Friday, December 5, 2014

Davis County Economic Update

Second quarter employment in the Wasatch Front North (WFN) region grew 2.7 percent from 2013 to 2014. The WFN increased employment at almost the same rate as the rest of the state, which grew 2.8 percent over the same period. In total, the region added 5,611 nonfarm payroll jobs year-over-year for a quarterly average of 213,346. Annual growth in the WFN slowed a bit from the 2.8 percent rate in the first quarter of 2014.
  • Total nonfarm employment in Davis County increased 3.2 percent year-over-year in the second quarter. From 2013 to 2014, Davis County added 3,496 jobs, resulting in a quarterly average of nonfarm employment equal to 114,439.
  • Private goods-producing employment increased 7.2 percent, or 1,340 jobs, since the second quarter of 2013. Construction and manufacturing added 870 and 444 jobs, respectively.
  • Private service-providing employment added 2,190 jobs year-over-year, a growth rate of 3.3 percent. The trade/transportation/utilities and the educational/healthcare/social services industries each tallied 652 and 583 new jobs.
  • Government employment shrank 0.1 percent from 2013 to 2014. Federal and local governments cut jobs, losing an average of 103 and one position respectively over the year. State government added 70 jobs over the year.
  • The Davis County unemployment rate settled at 3.3 percent in September 2014. Over the last 12-months the county unemployment rate has fallen 0.7 percentage points. Davis County was 0.2 percentage points lower than the state average in September.
  • On average, the number of weekly initial unemployment claims filed during the third quarter decreased by 24 claims from 2013 to 2014.
  • Spending in the county was also up; second-quarter taxable sales in the county increased 7.5 percent from 2013 to 2014, significantly higher than the state average of 4.2 percent. The year-over increase in spending was about $80 million higher than last year, bringing first quarter spending in 2014 to $1.15 billion.