Utah job creation momentum continues

This entry was posted on Friday, July 20th, 2012 at 1:24 pm and is filed under Chamber News, Economic Development, Public Policy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Utah’s latest jobs figures were released this morning showing continued job growth.

The state economy is growing by 2.6 percent–that doubles the national growth rate of 1.3 percent. In all, 12,400 Utah workers have gotten back on the job this year, brining the 12 month rolling total to 32,000 jobs added.

Optimism is also growing as frustrated workers (those who had stopped looking for work) re-enter the job market. That is indicated by an unchanged unemployment rate (6.0 in Utah compared to 8.2 nationally) coupled with overall job growth.

Utah’s private sector job growth
Impressively, all of Utah’s industrial sectors have added jobs over the past 12 month with the notable exception of government. Natural Resources grew by 8.5 percent, the strongest growth in the state. According to the report, natural resources and mining is Utah’s strongest growth sector with employment gains over-the-year of 8.5 percent, or 1,000 jobs, most of which originates in the Uintah Basin, Utah’s oil and gas region abutting Wyoming and Colorado.

Professional and Business Services also grew by 5.3 percent According to the report, “Private Education and Health Services is a stalwart of the Utah economy, having grown through both of the recessions of the past decade. However, current employment estimates have the industry growing at its lowest levels of the past 15 years. Employment gains of 1,200 are only a 0.8 percent growth rate.

The Leisure and Hospitality sector bounced back to job gains as the calendar shifts away from the winter season and into the summer season. They are two separate seasons with two separate economic profiles. The industry has added 2,300 jobs to this year’s summer profile over last year.”

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