2013-04-23-Economic Report to the Board of Governors

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2013-04-23-Economic Report to the Board of Governors

  1. 1. -5.1%-0.6%2.3%3.3%4.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%2009 2010 2011 2012 2013 (f)Utah Job Growth RateSource: Utah Department of Workforce Services, Governor’s Office of Management and Budget and Salt Lake ChamberYear-over percent change
  2. 2. (63,837)(7,217)27,03039,03148,700(80,000)(60,000)(40,000)(20,000)-20,00040,00060,0002009 2010 2011 2012 2013 (f)Utah Job CreationSource: Utah Department of Workforce Services, Governor’s Office of Management and Budget and Salt Lake Chamber
  3. 3. 36,76651,100105,645 109,04190,06276,99867,900-20,00040,00060,00080,000100,000120,0002007 2008 2009 2010 2011 2012 2013(f)Utah Number of UnemployedSource: Utah Department of Workforce Services, Governor’s Office of Management and Budget and Salt Lake Chamber
  4. 4. 7.6%8.0%6.7%5.7%4.9%0.0%2.0%4.0%6.0%8.0%10.0%2009 2010 2011 2012 2013 (f)Utah Unemployment RateSource: Utah Department of Workforce Services, Governor’s Office of Management and Budget and Salt Lake Chamber
  5. 5. 19,6004,5002,3005,00010,400-5,00010,00015,00020,00025,0002009 2010 2011 2012 2013(f)Utah Net MigrationSource: Utah Governor’s Office of Management and Budget
  6. 6. -4.5%3.0%4.6% 5.0%4.2%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%2009 2010 2011 2012 2013(f)Utah Personal Income Growth RateSource: Utah Governor’s Office of Management and BudgetYear-over percent change
  7. 7. $10.3$13.8$19.0 $19.1$21.0-5101520252009 2010 2011 2012 2013(f)Utah ExportsSource: World Trade Center Utah(in billions)
  8. 8. 10.5 9.38.812.716.0-51015202009 2010 2011 2012 2013(f)Utah Dwelling Unit PermitsSource: Utah Governor’s Office of Management and Budget, Revenue Assumptions Working Group(in thousands)
  9. 9. -8.8% -7.3%6.7% 6.9%4.0%-10.0%-5.0%0.0%5.0%10.0%2009 2010 2011 2012 2013(f)Utah Retail Sales Growth RateSource: Utah State Tax Commission and Utah Governor’s Office of Management and BudgetYear-over percent change
  10. 10. Top Five Job Growth StatesSource: Bureau of Labor StatisticsMarch 2012 – March 20130.0% 1.0% 2.0% 3.0% 4.0% 5.0%IdahoColoradoTexasUtahNorth Dakota2.4%2.6%3.1%4.2%4.4%Year-Over Percent ChangeU.S. average = 1.5%
  11. 11. Utah Job Growth by IndustryMarch 2013-2.0 0.0 2.0 4.0 6.0 8.0 10.0GovernmentOther ServicesLeisure and HospitalityEducation and HealthProf. and BusinessFinancial ActivitiesInformationTrade, Trans, UtilitiesManufacturingConstructionNatural ResourcesTotal-0.13.87.92.94.85.67.24.63.28.6-0.84.0Year-Over Percent ChangeSource: U.S. Bureau of Labor Statistics
  12. 12. Focus Areas• Immigration• Rio Tinto
  13. 13. Foreign Labor ForceHourlyWorkersHigh-SkilledWorkersSkill levelNumberofworkersConceptual Example
  14. 14. Native Labor ForceHourlyWorkersHigh-SkilledWorkersSkill levelNumberofworkersConceptual Example
  15. 15. America’s foreign labor force does notimpede economic growth, it propels it.• Immigrants and natives are not perfect substitutes. They arecomplements• Efficient labor markets are important because productivity is akey determinant of living standards.• When the immigrant labor force grows, domestic jobsincrease.
  16. 16. Kennecott LandslidePhoto credit: Deseret News
  17. 17. Rio Tinto/Kennecott Economic Impact: 2011• Total in-state spending = $1.2 billion– $270 million in wages, salaries, benefits and pensions– $765 million in purchases with Utah firms– $140 million in payments to state and local government (including taxes)• Direct employment = 2,810• Indirect and induced employment = 14,971 people• Total jobs = 17,781 jobsSource: Bureau of Economic and Business Research, University of Utah

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