SALT LAKE CITY, Utah (ACB4 News) The jobs report is now out for Salt Lake City! To talk about the report, Marketing and Research Manager Annie Davis from the SLC Department of Economics and Chief Economist Carrie Mayne from the Department of Workforce Services joined GMU with Brian Carlson.
For a long time now Salt Lake City and Utah has boasted one of the country’s lowest unemployment rate at about 3%, most cities across the country would love to brag about such low unemployment numbers, so yes that is a good thing, but it also poses a big challenge for us.
Our department has lost several business development opportunities because of that low number.
Some companies have had concerns that if they expand or relocate to SLC, they’ll have a hard time finding the workforce to fill their hundreds or thousands of jobs.
Workforce Services releases an employment report monthly, and just last week released the numbers for August. What do those numbers look like? (Carrie to answer)
The current unemployment rate in Utah is 3.5%. Job growth rate (year-over-year comparison) is 2.8%. In August of this year, the following industries/sectors saw the largest gains with added jobs:
o Professional and business services: 10,3000
o Trade, transportation and utilities: 6,500
o Education and healthcare services: 6,100
Fastest rate of growth
o Construction – 6.2%
o Professional and business services – 5.0%
o Other services – 3.5%
· Utah as a whole is seeing a sustainable, moderate rate of growth.
· Job opportunities are drawing people into the Utah job market.
· With all of the construction going on in SLC and across the state, it’s no surprise that we’re seeing such a growth in construction.
The job market will continue to expand at a moderate pace, adding jobs and keeping up with labor force growth. Rate of growth is tempered compared to one year ago, possibly as a result of exhausted labor supply.
Housing and rental markets continue to fuel employment growth in construction, but with winter months coming, could see that cool off.
There is potential for national issues influencing the Utah economy (e.g., economic recovery from natural disasters); but internal conditions signal stability and continued expansion for the near future.