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Economic Overview BYU Management Society
April 30, 2015
Utah is One of the Fastest Growing
States in the Country Percent Change in Population for States: 2012 to 2013
U.S. Rate = 0.7%
Source: U.S Census Bureau
Population Loss
NM
0.1%
UT
1.6%
AZ
1.2%
CA
0.9%
NV
1.3%
OR
0.8%
TX
1.5%
OK
0.9%
CO
1.5%
WA
1.1%
ID
1.0%
MT
1.0%
WY
1.0%
ND
3.1%
SD
1.3%
MN
0.8%
NE
0.7%
KS
0.3%
IA
0.5%
MO
0.3%
AR
0.3%
LA
0.5%
WI
0.3%
IL
0.1% IN
0.5%
OH
0.2%
FL
1.2%
TN 0.6%
KY 0.4%
MS
0.2% AL
0.3%
GA
0.8%
SC
1.1%
NC 1.0%
VA
0.9%
WV
-0.1%
PA
0.1%
NY
0.4%
ME
-0.01%
AK
0.7%
HI
1.0%
MA
0.7%
VT
0.1%
NH
0.1%
RI
0.1%
CT
0.1%
NJ
0.4%
DE
0.9%
MD
0.7%
MI
0.1%
.075% to 1.10%
0.5% to 0.9%
DC
2.1%
1.15% or more
0% to 0.4%
KS
0.3%
National Economic Conditions
Utah is One of the Fastest Growing
States in the Country Percent Change in Population for States: 2012 to 2013
U.S. Rate = 0.7%
Source: U.S Census Bureau
Population Loss
NM
0.1%
UT
1.6%
AZ
1.2%
CA
0.9%
NV
1.3%
OR
0.8%
TX
1.5%
OK
0.9%
CO
1.5%
WA
1.1%
ID
1.0%
MT
1.0%
WY
1.0%
ND
3.1%
SD
1.3%
MN
0.8%
NE
0.7%
KS
0.3%
IA
0.5%
MO
0.3%
AR
0.3%
LA
0.5%
WI
0.3%
IL
0.1% IN
0.5%
OH
0.2%
FL
1.2%
TN 0.6%
KY 0.4%
MS
0.2% AL
0.3%
GA
0.8%
SC
1.1%
NC 1.0%
VA
0.9%
WV
-0.1%
PA
0.1%
NY
0.4%
ME
-0.01%
AK
0.7%
HI
1.0%
MA
0.7%
VT
0.1%
NH
0.1%
RI
0.1%
CT
0.1%
NJ
0.4%
DE
0.9%
MD
0.7%
MI
0.1%
.075% to 1.10%
0.5% to 0.9%
DC
2.1%
1.15% or more
0% to 0.4%
KS
0.3%
Consumption Drives Growth
Source: Bureau of Economic Analysis
-5%
0%
5%
2012 2013 2014
Fixed InvestmentInventoriesNet ExportsGovernmentPersonal Consumption
Co
ntr
ibu
tio
n t
o G
DP
Gro
wth
2015
Total GDP Growth
National Job Growth
-900
-700
-500
-300
-100
100
300
500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
8.7 Million Jobs Lost
11 Million
Jobs Recovered
Pa
yro
ll C
han
ge
00
0’s
Source: Bureau of Labor Statistics
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
10 Year Treasury Bill
30 Year Fixed Mortgage
10 Year Treasury Note compared to 30 Year Mortgage Rate
Source: U.S. Federal Reserve
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
Effective Fed Rate
30 Year Fixed Mortgage
CPI Year Over Change Rate - Unadjusted
30 Year Mortgage Rate, Fed Rate and CPI
$175,000
$200,000
$225,000
$250,000
$275,000
$300,000
$325,000
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
Effective Fed Funds Rate
U.S. Median Home SalesPrice
U.S. Median New Home Sales Price and Effective Federal Funds Rate
Source: U.S. Median New Home Sales from Federal Reserve Bank of St. Louis Economic Data. Fed Fund Rate from U.S. Federal Reserve.
