Thursday, October 22, 2015

Sanpete County Economic Update

Recently-released jobs data shows Sanpete County continuing on down the expansionary track. Employment expansion is both robust and broadbased. While the county’s unemployment rate has edged up slightly, it remains historically low as do first-time claims for unemployment insurance. Gross taxable sales fills out this group of healthy indicators with strong second quarter gains. Sanpete County seems to have shaken off its previous economic woes.

  • Between June 2014 and June 2015, Sanpete County added more than 300 net, new nonfarm jobs for a vigorous year-to-year growth rate of more than 4 percent. 
  • Most major industrial sectors shared in the economic joy. 
  • The only loss of note occurred in healthcare/social services. 
  • Manufacturing took the lead in job creation adding more than 90 positions over the past twelve months. 
  • Construction, professional/business services, leisure/hospitality services and government all generated a significant number of new positions. 
  • As in many other Utah counties, Sanpete County’s unemployment rate has edged up just a tad in recent months. 
  • At 4.2 percent, the area’s September 2015 jobless rate still measures below the year-ago figure and remains in the full-employment zone. 
  • New claims for unemployment insurance held at low seasonal levels as the autumn months progressed. 
  • Not surprisingly, construction accounted for a large share of year-to-date claims activity. 
  • Sanpete County’s average monthly nonfarm wage continued to ever so slowly increase in second quarter 2015. 
  • Between the second quarters of 2014 and 2015, gross taxable sales increased by a robust 7.5 percent. 
  • Strong business investment expenditures in manufacturing combined with rapid retail sales growth to expand total sales figures.