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 Data. Show all posts
Showing posts with label Data. 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, September 4, 2014
Long-Term Employment Projections
The value in providing these projections is to help identify which types of jobs are most likely to be in high demand in the future. Ultimately, the long-term employment projections act as a forecasting measure by which individuals as well as organizations and agencies can plan ahead.
See the latest long-term projections produced by DWS for the Eastern Utah area.
Friday, August 29, 2014
A Story of Wage Data
The Wages and Income page has a new look to the wage data that is gathered by the Workforce Research and Analysis division. Along with visualization of the data, you can now read story points at the top of each graph, to help understand what the data is showing you along with highlighting its insights. Just click along the story points at the top of the visualization to follow the story of wages.
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.
Tuesday, October 8, 2013
Eastern Region Initial Weekly Unemployment Insurance Claims
A full 13 weeks of third-quarter initial weekly unemployment insurance (UI) claims data have come in for Utah’s eastern counties – Duchesne, Carbon, Emery, Grand, San Juan and Uintah. Initial weekly UI claims for Daggett County were not provided because of its relatively small workforce. The third-quarter weekly average of county UI claims are provided for each year from 2007 to 2013.
Of the six eastern counties provided, two (Carbon and Emery) have lower average weekly UI claims in third quarter of 2013 compared to 2012. Two counties (Duchesne and Grand) show about the same average level of third-quarter UI claims. The remaining two counties (San Juan and Uintah) show higher average third-quarter UI weekly claims in 2013 than in 2012. All six counties in 2013 have lower average weekly claims than during the Great Recession highs, though Uintah County average third-quarter initial weekly claims have been increasing over the last three years.
Of the six eastern counties provided, two (Carbon and Emery) have lower average weekly UI claims in third quarter of 2013 compared to 2012. Two counties (Duchesne and Grand) show about the same average level of third-quarter UI claims. The remaining two counties (San Juan and Uintah) show higher average third-quarter UI weekly claims in 2013 than in 2012. All six counties in 2013 have lower average weekly claims than during the Great Recession highs, though Uintah County average third-quarter initial weekly claims have been increasing over the last three years.
Wednesday, November 28, 2012
Unemployment Low in Uintah County
The “help wanted” signs that dot the local business landscape and fill the “help wanted” section of the Standard's classifieds section help illustrate the punch line to this story: Preliminary figures released by the Utah Department of Workforce Services shows Duchesne County's unemployment rate is among the lowest in the state, and much lower than the national rate.
Duchesne County's September 2012 rate is 3.5 percent. That's down by .2 percent from the August rate, and 1.6 percent lower than the same time in 2011.
Uintah County’s unemployment rate at 3.3 percent, the lowest in the state. The boom in oil and gas production in the Uintah Basin is credited for the low rates for the two counties.
Daggett County’s rate is 5.3 percent.
The statewide unemployment rate for Utah is 5.2 percent, according to the Workforce Service Department.
The county with the highest unemployment rate is Wayne County, at 10.5 percent.
The nationwide unemployment rate for September 2012 is 7.8 percent.
Natural resources and mining continue to benefit from the oil and gas expansion within the Uintah Basin. It is estimated that 500 jobs have developed over the past 12 months in this industry. This industry employs around 12,600 workers in Utah.
Construction employment is estimated to have contracted once again, down 1,200 over the past 12 months. The back-and-forth nature of the construction estimates this year (up some months, down in others) suggests the monthly employment survey struggles to effectively measure this industry. Construction is dominated by many small employers, and it is hard to gauge the cumulative activity of many small employers through a survey of limited size. Other sources of employment data suggest the construction industry in Utah is growing again, and that growth has been consistent throughout 2012.
Utah’s largest employment sector is Trade, Transportation, and Utilities. Estimated employment gains of 4,300 over the past 12 months are a growth rate of 2.6 percent. These gains are largely occurring on the trade side, both wholesale and retail.