Utah is One of the Fastest Growing
States in the Country Percent Change in Population for States: 2012 to 2013
U.S. Rate = 0.7%
Source: U.S Census Bureau
Population Loss
NM
0.1%
UT
1.6%
AZ
1.2%
CA
0.9%
NV
1.3%
OR
0.8%
TX
1.5%
OK
0.9%
CO
1.5%
WA
1.1%
ID
1.0%
MT
1.0%
WY
1.0%
ND
3.1%
SD
1.3%
MN
0.8%
NE
0.7%
KS
0.3%
IA
0.5%
MO
0.3%
AR
0.3%
LA
0.5%
WI
0.3%
IL
0.1% IN
0.5%
OH
0.2%
FL
1.2%
TN 0.6%
KY 0.4%
MS
0.2% AL
0.3%
GA
0.8%
SC
1.1%
NC 1.0%
VA
0.9%
WV
-0.1%
PA
0.1%
NY
0.4%
ME
-0.01%
AK
0.7%
HI
1.0%
MA
0.7%
VT
0.1%
NH
0.1%
RI
0.1%
CT
0.1%
NJ
0.4%
DE
0.9%
MD
0.7%
MI
0.1%
.075% to 1.10%
0.5% to 0.9%
DC
2.1%
1.15% or more
0% to 0.4%
KS
0.3%
Utah Economic Conditions
Utah Population Seventh Fastest Growing in U.S.
Percent Change: 2013 to 2014 U.S. Rate = 0.7%
Source: U.S Census Bureau
Population Loss
0.7% to 0.9% (at or above U.S. rate)
0.4% to 0.6%
1.0% or more
0.0% to 0.3%
NM
-0.1%
UT
1.4%
AZ
1.5%
CA
1.0%
NV
1.7%
OR
1.1%
TX
1.7%
OK
0.6%
CO
1.6%
WA
1.3%
ID
1.3%
MT
0.9%
WY
0.2%
ND
2.2%
SD
0.9%
MN
0.6%
NE
0.7%
KS
0.3%
IA
0.5%
MO
0.3%
AR
0.3%
LA
0.4%
WI
0.3%
IL
-0.1% IN
0.4%
OH
0.2%
FL
1.5%
TN 0.8%
KY 0.3%
MS
0.1% AL
0.3%
GA
1.0%
SC
1.3%
NC 1.0%
VA
0.7%
WV
-0.2%
PA
0.0%
NY
0.3%
ME
0.1%
AK
-0.1%
HI
0.8%
MA
0.5%
VT
0.0%
NH
0.3%
RI
0.2%
CT
-0.1%
NJ
0.3%
DE
1.1%
MD
0.6%
MI
0.1%
DC
1.5%
KS
0.3%
Utah Population Growth Rates
By County 2013 to 2014
State Average = 1.4%
Increase of 1.0% to 1.4%
Increase of 0.0% to 0.9%
Increase of 2.0% or Greater
Increase of 1.5% to 1.9%
Box Elder
1.3%
Cache
0.9% Rich
0.7%
Weber 0.9%
Tooele
1.4%
Salt Lake
1.0%
Morgan
4.0%
Summit
1.7%
Daggett -1.2%
Utah
1.6%
Wasatch
4.3% Duchesne
1.4% Uintah
3.3%
Juab
1.5%
Sanpete
0.8%
Carbon
-1.3%
Emery
-0.8% Grand
0.7%
Millard
-0.2%
Piute
-2.6%
Garfield
-0.8%
Sevier
-0.3%
Wayne
-0.3%
San Juan
1.7%
Iron
1.2%
Beaver
0.0%
Washington
2.9% Kane
0.2%
Davis 2.1%
Population Loss
Source: U.S. Census Bureau
Source: Utah Population Estimates Committee, U.S. Census Bureau, State of Utah Revenue Assumptions Working Group
Utah Components of Population Change
-20,000
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
19
50
19
55
19
60
19
65
19
70
19
75
19
80
19
85
19
90
19
95
20
00
20
05
20
10
Population Change Natural Increase Net Migration
20
14
Utah Employment
Source: U.S. Bureau of Labor Statistics
Note: January 2015 (prediction)
800
900
1,000
1,100
1,200
1,300
1,400
1,500
1,6001
99
5
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
Th
ou
sa
nd
s o
f J
ob
s
Utah Employment Growth 1940 - 2015
