers by 3 million, according to Confronting Suburban Poverty in America, written by Elizabeth Kneebone and Alan Berube of the Brookings Institution Metropolitan Program.
Surprisingly, the suburban areas of three Utah cities ranked among the book’s top 15 in terms of fastest-growing poverty: Salt Lake City came in third with a 142 percent jump, the Provo-Orem area ranked eighth with a 129 percent increase and Ogden-Clearfield came in 14th with a bump of 105 percent.
Berube and Kneebone see this rapid growth in suburban poverty as more than a temporary change caused by the recent recession. They attribute the rise to shifts in jobs and wages, population growth and immigration, collapse of the housing market and the foreclosure crisis. Salt Lake Tribune
Showing posts with label Region--Wasatch Front North. Show all posts
Showing posts with label Region--Wasatch Front North. Show all posts
Tuesday, May 21, 2013
Monday, March 11, 2013
Provo-Orem, Ogden-Clearfield areas top worst-paying list for women
Nationally, women make 77 cents for every dollar paid to a man. A 2012 report from the National Partnership for Women and Families found women in Utah fared even worse than female workers in other states across the country; Utah women are paid only 69 cents for every dollar paid to a man.
Marty Carpenter, spokesman for the Salt Lake Chamber, said the way the data were compared paints "an incomplete picture" and could say more about culture than dollars.
"Stay-at-home moms who then go back into the workforce don't compare to the men who never left the workforce and have more experience and get paid for more experience," Carpenter said. “More years in the workforce is more pay. Everyone agrees that a man and woman who can do the same job at the same skill level with the same experience should be compensated equally."
The 24/7 Wall Street website analysis compared the median earnings of men and women who worked full time, year-round in the past 12 months, focusing on those in the 100 largest metropolitan statistical areas as designated by U.S. Census Bureau data. All data were from 2011, the most recent available, according to the website. It found that women in the Provo-Orem are make 62 percent of what men in the area earn, an average difference of almost $20,000 in pay. Those in Ogden-Clearfield made 65 percent of men's wages.
The review conceded that there was some additional factors to consider, and also cited a researcher from the Institute For Women’s Policy Research who said Utah has a "more traditional culture."
Carpenter said, "If they are to match that study with one on the communities with the most stay-at-home moms or women who work part time from home or work part time to be home with children, we'd be high there, too. But looking at either one of them can give a skewed perspective," Carpenter said. "It's not that the data is wrong, it's just painting an incomplete picture."
Carrie Mayne, chief economist at the Utah Department of Workforce Services, said that another component not considered by the analysis is the young age of those in the workforce in the Orem-Provo and even Ogden-Clearfield areas. Utah on the whole has a younger workforce population, she said.
"When you look at a young workforce, you see women in their childbearing years who will be exiting and entering the labor force, interrupting their labor force experience," Mayne said. "Then they've interrupted that and may have to start with a new employer or new position and rebuild their track with employers and raises."
Utah also has a high population of part-time workers and the rate of part-time work is higher among women than men, Mayne said. Also, there are differences in pay for different jobs and industries and occupation choice is a major factor in pay. What we always try to emphasize with job seekers is to be aware of differences in pay for different occupations. Be educated on what a job really pays, be realistic about what things pay. Women dominate in healthcare support occupations as well as teaching, Mayne said.
The 24/7 Wall Street analysis also looked at employment composition by sector. It found the women in Ogden-Clearfield and Orem-Provo working in personal care and service occupations experienced the largest pay gap, with women making 40 percent of what men are paid in Ogden-Clearfield and 44 percent in Orem-Provo.
Zach Bitner, a sales manager at BrainStorm Inc., a software training company in American Fork, said there are more male employees than female employees at the company but said that is reflected in the applications they receive. He, too, pointed to the impact of more women potentially choosing to stay home in Utah County. BrainStorm Inc., though, which was recognized with a 2012 Utah Work/Life Award by the Utah Department of Workforce Services, focuses on employee performance, not gender.
"I wouldn't be so naive to say it (the gender pay gap) doesn't potentially exist, but in a small organization it probably exists less than it would in a larger corporation," Bitner said. Deseret News
Marty Carpenter, spokesman for the Salt Lake Chamber, said the way the data were compared paints "an incomplete picture" and could say more about culture than dollars.
"Stay-at-home moms who then go back into the workforce don't compare to the men who never left the workforce and have more experience and get paid for more experience," Carpenter said. “More years in the workforce is more pay. Everyone agrees that a man and woman who can do the same job at the same skill level with the same experience should be compensated equally."
The 24/7 Wall Street website analysis compared the median earnings of men and women who worked full time, year-round in the past 12 months, focusing on those in the 100 largest metropolitan statistical areas as designated by U.S. Census Bureau data. All data were from 2011, the most recent available, according to the website. It found that women in the Provo-Orem are make 62 percent of what men in the area earn, an average difference of almost $20,000 in pay. Those in Ogden-Clearfield made 65 percent of men's wages.
