Wednesday, February 4, 2015

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.

  • Compared to the previous year, Millard County employment increased by 100 positions in September 2014.
  • The accompanying moderate 2.5 percent growth rate nestles between the state (3.0 percent) and national (2.0 percent) averages.
  • Job-gaining movers and shakers included retail trade, transportation/warehousing, private education/health/social services and the public sector.
  • While the increases could have shown a wider spectrum of industrial improvement, only leisure/hospitality services employment took a significant hit.
  • In December 2014, Millard County’s jobless rate registered below the statewide average, a mere 2.9 percent.
  • Less-populated counties rarely exhibit this low level of unemployment which is indicative of full-employment.
  • During the first few weeks of 2015, initial claims for unemployment insurance measured below the already low counts of 2014.
  • Gross taxable sales registered as the only indicator to cast a pall over Millard County’s economy.
  • Between the third quarters of 2014 and 2015, sales dipped by almost 11 percent. However, retail trade sales did show improvement.
  • Third-quarter 2014 new car and truck sales showed a 9-percent year-to-year gain.