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
194
0
195
0
196
0
197
0
198
0
199
0
200
0
201
0
20
14
e
20
15
f
Source: Utah Department of Workforce Services e = estimate f = forecast
1950-2015 Average Rate
3.1%
Utah Job Growth Greater than National Average
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
19
82
19
83
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
Year
U.S. Utah
Source: Utah Department of Workforce Services
Employment Growth by State Percent Change in Employment for States: March 2014 to March 2015
U.S. Rate = 2.3%
Note: Seasonally Adjusted
Source: Bureau of Labor Statistics
NM
1.4%
UT
3.9%
AZ
2.6%
CA
3.1%
NV
2.8%
OR
3.3%
TX
2.9%
OK
0.8%
CO
2.8%
WA
3.4%
ID
3.2%
MT
0.8%
WY
1.4%
ND
2.9%
SD
1.7%
MN
1.8%
NE
1.4%
KS
1.1%
IA
1.7%
MO
1.3%
AR
1.9%
LA
0.7%
WI
1.9%
IL
1.2% IN
1.7%
OH
1.5%
FL
3.7%
TN 1.8%
KY 1.9%
MS
0.6% AL
1.4%
GA
3.1%
SC
2.5%
NC 2.8%
VA
0.8%
WV
-0.5%
PA
0.9%
NY
1.6%
ME
0.4%
AK
0.2%
HI
0.9%
MA
1.8%
VT
1.4%
NH
1.2%
RI
1.0%
CT
1.6%
NJ
1.2%
DE
2.1%
MD
1.4%
MI
2.1%
DC
1.2%
0.9% and below
2.3% to 3.0% (at or above the U.S. rate)
1.5% to 2.2%
3.1% or more
1.0% to 1.4%
Utah Employment Change Rates
By County March 2014 to March 2015
State Rate = 4.0%
1.6% to 2.9%
0.0% to 1.5%
4.0% or more
Source: Utah Department of Workforce Services, Not seasonally adjusted
3.0% to 3.9%
Below 0.0%
Box Elder
1.3%
Cache
2.9% Rich
4.0%
Weber 2.9%
Tooele
0.1%
Salt Lake
2.7%
Morgan
4.1% Daggett 3.7%
Utah
5.3%
Wasatch
2.6% Duchesne
-4.7% Uintah
-3.6%
Juab
2.3%
Sanpete
3.5%
Carbon
1.5%
Emery
-2.2% Grand
4.1%
Millard
2.3%
Piute
2.3%
Garfield
-0.8%
Sevier
1.3%
Wayne
-0.8%
San Juan
-1.6%
Iron
1.0%
Beaver
1.6%
Washington
5.2%
Kane
3.1%
Davis 3.6%
Summit
0.8%
UT Industries - Employment Gains
1.5%
0.0%
6.8%
3.7%
4.5%
4.4%
4.2%
5.6%
2.9%
6.4%
-2.5%
-4% -2% 0% 2% 4% 6% 8% 10% 12%
Government
Other Services
Leisure & Hospitality
Ed. & Health Serv.
Prof. & Bus. Serv.
Financial Activity
Information
Trade, Trans., Utilities
Manufacturing
Construction
Ntl. Res. & Mining
Source: Utah Department of Workforce Services
Percent Change in Utah Employment by Industry: March 2014 to March 2015
Total: 4.0%
UT Industries Seeing Growth
Source: Utah Department of Workforce Services
Total Change in Utah Employment by Industry: March 2014 to March 2015
3,400
0
8,700
6,500
8,100
3,200
1,400
13,800
3,500
4,700
-300
-2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000
Government
Other Services
Leisure & Hospitality
Ed. & Health Serv.
Prof. & Bus. Serv.