The review conceded that there was some additional factors to consider, and also cited a researcher from the Institute For Women’s Policy Research who said Utah has a "more traditional culture."
Carpenter said, "If they are to match that study with one on the communities with the most stay-at-home moms or women who work part time from home or work part time to be home with children, we'd be high there, too. But looking at either one of them can give a skewed perspective," Carpenter said. "It's not that the data is wrong, it's just painting an incomplete picture."
Carrie Mayne, chief economist at the Utah Department of Workforce Services, said that another component not considered by the analysis is the young age of those in the workforce in the Orem-Provo and even Ogden-Clearfield areas. Utah on the whole has a younger workforce population, she said.
"When you look at a young workforce, you see women in their childbearing years who will be exiting and entering the labor force, interrupting their labor force experience," Mayne said. "Then they've interrupted that and may have to start with a new employer or new position and rebuild their track with employers and raises."
Utah also has a high population of part-time workers and the rate of part-time work is higher among women than men, Mayne said. Also, there are differences in pay for different jobs and industries and occupation choice is a major factor in pay. What we always try to emphasize with job seekers is to be aware of differences in pay for different occupations. Be educated on what a job really pays, be realistic about what things pay. Women dominate in healthcare support occupations as well as teaching, Mayne said.
The 24/7 Wall Street analysis also looked at employment composition by sector. It found the women in Ogden-Clearfield and Orem-Provo working in personal care and service occupations experienced the largest pay gap, with women making 40 percent of what men are paid in Ogden-Clearfield and 44 percent in Orem-Provo.
Zach Bitner, a sales manager at BrainStorm Inc., a software training company in American Fork, said there are more male employees than female employees at the company but said that is reflected in the applications they receive. He, too, pointed to the impact of more women potentially choosing to stay home in Utah County. BrainStorm Inc., though, which was recognized with a 2012 Utah Work/Life Award by the Utah Department of Workforce Services, focuses on employee performance, not gender.
"I wouldn't be so naive to say it (the gender pay gap) doesn't potentially exist, but in a small organization it probably exists less than it would in a larger corporation," Bitner said. Deseret News
Friday, March 1, 2013
Ogden, Provo and Salt Lake City named top cities for career and family
Improvement Center lists Ogden at No. 5 in the category of highest median income.
Other Utah cities placed in the categories of best place to raise a family and best for business and careers. On the family list, Provo is third and Ogden is eighth. For best careers, Provo is first and Ogden sixth. Salt Lake City is also the fourth-best city for young professionals.
To view the map, visit ImprovementCenter.com
Deseret News
Thursday, February 28, 2013
Even as home prices, sales rise, Wasatch Front listings at 15-year low
The number of homes along the Wasatch Front listed for sale was at a 15-year low at the end of 2012, even as prices rose steadily through most of the year and sales gained ground.
The scarcity of homes on the market underlines the severity of the housing market’s collapse in Weber, Davis, Salt Lake and Utah counties, as well as many Utahns’ uncertainty about the pace of the recovery, real estate experts say.
Listings peaked in the fourth quarter of 2007 at 14,683 homes, according to the Salt Lake Board of Realtors, which cited figures compiled by the Wasatch Front Regional Multiple Listing Service. By the end of last year, that number, which includes foreclosures and short sales, had been cut to 7,229 — the lowest count since the fourth quarter of 1997, when 5,767 homes were on the market.
Myriad reasons are offered why sellers are holding back, even as demand for homes rises. Some say the 6 percent gain in the median price of a single-family home in Salt Lake County last year wasn’t enough to offset the sharpest decline in values since World War II.
"Prices dropped by 25 percent in Salt Lake County. So a [6 percent increase] is good news. But it’s not enough to motivate me to put my house on the market right now," said Jim Wood, director of the University of Utah’s Bureau of Economic and Business Research.
The economist owns a pair of homes and wants to sell one. Because he expects prices to rise 10 percent to 12 percent this year, he will wait awhile before listing it with an agent.
Like other experts, Wood believes the number of listings probably won’t fall further in 2013. Still, many potential sellers are more likely than not to stay on the sidelines until values rise further, he said.
Home sales in Salt Lake County jumped 15 percent last year, to 10,870 units from 9,452 in 2011. The gain was on top of a double-digit rise over 2010. Dave Frederickson, president of the Board of of Realtors, said worries that record low interest rates might rise soon is driving many buyers to snap up properties on the market — so much so that bidding wars have erupted over well-priced homes. And that’s pulled the inventory well under numbers that were typical before the housing bubble formed, he said.
