Tuesday, April 28, 2015

Sanpete County Economic Update

Sanpete County ended the year with a nice, moderate job gain. After losing jobs for roughly a year, the county seems to have regained its employment footing in mid-2014. Industry gains appear fairly broad-based and sufficient to keep unemployment on a downward path. In addition, unemployment insurance claims remain low and sales strong. The only blot on this otherwise healthy economic portrait is a notable slowdown in construction permitting.

  • Between December 2013 and December 2014, Sanpete County created 245 net new jobs for a growth rate of more than 3 percent. 
  • Manufacturing and government generated the largest number of new positions with significant assistance from construction, retail trade, professional/business services and leisure/hospitality services. 
  • Three industries – mining, healthcare, transportation – did experience notable employment declines. 
  • Joblessness in Sanpete County continued to trend downward to register at 3.9 percent in March 2015. 
  • Currently, unemployment in Sanpete County registers at the lowest level in six years. 
  • In the first few months of 2015, first-time claims for unemployment insurance remained in an abbreviated seasonal pattern. 
  • Sanpete County’s gross taxable sales increased by almost 12 percent between the fourth quarters of 2013 and 2014. 
  • Strong sales in the business investment category provided a boost along with retail sales gains. 
  • New car and truck sales decreased slightly (5 percent) between the fourth quarters of 2013 and 2014. 
  • Construction permitting apparently slowed dramatically in 2014. 
  • New residential and nonresidential values dropped decidedly when compared to 2013. 
  • With a slight 0.8-percent increase in 2014 population, only Sanpete County experienced a population gain among the counties of central Utah. 
  • However, even in Sanpete County, roughly 300 more residents have left the county than have moved to it since 2010.