Financial Activity
Information
Trade, Trans., Utilities
Manufacturing
Construction
Ntl. Res. & MiningTotal: 53,000
Unemployment Rates by State March 2015 U.S. Rate = 5.5% NH
3.9%
NM
6.1%
UT
3.4%
AZ
6.2%
CA
6.5%
NV
7.1%
OR
5.4%
TX
4.2%
OK
3.9%
CO
4.2%
WA
5.9%
ID
3.8%
MT
4.1%
WY
4.1%
ND
3.1%
SD
3.5%
MN
3.7%
NE
2.6%
KS
4.2%
IA
4.0%
MO
5.6%
AR
5.6%
LA
6.6%
WI
4.6%
IL
6.0% IN
5.8%
OH
5.1%
FL
5.7%
TN 6.3%
KY 5.1%
MS
6.8% AL
5.7%
GA
6.3%
SC
6.7%
NC 5.4%
VA
4.8%
WV
6.6%
PA
5.3%
NY
5.7%
ME
4.8%
AK
6.5%
HI
4.1%
MA
4.8%
VT
3.8%
RI
6.3%
CT
6.4%
NJ
6.5%
DE
4.6%
MD
5.4%
MI
5.6%
DC
7.7%
6.6% or more
4.2% to 5.4%
5.5% to 6.2% (at or above the U.S. rate)
4.1% or less
6.3% to 6.5%
Note: Seasonally Adjusted
Source: Bureau of Labor Statistics
Utah vs. U.S. Unemployment Rates
Sources: U.S. Bureau of Labor Statistics, Utah Department of Workforce Services
0.0
2.0
4.0
6.0
8.0
10.0
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
U.S. Utah
Utah Unemployment
Rates By County
March 2015
State Rate = 3.4%
Source: Utah Department of Workforce Services
3.5% to 4.1%
4.2% to 5.8%
3.1% or lower
3.2% to 3.4%
5.9% or greater
Box Elder
3.6%
Cache
2.7%
Rich
3.0%
Tooele
4.0%
Morgan
2.8%
Summit
3.1%
Utah
3.0%
Wasatch
3.2% Duchesne
5.9% Uintah
5.2%
Juab
3.6%
Sanpete
3.9%
Carbon
4.8%
Emery
4.6% Grand
5.8%
Millard
3.3%
Piute
6.4%
Garfield
8.7%
Sevier
4.1%
Wayne
9.0%
San Juan
6.9%
Iron
4.2%
Beaver
3.3%
Washington
3.9%
Kane
4.1%
Daggett 4.1%
Davis 3.2%
Salt Lake
3.2%
Weber 3.9%
Labor Force Participation Rate
60%
62%
64%
66%
68%
70%
72%
74%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Utah US
Source: Bureau of Labor Statistics, Employment status of the civilian non-institutional population, seasonally adjusted.
Growth in Utah Average Annual Pay
Source: Utah Department of Workforce Services
1.6%
2.6%
3.2%
2.3%
3.7%
4.0%
5.3%
1.2%
2.4%
3.7%
4.1%
4.8%
4.4%
3.8%
4.8%
2.8%
1.6%1.6%
3.5%3.6%
5.4%5.5%
2.6%
1.6%1.6%
2.2%2.4%
1.0%
1.6%
3.1%
2.4%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
f
20
16
f
e = estimate f = forecast
Average Growth
3.0%
Consumer Attitude Index Utah vs. United States
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
Ap
r 2
01
4
Ma
y 2
014
Ju
n 2
014
Ju
l 2
014
Au
g 2
01
4
Sep
201
4
Oct
20
14
No
v 2
01
4
De
c 2
014
Jan
201
5
Fe
b 2
015
Ma
r 20
15
Ap
r 2
01
5
Zions Bank Utah Consumer
Attitude Index
United States Consumer
Confidence Index
Source: U.S. CCI from The Conference Board and Utah CAI from Cicero Group
Consumer Price Index Wasatch Front vs. United States
Year Over Year Change
Source: U.S. CPI from National Bureau of Labor Statistics and Wasatch Front CPI from Cicero Group
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
Jul 2
01
1
Oct
20
11
Jan
20
12
Ap
r 2
01
2
Jul 2
01
2
Oct
20
12
Jan
20
13
Ap
r 2
01
3
Jul 2
01
3
Oct
20
13
Jan
20
14
Ap
r 2
01
4
Jul 2
01
4
Oct
20
14
Jan
20
15
United States CPI