"Interest rates have almost caused a feeding frenzy. It’s not allowing us to build back up supply. I don’t know if a lot of potential sellers out there even know [the housing market] has come back," Frederickson said. "The buyers are catching on to that quicker than the sellers are." Salt Lake Tribune
The scarcity of homes on the market underlines the severity of the housing market’s collapse in Weber, Davis, Salt Lake and Utah counties, as well as many Utahns’ uncertainty about the pace of the recovery, real estate experts say.
Listings peaked in the fourth quarter of 2007 at 14,683 homes, according to the Salt Lake Board of Realtors, which cited figures compiled by the Wasatch Front Regional Multiple Listing Service. By the end of last year, that number, which includes foreclosures and short sales, had been cut to 7,229 — the lowest count since the fourth quarter of 1997, when 5,767 homes were on the market.
Myriad reasons are offered why sellers are holding back, even as demand for homes rises. Some say the 6 percent gain in the median price of a single-family home in Salt Lake County last year wasn’t enough to offset the sharpest decline in values since World War II.
"Prices dropped by 25 percent in Salt Lake County. So a [6 percent increase] is good news. But it’s not enough to motivate me to put my house on the market right now," said Jim Wood, director of the University of Utah’s Bureau of Economic and Business Research.
The economist owns a pair of homes and wants to sell one. Because he expects prices to rise 10 percent to 12 percent this year, he will wait awhile before listing it with an agent.
Like other experts, Wood believes the number of listings probably won’t fall further in 2013. Still, many potential sellers are more likely than not to stay on the sidelines until values rise further, he said.
Home sales in Salt Lake County jumped 15 percent last year, to 10,870 units from 9,452 in 2011. The gain was on top of a double-digit rise over 2010. Dave Frederickson, president of the Board of of Realtors, said worries that record low interest rates might rise soon is driving many buyers to snap up properties on the market — so much so that bidding wars have erupted over well-priced homes. And that’s pulled the inventory well under numbers that were typical before the housing bubble formed, he said.
"Interest rates have almost caused a feeding frenzy. It’s not allowing us to build back up supply. I don’t know if a lot of potential sellers out there even know [the housing market] has come back," Frederickson said. "The buyers are catching on to that quicker than the sellers are." Salt Lake Tribune
Monday, February 25, 2013
2011 Advance GDP by Metropolitan Area Released
The U.S. Bureau of Economic Analysis recently released gross domestic product estimates for the nation’s 366 metropolitan areas. In 2011, metropolitan area growth registered an average of 1.6 percent—just slightly higher than the U.S. total (1.5 percent). However, the growth rate for metro areas dropped noticeably from the 2010 expansion of 3.1 percent.
Only 242 of the nation’s metropolitan areas experienced a 2011 gain in GDP. However, all of Utah’s metro area’s showed increases equal to or greater than the U.S. metro average. Both Ogden/Clearfield and Provo/Orem generated gains of greater than 5 percent. Lowest on the scale proved the Logan metro area with a gain of only 1.6 percent. For more information on the current release, click here.
Only 242 of the nation’s metropolitan areas experienced a 2011 gain in GDP. However, all of Utah’s metro area’s showed increases equal to or greater than the U.S. metro average. Both Ogden/Clearfield and Provo/Orem generated gains of greater than 5 percent. Lowest on the scale proved the Logan metro area with a gain of only 1.6 percent. For more information on the current release, click here.
Tuesday, December 4, 2012
Utah Announces Bid for 2026 Winter Olympics
Utah officials plan to make another bid to hold the Winter Olympics.
Gov. Gary Herbert and Salt Lake City Mayor Ralph Becker made the announcement Monday outside the University of Utah stadium, where ceremonies were held for the 2002 Winter Games.
A committee of advisers urged Herbert and Becker to make what could be a longshot bid for the 2026 Winter Games — other U.S. cities could argue it's their turn. Salt Lake faces possible challenges from Denver and the Reno-Tahoe area.
Utah says it can capitalize on the infrastructure left in place from the 2002 Olympics. The Utah games were successful, but Salt Lake was tarnished by scandal.
Utah showered $1 million in cash, gifts and other favors on International Olympic Committee delegates in a scandal that rewrote the rule book for Olympic bids. Herald Journal
Gov. Gary Herbert and Salt Lake City Mayor Ralph Becker made the announcement Monday outside the University of Utah stadium, where ceremonies were held for the 2002 Winter Games.
A committee of advisers urged Herbert and Becker to make what could be a longshot bid for the 2026 Winter Games — other U.S. cities could argue it's their turn. Salt Lake faces possible challenges from Denver and the Reno-Tahoe area.
Utah says it can capitalize on the infrastructure left in place from the 2002 Olympics. The Utah games were successful, but Salt Lake was tarnished by scandal.
