utah march 2019 - zions bank...leisure & hospitality 11,300 7.9% other services 400 1.0%...

UNITED STATES EMPLOYMENT FACTS February 2019

JOBS ADDED: 20,000

EMPLOYMENT GROWTH: 1.7%

UNEMPLOYMENT: 3.8%

Sources: Bureau of Labor Statistics

MANY UTAH COUNTIES SEEING EMPLOYMENT GROWTH January 2018 - January 2019

Source: Utah Department of Workforce Services; Not Seasonally Adjusted, Nonfarm

UTAH

Source: Bureau of Labor StatisticsNote: Shaded area represents recession

MARCH 2019

ANNUAL JOB GROWTH ACROSS INDUSTRIES

January 2018 - January 2019

INDUSTRY12-Month

Total Change12-Month% Change

Natural Resources & Mining 500 5.5%

Construction 1,500 1.5%

Manufacturing 4,000 3.1%

Trade, Trans., Utilities 9,100 3.3%

Information 3,600 9.7%

Financial Activities 2,600 3.0%

Professional & Business Services 5,000 2.4%

Education & Health Services 5,600 2.7%

Leisure & Hospitality 11,300 7.9%

Other Services 400 1.0%

Government 4,000 1.6%

TOTAL +47,600

UTAH’S LABOR MARKET REMAINS ROBUSTJanuary 2019

TOTAL EMPLOYMENT: 1,546,400EMPLOYMENT GROWTH: 3.4%UNEMPLOYMENT: 3.1%

Source: Utah Department of Workforce Services

ECONOMIC GROWTH SOLID IN 2018Change in U.S. Gross Domestic Product

Q1 2018 Q2 2018 Q3 2018 Q4 2018

2.2% 4.2% 3.4% 2.6%

Source: Bureau of Economic Analysis

Utah continues to have one of the best labor markets in the nation. In January, the state’s year-over-year employment growth improved from 3.3 percent to 3.4 percent – the 2nd highest rate in the country. Utah’s unemployment rate also declined from 3.2 percent to 3.1 percent. Utah’s unemployment rate has been under 4 percent since February 2014. Utah added 47,600 jobs over the past year, with the leisure and hospitality (+11,300), trade, transportation, and utilities (+9,100), and education and health services (+5,600) sectors adding the largest number of employees. Utah continues to experience above trend inflation, with the Wasatch Front Consumer Price Index rising 4.8 percent over the year versus 1.6 percent nationwide.

ROBERT SPENDLOVEEconomic and Public Policy Officer

Contact our team for more information or to schedule a speaking engagement.

robert.spendlove@zionsbank.com (801) 560-5394

joseph.mayans@zionsbank.com (801) 844-7887www.zionsbank.com/economy

As of March 11, 2019

UTAH POPULATION CONTINUES TO RISEUtah Population and Components of Change

Source: U.S. Census BureauNote: Left axis = total population; Right axis = components of population change

UTAH CONSUMER ATTITUDE MODERATINGFebruary 2019: Zions Bank Utah Consumer Attitude Index = 113.8

Source: Cicero Group for Zions Bank

• Median Household Income: $68,358 (2017) 14th

• Annual Mean Wages & Salaries: $44,130 (2015) 28th

• Per Capita Personal Income: $42,043 (2017) 41st

• Personal Income (% Change): 4.4% (2016-2017) 4th

• Population Growth Rate: 1.9% (2018: 3,161,105) 3rd

• Total Fertility Rate: 2.12 (2017) 2nd

• Median Age: 30.6 (2016) 1st

• Household Size: 3.17 (2015) 1stSources: Census Bureau, Bureau of Economic Analysis, Bureau of Labor Statistics, National Center for Health Statistics, statista.com

STATE FACTS (VALUE & RANK)

Source: U.S. Census Bureau

Total Population Natural Increase Net Migration

UTAH HAS THE 3RD FASTEST POPULATION GROWTHJuly 2017 - July 2018 Utah: 1.9% US: 0.6%

UTAH INFLATION OUTPACING NATIONAL AVERAGESJanuary 2019

Source: Cicero Group for Zions Bank and Bureau of Labor Statistics

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