- Between September 2014 and September 2015, Millard County added 20 new jobs for a tepid growth rate of 0.5 percent.
- Declines in state and local government employment proved the major factor in the employment growth slowdown. Utilities and manufacturing also suffered notable losses.
- On the positive side of the ledger, wholesale trade, private education/health/social services and leisure/hospitality services all generated significant numbers of new positions.
- Despite the public-sector losses, Millard County’s unemployment rate has held relatively steady for the past two years at a low rate.
- In December 2015, joblessness measured 3.5 percent, unchanged from a year earlier.
- In addition, with the exception of a blip in early autumn, first-time claims for unemployment insurance seem to be holding in a seasonal pattern.
- While job growth paused, the county’s average wage actually ticked up a notch.
- Third quarter showed a particularly healthy 3.5-percent year-to-year gain.
- Nonresidential permitting for industrial buildings took the lead in generating a 57-percent increase in total values for the first 11 months of 2015.
- The number of new home permits held steady when compared with 2014.
- With almost a 7-percent increase, Millard County’s gross taxable sales turned in a strong third quarter performance.
- Much of the rise can be traced to a prior-period adjustment. However, retail trade, accommodations and food services all showed notable gains.
Tuesday, January 26, 2016
Millard County Economic Update
After more than two years of expansion, Millard County took a break from job growth in the third quarter of 2015. Although jobs picked up a bit by quarter-end, public-sector losses hampered labor market growth. However, other economic indicators currently show no signs of distress. New claims for unemployment insurance are basically holding in a seasonal pattern and jobless rates remain low. Construction permitting proved robust in 2015 and sales showed a sturdy third-quarter gain. The current slowdown may prove temporary but certainly bears watching.