Friday, March 27, 2015

Updated Economic Snapshots

Economic snapshots give you a two-page look at quick facts, labor force, sales, building and unemployment insurance, for each county in Utah, and are updated by each month by DWS Regional Economists.

For the latest economic snapshot for your county, check out the updated files on our website for Millard, Piute, Sanpete, Sevier, and Wayne counties.

Note: refreshing browser may be necessary for current information. 

    Thursday, March 26, 2015

    County population estimates for 2014 just released

    The U.S. Census Bureau has just released its 2014 population estimates for counties and metro areas. Utah’s own St. George UT metro area placed fifth nationwide with a population growth rate of 2.9 percent. On the other hand, in central Utah, contracting population proved a major theme. The following visualization provides downloadable population estimates as well as the components of population change for Utah’s counties.

    • In central Utah, only Sanpete County experienced population growth in 2014.

    • During 2014, Piute County showed the highest rate of population decline (2.6 percent) in Utah.

    • According to the Census Bureau estimates, Millard County’s population declined by roughly 20 persons during 2014. However, since 2010, the county’s overall population has increased somewhat despite net out-migration.

    • Between 2010 and 2014, Piute County’s population has decreased by more than 70 persons as out-migration continued to plague the area.

    • Sanpete County may have benefited from a population spillover effect from the Wasatch Front. Its population growth record is the best in central Utah. However, even in Sanpete County, roughly 300 more residents have left the county than have moved to it since 2010.

    • Sevier County has presented a checkered population performance since the decade began. In 2014, the county’s population contracted by approximately 70 people as the result of net out-migration.

    • Wayne County has also lost a fairly steady stream of residents over the previous four years. Over the previous four years, the county’s population has decreased by nearly 60 individuals.

    Wednesday, March 25, 2015

    Gunnison welcomes prison expansion

    Department of Corrections officials have broken ground on a $30 million expansion of the existing 1,600-inmate facility in Gunnison. Upon completion in August 2016, it will add an additional 192 beds and require 76 more employees. Presently, the central Utah prison employs about 350 with an annual payroll of $26 million. Most live in the six-county region encompassing Juab, Millard, Piute, Sanpete, Sevier and Wayne counties. Salt Lake Tribune

    Monday, March 23, 2015

    Utah's Seasonally Adjusted Unemployment Rates

    Seasonally adjusted unemployment rates for all Utah counties have been posted online here.

    Each month, these rates are posted the Monday following the Unemployment Rate Update for Utah.

    For more information about seasonally adjusted rates, read a DWS analysis here.

    Next update scheduled for April 20th.

    Friday, March 20, 2015

    Utah's Employment Situation for February 2015

    Utah's Employment Situation for February 2015 has been released on the web.

    Find the Current Economic Situation in its entirety here.

    For charts and tables, including County Employment, go to the Employment and Unemployment page.

    Next update scheduled for April 17th, 2015.

    Monday, March 9, 2015

    Monthly Consumer Price Index (CPI) updated

    The Consumer Price Indexes (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.

    There is no CPI data specific to Utah, so national data is relied upon for this page.

    For monthly and annual CPI data see here.

    Wednesday, February 4, 2015

    Sevier County Economic Update

    While Sevier County seems to have shaken off the job losses of 2013, recently-released nonfarm jobs numbers show a rather tepid third-quarter 2014 performance. The county did average a year-over gain of more the 130 jobs for the quarter, although September showed the weakest increase. Moreover, pockets of industry-level job loss remain. The current level of employment creation still managed to shrink the county’s jobless level to a level not seen since before the recession. Only a decline in gross taxable sales pitches a slight shadow on this recovering economy.

    Sanpete County Economic Update

    Recently-released employment data shows that Sanpete County has dug itself out of the job-loss pit of late 2013 to early 2014. While the monthly figures were not consistently strong, they do offer a welcome improvement from prior quarters. Moreover, most industries contributed to the job creation. Concurrently, the county’s jobless rate continued on the downward track reaching the level generally considered “full employment.” Sales followed the same basic pattern as job growth with a healthy third-quarter gain—just one more indicator of an improving economy.

    Millard County Economic Update

    Playing on its economic theme of recent years, Millard County continued to show moderate employment growth in the third quarter of 2014. While not particularly flashy, Millard County’s employment growth has proved sufficient to drive its unemployment rate down below the state average. In addition, while Millard County’s third-quarter 2014 gross taxable sale dipped noticeably, the source of the decline was in the volatile business investment category rather than in retail sales. All in all, the county remains economic vigorous while avoiding the “boom” zone.