Utah showered $1 million in cash, gifts and other favors on International Olympic Committee delegates in a scandal that rewrote the rule book for Olympic bids. Herald Journal
Monday, November 19, 2012
UTOPIA Completes Network in First City
UTOPIA, the fiber-optic broadband service built by 11 Utah cities, announced Friday it has completed the network in its first city. Trunk lines, which are the network’s backbone, have been built out in 100 percent of Centerville.
That means all of Centerville’s residents and businesses can subscribe to the high-speed Internet service, save for areas that need approval from home owners associations or private-property owners with multiple-dwelling units.
"Twenty-two percent of our single-family homes take advantage of UTOPIA’s lightning-fast speeds and significant savings, and we expect that number to increase to more than 40 percent," Centerville Mayor Ron Russell said in a statement.
UTOPIA (the Utah Telecommunication Open Infrastructure Agency) is a consortium of 11 municipalities, from Tremonton to Payson, that have joined to build the taxpayer-funded fiber-optic network. Customers connected to it can experience download and upload speeds up to 100 times faster than other Internet connections through providers such as Comcast or CenturyLink.
Nine percent of Centerville businesses subscribe to UTOPIA, according to the company.
The build out of Centerville was completed in part with federal stimulus money from the American Recovery and Reinvestment Act of 2009. In all, $16 million from the federal government, along with $8 million in local bond proceeds, was used to help build the network in Centerville, Layton, Midvale, Murray, Orem and West Valley City.
As a result, those six cities will have 250 miles of new fiber lines connecting about 400 community sites, which include 161 public safety buildings, 39 schools, one library, 55 health-care facilities and 104 government buildings.
Although UTOPIA is making strides to add to its network, the consortium has been deep in financial problems since work began in 2002. The network has a negative net worth of $120 million and has had nine consecutive years of operating losses. Its member cities are obligated to use sales tax revenue to pay for 30-year bonds issued for the network. Salt Lake Tribune
Tuesday, October 23, 2012
Housing Report Shows Nation Still Down Over 2008
The housing markets in Utah's most populous counties have endured four challenging years, according to a new report.
Based on five key metrics related to the nation's housing market — average home price, unemployment rate, foreclosure inventory, foreclosure starts and share of distressed sales — the U.S. housing market comes out worse off than it was four years ago, with a several Utah counties hit especially hard.
The 2012 Election Housing Report showed that the average price of a residential property nationwide has decreased 20 percent during the past four years — leaving more than 12 million homeowners owing more than their property is worth, according to RealtyTrac, a market research firm based in Irvine, Calif.
What that numbers don't reflect is the upward trend during the past year in the housing market and the peak periods of foreclosure which kept numbers low during the past few years.
All six Beehive State counties in the report saw unemployment rates nearly double or exceed that amount, from at least 3 percent in 2008 to 6 percent or greater in 2012, while four counties saw the volume of foreclosure starts jump more than double during the period.
But the Utah unemployment rate continues to be better than the national average and the growth in exports also points to an economy on the rebound.
Despite the report's poor numbers, the state's housing market has steadily improved during the past year, and Utah has one of the lowest overall unemployment rates in the country — more than 25 percent below the national rate of 7.8 percent.
Daren Blomquist, vice president of marketing for RealtyTrac, said the foreclosure market is improving nationwide, which bodes well for Utah and most other states.
However, the positives of lower foreclosure inventory and fewer foreclosure starts are outweighed by the negatives of lower home prices, higher unemployment and a higher share of distressed sales, the report stated.
Nationwide, in the 919 counties with data available for all five metrics, 580 (65 percent) showed at least three out of the five key metrics worse off than four years ago, while in 315 counties (35 percent) at least three of the five key metrics were better off than four years ago. Deseret News
Based on five key metrics related to the nation's housing market — average home price, unemployment rate, foreclosure inventory, foreclosure starts and share of distressed sales — the U.S. housing market comes out worse off than it was four years ago, with a several Utah counties hit especially hard.
The 2012 Election Housing Report showed that the average price of a residential property nationwide has decreased 20 percent during the past four years — leaving more than 12 million homeowners owing more than their property is worth, according to RealtyTrac, a market research firm based in Irvine, Calif.
What that numbers don't reflect is the upward trend during the past year in the housing market and the peak periods of foreclosure which kept numbers low during the past few years.
All six Beehive State counties in the report saw unemployment rates nearly double or exceed that amount, from at least 3 percent in 2008 to 6 percent or greater in 2012, while four counties saw the volume of foreclosure starts jump more than double during the period.
But the Utah unemployment rate continues to be better than the national average and the growth in exports also points to an economy on the rebound.
Despite the report's poor numbers, the state's housing market has steadily improved during the past year, and Utah has one of the lowest overall unemployment rates in the country — more than 25 percent below the national rate of 7.8 percent.
Daren Blomquist, vice president of marketing for RealtyTrac, said the foreclosure market is improving nationwide, which bodes well for Utah and most other states.
