Thursday, July 30, 2015

Sanpete County Economic Update

According to recently released economic indicators, Sanpete County’s economy seems to have regained its expansionary foothold. The county now has nine months of healthy year-to-year job growth under its belt. Moreover, the current expansion is dispersed among a wide variety of industries. Unemployment rates are holding at a low level and new claims for unemployment insurance are down. Rounding out this strong set of indicators, gross taxable sale generated robust expansion in the first quarter of the year.

  • Between March 2014 and March 2015, Sanpete County added more than 270 net, new nonfarm jobs for a year-over growth rate of nearly 4 percent.
  • Most industries shared in this broad-based expansion with manufacturing, leisure/hospitality service, construction and professional/business services adding at least 50 positions each.
  • Only healthcare and social services took a significant employment hit.
  • As in many Utah counties, the area’s jobless rate has flattened in recent months but remains low in historical terms.
  • In June 2015, Sanpete County’s jobless rate measured 4.0 percent, down 0.5 percentage points from a year earlier.
  • During the first half of the summer months, first-time claims for unemployment insurance continued in a reduced seasonal pattern.
  • Average wages continued to improve, but at a snail’s pace.
  • For the four quarters ending March 2015, the county’s average monthly nonfarm wage measured almost $2,300.
  • Between the first quarters of 2014 and 2015, gross taxable sales generated a healthy 5-percent increase.
  • Although business investment expenditures dropped from last year’s level, motor vehicle establishments, building materials businesses, general merchandise stores and leisure/hospitality sales increased nicely.