Tyson Smith, Regional Economist
The Uintah Basin continued to add employment throughout the fourth quarter of 2014. Average annual employment in the region grew nearly 4 percent from 2013. Despite the sustained growth trend throughout last year, it appears that the economic conditions in the Uintah Basin are taking a turn for the worse.
The Utah Department of Workforce Services relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
When economic trends change dramatically it is important to understand the recent history of the region, while also using up-to-date information to inform the current economic climate. The most recent data that highlight the shrinking labor market in the Uintah Basin are the unemployment rate and the initial weekly unemployment claims, both of which have jumped significantly to start 2015.
Showing posts with label Industries. Show all posts
Showing posts with label Industries. Show all posts
Monday, April 27, 2015
Uintah County Economic Update
Tyson Smith, Regional Economist
The Uintah Basin continued to add employment throughout the fourth quarter of 2014. Average annual employment in the region grew nearly 4 percent from 2013. Despite the sustained growth trend throughout last year, it appears that the economic conditions in the Uintah Basin are taking a turn for the worse.
The Utah Department of Workforce Services relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
When economic trends change dramatically it is important to understand the recent history of the region, while also using up-to-date information to inform the current economic climate. The most recent data that highlight the shrinking labor market in the Uintah Basin are the unemployment rate and the initial weekly unemployment claims, both of which have jumped significantly to start 2015.
The Uintah Basin continued to add employment throughout the fourth quarter of 2014. Average annual employment in the region grew nearly 4 percent from 2013. Despite the sustained growth trend throughout last year, it appears that the economic conditions in the Uintah Basin are taking a turn for the worse.
The Utah Department of Workforce Services relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
When economic trends change dramatically it is important to understand the recent history of the region, while also using up-to-date information to inform the current economic climate. The most recent data that highlight the shrinking labor market in the Uintah Basin are the unemployment rate and the initial weekly unemployment claims, both of which have jumped significantly to start 2015.
Daggett County Economic Update
Tyson Smith, Regional Economist
The Uintah Basin continued to add employment throughout the fourth quarter of 2014. Average annual employment in the region grew nearly 4 percent from 2013. Despite the sustained growth trend throughout last year, it appears that the economic conditions in the Uintah Basin are taking a turn for the worse.
The Utah Department of Workforce Services relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
When economic trends change dramatically it is important to understand the recent history of the region, while also using up-to-date information to inform the current economic climate. The most recent data that highlight the shrinking labor market in the Uintah Basin are the unemployment rate and the initial weekly unemployment claims, both of which have jumped significantly to start 2015.
The Uintah Basin continued to add employment throughout the fourth quarter of 2014. Average annual employment in the region grew nearly 4 percent from 2013. Despite the sustained growth trend throughout last year, it appears that the economic conditions in the Uintah Basin are taking a turn for the worse.
The Utah Department of Workforce Services relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
When economic trends change dramatically it is important to understand the recent history of the region, while also using up-to-date information to inform the current economic climate. The most recent data that highlight the shrinking labor market in the Uintah Basin are the unemployment rate and the initial weekly unemployment claims, both of which have jumped significantly to start 2015.
Monday, November 24, 2014
Daggett County Economic Indicators
The Uintah Basin region felt the effects of the downturn starting in 2009, when the labor market shed 2,626 jobs from the previous year. Overall, 2010 also brought job losses, though by the end of the year Uintah and Duchene counties began adding jobs at a substantial rate. The tide really turned during the next two years when the region added over 3,300 payroll jobs. Year-over growth rates were 7.5 percent and 7.8 percent in 2011 and 2012, respectively. In 2013 however, the Uintah Basin lost momentum, and employment contracted slightly. So far, this year appears to be a reversal of last year’s trend with second quarter employment growth outpacing the state average.
- Daggett County has been the exception to the region in terms of payroll employment growth. Since 2011, total employment has contracted with only the occasional month of growth. The 4.5 percent year-over job growth in the first quarter 2014 was countered by job losses of 4.9 percent in the second quarter. On average, the county lost 22 jobs from second quarter 2013 to second quarter 2014. Arts/entertainment/recreation shrank 23.9 percent and shed as many jobs (14) as any industry.
- As job growth stagnated in the county, the unemployment rate ticked up slightly. The rate settled at 4.2 percent in September (up from 4.0 percent in the previous six months), placing the county among the middle of the pack among Utah’s 29 counties. Daggett County’s unemployment rate has been slightly higher than the state average since early 2013.