However, the positives of lower foreclosure inventory and fewer foreclosure starts are outweighed by the negatives of lower home prices, higher unemployment and a higher share of distressed sales, the report stated.
Nationwide, in the 919 counties with data available for all five metrics, 580 (65 percent) showed at least three out of the five key metrics worse off than four years ago, while in 315 counties (35 percent) at least three of the five key metrics were better off than four years ago. Deseret News
Thursday, September 20, 2012
Local Insights and Utah Insights updated on the Web
The Fall 2012 issues of Local Insights has been updated on the web.
This edition focuses on the most recent recession and the long-term unemployed.
The statewide edition includes a feature article on Unemployment Insurance Outcomes in Utah.
To see more, click here.
To receive a copy, call 801-526-9785
Thursday, September 6, 2012
Five Utah School Districts to Apply for Millions in Federal Cash
At least five Utah school districts plan to vie for millions in federal cash as part of the U.S. Department of Education’s Race to the Top District program.
The Granite, Ogden and Provo school districts plan to seek $20 million to $30 million each; the Morgan County School District will likely apply for $5 million to $10 million; and the Washington County School District plans to apply for $30 million to $40 million, according to the U.S. Department of Education.
The five districts are among 893 nationwide that have submitted letters saying they intend to apply for a chunk of nearly $400 million meant to support reforms aimed at personalizing learning, closing achievement gaps and preparing kids for college and careers.
The department has previously held Race to the Top competitions for states as well. Utah, as a state, applied for a $175 million Race to the Top grant in 2010 but did not win one. Salt Lake Tribune
The Granite, Ogden and Provo school districts plan to seek $20 million to $30 million each; the Morgan County School District will likely apply for $5 million to $10 million; and the Washington County School District plans to apply for $30 million to $40 million, according to the U.S. Department of Education.
The five districts are among 893 nationwide that have submitted letters saying they intend to apply for a chunk of nearly $400 million meant to support reforms aimed at personalizing learning, closing achievement gaps and preparing kids for college and careers.
The department has previously held Race to the Top competitions for states as well. Utah, as a state, applied for a $175 million Race to the Top grant in 2010 but did not win one. Salt Lake Tribune
Friday, August 17, 2012
Sandy real estate firm adds 90 more agents
Coldwell Banker Residential Mortgage has hired more than 90 real estate agents this year, a sign that the housing market along the Wasatch Front is healing.
The hiring surge puts the Sandy-based company’s 11 offices in a better position to meet increasing demand for brokerage services from home buyers and sellers, Coldwell Banker said Thursday. Unit sales brokered by the agency were up 12 percent through July compared to the same time last year.
In all, the offices have added 96 agents, bringing the company’s staff to more than 700 people. Many of the hires were experienced agents who moved from rival real estate firms. Others returned to the industry after sitting out the housing downturn, Coldwell Banker President Chris Jensen said.
Real estate agents typically are independent contractors who work on commission. After the housing market imploded in late 2006, hundreds of agents left the business. With home sales rising again, agents are starting to come back to work, Jensen said. Salt Lake Tribune
The hiring surge puts the Sandy-based company’s 11 offices in a better position to meet increasing demand for brokerage services from home buyers and sellers, Coldwell Banker said Thursday. Unit sales brokered by the agency were up 12 percent through July compared to the same time last year.
In all, the offices have added 96 agents, bringing the company’s staff to more than 700 people. Many of the hires were experienced agents who moved from rival real estate firms. Others returned to the industry after sitting out the housing downturn, Coldwell Banker President Chris Jensen said.
Real estate agents typically are independent contractors who work on commission. After the housing market imploded in late 2006, hundreds of agents left the business. With home sales rising again, agents are starting to come back to work, Jensen said. Salt Lake Tribune
Thursday, August 9, 2012
UTA proposes big changes for bus routes
That includes eliminating all express buses between Utah and Salt Lake counties, and creating or altering local routes to take riders to FrontRunner instead. UTA says that will allow local service circulating around Utah County communities to increase by 17 percent.
Many changes are also coming to downtown Salt Lake City, which is scheduled to open a second FrontRunner station in December at the North Temple viaduct — on the present section of FrontRunner that runs from Ogden to Salt Lake, which will connect with the new section to Provo. The North Temple site also will connect to the new airport TRAX line when it opens in April. Salt Lake Tribune
Tuesday, August 7, 2012
Affordability the byword for this year’s Salt Lake Parade of Homes
Five years after the housing market along the Wasatch Front went bust, sales of new homes are slowly on the rebound.
"With lower prices and 3½ to 4 percent mortgage rates, people are seeing that they can get more home than they could before," said Paul Peterson, executive officer with the Salt Lake Home Builders Association. "It’s brought affordability back."
In 2007, at the height of the market, builders took out permits for the construction of more than 7,200 homes along the Wasatch Front from January through July. By 2008, building activity plummeted to about 2,600 permits in that same period.