The Information sector is estimated to have added 2,400 new jobs over the past 12 months. Information includes the publishing industry, motion pictures, telecommunications, and internet service providers, among others.
The Financial sector is making a rebound from the hit it took during the recession years. Approximately 3,800 jobs have been added over the past 12 months. Most of these are in financial institutions, as the real estate side of the equation has yet to post noticeable gains as the Utah housing market starts to revive.
The Professional and Business Services sector added the most new jobs in Utah over the past year at 10,800. A sizeable portion is coming from the professional, scientific, and technical side, an area that generally requires greater levels of education for employment and also returns higher-than-average wages. This includes accounting, engineering, design services, computer systems design forms, and consulting services, among others.
Private Education and Health Services is a stalwart of the Utah economy, having grown through both of the recessions of the past 10 years. The sector is estimated to have added 2,500 new jobs in Utah over the past 12 months.
The Leisure and Hospitality sector is estimated to have added 2,900 new jobs over the past 12 months. Much of this is occurring in the restaurant industry.
Government employment is estimated to be down 900 positions over the past 12 months. The bulk of the job loss is coming at the federal government level, mostly at the IRS and the Postal Service. State government employment was up 1.0 percent over the year through higher education employment gains. Uintah Basin Standard
Duchesne County's September 2012 rate is 3.5 percent. That's down by .2 percent from the August rate, and 1.6 percent lower than the same time in 2011.
Uintah County’s unemployment rate at 3.3 percent, the lowest in the state. The boom in oil and gas production in the Uintah Basin is credited for the low rates for the two counties.
Daggett County’s rate is 5.3 percent.
The statewide unemployment rate for Utah is 5.2 percent, according to the Workforce Service Department.
The county with the highest unemployment rate is Wayne County, at 10.5 percent.
The nationwide unemployment rate for September 2012 is 7.8 percent.
Natural resources and mining continue to benefit from the oil and gas expansion within the Uintah Basin. It is estimated that 500 jobs have developed over the past 12 months in this industry. This industry employs around 12,600 workers in Utah.
Construction employment is estimated to have contracted once again, down 1,200 over the past 12 months. The back-and-forth nature of the construction estimates this year (up some months, down in others) suggests the monthly employment survey struggles to effectively measure this industry. Construction is dominated by many small employers, and it is hard to gauge the cumulative activity of many small employers through a survey of limited size. Other sources of employment data suggest the construction industry in Utah is growing again, and that growth has been consistent throughout 2012.
Utah’s largest employment sector is Trade, Transportation, and Utilities. Estimated employment gains of 4,300 over the past 12 months are a growth rate of 2.6 percent. These gains are largely occurring on the trade side, both wholesale and retail.
The Information sector is estimated to have added 2,400 new jobs over the past 12 months. Information includes the publishing industry, motion pictures, telecommunications, and internet service providers, among others.
The Financial sector is making a rebound from the hit it took during the recession years. Approximately 3,800 jobs have been added over the past 12 months. Most of these are in financial institutions, as the real estate side of the equation has yet to post noticeable gains as the Utah housing market starts to revive.
The Professional and Business Services sector added the most new jobs in Utah over the past year at 10,800. A sizeable portion is coming from the professional, scientific, and technical side, an area that generally requires greater levels of education for employment and also returns higher-than-average wages. This includes accounting, engineering, design services, computer systems design forms, and consulting services, among others.
Private Education and Health Services is a stalwart of the Utah economy, having grown through both of the recessions of the past 10 years. The sector is estimated to have added 2,500 new jobs in Utah over the past 12 months.
The Leisure and Hospitality sector is estimated to have added 2,900 new jobs over the past 12 months. Much of this is occurring in the restaurant industry.
Government employment is estimated to be down 900 positions over the past 12 months. The bulk of the job loss is coming at the federal government level, mostly at the IRS and the Postal Service. State government employment was up 1.0 percent over the year through higher education employment gains. Uintah Basin Standard
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