- The increase in the supply of labor, combined with the loss of some high-paying jobs, led to a 10.4 percent decrease in average monthly wages from second quarter 2013 to second quarter 2014. Wage growth will likely continue to reflect job growth.
- Second quarter 2014 taxable sales in Daggett County rebounded from first quarter, which marked the first quarter of negative year-over growth in two years.
Five more homes were sold in third quarter 2014 (11) compared to the year prior (6), and the year-to-date data point to a consistent upward trend in 2014 home sales (up 45.5 percent).
Uintah County Economic Indicators
The Uintah Basin region felt the effects of the downturn starting in 2009, when the labor market shed 2,626 jobs from the previous year. Overall, 2010 also brought job losses, though by the end of the year Uintah and Duchene counties began adding jobs at a substantial rate. The tide really turned during the next two years when the region added over 3,300 payroll jobs. Year-over growth rates were 7.5 percent and 7.8 percent in 2011 and 2012, respectively. In 2013 however, the Uintah Basin lost momentum, and employment contracted slightly. So far, this year appears to be a reversal of last year’s trend with second quarter employment growth outpacing the state average.
- Year-over payroll employment in Uintah County grew 2.2 percent in second quarter 2014. Growth was driven by the goods-producing industries, which increased 5.3 percent. Mining and construction employment both grew almost 6 percent from the previous year, adding a combined 239 jobs over the year.
- Like Duchesne County, Uintah County boasted one of the lowest seasonally-adjusted unemployment rates in the state at 2.9 percent in September. The number of unemployed worker in the county has fallen by 100 people over the last 12 months to 525. As the amount of readily available labor dissipates, businesses will find it more difficult to fill open positions.
- Average monthly wages in the second quarter increased 3.3 percent from 2013. Uintah County’s wage growth was nearly double the Utah average during second quarter 2014, and the average monthly wages paid in the county were $450 more than Utah’s $3,396 per month. The majority of that difference can be linked to high paying jobs for oil and gas workers.
- Uintah County’s year-over changes in taxable sales decreased for the sixth time in seven quarters, though the decline was less than 1 percent. Second quarter 2014 taxable sales in the county were just over $361 million, compared to $363 million in second quarter 2013. Wholesale trade of durable goods – the second largest industry by sales totals – lost $5.9 million.
- In Uintah County, 176 homes sold in third quarter 2014, an increase of 25.7 percent from the previous year. The year-to-date total from 2013 to 2014 indicates that that surge in sales is slightly exaggerated by quarterly volatility, but housing market transactions seem to be trending.
Duchesne County Economic Indicators
The Uintah Basin region felt the effects of the downturn starting in 2009, when the labor market shed 2,626 jobs from the previous year. Overall, 2010 also brought job losses, though by the end of the year Uintah and Duchene counties began adding jobs at a substantial rate. The tide really turned during the next two years when the region added over 3,300 payroll jobs. Year-over growth rates were 7.5 percent and 7.8 percent in 2011 and 2012, respectively. In 2013 however, the Uintah Basin lost momentum, and employment contracted slightly. So far, this year appears to be a reversal of last year’s trend with second quarter employment growth outpacing the state average.
- Duchesne County’s payroll job growth in second quarter 2014 accelerated to an annual rate of 5.6 percent, the third fastest year-over job growth in the state and 2.8 percentage points faster than the Utah average. In total, the region added 518 jobs from second quarter 2013. Mining firms had notable gains of approximately 15 percent. The mining industry includes all oil and gas activities, making growth in this industry particularly important to the county.
- The county seasonally-adjusted unemployment rate remained at 2.8 percent in September, well below the state average. Such low levels of unemployment are not unheard of in Duchesne County, but the relatively low rate suggests that the job market is getting considerably more competitive.
- As the Duchesne labor market picked up steam in the second quarter of 2014, so too did average wages. Year-over average monthly wages grew 6.7 percent, exactly 5 percentage point faster than the Utah rate. As the labor market gets tighter, there should be upward movement in employee compensation, especially when a large portion of the additional jobs are in high-paying industries like mining.
- Taxable sales in Duchesne stayed relatively unchanged between the second quarters of 2013 and 2014, falling 0.2 percent during the year. Business investment purchases in manufacturing increased by just over $8.1 million (62.1 percent) from second quarter 2013, the largest annual increase in the county. But, these gains were offset by year-over business investment declines in mining, utilities and wholesale trade totaling $9 million.
