Thursday, October 22, 2015

Millard County Economic Update

Millard County’s economic expansion continued with another quarter of job growth although the rate of gain was hindered by notable losses in two industries. Unemployment remained low (if unchanged from last year) and first-time claims for unemployment insurance showed no unexpected increases. Construction continued to improve although the number of dwelling units held steady. Gross taxable sales bounced back from a decline earlier in the year to display moderate expansion. If job expansion can improve, the county will find itself on an even firmer economic footing.

  • Millard County generated a net gain of 42 nonfarm jobs (up 1 percent) between June 2014 and June 2015.
  • While job growth is not particularly robust, it has proved sustainable.
  • The current quarter bookmarks a three-year-plus streak of employment expansion.
  • Employment losses in manufacturing and the public sector put a drag on overall job growth.
  • The strongest employment gains occurred in trade, education/health/social services and construction.
  • In September 2015, Millard County’s jobless rate measured 3.6 percent, unchanged from a year earlier.
  • As in many counties, Millard County’s unemployment rate seems to have bottomed out in 2015 but remains very low.
  • First-time claims for unemployment insurance held in a seasonal pattern in early autumn with no particular sign of cyclical distress.
  • After flattening in recent quarters, the county’s average nonfarm wage experienced an improvement in second quarter.
  • Although the number of home permits issued in the first seven months of 2015 seems to have stalled at last year’s level, the values of those permits increased dramatically.
  • This rise in residential construction proved the primary factor in the January to June 2015 year-to-year total permit value increase of 157 percent.
  • Gross taxable sales bounced back from a decrease in first quarter 2015. Between the second quarters of 2014 and 2015, Millard County sales increased by 3.9 percent.
  • Expenditures in the business investment category joined with taxable sales in retail and real estate/leasing to generate most of the aforementioned gain.