governor's economic council utah report 10-11-12
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Utah EconomicReport
Governor’s Economic CouncilOctober 11, 2012
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Utah Economic Peak and Trough
Peak Sept. 20081,261,819 jobs
Trough June 20101,159,150 jobs
Job loss 102,669 jobs
Source: Utah Department of Workforce Services and Bureau of Labor Statistics
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Utah Jobs Reach Pre-Recession PeakUtah job count
1,100,000
1,120,000
1,140,000
1,160,000
1,180,000
1,200,000
1,220,000
1,240,000
1,260,000
1,280,000 Pre-recession peak Nearly back to peak
Trough
Source: Utah Department of Workforce Services and Bureau of Labor Statistics
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Utah Job GrowthMonthly Year-Over Percent Change
-7.0%
-5.0%
-3.0%
-1.0%
1.0%
3.0%
5.0%
-0.1%-0.1%
-0.7%
-1.8%
-2.3%
-3.3%
-4.1%
-4.6%
-5.2%-5.4%
-5.7%-6.0%
-6.2%-5.9%
-5.4%
-4.9%-4.5%
-3.7%
-3.1%
-2.3%
-1.1%
-0.5%-0.3%
0.2%0.3%0.4%0.8%
1.0%1.2%
1.7%2.0%1.9%
2.1%1.8%
2.1%2.4%
2.6%2.8%
2.6%2.6%2.8%2.8%
3.0%3.2%
3.0%
3.6%3.6%
Source: Utah Department of Workforce Services and Bureau of Labor Statistics
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Utah Job GrowthOriginal and revised year-over growth
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-120.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
2.8%
3.0% 3.2% 3.0%
3.6% 3.6%
2.6% 2.5%2.3%
1.9%
2.3%
2.6%
1.9% 2.0%
Revised data
Original estimates
Historical average
Source: Utah Department of Workforce Services and Bureau of Labor Statistics
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Fastest Growing Economies
Source: Bureau of Labor Statistics
Job growth August 2011 – August 2012
Utah
Wyoming
Louisianna
Arizona
Texas
Oklahoma
North Dakota
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%
2.0%
2.0%
2.2%
2.3%
2.5%
2.9%
6.7%
Year-Over Percent Change
Utah has the seventhfastest growingeconomy in the country
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Utah Job Growth by IndustryAugust 2012
Government
Other Services
Leisure and Hospitality
Education and Health
Prof. and Business
Financial Activities
Information
Trade, Trans, Utilities
Manufacturing
Construction
Natural Resources
Total
0 1 2 3 4 5 6 7
1.1
2.3
1.0
1.6
4.4
3.3
5.7
0.5
3.1
1.2
6.7
2.0Chart Title
Year-Over Percent Change
Source: Utah Department of Workforce Services
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Fastest Growing Economies in UtahAugust 2011–2012
Cache
Weber
Salt Lake
Davis
Utah
Sanpete
Grand
Washington
Uintah
Duchesne
Total
0 1 2 3 4 5 6 7 8
1.6
1.6
3.2
3.3
3.4
3.6
3.6
4.8
5.1
8
2Chart Title
Year-Over Percent Change in Jobs
Source: Utah Department of Workforce Services