The Rolling Stones got it right. “You can’t always get what you want.” We understand. You’d like your economic data faster, better, quicker. Here at the Utah Department of Workforce Services, Workforce Information Division, we’d love to give you that “ real-time” data you so passionately desire. After all, we’re probably the biggest data geeks around. Unfortunately, the realities of data collection, estimation and tabulation result in information that is ultimately less timely than ideal.
However, we know that particularly during recessionary interludes, the importance of tracking your area’s economic performance escalates—but we publish this newsletter only once a quarter. To help you in your quest to understand your county’s current economic conditions, we’ve put together a two-page economic update which can be updated and accessed on-line as quickly as data becomes available.
It’s an Up-to-Date Snapshot
Keep in mind that on the county level, few economic indicators are available. Here’s a list of those we’re able to track on a monthly or quarterly basis:
A “Current Economic Snapshot” for each county tracking these very important county-level indicators is now available on our website. So, instead of waiting for this newsletter to make its way into your mailbox once a quarter, you can quickly check the health of your county at your leisure.
Just a Few Reminders
Of course, the change in nonfarm jobs is the most important indicator. Although this data is available for counties in this region only once a quarter, it provides the quickest and most accurate signal of economic health or decline. Are your counties’ job losses increasing? Your economy probably hasn’t stopped contracting yet. On the other hand, are job losses getting smaller? Your county has probably hit the bottom of the business cycle.
Also, this snapshot includes some unemployment insurance claims data you might not have seen before. Keep in mind that the unemployment rates include far more individuals than those who are collecting unemployment insurance. Unemployment rates estimates encompass any one who is not currently employed and looking for work.
Where Can You Find this Economic Snapshot?
Accessing this information is as close as the nearest internet connection. Our website is jobs.utah.gov. Click on “Economic Information” and then “County Info.” Finally, if you have questions about your local economy, feel free to contact your regional economist (Lecia Langston).
Subscribe to this newsletter and other information: go to jobs.utah.gov/wi , then click on “sign up” in third box
Juab:
As Juab County reached the end of 2008, it appeared to also be nearing the end of the job losses associated with the winding down of construction at the Currant Creek Power Plant. However, national recessionary pressures stepped in to keep Juab County’s labor market from entering a growth-mode. Between March 2008 and March 2009, the county’s nonfarm employment decreased by 4.5 percent, representing the loss of roughly 160 jobs.
The county’s goods-producing industries—mining, construction, and manufacturing—generated the largest job losses—a typical situation during an economic downturn. In addition, leisure/hospitality services took a substantial employment hit. Following a pattern set in many other counties, only healthcare and government showed employment gains during the first quarter of 2009.
On the other hand, Juab County is one of the few areas in Utah to manage an improvement in construction permitting. During the first five months of 2009, the number of new homes permitted increased by 13-percent over the same time period in 2008. Overall, construction permit values held steady. In addition, while Juab County’s gross taxable sales did show a decline in the first quarter of 2009—the drop measured only 3 percent.
Millard:
While Millard County kept its employment head above water during most of 2008, it succumbed to the national economic downturn with job losses during the first quarter of 2009. Compared to the previous year, employment in March 2009 dipped by 1.7 percent—r oughly 70 jobs. Nevertheless, compared to the large declines in many other counties, Millard County’s decreases may appear enviable. Moreover, the county’s unemployment rate measured only 4.4 percent in June 2009—a far cry from the national average of 9.5 percent.
Authorization of a large nonresidential project more than doubled Millard County’s construction permit values for the first five months of 2009. In addition, home-building remained flat instead of showing the huge declines prevalent across the state. And, while the county’s gross taxable sales dipped during the first quarter of 2009, the decrease proved marginal.
Piute:
Employment in Piute County rarely follows a smooth path—mostly due to its small size. During the first quarter of 2009, recession seems to have taken its toll in Piute County as well. Between March 2008 and March 2009, Piute County contracted by almost 9 percent. Almost every industry was battered with employment losses. However, the largest declines occurred in mining and retail trade.
Not surprisingly, unemployment has steadily increased and stood at 6.4 percent in June 2009. Here, too, gross taxable sales showed reduced levels during the first quarter of 2009.
Sanpete:
Although Sanpete County created jobs at a robust rate through most of 2008, the temporary closure at Moroni Feed helped bring that trend to a screeching halt. In the first quarter of 2009, employment losses were still evident—lessened as the quarter progressed. Compared with 2008, March 2009 employment was down 2.4 percent.
Not surprisingly, most of the decrease occurred in the manufacturing sector—although construction and professional/business services generated notable declines. As in other counties, government and healthcare added jobs. However, in Sanpete County both mining and retail trade joined the job-winning industries.
Construction permitting remains in the clutch of the current recession as does gross taxable sales. Overall permit values are down 15 percent during the first five months of 2009, and sales dipped nine percent between the first quarters of 2008 and 2009.
Sevier:
Sevier County’s labor market tracked along with Sanpete County. It experienced expansion for most of 2008 only to slip into job-loss territory at year end. The recession was alive and well in first quarter 2009 as well. Between March 2008 and March 2009, Sevier County lost almost 280 jobs for a year-over decline of 3.5 percent.
Here, too, manufacturing losses dominated the scene with construction, retail trade, transportation, business/professional services, and leisure/hospitality services all showing significant employment declines. Only government and mining job totals showed notable improvement.
Other indicators suffered from the recessionary pressures. Overall permit values for the first five months of the year dropped by almost 23 percent compared to 2008 and first quarter gross taxable sales slipped by almost 9 percent.
Wayne:
Wayne County joined the central Utah crowd with job losses in the first quarter of 2009. However, the county’s declines remained relatively small—11 positions and 1.1 percent between March 2008 and March 2009. Construction and private education/health/social services were at the heart of the first-quarter loss. On the other hand, retail trade and leisure/hospitality services generated notable employment gains.
The downturn was also apparent in a 27-percent decline in permit vales for the first five months of the year. Plus, gross taxable sales contracted by almost 14 percent between the first quarters of 2008 and 2009.
For more information about these counties, go to: http://jobs.utah.gov/countyinfo.
“Plans for a third coal-fired power plant at Delta are dead. The Intermountain Power Agency said it will let the air-quality permit for a coal-fired Unit 3 expire. Instead, the company will focus on other options for the central Utah site. Environmental groups, who have been fighting Unit 3 since it was first proposed, applauded the move.”
—The Deseret News
“The U.S. Commerce Department’s Economic Development Administration announced grants of $52,500 each to the Six County Economic Development District of Richfield, the Five County Association of Governments of St. George, and the Southeastern Utah Economic Development District of Price. Each will use the funds to continue comprehensive economic development planning programs designed to boost business development and job growth.”
—The Deseret News
