Monday, November 24, 2014

Emery County Economic Indicators

Despite the positive momentum across the state, the Castle Country and Southeast regions have scuffled to recover from the recession. Both regions felt the effects of the downturn in 2009, when the labor markets shed 202 and 283 jobs from the previous year, respectively. 2010 turned out to be the best year for the labor market in Castle Country since the recovery began. The Southeast region turned the corner in 2010 and has had uneven job growth since, though the first half of 2014 has shown signs of greater expansion. Some of the issues facing these economies are cyclical; while other challenges – like those facing the mining industry – are longer-term structural shifts in the economy.
  • Year-over payroll employment in Emery County grew 2.5 percent in the second quarter of 2014. Growth was driven by the goods-producing industries, which increased 9.7 percent (87 jobs). However, construction and mining employment went in separate directions. Employment in the construction industry jumped 54.7 percent – likely the result of a single project, and not a long-term change – while mining employment fell 23.6 percent.
  • Like Carbon County, Emery County had a relatively high seasonally-adjusted unemployment rate of 4.8 percent in September. 2014 job growth has been uneven, and without consistent growth it is unlikely that the jobless rate will reach pre-recession lows in the near future.
  • Average monthly wage growth in the second quarter of 2014 reflected employment growth; increasing 19.5 percent from 2013 (the largest increase in the state). Carbon County’s wage growth was broad-based increasing in 9 of the 10 industry groups. However, a single project in the construction industry inflated average monthly wages dramatically.
  • Second quarter 2014 taxable sales in Emery increased for the fourth consecutive quarter. Quarterly taxable sales in the county were just under $38 million, compared to $32.7 million in second quarter 2013. The utilities and information industries – the largest and fourth largest industries by total sales – gained $2.4 million combined.