This year, builders took out 3,788 permits in that time frame — a five year high that’s up 28 percent from during the same period last year. Salt Lake Tribune
Friday, June 29, 2012
Sallie Mae Bank Awards $90,000 in Utah Scholarships to Future Engineers, Nurses, Respiratory Therapists and Teachers
Sallie Mae, the nation's No. 1 financial services company specializing in education, today announced that its wholly owned subsidiary, Sallie Mae Bank, has awarded a total of $90,000 in scholarships, the largest award amount in its six-year history. The 21 undergraduate recipients are pursing engineering, nursing, respiratory therapy or teaching programs at a higher education institution in six Utah counties.
Since the scholarship program began in 2006, Sallie Mae Bank has awarded nearly $450,000 in scholarship assistance to students attending colleges in Cache, Davis, Salt Lake, Tooele, Utah and Weber counties. Recipients were required to submit a one-page essay detailing their educational goals. MarketWatch
Since the scholarship program began in 2006, Sallie Mae Bank has awarded nearly $450,000 in scholarship assistance to students attending colleges in Cache, Davis, Salt Lake, Tooele, Utah and Weber counties. Recipients were required to submit a one-page essay detailing their educational goals. MarketWatch
Thursday, April 26, 2012
Foreclosure rates drop in Utah's large metros
The RealtyTrac Q1 2012 Metropolitan Foreclosure Market Report showed the rate of first quarter foreclosure activity in the state's most populous metropolitan statistical areas declined at least 22 percent from the last quarter of 2011, and at least 42 percent from the same period last year.
The Salt Lake City metro area reported a rate of foreclosure filings — default notices, scheduled auctions and bank repossessions — of 1 in every 163 households, putting the state capital at No. 47 nationally. The rate decreased 22 percent from fourth quarter 2011, and nearly 49 percent from first quarter 2011.
The Provo-Orem area ranked No. 52, with 1 in every 174 households reporting a filing — down more than 25 percent from last quarter and 42 percent year over year.
The Clearfield-Ogden area, which ranks No. 117, reported a filing in one of every 330 households — down more than 26 percent from the previous three-month period and a decrease of almost 56 percent year over year.
The nationwide average was 1 in every 230 households — a decline of 2.25 percent from fourth quarter 2011 and down just under 16 percent from the same period last year. Deseret News
Friday, April 20, 2012
Utah scores high for quality school access, economic integration
Provo has the fourth lowest levels of economic segregation in the U.S., which translates into smaller gaps in elementary school test scores between low- and high-income students, according to a study from the Brookings Institute Metropolitan Policy Program, an organization working to provide economic and demographic research on metropolitan areas.
Salt Lake and Ogden-Clearfield are also among the 10 U.S. metropolitan areas where housing costs near high-scoring schools is not much different than property near low-scoring ones, which contributes to low elementary test-score gaps, according to the study.
Housing in the Provo-Orem area is 1.4 times more expensive near high-performing schools rather than low-performing alternatives compared to the national average of 2.2 times more. That means a low-income family in Provo would have to pay $4,921 more to move closer to a high-scoring school.
This low gap has resulted in only a 14.1 percentile point spread in state-mandated test scores between low-income, which is defined as those who qualify for reduced lunch, and middle/high-income students. That’s lower than the national average of 26 percentage points between low income and high-income students.
The Provo-Orem metro area had the lowest housing-cost gap in the state, and the third lowest in the country, according to the Brookings report. Deseret News
Salt Lake and Ogden-Clearfield are also among the 10 U.S. metropolitan areas where housing costs near high-scoring schools is not much different than property near low-scoring ones, which contributes to low elementary test-score gaps, according to the study.
Housing in the Provo-Orem area is 1.4 times more expensive near high-performing schools rather than low-performing alternatives compared to the national average of 2.2 times more. That means a low-income family in Provo would have to pay $4,921 more to move closer to a high-scoring school.
This low gap has resulted in only a 14.1 percentile point spread in state-mandated test scores between low-income, which is defined as those who qualify for reduced lunch, and middle/high-income students. That’s lower than the national average of 26 percentage points between low income and high-income students.
The Provo-Orem metro area had the lowest housing-cost gap in the state, and the third lowest in the country, according to the Brookings report. Deseret News
Wednesday, February 8, 2012
Olympics leave lasting economic impact
A decade ago, Utah became the sports capital of the world during its 16-day run as host of the XIX Olympic Winter Games. The event raised the Beehive State's profile. But it also brought economic impacts that are still being felt throughout the Wasatch front.
Official state estimates of the economic impact showed the Salt Lake Olympics yielded $100 million in profits, $4.8 billion in sales, 35,000 job years of employment and $1.5 billion in earnings for Utah workers during 2002.
