2013-04-23-Economic Report to the Board of Governors
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The document contains charts and graphs depicting economic indicators in Utah from 2007-2013. It shows that from 2009-2012, Utah experienced steady job growth, declining unemployment, increased personal income and exports, and growth in the construction and natural resources industries. Net migration to Utah also increased steadily from 2009-2012. The bottom section focuses on immigration and Rio Tinto, noting their contributions to Utah's economy and jobs.
2013-04-23-Economic Report to the Board of Governors
- 2. -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, Governor’s Office of Management and Budget and Salt Lake Chamber Year-over percent change
- 3. (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, Governor’s Office of Management and Budget and Salt Lake Chamber
- 4. 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, Governor’s Office of Management and Budget and Salt Lake Chamber
- 5. 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, Governor’s Office of Management and Budget and Salt Lake Chamber
- 6. 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 Governor’s Office of Management and Budget
- 7. -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 Governor’s Office of Management and Budget Year-over percent change
- 8. $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)
- 9. 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 Governor’s Office of Management and Budget, Revenue Assumptions Working Group (in thousands)
- 10. -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 Governor’s Office of Management and Budget Year-over percent change
- 11. 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%
- 12. 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
- 13. Focus Areas • Immigration • Rio Tinto
- 14. Foreign Labor Force Hourly Workers High-Skilled Workers Skill level Numberofworkers Conceptual Example
- 15. Native Labor Force Hourly Workers High-Skilled Workers Skill level Numberofworkers Conceptual Example
- 16. America’s 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.
- 17. Kennecott Landslide Photo credit: Deseret News
- 18. 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