Economic Growth
2011 continues to provide challenges for Salt Lake County's economy, but we are also seeing some bright spots. The unemployment rate in the county for the period ending April 2011 is 6.9% as compared to the state average of 7.4% and the national average of 9.0% for the same period of time. Even though Salt Lake County has lost jobs in the construction, trades and financial services industries, the county has gained employment numbers in mining, manufacturing, business services and health care.
Salt Lake County nonagricultural jobs gained 1.2% between December 2009 and December 2010. For the year 2009, annual average nonfarm employment is estimated to be about 575,000, surpassing the previous high of 545,153 recorded in 2000. Job growth in Salt Lake County is expected to continue into 2011 throughout most industries.
Some of the companies who have announced new jobs in the county in 2011 include Goldman Sachs, e-bay, ITT Composites, Northrup Grumman and Merit Medical.
Construction in Salt Lake County continues to be sluggish. Construction jobs decreased by 1.4% from December 2009 to December 2010. Dwelling unit permits are also down nearly 30 percent. There are new major construction projects with the expansion of I-15 through Utah County and the new National Security Administration data center on the southern end of Salt Lake County. The new downtown Salt Lake City mixed use development, City Creek, is still under construction and will continue until the opening in Fall 2012.
Other major industries with job losses in 2010 include: retail, financial activities, and manufacturing. On the other hand, healthcare and education services (private sector) have job gains in the past one year. Healthcare industry has added 6,800 new jobs in Utah.
Total personal income for Salt Lake County is $37.0 billion (2007). Total personal income for the state is $82.5 billion. Current per capita income for Salt Lake County is $37,276 (2009), which ranks 2nd highest among Utah counties. The statewide per capital average for 2009 was $31,584.
Sources: Utah Dept. of Workforce Services, Workforce News, June 2011; Governor’s Office of Planning and Budget; Dept. of Workforce Svs, Total and Personal Income 2009-2010.