Since then, the state's ski and lodging industries have enjoyed record-setting years, with a 42 percent increase in skier visits. Direct expenditures from skiers and snowboarders have increased 67 percent from $704 million in 2002-03 to $1.2 billion in 2010-11.
In addition, numerous national governing bodies for many Olympic sports have relocated to Utah as a result of the Games, including speedskating, bobsled and skeleton, as well as the nordic training facilities. Deseret News
Official state estimates of the economic impact showed the Salt Lake Olympics yielded $100 million in profits, $4.8 billion in sales, 35,000 job years of employment and $1.5 billion in earnings for Utah workers during 2002.
Since then, the state's ski and lodging industries have enjoyed record-setting years, with a 42 percent increase in skier visits. Direct expenditures from skiers and snowboarders have increased 67 percent from $704 million in 2002-03 to $1.2 billion in 2010-11.
In addition, numerous national governing bodies for many Olympic sports have relocated to Utah as a result of the Games, including speedskating, bobsled and skeleton, as well as the nordic training facilities. Deseret News
Tuesday, January 31, 2012
Provo women earn some of the lowest salaries in the largest U.S. Metropolitan Areas
Women in Provo have some of the lowest average salaries in the country, according to a Forbes analysis of the 2010 American Community Survey by the U.S. Census Bureau. Provo women are making on average less than $37,000 a year, according to the report. Provo women are making on average less than $37,000 a year, according to the report. Deseret News
Note:
Since I am interested in women's labor force issues and don't usually look at this type of data below the statewide level, I took the opportunity to look at the actual Forbes article. Forbes used 2010 American Community Survey data for "large" Metropolitan Statistical Areas (MSAs) and focused on females working year-round and full-time. Unfortunately for comparative purposes, Forbes doesn't tell us what they considered a large MSA.
With median female earnings for year-round, full-time workers of $31,400, the Provo/Orem MSA ranks 249 out of 374 MSAs nationwide. Incidentally, the "smaller" MSAs of Logan and St. George showed lower female median earnings ($27,100 and $26,700, respectively). Other large Utah MSAs appear higher in the rankings--Salt Lake ranks 154, while the Ogden/Clearfield MSA ranks in the 200 spot.
However, keep in mind that areas with low female earnings might also have low earnings for both genders. In other words, an MSA's low female earnings may be reflected in low male earnings as well. Cost of living, age of the labor force, industrial mix, etc. affects wages generally. . .not just for women. In my mind, the true question perhaps should be: How do men and women's earnings compare in Utah's most populous communities?
In 2010, U.S. median earnings for women working year-round, full-time measured 78.6 percent of the comparable male figure. (This wage gap has contracted decidedly in recent decades.) How do Utah's MSAs stack up? Honestly, not so great. The Ogden/Clearfield MSA shows a female/male wage ratio of 63 percent, the Provo/Orem MSA shows 65 percent ratio. Logan's ratio measures 70 percent, and St. George's figure is 71 percent. Even in Utah's best MSA performer--Salt Lake City--the female median wage measures only 74 percent of the male median wage. More than 70 percent of the nation's MSAs show female/male wage ratios better than Salt Lake City.
What's up? Why the low female-to-male wage rations in Utah? Undoubtedly many factors come into play. However, one major influence on the large difference in wages seems to come to the forefront. I call it the "education gap" and it is a primary factor behind Utah's larger-than-average wage gap. Statistically, there is a well-know relationship behind one's earnings and one's education. In general, the higher a person's level of education, the higher their earnings.
What's the education gap? By my reckoning, it is simply the percentage point difference between the share of the male population (over 25) with at least a Bachelor's degree and the share of the female population (over 25) with at least a Bachelor's degree. Nationally, there is a six-tenths of a point difference in the share of men and women with at least a Bachelor's degree (28.5 percent and 27.9 percent, respectively). In other words, in the U.S. there is currently very little difference between the share of men and women with a four-year degree or better.
The three MSAs with the largest male/female education gap in the nation? Number 1--Provo/Orem, Utah (11.3 percentage points). Neck and Neck for the number 2 spot--St. George, Utah (9.8 percentage points) and Ogden/Clearfield, UT (9.8 percentage points). Logan's performance is somewhat better--"only" a 4.2 point difference. The Salt Lake MSA managed the smallest Utah education gap--still large at 2.5 percentage points. Every single Utah MSA ranked among the 20 percent of MSAs with the largest education gaps.
Keep in mind that in 40 percent of the nation's Metropolitan Statistical Areas, a higher percentage of women have obtained a Bachelor's degree than have men. If Utah's women are falling far behind men in educational attainment, it should come as no surprise that they are falling far behind men in earnings.