Zions Bank Wasatch Front CPI
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Jan
-12
Ma
r-1
2
Ma
y-1
2
Ju
l-12
Sep
-12
No
v-1
2
Jan
-13
Ma
r-1
3
Ma
y-1
3
Ju
l-13
Sep
-13
No
v-1
3
Jan
-14
Ma
r-1
4
Ma
y-1
4
Ju
l-14
Sep
-14
No
v-1
4
Jan
-15
Ma
r-1
5
U.S. Rocky Mountain Region
Gas Prices D
olla
rs p
er
Ga
llo
n
Source: U.S. Energy Information Administration
Weekly All Grades Formulations Retail Gasoline Prices
Source: National Association of Realtors and Economy.com
U.S. vs. UT Median Existing Home Prices
$120
$140
$160
$180
$200
$220
$240
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
Th
ou
sa
nd
s
Utah United States
Utah Residential Construction Activity
Source: University of Utah, David Eccles School of Business, Bureau of Economic and Business Research
0
5,000
10,000
15,000
20,000
25,000
30,000
197
0
197
5
198
0
198
5
199
0
199
5
200
0
200
5
201
0
201
5f
Single-Family Units Multifamily Total
Value of New Construction
Source: University of Utah, David Eccles School of Business, Bureau of Economic and Business Research
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015f
Mil
lio
ns
Residential Nonresidential Renovations Total
f = forecast
Source: Federal Housing Finance Agency and Economy.com
Foreclosure Rates Dropping
0.0
2.0
4.0
6.0
8.0
10.0
12.0
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
United States Utah Nevada
Second Quarter 2014 U.S. 2.49%, Utah 1.06%
Utah Below National Average Foreclosure Rates
Note: Seasonally Adjusted
Source: Moody’s Economy.com
NM
2.92%
UT
1.06%
AZ
0.85%
CA
1.10%
NV
3.33%
OR
2.74%
TX
1.01%
CO
0.86%
WA
2.04%
ID
1.32%
MT
0.87%
WY
0.52%
ND
0.68%
SD
0.87%
MN
0.94%
NE
0.72%
KS
1.50%
IA
1.63%
MO
1.08%
WI
1.71%
IL
3.68% IN
2.54%
OH
2.88%
FL
6.91%
KY 2.24%
AL
1.43%
GA
1.46%
SC
2.41%
NC 1.44%
VA
0.91%
WV
1.12%
PA
2.81%
NY
5.89%
ME
4.51%
AK
0.89%
HI
3.88
%
MA
1.95% VT
2.96%
NH
1.35%
RI
2.80% CT
3.96%
NJ
8.10%
DE
2.95%
MD
3.24%
MI
1.22%
DC
2.59%
4.00% or more
1.00% to 1.48%
1.49% to 2.48%
.99% or lower
2.49% to 3.99% (at or above national average)
AR
1.69
%
LA
2.11%
MS
1.73%
TN
1.25% OK
2.40%
National Construction Employment Year Over Year Growth
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
199
1
199
2
199
3
199
4
199
5
199
6
199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
Source: Bureau of Labor Statistics
Utah Construction Employment Year over Year growth
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
199
1
199
2
199
3
199
4
199
5
199
6
199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
Source: Bureau of Labor Statistics
Utah is One of the Fastest Growing
States in the Country Percent Change in Population for States: 2012 to 2013
U.S. Rate = 0.7%
Source: U.S Census Bureau
Population Loss
NM
0.1%
UT
1.6%
AZ
1.2%
CA
0.9%
NV
1.3%
OR
0.8%
TX
1.5%
OK
0.9%
CO
1.5%
WA
1.1%
ID
1.0%
MT
1.0%
WY
1.0%
ND
3.1%
SD
1.3%
MN
0.8%
