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Utah Key Economic Performance Indicators

Utah Key Economic Performance Indicators

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Published by: State of Utah on Mar 30, 2012
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03/30/2012

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UTAH
 
KEY
 
ECONOMIC
 
PERFORMANCE
 
INDICATORS
 
EMPLOYMENT
 
&
 
UNEMPLOYMENT
 
RATE
 
The
 
Department
 
of 
 
Workforce
 
Services
 
reports
 
that
 
Utah
 
added
 
30,300
 
 jobs
 
between
 
January
 
2011
 
and
 
January
 
2012,
 
an
 
in
crease
 
of 
 
2.6%
.
 
This
 
rate
 
of 
 
growth
 
is
 
higher
 
than
 
national
 
growth
 
of 
 
1.5%
.
 
Utah
 
currently
 
has
 
the
 
2nd
 
fastest
 
employ
ment
 
growth
 
rate
 
in
 
the
 
nation,
 
behind
 
North
 
Dakota
 
(5.7%).
 
Utah’s
 
unemployment
 
rate
 
was
 
5.7%
 
in
 
December.
 
Approxi
mately
 
76,100
 
Utahns
 
reported
 
they
 
were
 
unemployed,
 
lower
 
than
 
last
 
month
 
(77,400,
 
5.8%)
 
as
 
well
 
as
 
this
 
time
 
last
 
year
 
(100,900,
 
7.5%).
 
Nationally,
 
the
 
unemployment
 
rate
 
dropped
 
slightly
 
between
 
December
 
and
 
January
 
from
 
8.5%
 
to
 
8.3%
.
 
Utah’s
 
unemployment
 
rate
 
is
 
the
 
9th
 
lowest
 
in
 
the
 
nation.
 
EMPLOYMENT
 
PERFORMANCE
 
BY
 
INDUSTRY
 
Preliminary
 
estimates
 
show
 
that
 
10
 
of 
 
Utah’s
 
11
 
major
 
industrial
 
sectors
 
posted
 
employment
 
growth
 
over
 
the
 
last
 
12
 
months.
 
Only
 
Leisure
 
and
 
Hospitality
 
(
900
 
 jobs
,
 
0.8%
)
 
posted
 
a
 
decline.
 
The
 
Professional
 
and
 
Business
 
Services
 
sector
 
added
 
the
 
most
 
 jobs
 
over
 
the
 
last
 
12
 
months
 
(
6,700
 
 jobs
,
 
4.4%
),
 
followed
 
by
 
the
 
Trade,
 
Transportation,
 
and
 
Utilities
 
(
5,000
 
 jobs,
 
2.2%
).
 
The
 
Natu
ral
 
Resources
 
and
 
Mining
 
sector
 
posted
 
the
 
highest
 
year
over
 
growth
 
rate
 
(
1,000
 
 jobs
,
 
9.3%
),
 
followed
 
by
 
the
 
Construction
 
sec
tor
 
(
3,300
 
 jobs,
 
5.6%
)
 
Nationally,
 
2
 
of 
 
the
 
11
 
sectors—Government
 
(
1.2%
)
 
and
 
Infor
mation
 
(
1.8%
)—posted
 
declines.
 
STATE
 
REVENUE
 
The
 
most
 
recent
 
consensus
 
revenue
 
forecast,
 
completed
 
in
 
Feb
ruary,
 
anticipates
 
that
 
State
 
General
 
Fund
 
and
 
Education
 
Fund
 
revenue
 
will
 
grow
 
2.1%
 
in
 
FY
 
2012
 
and
 
4.5%
 
in
 
FY
 
2013.
 
Based
 
on
 
this
 
forecast,
 
approximately
 
$422
 
million
 
in
 
new
 
revenue
 
($133
 
million
 
one
time,
 
$289
 
million
 
ongoing)
 
was
 
available
 
for
 
appropriation
 
during
 
the
 
2012
 
General
 
Session.
 
Current
 
revenue
 
collections
 
remain
 
consistent
 
with
 
expecta
tions.
 