- Year-over home sales climbed 27.5 percent in the third quarter of this year according to the Utah Association of Realtors. In total, 65 homes sold in Duchesne County in third quarter at a median price of $181,950 (down 4.2 percent from 2013). Though the housing market has come a long way since 2009, sales across the state were flat in between the third quarters of 2013 and 2014.
Thursday, October 23, 2014
Employment by Major Industry
Employment by Major Industry (or Nonfarm Employment) is compiled payroll data for nonfarm workers. Nonfarm workers are all employees excluding government employees, private household employees, employees of nonprofit organizations and farm employees. DWS economists have broken these documents into county regions and are an important economic indicator of the current economic situation. For more: Why no "Farm" in Nonfarm Jobs?
Second quarter 2014 has been updated for counties in the Uintah Basin region. These can be found on each county's page in the links to right, as well as below.
Second quarter 2014 has been updated for counties in the Uintah Basin region. These can be found on each county's page in the links to right, as well as below.
Monday, June 9, 2014
Long-term Industry Projections available on the web
Job seekers who make decisions based on labor trends information are more likely to see payoff for their efforts. An important aspect of career exploration is understanding how occupations and industries are expected to change. To assist in this process, the Department of Workforce Services (DWS) produces long-term industry projections every two years for the major industry sectors in Utah, providing information on the state’s expected labor demands. The long-term projections extend ten years past the base year. Using the industry projections, DWS generates occupational projections for jobs that fall into the industry categories.
To access the most recent set of long-term industry projections, click here.
To access the most recent set of long-term industry projections, click here.
Thursday, June 5, 2014
Eastern Region Economist Discusses 2013 Year-in-Review and What to Expect on the Horizon
Eric Martinson, regional Economist for DWS, joins Chris Piner on Local Point as they discuss the economy and employment trends of the Uintah Basin.
Friday, May 16, 2014
New Data Available in Utah Economic Data Viewer
The 2013, Q4 industry employment and wages data has been updated in the Utah Economic Data Viewer. Industry employment and wage data is collected through the Quarterly Census of Employment and Wages (QCEW) program. The primary source for QCEW data are the reports submitted by employers to the Utah Unemployment Insurance program.
The Utah Department of Workforce Services compiles quarterly employment and wage data for non-agricultural employers in Utah. Data is maintained at the establishment level (e.g., store, plant, or other type of permanent worksite facility). Since these establishments are assigned an industry and county code, their employment and wage data can be aggregated into common industry and county groupings for analysis purposes.
The Utah Department of Workforce Services compiles quarterly employment and wage data for non-agricultural employers in Utah. Data is maintained at the establishment level (e.g., store, plant, or other type of permanent worksite facility). Since these establishments are assigned an industry and county code, their employment and wage data can be aggregated into common industry and county groupings for analysis purposes.
Tuesday, January 7, 2014
Utah Employers, Employment and Wages by Size, 2013
The Utah Department of Workforce Services compiles quarterly employment and wage data for non-agricultural employers in Utah. Data is maintained at the establishment level (e.g., store, plant, or other type of permanent worksite facility). Since these establishments are assigned an industry and county code, their employment and wage data can be aggregated into common industry and county groupings for analysis purposes.
Employment and wage data for Utah’s non-agricultural employers are categorized in this publication by employment size for the month of March in each of the designated years. Grouping data by this criterion provides a useful tool to analyze the characteristics of Utah employers. For example, general trends of the size of Utah employers and employment concentrations by employer size class can be observed. Wage levels for large, medium, and small firms can also be evaluated.
In this publication, data is presented for both establishments and firms. The term "establishment" is generally defined as a specific physical worksite for an employer. For most employers, this is the actual street location at which business is conducted. For others, with no permanent worksite (such as salespeople, factory representatives, or distributors) it is the location from which they conduct their business (sometimes even residences).
For an overview of this publication and a look at your county, click here.
Employment and wage data for Utah’s non-agricultural employers are categorized in this publication by employment size for the month of March in each of the designated years. Grouping data by this criterion provides a useful tool to analyze the characteristics of Utah employers. For example, general trends of the size of Utah employers and employment concentrations by employer size class can be observed. Wage levels for large, medium, and small firms can also be evaluated.
In this publication, data is presented for both establishments and firms. The term "establishment" is generally defined as a specific physical worksite for an employer. For most employers, this is the actual street location at which business is conducted. For others, with no permanent worksite (such as salespeople, factory representatives, or distributors) it is the location from which they conduct their business (sometimes even residences).
For an overview of this publication and a look at your county, click here.
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