NE
0.7%
KS
0.3%
IA
0.5%
MO
0.3%
AR
0.3%
LA
0.5%
WI
0.3%
IL
0.1% IN
0.5%
OH
0.2%
FL
1.2%
TN 0.6%
KY 0.4%
MS
0.2% AL
0.3%
GA
0.8%
SC
1.1%
NC 1.0%
VA
0.9%
WV
-0.1%
PA
0.1%
NY
0.4%
ME
-0.01%
AK
0.7%
HI
1.0%
MA
0.7%
VT
0.1%
NH
0.1%
RI
0.1%
CT
0.1%
NJ
0.4%
DE
0.9%
MD
0.7%
MI
0.1%
.075% to 1.10%
0.5% to 0.9%
DC
2.1%
1.15% or more
0% to 0.4%
KS
0.3%
Utah Economic Environment
Utah Has One of Most Diverse Economies in Nation
95.8
96.5
96.6
96.7
96.9
97.2
97.5
97.5
97.6
98.4
93.0 94.0 95.0 96.0 97.0 98.0 99.0 100.0
Minnesota
Nebraska
Maine
Kansas
Georgia
Arizona
Utah
Illinois
North Carolina
Missouri
Source: DWS - Workforce Research and Analysis Division
Ten Most Diversified Economies in the Country 2012
Utah Poverty Rate Among Lowest in Nation
2013 U.S. Rate = 14.5%, 2013 Utah Rate = 10.1%
NM
22.9%
UT
10.1%
AZ
22.4%
CA
15.9%
NV
17.4%
OR
15.2%
TX
18.1%
OK
14.3%
CO
11.9%
WA
11.8%
ID
13.4%
MT
13.8%
WY
12.6%
ND
10.0%
SD
9.7%
MN
12.7%
NE
11.6%
KS
13.4%
IA
11.3%
MO
13.8%
AR
18.8%
LA
18.5%
WI
10.8%
IL
13.4% IN
12.3%
OH
13.3%
FL
15.7%
TN 18.2%
KY 21.3%
MS
22.5%
AL
18.2%
GA
17.5%
SC
16.3%
NC 18.3%
VA
11.1%
WV
17.3%
PA
13.0%
NY
15.6%
ME
13.5%
AK
10.3%
HI
10.8%
MA
13.2
%
VT
8.5%
NH
9.5%
RI
13.9%
CT
11.2%
NJ
11.3%
DE
15.0%
MD
10.9%
MI
14.6%
DC
20.1%
Source: U.S. Census Bureau, 2013 CPS data
10.6% to 12.0%
12.1% to 14.4%
10.5% or less
14.5% to 18.0% (at or above the U.S. rate)
18.1% or more
Utah Median Household Income Higher than Nation
Source: U.S. Census Bureau, 2013 Current Population Survey
2013 U.S. Rate = $51,939, 2013 Utah Rate = $62,967
$56,000 to $60,999
$51,900 to $55,999 (at or above the U.S. Rate)
$61,000 or more
$45,000 to $51,899
$44,999 or less
NM
$42,127
UT
$62,967
AZ
$50,602
CA
$57,528
NV
$45,369
OR
$56,307
TX
$53,027
OK
$43,777
CO
$63,371
WA
$60,106
ID
$51,767
MT
$44,132
WY
$55,700
ND
$52,888
SD
$54,453
MN
$60,907
NE
$53774
KS
$41,485
IA
$54,855
MO
$50,311
AR
$39,919
LA
$39,622
WI
$55,258
IL
$57,196 IN
$50,553
OH
$46,398
FL
$47,886
TN
$42,499
KY $42,158
MS
$40,850 AL
$41,381
GA
$47,439
SC
$43,749
NC
$41,208
VA
$67,620
WV
$40,241
PA
$53,952
NY
$53,843
AK
$61,137
HI
$61,408
MA
$62,963 VT
$54,842
NH
$71,322
RI
$57,812 CT
$67,781
NJ
$61,782 DE
$52,219
MD
$65,262
MI
$48,801
DC
$60,675
ME
$50,121
Source: U.S. Census Bureau
2,981 3,134 3,221 3,506
4,542 4,119
4,731
6,067 6,801
7,815
10,306 10,337
13,809
18,968 19,256
16,111
12,266 13,017
$0
$5,000
$10,000
$15,000
$20,000
$25,000
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015f
Millio
ns
of
Do
lla
rs
Utah Net International Exports
e = estimate f = forecast
Utah Exports: With and Without Gold
Source: U.S. Census Bureau
0
5
10
15
20
25
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Billi
on
s o
f D
oll
ars
Total Exports Primary Metals (Gold) All Other Exports
Hong Kong 39%
United Kingdom 29%
Thailand 10%
India 7%
Other 15%
Primary Metals
