Governor's Economic Council Utah Report 10-11-12

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Governor's Economic Council Utah Report 10-11-12

  1. 1. Utah Economic Report Governor’s Economic Council October 11, 2012
  2. 2. Utah Economic Peak and Trough Peak Sept. 2008 1,261,819 jobs Trough June 2010 1,159,150 jobs Job loss 102,669 jobsSource: Utah Department of Workforce Services and Bureau of Labor Statistics
  3. 3. Utah Jobs Reach Pre-Recession Peak Utah job count1,280,000 Pre-recession peak Nearly back to peak1,260,0001,240,0001,220,0001,200,000 Trough1,180,0001,160,0001,140,0001,120,0001,100,000 Source: Utah Department of Workforce Services and Bureau of Labor Statistics
  4. 4. Utah Job Growth Monthly Year-Over Percent Change5.0% 3.6% 3.6% 3.2% 3.0% 3.0% 2.8% 2.8% 2.8%3.0% 2.6% 2.6% 2.4% 2.6% 2.0% 2.1% 2.1% 1.9% 1.8% 1.7% 1.2% 1.0% 0.8%1.0% 0.4% 0.3% 0.2% -0.1% -0.1% -0.3% -0.5%-1.0% -0.7% -1.1% -1.8% -2.3% -2.3%-3.0% -3.1% -3.3% -3.7% -4.1% -4.5%-5.0% -4.6% -4.9% -5.2% -5.4% -5.4% -5.7% -6.0% -5.9% -6.2%-7.0% Source: Utah Department of Workforce Services and Bureau of Labor Statistics
  5. 5. Utah Job Growth Original and revised year-over growth4.0% Revised data 3.6% 3.6% Historical average3.5% 3.0% 3.2% 3.0%3.0% 2.8% 2.6% 2.6% Original estimates 2.5%2.5% 2.3% 2.3% 2.0%2.0% 1.9% 1.9%1.5%1.0%0.5%0.0% Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Source: Utah Department of Workforce Services and Bureau of Labor Statistics
  6. 6. Fastest Growing Economies Job growth August 2011 – August 2012North Dakota 6.7% Oklahoma 2.9% Texas 2.5% Arizona 2.3% Louisianna 2.2% Utah has the seventh fastest growing Wyoming 2.0% economy in the country Utah 2.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Year-Over Percent Change Source: Bureau of Labor Statistics
  7. 7. Utah Job Growth by Industry August 2012 Total 2.0 Natural Resources 6.7 Construction 1.2 Manufacturing 3.1 Trade, Trans, Utilities 0.5 Information 5.7 Financial Activities 3.3 Prof. and Business 4.4 Education and Health 1.6Leisure and Hospitality 1.0 Other Services 2.3 Government 1.1 0 2 4 6 8 Year-Over Percent Change Source: Utah Department of Workforce Services
  8. 8. Fastest Growing Economies in UtahAugust 2011–2012 Total 2 Duchesne 8 Uintah 5.1 Washington 4.8 Grand 3.6 Sanpete 3.6 Utah 3.4 Davis 3.3 Salt Lake 3.2 Weber 1.6 Cache 1.6 0 2 4 6 8 Year-Over Percent Change in Jobs Source: Utah Department of Workforce Services

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