Monday, September 21, 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 Oct 19th.

Friday, September 18, 2015

Utah's Employment Situation for August 2015

Utah's Employment Situation for August 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 October 16, 2015.

Monday, September 14, 2015

Construction advancing at Central Utah Correctional Facility expansion

Construction of the West One expansion at the Central Utah Correctional Facility (CUCF) is proceeding according to plan, officials from Layton Construction told a meeting of Gunnison Valley community leaders. Needed staffing, including 61 new corrections officers, is being addressed, CUCF officials told the Gunnison Valley CUCF Advisory Committee.

The $30-million expansion consists of a 192-bed housing unit, a control room, intake building and a kennel for a program where some inmates are assigned dogs as companions. The facility currently employs about 350 and has a payroll of $26 million. Sanpete Messenger

ERA Brokers release Housing Market Reports

Sevier County 
  • Inventories of homes for sale dropped 20 percent between June 2014 and June 2015. 
  • Closed sales decreased 13 percent from the previous year. 
  • In June 2014, the average days on the market measured 76 down from 80 in June 2014. 
  • The median home sales price was $156,000 in June 2015.

Monday, August 3, 2015

Going for the churn: What do we know about labor market turnover in Central Utah?

by Lecia Parks Langston, Senior Economist

“It is said that employees don’t leave companies, they leave people.” Dale Carnegie

Employee turnover can be expensive. Tally up lower productivity, loss of skills, training costs, and recruitment costs and pretty soon you’re talking about a good chunk of sometimes hidden expenses. On a broader level, some economists lament the recent slowdown in labor market churn suggesting less job swapping means the economy is now slower to reallocate labor to more productive uses. Analysts also suggest that lower turnover results in wage stagnation for employees who may accrue salary increases from changing jobs.
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Local Insights updated on the web

By Mark Knold, Supervising Economist 

Shelter is one of humanity’s basic needs. That is why housing is everywhere. Since housing is so ubiquitous, it becomes an important component in an economy’s foundation, and as such becomes an economic indicator.

In this issue of Local Insights, we look at the demand for housing structures, the amount of housing permits and their history, and how this history shows that housing demand follows the ups and downs of a region’s economic performance. In evaluating the volume of housing permits, we also parallel the health and vitality of the local economy.

People need jobs that supply them income in order to afford housing. Jobs are not the only factor, as things like affordability and the ability to obtain lending also play their part in housing demand. But the foundation of housing demand is the health of the job market.

The graph shows Utah statewide housing permits. A trend of normal permitting activity is evident from 1996 through 2004. Permits rose during the pre-Great Recession boom, then became lethargic for the seven years following. It is just recently that the volume of permit activity is again approaching something normal. That in itself is an economic indicator of an improved Utah economy.


To read more, see the latest issues of Local Insights. To receive a printed copy, please call 801-526-9785.