As
 
of 
 
the
 
end
 
of 
 
February
 
2012,
 
revenue
 
collections
 
to
taled
 
53.5%
 
of 
 
the
 
year
end
 
forecast
 
of 
 
$4.8
 
billion.
 
At
 
the
 
same
 
time
 
last
 
year,
 
collections
 
totaled
 
53.0%
 
of 
 
year
end
 
re
ceipts.
 
Governors
 
Office
 
of 
 
Economic
 
Development
 
recruitment
 
ef 
forts
 
during
 
the
 
first
 
7
 
months
 
of 
 
FY
 
2012
 
resulted
 
in
 
post
performance
 
incentives
 
for
 
business
 
expansion
 
or
 
relocation
 
to
 
Utah.
 
The
 
companies
 
will
 
create
 
over
 
6,200
 
 jobs
 
and
 
generate
 
over
 
$1.2
 
billion
 
in
 
capital
 
investment
 
and
 
over
 
$4.7
 
billion
 
in
 
wages
 
over
 
the
 
next
 
20
 
years.
 
Major
 
announcements
 
include
 
the
 
expansion
 
of 
 
L
3,
 
a
 
prime
 
contractor
 
in
 
command,
 
communications,
 
intelligence,
 
surveil
lance
 
and
 
reconnaissance
 
systems,
 
aircraft
 
modernization
 
and
 
maintenance,
 
and
 
government
 
services.
 
The
 
expansion
 
will
 
create
 
500
 
 jobs
 
and
 
generate
 
over
 
$389
 
million
 
in
 
wages
 
and
 
$22
 
million
 
in
 
new
 
state
 
revenue
 
over
 
the
 
next
 
20
 
years.
 
CORPORATE
 
RECRUITMENT
 
&
 
INCENTIVES
 
Last
 
Updated
 
March
 
15,
 
2012
 
Prepared
 
by
 
GOPB
 
&
 
GOED
 
2,100
 
400(900)4,800
 
6,700
 
2,200
 
1,000
 
5,000
 
4,700
 
3,300
 
1,000
 
2,000 0 2,000 4,000 6,000 8,000
Nonfarm
 
Employment
 
Change:
 
Janyuary
 
2011
January
 
2012
 
NaturalResourcesConstructionManufacturingTrade,
 
Trans.,
 
UtilitiesInformationFinancial 
 
 ActivitiesProf.
 
and 
 
Bus.
 
ServicesEducation
 
and 
 
HealthLeisure
 
and 
 
Hospitality Other 
 
ServicesGovernment 
5.0%5.5%6.0%6.5%7.0%7.5%8.0%8.5%1.141.161.181.201.221.24
    F   e    b
      ‐
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    1    0    M   a   y
      ‐
    1    0    J   u   n
      ‐
    1    0    J   u    l
      ‐
    1    0    A   u   g
      ‐
    1    0    S   e   p
      ‐
    1    0    O   c    t
      ‐
    1    0    N   o   v
      ‐
    1    0    D   e   c
      ‐
    1    0    J   a   n
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    1    1    F   e    b
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    1    1    J   u   n
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    1    1    A   u   g
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    1    1    S   e   p
      ‐
    1    1    O   c    t
      ‐
    1    1    N   o   v
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    1    2
Nonfarm
 
Employment
 
(mil.,
 
sa)
 
&
 
Unemployment
 
Rate
 
(sa)
Employment Unemployment
 
Rate
Note:
 
Vertical
 
axis
 
does
 
not
 
begin
 
at
 
zero.
$297$278$3,3224,222$364$2,436$4,9687,638$259$1,213$4,7126,266
02,0004,0006,0008,00010,000New
 
State
 
RevenueCapital
 
InvestmentNew
 
State
 
WagesNew/Retained
 
Jobs
Corporate
 
Recruitment
 
Results
FY
 
2010FY
 
2011FY
 
2012
 
YTD,
 
February
 Jobs$
 
Millions
0.0%20.0%40.0%60.0%80.0%100.0%Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
General
 
Fund
 
and
 
Education
 
Fund
 
Revenue
FY
 
2012
 
%
 
of 
 
ForecastFY
 
2011
 
%
 
of 
 
Total
 
Collections

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