Source: International Trade Administration, U.S. Department of Commerce
2014 Top Purchasing Countries by Export Industry
Taiwan 24%
Singapore 19%
China 18%
Japan 7%
Other 32%
Computers and Electronics
Source: International Trade Administration, U.S. Department of Commerce
2014 Top Purchasing Countries by Export Industry
Canada 21%
South Korea 13%
Japan 9%
Netherlands 6%
Other 51%
Chemicals
Source: International Trade Administration, U.S. Department of Commerce
2014 Top Purchasing Countries by Export Industry
Japan 10%
South Korea 10%
Mexico 8%
Canada 8%
Other 64%
Food
Source: International Trade Administration, U.S. Department of Commerce
2014 Top Purchasing Countries by Export Industry
Canada 29%
Mexico 27%
Germany 6%
Italy 5%
Other 33%
Transportation Equipment
Source: International Trade Administration, U.S. Department of Commerce
2014 Top Purchasing Countries by Export Industry
Netherlands 17%
Japan 13%
China 6%
Canada 12%
Other 52%
Miscellaneous Manufactures
Source: International Trade Administration, U.S. Department of Commerce
2014 Top Purchasing Countries by Export Industry
0.7%
1.1% 1.1%
1.4%
0.9% 0.8%
1.0%
0.3%
1.5%
1.1%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
UnitedStates
MountainStates
Arizona Colorado Idaho Montana Nevada NewMexico
Utah Wyoming
Average Population
Growth Rate 1.0%
Source: U.S. Census Bureau
Three-Year Average Annual Population Growth Rate
2011-2013
2.0%
2.4% 2.3%
2.8%
1.4%
2.9%
1.3% 1.3%
3.9%
2.0%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
UnitedStates
MountainStates
Arizona Colorado Idaho Montana Nevada NewMexico
Utah Wyoming
Average Annual GDP Growth Rate
2.2%
Source: U.S. Bureau of Economic Analysis
Average Annual GDP Growth Rate 2010-2013
1.6%
1.9% 1.8%
2.3%
1.9%
1.6% 1.7%
0.3%
2.9%
1.0%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
UnitedStates
MountainStates
Arizona Colorado Idaho Montana Nevada NewMexico
Utah Wyoming
Average Employment Growth Rate
1.7%
Source: U.S. Bureau of Labor Statistics
Average Annual Employment Growth Rate
2010-2013
Utah Economic Indicators 2014 - 2016
Source: State of Utah Revenue Assumptions Working Group
4.9
2.0
5.1
3.2
2.6
1.5
5.3
5.3
5.2
3.4
2.8
1.5
4.6
8.9
4.7
3.7
2.9
1.4
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
Retail Sales
Home Prices
Personal Income
Unemployment Rate
Nonfarm Employment
Population
2014e 2015f 2016f
e = estimate f = forecast
Robert Spendlove
Economic and Public Policy Officer
Email:
Phone: 801-560-5394 Presentations are offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice. Presentations may contain
trademarks or trade names owned by parties who are not affiliated with Zions Bank. Use of such marks does not imply any sponsorship by or affiliation with third parties, and Zions Bank does not claim any ownership of or make
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