Commerce Communique'

Utah's Economy: A Highly Educated Work Force?

Twenty-eight percent of Utah workers have a least a bachelor's degree. At this level of education, Utah ranks 20th among all states in educational attainment in the labor force. The state does not do quite as well in terms of advanced degrees. Nine percent of Utah workers have advanced degrees, which ranks 27th.

Highly educated workers are those benefitting from the improving job market both locally and nationally. At the national level the number of workers with a college degree has jumped by nearly 1.1 million over the past year while the number of workers with just a high school degree has fallen by 600,000 jobs.

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Utah's Economy: Utah's Job Market at Year-End 2011

At year-end the Utah economy shows signs of recovery. All major indicators, with the excption of housing, improved over 2010 and the forecast for 2012 shows futher improvement. Double-digit gains were recorded in 2011 for exports, nonresidential construction, vehicle sales and state tax revenues.

Most impressive, however was the strength of Utah's job market in the second half of the year. Employment growth jumped from an annual rate of around 1.5 percent, where it had been struck for several months, to the 2.5 to 2.9 percent range.

Read the entire report: Download Utah_Economy084November2011

Utah's Economy: Utah in Top Ten in Household Income

In 2012 Utah ranked thenth among all states in household income. The median household income for Utah, as reported by the U.S. Census Bureau, was $56,787, 15 percent above the national median of $49,445. New Hampshire ranks first in household income while Mississippi ranks last.

It's important to keep in mind that household income includes more than wages. Besides wages, household income also includes dividends, interest, rents, transfer payments (Social Security) and other non-wage income. While household income in Utah is above the national median, Utah's average wage rate is below the national average.

Read the entire report: Download Utah_Economy083October2011

Utah's Economy: Utah's Job Market Outperforming Most States

Utah employers are hiring again. Over the past three months the number of jobs in Utah has increased at a pace of about 30,000 new jobs a month. This rate of growth was not expected until at least 2012. Utah's labor market is growing faster than any other western state with the excepion of the small and energy-rich, Wyoming.

Read the entire report: Download Utah_Economy082September2011

Utah's Economy: Renters Increase by 60,000 in Ten Years

In the past 10 years the number of renter households in Utah increased by 60,000. Of the 877,000 households in Utah in 2010, 260,000 were renters. While the most recent decade saw the largest absolute increase in new renters, in relative terms the 30 percent increase between 2000 and 2010 was about average.

The decade with the largest gain in renters was the 1980s when the number of renters grew by 42 percent, while the 1960s was the slowest growing decade with only 4.6 percent increase. In 2010 30 percent of all households were renters. Over the last 50 years renter occupied units (as a percent of total occupied units) has fluctuated in a narrow range of 28 percent to 34 percent.

Read the entire report: Download Utah_Economy081August2011

Utah's Economy: Federal Construction to Offset Fewer State and Private Projects

Three large federal government projects should help prevent more job losses for the nonresidential construction sector. The sector is particularly vulnerable due to the anticipated lower levels of state building and road construction, the completion of City Creek Center and the winding down of fiscal stimulus spending.

Read the entire report:  Download Utah_Economy080July2011

Utah's Economy: Utah's Economy at Mid-Year 2011, Housing Trouble Slows Recovery

The most recent forecast for the Utah economy was completed in June by the Utah Revenue Assumption Committee.  The forecast shows improvement in every major indicator in 2011 with the exception of residential construction.

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Utah's Economy: Foreclosure confusion. Has the American Dream of homeownership become the American Nightmare?

Has the American Dream of homeownership become the American Nightmare? A recent Salt Lake Tribune article described the nightmare of foreclosure and homeownership. The article correctly noted the Great Recession has resulted in a record number of foreclosure filings. The interpretation of foreclosure data however requires some caution to avoid misleading conclusions.

Read the entire report: Download Utah_Economy078May2011

 

Utah's Economy: Welcomed news for the commercial real estate retail sector, with retail sales improving

Finally some welcomed news for the retail sector - sales tax revenues are up 3.9 percent, a sure sign consumer spending is picking up. Furthermore, retail sales are projected to increase by 4.3 percent in 2011 followed by a 5.4 percent increase in 2012, which will push sales up to $27.8 billion. The projected $27.8 billion in sales in 2012 is roughly equivalent, in real dollars, to the retail sector's previous peak year, 2007.

Read the entire report: Download Utah_Economy077April2011

Utah's Economy: Changes in the Utah Economy 1980 - 2009, a look at employment sectors and private employers

The service sector now dominates employment in the Utah economy. The sector has a total of 460,700 employees, which reflects a tremendous shift in employment over the last 30 years. in 1980 only 23.5 percent of all non-farm workers were in the service sector, but by 2009 that share had grown to nearly 40 percent.

The large growth in the services has left most other sectors with diminished employment shares. Two high wage sectors that have significantly declined are mining and manufacturing. Manufacturing's share of jobs has dropped from 16.1 percent in 1980 to 10.3 percent in 2009. Declines have also been registered by government and transportation sectors. Some of these shifts in employment are picked up in changes in Utah's major employers.

Read the entire report: Download Utah_Economy076March2011