2013-04-23-Economic Report to the Board of Governors
Oct 20, 2014
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-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 Rate
Source: Utah Department of Workforce Services, Governors Office of Management and Budget and Salt Lake Chamber
Year-over percent change
(63,837)
(7,217)
27,030 39,031
48,700
(80,000)
(60,000)
(40,000)
(20,000)
-
20,000
40,000
60,000
2009 2010 2011 2012 2013 (f)
Utah Job Creation
Source: Utah Department of Workforce Services, Governors Office of Management and Budget and Salt Lake Chamber
36,766
51,100
105,645 109,041
90,062 76,998
67,900
-
20,000
40,000
60,000
80,000
100,000
120,000
2007 2008 2009 2010 2011 2012 2013(f)
Utah Number of Unemployed
Source: Utah Department of Workforce Services, Governors Office of Management and Budget and Salt Lake Chamber
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 Rate
Source: Utah Department of Workforce Services, Governors Office of Management and Budget and Salt Lake Chamber
19,600
4,500
2,300 5,000
10,400
-
5,000
10,000
15,000
20,000
25,000
2009 2010 2011 2012 2013(f)
Utah Net Migration
Source: Utah Governors Office of Management and Budget
-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 Rate
Source: Utah Governors Office of Management and Budget
Year-over percent change
$10.3
$13.8 $19.0 $19.1
$21.0
-
5
10
15
20
25
2009 2010 2011 2012 2013(f)
Utah Exports
Source: World Trade Center Utah
(in billions)
10.5 9.3 8.8
12.7
16.0
-
5
10
15
20
2009 2010 2011 2012 2013(f)
Utah Dwelling Unit Permits
Source: Utah Governors Office of Management and Budget, Revenue Assumptions Working Group
(in thousands)
-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 Rate
Source: Utah State Tax Commission and Utah Governors Office of Management and Budget
Year-over percent change
Top Five Job Growth States
Source: Bureau of Labor Statistics
March 2012 March 2013
0.0% 1.0% 2.0% 3.0% 4.0% 5.0%
Idaho
Colorado
Texas
Utah
North Dakota
2.4%
2.6%
3.1%
4.2%
4.4%
Year-Over Percent Change
U.S. average = 1.5%
Utah Job Growth by Industry March 2013
-2.0 0.0 2.0 4.0 6.0 8.0 10.0
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 3.8
7.9 2.9
4.8 5.6
7.2
4.6 3.2
8.6 -0.8
4.0
Year-Over Percent Change
Source: U.S. Bureau of Labor Statistics
Focus Areas Immigration
Rio Tinto
Foreign Labor Force
Hourly Workers
High-Skilled Workers
Skill level
Num
ber o
f wor
kers
Conceptual Example
Native Labor Force
Hourly Workers
High-Skilled Workers
Skill level
Num
ber o
f wor
kers
Conceptual Example
Americas foreign labor force does not impede economic growth, it propels it.
Immigrants and natives are not perfect substitutes. They are complements
Efficient labor markets are important because productivity is a key determinant of living standards.
When the immigrant labor force grows, domestic jobs increase.
Kennecott Landslide
Photo credit: Deseret News
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 jobs
Source: Bureau of Economic and Business Research, University of Utah
Slide Number 1Utah Job Growth RateUtah Job CreationUtah Number of UnemployedUtah Unemployment RateUtah Net MigrationUtah Personal Income Growth RateUtah ExportsUtah Dwelling Unit PermitsUtah Retail Sales Growth RateTop Five Job Growth StatesUtah Job Growth by IndustryMarch 2013Focus AreasForeign Labor ForceNative Labor ForceAmericas foreign labor force does not impede economic growth, it propels it.Kennecott LandslideRio Tinto/Kennecott Economic Impact: 2011Slide Number 19
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