Most other economic indicators show an improving economy. The lone exception? As in many rural areas, construction has yet to rebound. Here are the details:
- Between December 2011 and December 2012, Millard County’s nonfarm jobs grew by roughly 3 percent marking a net gain of more than 110 jobs.
- The current expansion proved quite broad-based—another sign of economy well-being. Most major industries added employment. Plus, those few industry jobs losses proved minor.
- Professional/business services created the largest number of new positions with manufacturing, wholesale trade and the public sector each contributing between 15 and 20 new jobs.
- Joblessness continued to decline in response to an improved job market. In February 2013, the county’s unemployment rate clocked in at only 4.6 percent—unusually low for a rural county. In fact, Millard County’s jobless rate measures below both the state (5.2 percent) and national (7.7 percent) averages.
- So far in 2013, first-time claims for unemployment insurance seem to have established a typical seasonal pattern rather than one reflective of a job-shedding economy.
- Construction remains the one holdout in the improving economy. In Millard County, every single construction permitting category showed a decrease in values during 2012. Of course, although new home permits dropped by 48 percent in 2012, these figures are compared to a nice surge in new home construction that occurred in 2011.
- New nonresidential values also dropped by 42 percent. Overall, total permit-approved values declined by 45 percent.
- Fourth quarter gross taxable sales increased by a healthy 8-percent (year-over-year). While this is only the second straight gain in sales since early 2011, gross taxable sales also reflected the up-and-down business spending connected to the large construction projects.
- Millard County cars sales rose a whopping 44 percent in fourth quarter 2012 following a general improving trend.
