1. Utah Economic
Report
Governor’s Economic Council
October 11, 2012
2. Utah Economic Peak and Trough
Peak Sept. 2008
1,261,819 jobs
Trough June 2010
1,159,150 jobs
Job loss 102,669 jobs
Source: Utah Department of Workforce Services and Bureau of Labor Statistics
3. Utah Jobs Reach Pre-Recession Peak
Utah job count
1,280,000
Pre-recession peak Nearly back to peak
1,260,000
1,240,000
1,220,000
1,200,000 Trough
1,180,000
1,160,000
1,140,000
1,120,000
1,100,000
Source: Utah Department of Workforce Services and Bureau of Labor Statistics
5. Utah Job Growth
Original and revised year-over growth
4.0% Revised data
3.6% 3.6% Historical average
3.5%
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. Fastest Growing Economies
Job growth August 2011 – August 2012
North 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. 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 1.6
Leisure 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. Fastest Growing Economies in Utah
August 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