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. 

Uintah Basin area home sales are on the rise

The Uintah Basin is seeing a recent surge in home sales and experts say that’s a likely sign consumer confidence is increasing and the real estate market could be poised for a long-term upswing.

Last year marked the highest number of home sales in Duchesne County since 2008. Sales in the county were up 27.4 percent in 2011 compared to 2010. Duchesne County had the fifth highest percentage increase of all Utah counties.

In Uintah County, home sales in 2011 were up 33 percent from 2010 — the third highest percentage increase in the state. Increases in the Uintah Basin were markedly higher than the state average, where total home sales were up just 8.6 percent during the same time period.

Caro Norton, president of the Uintah Basin Board of Realtors, said the local real estate market is rebounding after sales reached their peak in 2008 and then dropped off dramatically in 2009 and 2010 when the economy slowed.

“Right now, we’re starting to make the transition back into a seller’s market instead of a buyer’s market,” Norton said. “I wish I had a crystal ball so I could see the future, but it looks like it’s going to be a great spring and summer for the real estate market here. It feels like we’re headed into our next boom.”

As the number of homes sold in the area rises, the inventory of available homes is also decreasing.

Approximately two and a half years ago, when the housing market was at its most stagnant point, there were a total of 450 homes for sale in Uintah County. That figure contrasts sharply with today’s picture. Vernal Express

Utah home sales up for 8th straight month, report states

Utah home sales climbed for the eighth consecutive month in January, up more than 6 percent from a year ago, according to a new report from the Utah Association of Realtors. UAR reported that 120 more homes sold this year than in January 2011, closing 1,985 transactions — the highest total in five years. Activity was especially strong in Salt Lake, Uintah and Davis counties, where sales were up 30 percent, 29 percent and 6 percent, respectively. Deseret News

Salt Lake, Uintah and Davis see big gains in home sales

Utah home sales jumped for the eighth month in a row January, up more than 6 percent compared with a year ago. The report released Wednesday by the Utah Association of Realtors shows members sold 1,985 homes in January, up 120 over the same time last year and marking the best January in five years.
Salt Lake, Uintah and Davis counties saw the biggest gains in sales. Realtors also say the state's home inventory is on the decline, which will help stabilize home prices. About 20,000 homes were listed for sale in January, down about 24 percent year-over-year. Standard Examiner

Utah home sales up in October

Utah home sales rose for the fifth straight month in October — up nearly 25 percent from last year, according to a new report from the Utah Association of Realtors. During the month, Utah Realtors sold 2,819 homes, townhomes and condos compared to 2,261 sales last year. It was the fourth consecutive month of double-digit sales increase. Since the beginning of the year, Utah home sales are up over 7 percent compared to the same 10-month period in 2010.

The month's inventory in Uintah County is 4.6 months and prices are up nearly 14 percent, a release states. Similarly, in Washington County, the month's supply is 6.5 months and the median price has increased about 11 percent from last October. Statewide, the number of homes on the market has come down more than 21 percent over the past year — the fewest amount of homes on the market since mid-2007 and the eighth consecutive month of double-digit declines. In October, the median price of homes sold in Utah was $174,750, down 3.6 percent compared to the same period last year.

In addition to Uintah and Washington counties, several other areas saw increasing prices, including Emery, Grand, Juab, Morgan and San Juan counties. The median price in Weber County stayed nearly the same, coming in at $139,500 compared to $137,990 last October. Deseret News