Note:
Since I am interested in women's labor force issues and don't usually look at this type of data below the statewide level, I took the opportunity to look at the actual Forbes article. Forbes used 2010 American Community Survey data for "large" Metropolitan Statistical Areas (MSAs) and focused on females working year-round and full-time. Unfortunately for comparative purposes, Forbes doesn't tell us what they considered a large MSA.
With median female earnings for year-round, full-time workers of $31,400, the Provo/Orem MSA ranks 249 out of 374 MSAs nationwide. Incidentally, the "smaller" MSAs of Logan and St. George showed lower female median earnings ($27,100 and $26,700, respectively). Other large Utah MSAs appear higher in the rankings--Salt Lake ranks 154, while the Ogden/Clearfield MSA ranks in the 200 spot.
However, keep in mind that areas with low female earnings might also have low earnings for both genders. In other words, an MSA's low female earnings may be reflected in low male earnings as well. Cost of living, age of the labor force, industrial mix, etc. affects wages generally. . .not just for women. In my mind, the true question perhaps should be: How do men and women's earnings compare in Utah's most populous communities?
In 2010, U.S. median earnings for women working year-round, full-time measured 78.6 percent of the comparable male figure. (This wage gap has contracted decidedly in recent decades.) How do Utah's MSAs stack up? Honestly, not so great. The Ogden/Clearfield MSA shows a female/male wage ratio of 63 percent, the Provo/Orem MSA shows 65 percent ratio. Logan's ratio measures 70 percent, and St. George's figure is 71 percent. Even in Utah's best MSA performer--Salt Lake City--the female median wage measures only 74 percent of the male median wage. More than 70 percent of the nation's MSAs show female/male wage ratios better than Salt Lake City.
What's up? Why the low female-to-male wage rations in Utah? Undoubtedly many factors come into play. However, one major influence on the large difference in wages seems to come to the forefront. I call it the "education gap" and it is a primary factor behind Utah's larger-than-average wage gap. Statistically, there is a well-know relationship behind one's earnings and one's education. In general, the higher a person's level of education, the higher their earnings.
What's the education gap? By my reckoning, it is simply the percentage point difference between the share of the male population (over 25) with at least a Bachelor's degree and the share of the female population (over 25) with at least a Bachelor's degree. Nationally, there is a six-tenths of a point difference in the share of men and women with at least a Bachelor's degree (28.5 percent and 27.9 percent, respectively). In other words, in the U.S. there is currently very little difference between the share of men and women with a four-year degree or better.
The three MSAs with the largest male/female education gap in the nation? Number 1--Provo/Orem, Utah (11.3 percentage points). Neck and Neck for the number 2 spot--St. George, Utah (9.8 percentage points) and Ogden/Clearfield, UT (9.8 percentage points). Logan's performance is somewhat better--"only" a 4.2 point difference. The Salt Lake MSA managed the smallest Utah education gap--still large at 2.5 percentage points. Every single Utah MSA ranked among the 20 percent of MSAs with the largest education gaps.
Keep in mind that in 40 percent of the nation's Metropolitan Statistical Areas, a higher percentage of women have obtained a Bachelor's degree than have men. If Utah's women are falling far behind men in educational attainment, it should come as no surprise that they are falling far behind men in earnings.
Saturday, January 28, 2012
Utah hotel occupancy, rates up slightly
Utah occupancy and average daily room rate for hotels and motels were both up slightly in 2011. According to the Utah edition of the Rocky Mountain Lodging Report, the 2011 occupancy rate was 62.7 percent, up from 59.7 percent in 2010.
The average daily room rate for the year to date was $95.69, compared to $93.29 for 2010. Revenue per daily room rose as well, from $55.70 in 2010 compared to $60.04 for 2011. Salt Lake City recorded the best in 2011, with a 69.6 percent occupancy rate and average daily room rate of $93.65.
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Ogden occupancy was at 60.7 percent, Cedar City at 53 percent, St. George at 60.1 percent, Logan and Utah County at 58.1 percent, and other Utah cities and towns at 61.2 percent. Salt Lake Tribune
Monday, December 19, 2011
Think tank ranks Utah cities among those best for business
The Milken Institute, founded in 1991 and based in California, has released a new list of best performing cities for the year. Salt Lake City, Provo and Ogden ranked in the Top 25 among large metro cities, while Logan ranked No. 1 among small cities. Logan skyrocketed from its No. 19 ranking in last year's list.
The research looked at 179 small cities and 200 large metros. In the large-city category, Salt Lake was ranked No. 6, Provo was listed at No. 9, and Ogden took the 15th spot on the list. St. George, which falls in the small-city category, was ranked 124th. No other Utah cities made the list. Herald Journal
The research looked at 179 small cities and 200 large metros. In the large-city category, Salt Lake was ranked No. 6, Provo was listed at No. 9, and Ogden took the 15th spot on the list. St. George, which falls in the small-city category, was ranked 124th. No other Utah cities made the list. Herald Journal
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